These days it is more important than ever to have extra income. In uncertain times it pays to be resilient financially and finding ways to make more money is essential to this. Whether it is a side hustle, or finding ways to stretch your money further you have to make sure that you are not stretched thin financially in case something happens.
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Or, maybe you are doing fine financially and you just want some extra money for your future or to put away for your kids college tuition. No matter your reasons, it is a good idea to look into ways to earn extra money. One of the best ways to go is to find some sources of passive income.
When you aren’t trading your time for money, then you are able to live on your own terms and have a lot of flexibility in life. In this article, I will go over several ways that you can actually make money while you sleep if you set things up right.
Investing
One of the easiest ways to make money without lifting a finger is to invest. This means you have your money working instead of you. This is essential to building wealth but also can make you some short term income if you have a specific need.
For instance, there are certain types of investments that are great if you have a vacation coming up and would like to have some extra money without needing to work extra shifts. ETFs are a way to make trades without even needing to know how to invest that can bring in some decent returns.
There are other types of investing so look into an equity fund vs mutual fund depending on your needs. A mutual fund is great for long term investing when you want to have a solid retirement nest egg.
Then there are even robo advisor type apps that will do investing for you while you sleep so you can make money even more passively. There are different types but popular ones will do things like round up your purchases and use the change to invest so you can build passively. You can make a few hundred dollars extra a year without lifting a finger.
There are risks involved with investing, however. You could actually lose money so investing is not for everybody.
Start with Airbnb
Airbnb can be an excellent way to make money and if you do it right, it can be totally hands off. The way it works is that you put a property or a room on the platform and write up a good description.
Then, when people are looking for a room or apartment in your area they will book through the site and you get paid. Now, you can be the one to greet your guests and open up the apartment for them and clean it afterward. That’s easy enough but not exactly passive income and if you are busy then this could be a hassle.
However, you can set up a way for people to get a key without you being there. It can be with a smart lock that is opened by using a password, or even a lock box that can be opened with a combination that opens to get the key from within.
Then, you are able to hire a cleaner to also let themselves in to clean after the guests leave. That will cost you a bit of money, but you can add the cost into the price of the listing so you aren’t even really paying out of your pocket.
If you have an extra room in your home, then this is a great way to make some extra money without having to do anything. Investing in an apartment to use as an Airbnb is a great investment.
Start a blog
A blog can be a great way to make passive money, however, you do have to put in some work up front. Once you have things set up and a system in which you are outsourcing the work, then you don’t really have to do much to continue making money.
The way it works is that you start a site about a topic that people are actively searching to learn more about and focus on SEO. For example, if you have a hobby like rock climbing then you could start a site about it. An SEO Company in Toronto can help with keyword rankings.
On it, you answer a lot of questions that people have and in those articles you can give them recommendations about products that they need. You will need to sign up with an advertising network like Amazon or other program that will give you a tracking code. When somebody clicks a link of a product you recommend and they make a purchase then you get a commission thanks to the tracking code that is personal to you. This is called affiliate marketing and people are very successful at it.
The traffic comes in all day and night and you don’t have to be online or even working to continue making money. Even putting regular banner ads on your site can make quite a bit of money. In fact, if you end up with a successful site with a lot of traffic then you could even make a full time living from your site and not even do much work.
Sell your expertise
You may not realize it, but you are an expert in at least a few things. Stranger still, there are people out there who will pay you to learn from you.
It could be a hobby, a certain profession that you do or even some knowledge about a subject that you are passionate about. Create a social media presence based around the topic and give people helpful information. It could be anything really. Suppose you are an accountant, you can give people tips on how to balance their checkbook. Then when you have a big following you can create a course around your subject.
Make a set of video courses that people can learn from in their own time for a price. Then once the platform is set up, people will buy your courses and you don’t have to lift a finger.
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