Do you want to escape your 9-5 job?
Maybe you want to achievefinancial freedom!
Havingpassive income streamsmeans true financial freedom.
If you generate passive income, you can enjoy more freedom; you can make money while you sleep or while you travel.
That’s great, but it takes time, lots of effort, some sleepless nights, and sometimes money to build a profitableonline businessthat makes passive income.
But don’t worry,
If you arepassionateabout your work, you can easily achieve your goals.
You just have to work your ass off in the starting days, and after that, you earn in a way that requires little to no daily effort to maintain yourpassive incomegenerating business.
“A wealthy person is simply someone who has learned how to make money when they’re not working”. — Robert Kiyosaki
What is Passive Income?
Passive income is where you earn over and over again for work that you did once.
Thedifferencebetweenactive incomeand passive income is that in passive income, we don’t trade time for money; instead, we invest our time (or money) upfront.
12 Genuine Passive Income Ideas to Make Money While You Sleep
Today, I’m going to share 12 genuinepassive income ideasthat you can implement in 2020 to make money while you sleep.
Let’s dive right in.
1. Start a Blog
You can makepassive income from blogging, but it requires a lot of hard work in the setup phase.
You have to invest some money and 3 to 6 months to set up your blog before youmonetize your blog.
To generate passive income from your blog, you can use affiliate marketing, or you can make money by adding ads to your blog.
Now blogging is a competitive business. So, you have to choose a less competitivenichethat you have some knowledge of, and you know how towrite quality contentto attract your target audience.
As a beginner blogger, it’s hard todrive targeted trafficto your baby blog, and we all know thatmore targeted traffic = more money!
The best part is,
You can usePinterest to drive massive targeted traffic to your blogwhile optimizing your content for Google and other search engines.
If you’re interested instarting a passive income generating blog, read this article:
https://inuidea.com/start-money-making-blog/
2. Write and Sell an E-book
Writing a best-selling E-book requires some knowledge and a bit of time investment up front, but it can be a greatsource of passive incomemonth after month.
If you want to prove your authority while making some passive income, writing an E-book is the best option to do that.
With Amazon, you canself-publishyour E-books or paperbacks easily. Just followAmazon’s book writing guideand start writing your first book.
Make sure you pick aprofitable niche,and don’t forget topromoteyour eBook through social media platforms, influencers, and bloggers in that niche.
If you can sell a few hundred copies the first week of launching your book, Amazon will take over and start promoting it for you. This way, you can make some real passive income from it.
3. Start a Podcast
Podcasts attract wealthier and educated people more. Also,32%(Approx 90 Million people) American people listen to podcasts monthly.
So,Podcastis a huge opportunity to build a target audience, market your business, and share your knowledge while making some real money and passive income.
The best part is,
Now you canstart a podcast for free.
Once your podcast gets some loyal and targeted listeners, you canmake moneyusing sponsorship, selling your services, or you canmake passive incomeselling your digital products and affiliate products.
This post containsaffiliate links(I don’t recommend anything that I don’t believe in), meaning at no extra cost to you, I might receive a small commission for purchases made through these links.
4. Make Passive Income with Affiliate Marketing
Affiliate marketing can be a great way tomake money from home. All you need is a computer and a loyal audience.
In affiliate marketing, you have to promote someone else’s products to earn a commission.
source:Bigcommerce
To get affiliate products, you canjoin affiliate programslikeShareASale,CJ, etc. Also, likeAmazon, every e-commerce website has its own affiliate program. You can join them too.
You can build your target audience using ablog, apodcast,or a YouTube channel. Also, you should focus on building anemail list. After that, you can use these platforms and your email list to promote affiliate products.
Toearn more passive incomefrom affiliate marketing, alwayspromoteproducts that arevaluableand helpful to your audience.
5. Start a Dropshipping Store
The benefit of the Dropshipping business is you don’t have to worry about product manufacturing, stocking, and shipping.
All you need to do is to choose a profitable niche and set up aDropshippingeCommerce store.
AliExpressis a marketplace where you can find out Dropshipping products.
You can use Amazon, eBay, etc. to sell products. But I suggest youcreate your own websiteusing Shopify. Because it gives you complete control over branding and design that helps you attract your potential buyers.
Also, Instead of Dropshipping, you can sell your own downloadable digital products to generate passive income without working regularly.
6. Sell WordPress Themes and Plugins
A lot of people usepremade WordPress themesanduseful pluginsto design and manage their WordPress blog or website.
