It’s everybody’s dream to have a system in which they can make money while they sleep. Or you can go on vacation and not have to worry about money since you are making it while you enjoy laying out on the beach.
Lots of so-called gurus have sold the dream of building passive income streams that are so easy that anybody can do it. Sure, there was a time when you could build a passive income fairly easily especially if you knew how to game SEO and social media. But, those days are over.
You can still make a passive income, but the work to put in initially will be harder. If you are focused and have a good plan it’s still possible. Read on for some of the ways that you can enjoy a passive income. But also know the pros and cons of passive income.
1 – Make investments
One of the best ways to make passive money is also one of the oldest. It is simply investing. There is no magic formula or secret that you need to pay to gain access to. You just need to research how to make sound and safe investments and then let your money do the work for you.
You can even make money off of investing even if you don’t do any research thanks to robo investing. This is based on an algorithm and Artificial Intelligence which will do the investing for you. With this list of free apps you can get started in some easy investing.
Then when you have more money to play with, you can go for some more serious investing like getting into the stock market, buying up real estate and even becoming an angel investor.
2 – Create a digital product
One of the steadiest ways to make a passive income is to have a digital product that you can sell online. It takes quite a bit of work to get started, but once you have the system set up it can end up being like a cash machine.
It starts with creating the product. It can be an ebook, a course, or some software. The key is to create a sales funnel that brings in potential customers and works 24 hours per day.
You need to not only create the product, but to also market it with a blog, Youtube channel and a solid social media presence. None of which sounds particularly passive!
To make it passive you should outsource as much of the work as possible. And use automation software that can publish social media posts automatically so you aren’t working all day to do this.
One of the steadiest ways to make a passive income is to have a digital product that you can sell online. It takes quite a bit of work to get started, but once you have the system set up it can end up being like a cash machine.
3 – Rent out a room
Services like Airbnb are great ways to make some extra money without doing much work. You can buy a small apartment to rent out or even just put up an extra room you have in your home.
Since it is an Airbnb you aren’t required to do anything like put out a breakfast or take care of your guests in any way. Of course, you can if you want but that would make it less passive.
