HOW TO MAKE MONEY WHILE YOU SLEEP (9 Passive Income Ideas)
I just can't even begin to explain the feeling of waking up in the morning and seeing that money was deposited into your bank account it's amazing hey guys it's Tess this is wonder wealthy and today I'm gonna share with you all the different ways that.
I make money passively aka making money well lastly in addition to that I'm going to share with you some more ways that you can do it too especially if you don't have a lot of money to get started or you don't have a lot of time or you are not completely extroverted like.
I am and you don't really like to leave the house so from ways to make money online to using your own physical talents and creating products there are bajillion ways to make money while you sleep and create a passive income for yourself I have nine that .
I'm going to share with you today so let's get into it if you're new to my channel make sure you hit the subscribe button and the little bells so you can be notified when I upload new videos which happens on a weekly basis first things first .
I do want to explain what exactly passive income is we all know when we go into work into our nine-to-five job we are essentially trading time for money we're expected to show up and create results but for that time we are reimbursed with monetary value that's.
how you know salaries and getting paid works passive income is a way to create value for someone else and have them pay you but you may not consistently have to be working all the time and you're not exactly trading time for money which is why ?
we call it making money while we sleep because you can literally make money while you sleep now that's not to say that creating passive income is easy it definitely is it creating passive income generally requires a little bit of time upfront or a little bit of money upfront but then you should be able to figure out a way that .
you can now create an income without any time or money the nine ideas I'm going to share with you today will either require a little bit of time or a little bit of money so even if you don't have a little bit of money you definitely have time somewhere in your life where you can start creating passive income streams even if it's just 15 minutes a day .
I'm gonna share with you how you can do that - my first passive income idea may come as no shock to you and that is investing now most people will come to me and go but I don't have enough money to invest and I am definitely not smart enough to be an investor and I'm going to bust these two myths for you right now the first one is whether you're an investor or not.
if you have a retirement benefit offered through your employer like a 401k or you're investing in something like an IRA then you're an investor even if you save your money into a high-yield savings account or you save your money in two certificates of deposit.
you're an investor it may not be investing in the traditional sense with the savings but you're still putting your money away in something that you believe in which is the bank and they're giving you a return on your investment and if you have a retirement account then you're definitely putting your money into something and it's most likely .
the stock market you may not know this and I would highly suggest to go check the allocation of your retirement account if you don't know this but you're an investor now if you still don't consider yourself an investor because you're not going and open up up a brokerage account and buying individual stocks well .
I'm gonna address that too and that kind of also goes along with the fact that a lot of people don't believe they have enough money to invest if you have five dollars to spare you have enough money to invest there is technology these days that is made investing more accessible and the fact of the matter is you shouldn't be trying to get smart enough to do all these .
fancy investing things investing in individual companies may sound sexy but the risks that you take is not sexy it's actually far too risky and if you just want to follow Warren Buffett's advice you should just be investing in index funds or exchange-traded funds aka ts and you can do that through the use of Robo advisors like butter mint.
I personally use betterment they're one of my favorite companies that's where I invest almost all of my money including my retirement accounts but also other investment accounts that are based off of my personal goals .
if you want to check out betterment then click my link below in the description box and you can get started today if you just have a few dollars to spare when you invest your money you are essentially putting your money to work for you .
when your money goes into an investment account whether it's a savings account or switch it's gonna deposit or a true investment account it is creating a return because it will most likely increase in value so then you will be getting money out without really actually having to physically trade .
your time for money in addition if you invest in the stock market you could be investing in companies that provide dividends and that just means that they had a profitable quarter or a profitable year and they're going to provide some of that profit to their shareholders even if you invest in something called an index fund .
you will be investing in a handful of companies that probably do give dividends to their shareholders which would be you and so then you will be getting regular amounts of cash given to you on a regular basis because you put your money to work for you now is investing five dollars going to make you rich no but it will get you started on the passive income train and eventually as you continue to invest more money.
you could be creating a passive income for yourself year after year without having to work a day there's so many different ways that you could really dabble in investing your money and putting it to work for you and that is why my number one passive income idea is investing number two is something that I've talked about on the channel .
here before and that is buying rental properties now as you all know I bought my condo and I rent out my spare bedroom right here on Airbnb and Craigslist and I'm able to earn an income just from doing that so I put a little bit of upfront cost into my rental property obviously in order to buy my home and then I do do a little bit of upfront work to find the person that's going to rent .
it but and all is done and for the month I'm making a regular income from renting out my spare bedroom using rental properties and doing it wisely is a really great way to create passive income personally for me I'm able to produce around $20,000 a year depending on how much I do want to rent on my place and in what format.
