The practical ways to make money while you sleep are:
- Do affiliate marketing
- Publish an e-book
- Open a high-yield savings account
- Launch a mobile app
- Begin a dropshipping business
- Grow a YouTube channel
- Sell an online course
To earn money while sleeping, you must set up systems or invest in assets that generate income for you with 24/7. You must find niches that allow you to provide value and make money with less effort. For example, you can make your money work for you by investing in a high-yield savings account. These accounts have lower risk and you can keep earning on autopilot while your money sits in the bank. You must do the upfront work and create value offers that offset what you invest.
Passive income is money earned with little to no effort after the initial setup. The US Census Bureau says 20% of American households earn $4.2K yearly in passive income. Examples include rental income from properties, e-book royalties, and dividends from stock investments.
Traditional passive income methods require high-resource investments. For example, let's say you invest $1K in Realty Income, a real estate investment trust. At the current share price of $57.45, your investment would make around $55 yearly in dividends. To make more, you'd need to invest either time, effort, or money.
I've been making money online for 10+ years using methods like dropshipping and FBA. I understand how difficult it is to monetize your skill set. I got my breakthrough with local lead generation. To this date, my websites earn around $52K monthly in passive income. Today, I'll talk about practical ways to make money while you sleep. I'll also discuss the truths about passive income, the best courses, and the easiest form of passive income.
1. Start a Local Lead Generation Business
Starting a local lead generation business makes money while you sleep by monetizing leads and traffic to small businesses. This involves creating niche websites that rank on search engines. Once those sites rank and generate traffic, you sell those leads or rent the sites out to businesses. Each of these sites can earn you anywhere between $500 to $2,000 monthly.
My mentor, Dan Klein, tinkered with his local lead generation processes for 14 years. This lets you earn passive income by automating many processes. I myself made over 50 local lead generation sites with these methods, earning $52K monthly.
For example, I created this tree service site in 15 hours, and it has been earning $2,000 monthly since 2015. It generates over 200 phone calls monthly for my client and to this day, it's made me over $216K. You can start a local lead generation business by following these steps:
With practice, you can achieve high profit margins. Your lead gen websites work 24/7, bringing in leads even while you rest.
2. Affiliate Marketing
Affiliate marketing makes money while you sleep by monetizing your content and audience. This involves finding relevant products that you promote to your audience. You then earn from the sales made through your affiliate links.
This method generates passive income as your affiliate links work 24/7. However, it requires creating engaging content and finding the right products for audiences. Bridging the gap between content, engagement, and product fit increases sales. This leads to more commissions and passive income for you.
Affiliate marketing is promising as both marketers and affiliates earn from its effectiveness. Authority Hacker says affiliates earn an average of $8,038 monthly. 42.9% of marketers cite affiliate marketing brings more revenue than monetized ads. Remember, success rarely happens overnight. Stay patient and keep improving your strategies. With dedication, affiliate marketing can become a steady stream of passive income.
3. Publish an E-book
Publishing an e-book makes money while you sleep by making your creations available 24/7. This involves writing e-books and selling them on platforms like Amazon KDP. Readers around the world can then buy and download your book in an instant. Although the hardbound books market dwarfs e-books, it's still growing fast, at 17% yearly growth.
Today, self-publishing e-books outperform traditional publishing. Whop says 30% of all e-books sold were self-published. Independent authors can make up to 80% royalties compared to 5%-18% with publishers. Keep improving your writing and marketing skills. With dedication, you can turn your e-book into a source of passive income that earns money while you sleep.
4. Open a High-Yield Savings Account
Opening a high-yield savings account makes money while you sleep by earning interest. This involves depositing your money in banks with high annual percentage yields. This puts your money to work, letting you earn passive income and outpacing inflation. Here are some examples of banks that offer high-yield savings:
Bank
APY
Does it offer bonuses?
Is it FDIC-insured?
Barclays Tiered Savings Account
4.5% for deposits of less than $10K, goes up to 4.8% for deposits of $250K and higher.
Offers a $200 bonus after depositing $25K, valid until Jan 6, 2025.
Yes
SoFi Checking and Savings
4.2% APY
Offers a $300 bonus in direct deposits of $5K or more from Dec 7, 2023 to Dec 31, 2024.
Yes
CIT Bank Platinum Savings
4.55% APY for balances of $5K or more.