If you’re a WordPress developer, you candesign WordPress themesor plugins; otherwise, you can hire a professional designer or a developer to design a good looking theme or a helpful plugin.
You can sell your WordPress products on your own website, or you can useWordPress marketplacelikeThemeforest.
If you can design responsive, multipurpose, and professional WordPress themes likeAvadaorSoledad, you can easilymake passive incomeselling your themes.
7. Start a YouTube Channel
Video marketing is thefuture of content marketing. Now video content gets more eyeballs than other content. So, I think it’s the best time toproduce video contentto market your business online.
The best part is,
By creating videos, you can build an engaged audience and easilymonetizethem to make a huge amount ofpassive income regularly.
So, if you love creating videos, if you want to share your knowledge and if you want to earn real passive income, you should definitely start aYouTube channelright now.
8. Create Online Courses
An online course is a passive and independent income source for niche experts and teachers.
People loveonline coursesbecause online courses are organized, straightforward, and actionable.
So, if you are anexpert, you canshare your knowledgeby creating online courses.
The course can include videos, e-books, and emails with valuable information. When a customer purchases the course, they receive emails with everything they need to access the course.
You can host your online course on your WordPress blog usingLearnDash,oryou can useTeachableto host and sell your online course.
Also, you can useUdemyor Skillshare to host andsell your online coursewith their existing audience.
9. Rent Out a Room
Do you have anextra roomin your house that you rarely use?
You can rent it out to travelers looking for a short-term rental onAirbnb. Millions of people, frequent travelers, anddigital nomadsprefer Airbnb to find a place to stay instead of staying at a hotel.
No matter what kind of room you have to share, Airbnb makes it simple and secure to host travelers.
So, if you live in a desirable place, a big city, or a vacation spot, you can rent out a room on Airbnb andmake passive from home.
10. Sell an Audiobook
Recording an audiobook is more complicated than writing an eBook because it requires good speaking skills and some specialized equipment torecord a professional audiobook.
11. Earn thru Copy Trading
Trading as such cannot be considered as Passive income as you will be investing considerable amount of time in researching the stocks. The divident paid on your investment can be considered as Passive income.
Turn your investment from $500 to $1000, again invest what you can afford to loose. Copy trading does not require master in forex trading.
Whats is CopyTrading?
Copy Tradingenables individuals in the financial markets to automaticallycopypositions opened and managed by another selected individuals. Unlike mirrortrading, a method that allowstraderstocopyspecific strategies,copy tradinglinks a portion of thecopyingtrader’s funds to the account of thecopiedinvestor.
source from: Wikepedia.com
Best Forex Brokers for Social Copy Trading
See list of forex trading brokers that you can invest and make passive income instantly. I personally use Octa-fx as part of my copy trading i started $50 now its been $350. I’ve been following Expert Trader. Try and see. It works for me and literally i can manage my time as parent without a hasle.
https://www.forexbrokers.com/guides/social-copy-trading
12. Bitcoin Mining
Mining is the process of adding transaction records to Bitcoin’s public ledger of past transactions (and a “mining rig” is a colloquial metaphor for a single computer system that performs the necessary computations for “mining“. … Bitcoin uses the hashcash proof-of-work function.Jun 23, 2020
Source: https://en.bitcoin.it/wiki/Mining
Try by yourself : https://dualmine.com/?ref=185025
Paying sites i already have and shared with you
I earn here and passive income contract for two years as easy as investing without doing anything. “Money works for you”
Below are my proof of bitcoin mining that is paying.
Final Thoughts – 12 Genuine Ways to Make Passive Income While You Sleep
Patience is a key element ofsuccess.
The line is so true!
Timeis the most crucial factor when it comes to building asource ofpassive income. All passive income source takes their time to become an actual source of passive income.
For example,
Blogging or YouTube may take six months to 1 year to be a stable source of passive income.
Also, investing in thestock market or real estate,too, take colossal time to show you the results, but it gives you more returns without working hard.
So, keep patience, work smart, andhustlehard to build a source of passive income tomake moneywhile you sleep.
Also, If you are atrue hustler, I recommend (from the bottom of my heart) you two of my favorite book, ‘Rich Dad Poor Dad‘ by Robert Kiyosaki and ‘Crushing It‘ by Gary Vaynerchuk, to learn more aboutincome streams, new agebusiness strategiesand toachieve financial independence.