I do it if you want more information on how I live for free in the city of Chicago and how you can do this to in your city or town you can click up into the card and I'll put both of those videos up here the third passive income idea is affiliate marketing and using a blog to do so sohow affiliate marketing works is you're essentially selling someone else's product or service you will write a blog post doing a review of a company and then .
if people buy that product or that service that company will give you a commission essentially it's kind of like being a sales man by writing one blog post you can be creating thousands if not hundreds of thousands of dollars for yourself going forward into the future yes blogging and making money through affiliate marketing does take a lot of time and a lot of effort but it's all up front eventually .
you can be making fifty thousand dollars a month just by pushing traffic to the one blog post that you wrote years ago I to use affiliate marketing in some of my videos and in some of my blog content as I recommend companies that I know like trust personally use and personally recommend to my community members and my clients in fact .
I did it in this video when I recommended betterment as an awesome Robo advisor if you click the link and sign up for a betterment account they'll give me a little kickback at no cost to you the fourth passive income idea is highly for content creators like bloggers or youtubers and that's with ads so all of the ads that you see at the beginning of the video that you can just skip after five seconds or any of the things that pop up here at the bottom those are ads that.
YouTube is putting onto my content and it allows me to make a little bit of money for creating content for all you guys if you're on a website and you see ads in the sidebar or popping up throughout the con again these content creators are allowing ads to be on that their site because otherwise.
it could be very difficult for them to make money and if they want to keep creating really great content they want to figure out a way to make money for that you write the content or you create the video once and then as people continue to watch it they will be obviously seeing those ads and just from them seeing the ads the Creator will be making money.
okay you will be making money and there's people all over the world tuning in to your content in some way shape or form so you'll be making money while you sleep number five is one of my favorite ways to create passive income and that is through creating online products so if you're really interested in making money online making money while you sleep online or you just hate leaving your house .
so you want to make money from your home then this is one stellar way to do it just like with affiliate marketing and ads you may have some sort of content platform but you want to start monetizing it and so creating online products like online courses ebooks templates that people.
can print out tools or resources that people can download or even if you're into stock photography and you want to sell that these are all products that you're selling online so other people can buy them and use them by taking some time upfront and really putting effort into creating an amazing product .
you can then put it on your website and sell it for ever and ever and that will produce a passive stream of income for you while you continue to obviously nurture your audience and make sure you stay relevant in the space this is something I'm currently doing as I work through my beta money program with a handful of women once.
I get all of that content recorded then I'll be able to put it online and have it run passively but it will take less of my time because a lot of my time is being taken up right now just by creating the content eventually I'll be done with that period and then .
it's just making sure everyone is doing okay as they go through the program so eventually by creating a really awesome products that helps hundreds of thousands of women worldwide with their personal finances I can get to a point where.
I don't necessarily have to work full-time and order to make a full-time income will see the sixth passive income idea is creating physical products now this is something that.
I haven't personally dabbled in but I do have several friends who have either written a book or they have gotten into dropshipping and these are the two examples that I want to share in the physical product category that can produce passive income .
so in the beginning of this video I mentioned spending 15 minutes a day if you don't have a lot of time or you don't have a lot of money in order to create passive income and this is the book writing pop process you could take 15 minutes a day to write your book and after a year .
you will have a book now I know that a year sounds like a long time but if you can do it and you can be focused for 15 minutes then you haven't taken a lot of time or money out of your life in order to create this opportunity that will create passive income for you in the future then you can go and sell your book on Amazon self-publishing.