No
Yes
Openbank High Yield Savings
5% APY with a minimum balance of $500
No
Yes
Capital One 360 Performance Savings
3.9%
No
Yes
Dynata Banking Behaviors' survey says 82% of Americans don't use high-yield savings accounts. This method is a great way to earn passive income, as many banks are FDIC-ensured. Your money gets protected up to $250K in the event of a bank failure. This offers a safety net, though it may take time and a lot of money to get a larger income.
5. Launch a Mobile App
Launching a mobile app makes money while you sleep by generating revenue. This involves building an app that users around the world can download and use. You then make money from in-app purchases, ads, and paid downloads.
The growing number of mobile users and stabilizing app spending show huge potential. Statista predicts global smartphone penetration will remain at 70%. In 2023, the average US app spending increased from $4.86 to $5.05. As long as you can make something users want and will keep using, this method can be a great way to make passive income.
6. Begin a Dropshipping Business
Dropshipping makes money while you sleep by automating sales and logistics for you. This involves setting up a shop and partnering with suppliers. You then sell their products in your own store and earn from the difference between retail and supplier prices. Here’s how it works step by step:
Dropshipping can generate passive income if you can automate processes like order management and support. However, it has challenges, including lower profit margins, shipping delays, and stiff competition. Success requires finding the right products, focusing on high-demand niches, and effective marketing.
7. Grow a YouTube Channel
YouTube makes money while you sleep by monetizing your videos. This involves creating videos and growing your channel to qualify for monetization. You can then make passive income from ads, sponsors, memberships, and affiliate partnerships.
Automation and engaging content is how to make passive income on YouTube. However, you must first get monetized by getting 1K subs and 4K watch hours. Then you need to make content that people want to watch. With the right approach, YouTube offers a scalable way to make money when you sleep.
8. Sell an Online Course
An online course makes money while you sleep by monetizing your expertise. This involves creating courses you're knowledgeable in and providing industry insights for students. Platforms like Skillshare or Udemy let you access their pool of students 24/7. This lets you earn passive income, the better your structure, and the easier to digest the information.
Accessibility for creators and students and demand show potential for this method. Statista estimates the global e-learning market will grow by 66% from 2016 to 2026. Kajabi's 2024 data says that 70% of e-learning professionals who make $100K yearly cite online courses as their primary source of income.
Keep in mind that creating a high-quality course takes time and effort upfront. You'll need to market your course to attract students. With dedication and the right approach, selling online courses can become a profitable way to earn money while you sleep.
9. Monetize a Blog
A blog makes money while you sleep by monetizing traffic and audience connection. This involves creating blogs in specific niches and fostering a community. You can set up these income streams once and earn from them 24/7.
To monetize your blog, start by choosing a niche and creating valuable content. Build an audience through search engine optimization and social media marketing. Once you have traffic, apply for ad networks like Google AdSense. Place ads on your site to earn money each time visitors view or click them. You can also join affiliate programs and include product links in your posts. When readers buy through your links, you get a commission.
This method is a great way to make money as it's one of the most popular ways to reach audiences. Demand Sage says 83% of internet users read blogs. 70% of bloggers making $50K yearly are active in promoting their blogs. Consistent effort and patience help turn your blog into a passive income stream.
10. Invest in the Stock Market
The stock market makes money while you sleep by paying dividends and growing your wealth. This involves finding and investing in stocks to increase your investment over time. Your investments work 24/7, growing your wealth even as you sleep. Drawbacks include market volatility and potential losses. Stocks can go down as well as up, so you need to be prepared for ups and downs.
When you own stocks, you become a partial owner of companies. Dividend-paying stocks give you regular cash payments. As the company grows, so does your investment. This allows you to earn money while you sleep. Investing in index funds is a simple way to start. These track entire markets, spreading your risk across many companies. Popular options include S&P 500 index funds.
11. Invest in Peer-to-Peer Lending
Peer-to-peer lending makes money while you sleep by connecting you with borrowers globally. This method involves lending money to people and earning interest from those loans. Platforms like Prosper let you invest in personal loans, letting you start with as little as $25 per loan. Consider these points on P2P lending:
Pros
Passive income from interest payments
Higher potential returns than savings accounts
Option to reinvest earnings automatically
Cons
Risk of borrower defaults
Loans are not FDIC-insured
May require being an accredited investor
P2P lending can earn between 5% to 12% yearly, depending on the platform and loan. This method is a great way to diversify your income generation methods. Grand View Research says the global P2P lending market will grow 20.2% from 2023 to 2030. Additionally, P2P platforms let you choose loans you want to invest in. This gives you options based on your risk tolerance and investment strategy.
