5 Ways to Make Money While You Sleep
Managing your personal finances isn’t just all about proper budgeting or getting rid of debts. The idea of investing early also needs to be emphasized. Besides, why do you worry about money matters now? Isn’t it because you want to worry less about it later? Having the willpower and exerting effort to grow your investments over time – and putting them to work for you – will ultimately help you lead the lifestyle you desire. If you’re already putting your hard-earned salary, a.k.a. the product of your blood, sweat, and tears, somewhere feasible and viable, then you should be applauded for being on track. If you have not gotten the ball rolling though, don’t worry because you won’t be judged. This post is just simply trying to help you understand why you should invest early and where you should be putting your precious money. Now you might be thinking, “I don’t want to do it because it takes too much effort,” or “I’m too old so it’s too late to start now,” then you’re flat out mistaken. It’s always a good time to start investing. Plus, it doesn’t require a lot of effort as long as you’re being smart about it. If you don’t know where to start, then follow along to get some ideas. Make money online The easiest and perhaps the most diversified way of earning a steady or passive income is through tapping the powers of the internet. You have so many options and so many outlets no matter where you look. In fact, some people have even decided to quit their actual jobs to do this full time. The key to success lies in creating your own content.
- Affiliate marketing. You can push relevant products or services on your website that will help you earn commission whenever they click a link anywhere on your pages.
- Sponsored posts. You can forge partnerships with other brands and ask them for payments when posting articles or on your site.
- Website ads. Your blog, at some point, might be good enough for some advertising. Some advertisers might be willing to purchase ad space on your sidebar.
- Royalty-based content
- Flipping websites
- Gig economy
Sell physical products According to statistics, 2.14 billion people will be shopping online by year 2021. This will be the highest number so it’s the best time to engage in selling products online. Have you ever heard about dropshipping? That’s the craze these days. It all begins with starting your own online store with a platform like Shopify. You build your website, and then you add your products to that website. You’ll be sourcing these products from a manufacturer. You won’t need to keep an inventory of your own at home; when someone buys a product from your catalog, it will be shipped directly from your manufacturer. You pay for the products you ordered and earn an income from your mark-up. Easy peasy. Rent out your property These days, it’s so easy to rent out your property while you’re on vacation or when it’s not in use. Services like Airbnb and FlipKey allow you to generate a passive income through homestay or accommodation services. There are also services that allow you to rent out your spare parking space or your spare rooms as home office space. It’s an easy source of supplemental income that requires little to no effort other than registering your property as a rental and maybe pimping your space up a bit to attract customers. You can then place an ad on a website that serves this specific purpose and start welcoming guests to your home. Invest in stocks Stock investing has become like a walk in the park these days. Gone when the days when only Makati or Ortigas folks in corporate attire understood what it’s all about. All It takes is a personal appearance at a security brokerage firm’s offices where you will be attending a seminar or 101 to start trading. And all thanks to the internet, you can closely monitor where your investments go every day. Keep in mind though, that stock market investing is volatile and ever-changing, so even if someone else manages your funds for you, you need to be vigilant. Become a P2P lender Another exciting way to earn a passive income is through becoming a peer-to-peer or P2P investor. Companies like Blend PH have created a dynamic marketplace that enables Filipinos to lend money to other Filipinos online while earning an interest. The way it works is that we will be matching an investor with a borrower who applies for a loan on the platform. This investor will then examine the loan terms particularly interest rates and repayment dates and decide whether he or she wants to fund the loan. The borrower will then accept the offer and get the fund disbursed. Since investors are dealing directly with borrowers and vice versa, the process becomes mutually beneficial. Finding the source of passive income that works best for you is the single best step towards making money while you sleep. Realize that even the smallest job can add up and give you some considerable yield. Keep looking and try different things to invest your money and time in. As they say, work smart instead of working hard. You don’t really need to hustle 24 hours just to make money; you only need to be smart about it.