All wealthy people say that you need to figure out ways of earning money “while you sleep.” What they mean by this is that you need to leverage strategies that deposit cash in your bank account without having to work for it first.
This phenomenon might sound like a new thing, but it’s as old as human civilization itself. People have been doing it for thousands of years.
Take the modern company, for instance. Here, executives get paid for leveraging the labour of their employees. Or what about stocks? Here company profits flow to investors who don’t actually have to work for it (except to earn the money they invest in the first place). Then there’s real estate: you invest and then rent it out to residential or commercial tenants.
The online space is now the latest frontier in passive income generation. New tools are popping up all the time which makes generating cash digitally easier than ever before. Here are some ideas to boost your finances.
Sell Digital Files
You’ll need to invest some of your time in making digital files in the first place. But once they’re out there and available, they can continue generating cash forever.
For instance, suppose you’re a tutor and you want to sell tuition videos. All you do is record them once and then put them behind a paywall. Then, whenever a student wants to access your content, they have to pay for the privilege.
Leverage Crypto Staking
Another option is to stake or lend your cryptocurrency to someone else. This way, you can earn interest on whatever you lend out, turning regular holdings into a source of passive income.
Automate Your Dropshipping Sales Process
Ideally, dropshipping should be passive income, but it rarely turns out that way. More often than not, you spend a huge amount of time interacting with customers, and answering basic questions.
To reduce this and make your eCommerce sales more passive, use the best website chat service you can find, preferably one offering chatbots. This way, you can get machines to answer all the questions customers might have, and then only escalate the more challenging ones.
Automate Your Stock Market Investments
Owning stocks is the original form of passive income, but it still actually requires quite a bit of effort. The good news is that you can now automate this process, finding stocks that are best for you using a robo-adviser.
The way this works is simple. The robo-adviser asks you a few questions about the types of stocks that you would like to own. Then, once you’ve answered the question, it’ll pick a portfolio for you, based on things like your risk tolerance, goals, time horizon, and ethics.
There are many robo-advisors out there on the market, each of which offers a slightly different approach. Read reviews online and find the best one for you.
So there you have it: some methods for making easy passive income online. Remember, the more small income streams you can develop, the more financially secure you’ll become.
