Money can be one thing that brings you joy and stress depending on how much of it you have. But think about how wonderful it would be to make money whilst you sleep stress-free at night. It doesn’t need to be an impossible dream; we will show how to create passive income sources and pile up the cash.
The guide below will teach you how to create your side hustle.
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Rent out your space and equipment
- Rent out unused space – If you live in a city where housing is at a premium, you can make some extra cash by renting out your spare room or even your entire place for short-term stays. You can rent out your home using Air BnB when you are not there; it is a great way to make extra cash by doing very little. Air BnB offer property damage cover and liability insurance as part of their service, keeping risks low.
- Rent out your parking space – If you have an extra parking spot in your driveway or garage, consider listing it on a site to make some extra cash. For example, we looked at online parking spaces for rent in San Francisco, and they fetch up to $500 per month, depending on location. If you are lucky enough to live near one of America’s tourist destinations, this can be a great way to earn extra income.
- Rent out your equipment – If you’re a photographer, musician, or owner of any other equipment that others can use, listing these items on sites like OfferUp could earn you some easy money while they sit idle in storage!
Sell physical products
Selling physical products is a great way to make money in your sleep—you can do it from home, and you don’t need much startup capital. And if you already have experience selling things on eBay or Etsy, you know what I’m talking about: It’s easy!
Physical products are tangible items that can be sold online or in person. They come in all shapes and sizes: books, clothing items, toys, jewelry…the list goes on!
Sell digital products
Digital products can be anything from eBooks and music videos to apps and software. Many websites allow you to sell other people’s digital products and Amazon and eBay are some of the best places to sell these items. If you are a budding photographer, you can sell your photos online. Stock photos are always in demand, and sites like Getty images will give you royalties on every image purchased.
Affiliate Marketing
Affiliate marketing is one of the most popular ways to make money online. The idea behind affiliate marketing is that you promote products or services on your website, and when someone visits your site and makes a purchase, you get paid based on the amount of traffic that comes to your site.
The first step in affiliate marketing is finding a product or service you can promote and then writing exciting content to promote it. First, pick something you have a passion for!
Open a high-interest savings account.
An open high-interest savings account is a great way to make extra cash. The bank or credit union will require a minimum amount from you, usually $100 or more. Once you’re set-up, they’ll pay you an interest rate between 1% and 10%. You can keep your money in there for as long as you like!
If this sounds good, head to your local bank or credit union and ask about opening an account. They’ll walk through the process with you and help get everything started.
Write ebooks, music and scripts
If you have a knack for writing, consider selling e-books and scripts. If you’re a talented musician or composer, sell your music online. While there’s no guarantee that either activity will make you rich overnight, the digital world is full of opportunities to monetize your work in ways that would have been impossible just a decade ago.
Writing a book is one of the most popular ways to make money. If you’re already an established writer or have been writing for years and have never published before, then self-publishing is your best option. However, if you’re starting out as a writer and aren’t sure where to begin, it may be worth hiring a ghostwriter who can help develop your manuscript into a finished product.
The next step after publishing is marketing! The best way to market your book is through Amazon (which owns Audible). Anyone who types “books I need to read” into Google will almost certainly land on Amazon at least once per day—and that means lots of people see your book cover every time they search for something new.
Peer-to-peer lending
If you’re looking for a way to earn a passive income, peer-to-peer (P2P) lending may be just the thing for you. You can lend money to other individuals through online platforms if you have some extra cash. The platform matches borrowers with lenders and charges them fees for their services.
Popular P2P lending sites connect borrowers and investors directly to provide loans ranging from $1,000 to $35,000. The average loan amount is $15,000; borrowers have an average FICO score of 755 or higher, and 97% of the loans on these sites are repaid successfully (which means borrowers don’t default on their loans).
Conclusion
Thanks for reading! We hope this guide has given you some ideas on how to make some extra cash while you sleep. These five ways to make money are just a few ideas. There are many more, but these have shown to be the most profitable and stable. The great thing about each of these options is that they also give you room to grow and independence from other people’s schedules.
