Making money in your sleep- sounds like a dream but can become your reality sooner than you might think. Making money without actively doing something is called Passive Income. This blog post will teach you everything you need to know about Passive Income, as well as three ideas for how you can make money while sleeping in the future.
What is Passive Income?
Passive Income is earnings from a rental property, limited partnerships, or other businesses where a person is not actively involved. To put it in a nutshell, Passive Income is Income for which you don’t actively have to work. Many people use Passive Income as an additional source of Income, for if once set up, it makes you money in your sleep.
“If you work for money, you give the power to your employer. If money works for you, you keep the power and control it.”Robert Kiyosaki
1. Investing in…
This is probably the most obvious source of Passive Income. Investing in Stocks is a Good Source of Income but can turn into your worst nightmare if you don’t act responsibly. Still, it is quite easy, and the results often are imminent and promising. If you are looking into investing in stocks, there are a few rules you will want to follow, the most important one being never to invest money that you need. Many say investing is similar to gambling, for you never know if the stock price goes up-and, you will win money- or down- and you will lose money.
However, if you educate yourself on the topic and look into the Company you are planning on investing in, it’s not so much of a gamble after all.
If you want to learn more about investing, I very much advise you to read “The Intelligent Investor” by Benjamin Graham.
Again, this is an obvious choice for a Passive Income Source. It is similar to investing in stocks; the primary difference is that it is riskier, so again: Do not- under any circumstances- invest money you need.
However, if you want to make a high amount of money quickly and have cash on the side, you can spend this might be the right choice for you.
Crypto shares fluctuate more and quicker than most Stock Shares, which makes it possible to make a good amount of money in a short period of time.
2. Create an Online Course
This might be one of the easiest ways to generate substantial Passive Income online. You will have to put in the work upfront, and once the course is built, you can sell it without ever having to lift a finger again. Websites where you can start building your online Course are
Udemy (https://www.udemy.com ) where you can start your Online Course at $14.99
Teachable ( https://teachable.com/) where you can create an Online Course for as much as $39.
3. Affiliate Marketing
Affiliate Marketing describes a marketing arrangement by which an online retailer pays commission to an external website for traffic or sales generated from its referrals. Thus you would promote a company’s product by including a link to their product on your social media account or website. The Company will pay you a commission if a visitor clicks on the link on your site and purchases a product. To be realistic, it takes time to attract viewers to your website, which you will need to make a serious amount of money. If, however, you already have a significant following, this is the perfect pick for you.
All of these ideas are possible to use as a Teenager and with minimal starting capital. You will have to put in work initially but have an additional income stream for the rest of your life.