Times are changing. The traditional route of retiring in your 60s with a pot of savings and a private and public pension are being replaced by a trend of people looking to retire much earlier. The ability to earn money while sleeping is the new reality.
The solution to early retirement is by generating passive incomes which allow people to stop working even in their 30s or 40s. In this article we explore some of the ways people are generating passive income as they sleep.
What is Passive Income and How do you Earn Money as You Sleep?
In a nutshell passive income is money which we earn without actively working. In other words, it is the setting up of income streams in the background that earn money for us literally as we sleep.
Passive income can be earned as well as having a full time job or taken to the extreme, a person may have several passive income streams generating money, so that they can effectively give up work. On the spectrum of income generating activities, there is everything from working full time to not working but bringing in money through automated businesses and investments. This change in our society reflects a strong desire for people to have more free time for themselves and their families. Bolstered by a strong urge to be free of the restraints of working full time for someone else.
How do I start a Passive Income Stream?
Although a passive income stream works for you in the background and earns money as you sleep, in the initial stages it requires considerable work and a financial investment to get it started. The ultimate objective is to have a totally hands-off business within a period of time. Passive income can involve investments into property, stocks, crypto currencies, Forex trading or a number of automated and fully managed businesses. These automated ventures will literally
generate money for you as you sleep!
Digital Downloads
These products include online courses, e-books, templates, cheat sheets, how to books and booklets. Providers such as Udemy, Coursera and other big brands are cashing in on this huge growth market. Whether it is self-development, business growth, yoga, meditation, Forex or whatever subject takes your fancy, there is something for everyone.
To tap into this rich vein of income, you first need to sit down and consider what products you could create. The key to this is reflecting on your areas of expertise and then brainstorming a list of possible products you could design and sell. You will also need a platform to put the digital products on. This could be your own landing pages or platforms such as Amazon, Lulu, Etsy, Udemy and so on.
Investments and Financial Earners
The current trend is for Forex and Crypto currencies. These are popular with young and old with many people across the world growing their money via investments. In many ways, investing is a proven method to generate passive income. However, it is important to be discerning and do your due diligence and research before putting your hard earned money into ventures. The ideal approach is to talk to others who have made passive revenue in this way and find out the most reliable and trustworthy companies.
Playing the Stock Market is an age old tradition but again it is wise to seek the advice of an experienced investor or expert. You may prefer to go for low risk ventures or spread your money between safe stocks and more high risk ventures. It is tempting to sell when your shares increase considerably. However, the way to make money in shares is to play a long term strategy because stocks grow over time with compound interest. Step by step your investment will accumulate over the years.
Video Content
In the modern age, video has the highest engagement rate of any form of media. YouTube and TikTok are two of the most popular platforms and they can both be used as a Top of the Sales Funnel Strategy. By creating and posting high quality videos, you can bring people to your website landing pages to nurture them as customers and eventually convert some of them into sales.
In terms of strategy for platforms like
TikTok, it is best to focus on one niche area rather than mixing it up i.e. just focus on inspiring quotes, landscapes and music and not a channel with cats, quotes, football etc. This way you are qualifying your leads in a niche audience.
For YouTube videos check their free music audio library and
Pixabay has free video content to use. You can also source free video editing software online. Once your videos start to build an audience you can make revenue from Google Ads if you set it up for your video channel.
Become an Affiliate Marketer
As an
affiliate you sell other companies goods and services and then they pay you a percentage of the sale i.e. a commission. This happens by referral link. You put your link in your adverts, content and landing pages and when a sale takes place you automatically get paid. It sounds simple but obviously it takes considerable work to create the content to attract an audience.
However, if you enjoy
blogging and social media, you can write articles to drive traffic and gain income as prospects click your referral link and proceed to buy. For blogging, SEO is a key strategy, so you will need to learn the latest SEO techniques. Join SEO groups on Facebook and read SEO books on
Amazon. Whatever way you approach affiliate marketing, you need to decide on a niche in products and services which you are interested in, have knowledge of and are profitable.
So there you go, four avenues you can choose to pursue to get those passive incomes flowing. Whichever way you go, in the initial stages it will be about trial and error and testing what works best and makes the most money. In the long term, once you find an approach that works for you, you can set yourself up with income streams for years to come.
Earning money while you sleep is just around the corner! What are you waiting for?