it or sell it wherever else you can figure out a way to sell it and eventually those sales will be passive so you will be making money in your sleep the other way is drop shipping if you have a big following online whether it's YouTube or it's just online because you're a blogger or an influencer or you want to start creating a big following .
you can get into creating products but doing it through drop shipping so you can become a seller on Amazon and work with a manufacturer somewhere and whenever someone orders a product that you are selling through your online shop that order goes to the manufacturer they create the product and send it out directly to the person that gets.
it so then you don't have to manage inventory or invest upfront in inventory you just have to focus on the time and the small amount of money it will take to build up your platform again it can take a lot of time and effort and energy and some money to get to a point where you're going to be successful with this but it's another way .
where you can really dedicate yourself to create passive income alright the last forms of making passive income are things that you can do with very little time or very little money or both and it's something that you can literally start doing right now because they're just that easy so if the other ones were like oh that's gonna take a lot of effort or energy then sit tight these are some ideas for you so now seven is pet and/or house-sitting.
if you work remotely or you just don't mind spending your evenings or your mornings at someone else's house then you can house it and make some money and you're just living your life just in someone else's house same thing with Pet Sitting.
if you love having animals but you for some reason can't have animals you could always pets it for someone else's animal and then you're making money doing something you enjoy but it doesn't even feel like work plus you're making money while you sleep idea number eight is something that.
I actually got when I was in college because we had an amazing public speaker named Adam Carroll come to our school and tell us about money but he shared this idea about how we can go about making money and especially the idea of passive income with us and his simple super simple idea just blew me away and that was to buy gumball machines so with a little bit of upfront cash.
he went on eBay and he bought two gumball machines spent the small amount of money to fill the gumball machines up and then found some local stores that would let him put the gumball machines in their stores so that people would dust by his gumballs once a month or once a quarter he'd go around and he'd collects the change from his gumball sales and maybe refill the machines and that was how .
he made money while he slept or just at least not physically being there selling one gumball at a time now you can go out and buy some gumball machines and do this exact same thing for yourself you may not make a ton of money but you will be making passive income and I think those first few dollars that you make.
where you're not physically present to make them are the biggest best dollars you've ever made in your life because it's your first taste of passive income but I also wanted to use the gumball machines more as an analogy there are other examples .
where you can apply this by investing in a company or a business that is already up and running that people typically use and you don't necessarily have to be there for so applying this gumball machine analogy to other businesses that you could start for yourself that would have very low cost is a great way especially if you're not super online savvy or you don't want to get into real estate or other types of investing from all the other ideas that.
I've already shared finally number nine is a passive income idea that if you spend your money on a regular basis you can start earning money on top of that and that is through credit card rewards now I will say this with a little bit of a warning which is because I'm a personal finance coach if you have trouble managing your spending and especially .
if you have credit card debt then do not do this passive income idea I'm repeating do not do this passive income idea however if you're really good about paying your credit card bills on time and in full you can actually use credit cards to create income or create value for yourself to use in the future things like cash back rewards cards and my personal favorite travel rewards cards that give you travel rewards points to use towards free or super cheap flights that.
you might want to take because you are spending your money on things that you regularly need and have to spend your money on then you can also use this method to create these awesome value options for you now if you're going to use your credit card to go spend the money for the rewards then you're really just working against yourself don't do that.
if you can use credit cards wisely then you can reap the benefits of using these credit card rewards and considering that a stream of passive income and that's it those are my 9 passive income ideas most of which I personally do myself I do generate passive income in a multitude of different ways but I hope that it gives you some ideas on how you can get started or you can start becoming a passive income generator for yourself now it's time .
I want to hear from you leave in the comment section below which idea is your favorite or share with me an additional passive income idea that I probably haven't thought of yet because I want to know what your secrets are don't forget to like this and subscribe to my channel.
if you want to get in on further conversation and get exclusive content from more then come two-hour wander wealthy private Facebook community go-to and Ralphie calm /sv to grab
your invite it's a group full of wonderful women in their 20s and 30s having great conversations about money about personal growth and about travel so until I see you in the group I hope you wonder wealthy I love living in the city
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