Contrary to the 9-to-5 hustle, making money while you sleep is a dream. Some businessmen whose lives have prospers even tell you that the best way to get rich is to earn money while you’re sleeping.
Many people think it’s an impossible thing to achieve, but a lot of business people have attained this level of success. According to Investopedia, passive income is “earnings derived from… enterprise in which a person is not actively involved.” This means earning money without doing much to maintain that source of income.
The best thing about passive income is the fact that you can save time. Since time is one of the most valuable things in life, this could be the ultimate profit from this source of income. This is especially appealing to investors nowadays, as this generation has prioritized traveling and quality time with friends and family.
if you’re looking for ways to earn passive income, here are the most popular ones:
1. Rental property
Rental properties are one of the most common sources of passive income. They guarantee a monthly stable cash flow as long as it stays regularly occupied.
While there are other expenses to consider, such as management fees and regular maintenance, there are plans that can save you from this. For example, you can invest in a Delaware Statutory Trust (DST) on real estate properties to save yourself from the hassles of management. A DST allows you to “have a fractional ownership interest in the property held by that trust.” This is a passive investment that can earn you money in the long-run.
2. Blogging
When you open a site, there is a noticeable number of advertisements surrounding the content. There may also be a disclaimer that the page contains affiliate links. There are only a couple of ways to earn money from blogging.
Bloggers create content for the internet for their domain or website. They usually promote products and/or market their skills through various strategies.
Over time, they gain traffic to their website, and the more traffic they have, the more opportunities to earn open. For example, when they have ads on their page, a per-view basis on rates apply and more when the ads get clicked. They also earn commission through affiliate marketing, where they promote products through a specified link in their article.
Remember: it doesn’t happen overnight.
Probably, the reason passive income is appealing to a lot of people is that it appears to be easy. You sleep, and the counter keeps going.
It doesn’t work that way.
The process that comes before getting to that point is rigorous and tedious. To be able to start a rental business, you must choose the right property that can yield tenants. To be able to earn money from blogging, you much create quality content and come up with effective SEO strategies that will bring a lot of traffic to your page.
Some people take years and years to build their business. This is why some entrepreneurs give up way before they can reach the point of earning passive income. Like most investments and businesses, hard work and a little bit of luck should still be present.