12. Build a Membership-Only Community
A membership-only community makes money while you sleep by earning from monthly fees. This involves creating private spaces for your community to join and interact. You then create content that incentivizes your members to pay monthly fees. Passive income comes from monthly or annual membership fees. As your community grows, so does your revenue, even when you're not actively working.
To set up your community, choose a platform like Patreon or Discord. Decide on your niche and target audience. Then, create valuable content and foster engagement among members. Focus on creating a strong community and delivering unique value members can't get elsewhere. Regular events and exclusive content can keep members engaged and subscribed long-term.
13. Manage Rental Property
Rental properties make money while you sleep by generating income from your tenants. This involves purchasing a property and then renting it out to tenants. This passive income method can be quite profitable. Zillow's 2024 data says the average monthly rent throughout the US is $2,009. Monthly rent payments often cover the expenses, leaving extra cash for you.
Owning and renting out property can provide consistent rental income. But it requires some work, even if you hire a property manager. Consider these points:
Pros
Steady monthly income
Property may appreciate in value
Tax benefits
Cons
High startup costs
Dealing with tenants and repairs
Periods of vacancy
To get started, you'll need to make a significant upfront investment in the property. Redfin's 2024 data says the average price for real estate home investments is $190,404. You may also face ongoing costs like repairs, property taxes, and insurance. Bankrate says the average yearly maintenance cost for a single-family home is $18K. With the right property in a good location, rental real estate can be a great way to build wealth over time.
14. Sell on Amazon FBA
Amazon FBA makes money while you sleep by handling logistics for your inventory. This involves sending items to Amazon and leveraging their service to manage orders and shipping. You send inventory to Amazon's warehouses, and they take care of the rest. This sleeping business can generate extra cash with minimal daily effort. Here's how it works:
- You choose products to sell
- Send inventory to Amazon
- List items on Amazon's marketplace
- Amazon handles orders and shipping
- You collect profits
Amazon says US-based sellers make an average of $250K in sales yearly. Using FBA to ship costs 70% less per item compared to other premium services in the US. To get started, research products with good profit margins and low competition. Use Amazon's seller tools to track inventory and sales. Remember, success requires effort and learning. But once set up, FBA can earn money even when you're not actively working.
15. Sell Print-on-Demand Products
Print-on-demand products make money while you sleep by selling your own designs 24/7. This involves creating custom designs and uploading them to platforms like Etsy. When customers buy, the platform prints and ships the products.
This business model offers passive income potential. You can earn money around the clock as people buy your designs. Printful says 63% of customers prefer POD for their environmental impact. Popular items include t-shirts, mugs, and phone cases. The initial setup takes time, but once live, sales can happen around the clock.
16. Invest in Dividend-Paying Stocks
Dividend-paying stocks make money while you sleep through earnings from a company's profits. This involves buying dividend stocks and getting paid for holding shares. This can create a stream of passive income through dividend payments, which can grow over time. Investing in dividend-paying stocks gives you:
- Regular income payments
- Potential for dividend growth over time
- Ability to reinvest dividends to buy more shares
Index favorites like the S&P 500 have raised dividends for at least 25 straight years. These tend to be stable, reliable dividend payers. Yale says that from 1960 to 2023, the S&P 500's median dividend yield was 2.90% yearly. A $10,000 investment yielding 3% would pay $300 yearly. Building a larger portfolio over time can boost income.
17. Share Your Internet Connection
Sharing your internet connection makes money while you sleep by letting others use your unused bandwidth. This involves using apps like Honeygain and Pawns.app to share your connection. You install the app on your devices and let it run in the background. It uses your connection when you're not using it.
The earning potential for this varies. You can earn $.20 per gigabyte of bandwidth shared. Pawns.app says running their app 24/7 on one device can make $9.60 monthly. Your earnings depend on factors like:- Your internet speed
- How much bandwidth you share
- Your location
To maximize earnings, run the app on many devices. Use a fast, unlimited internet plan. Be aware of any data caps your provider may have. Remember to check the terms of service with your internet provider. Some may not allow sharing your connection in this way.
18. Rent Out Your Car
Renting your car out makes money while you sleep by earning passive income from your vehicle. This involves using platforms like Turo or Hyrecar to rent out your car to people. This method allows you to earn money from an asset that might otherwise sit idle.
To get started, take clear photos of your car and create an appealing listing. Set competitive rates based on your local market. Be responsive to inquiries to increase your chances of securing rentals. Many platforms offer protections for car owners. They screen renters and provide insurance coverage during the rental period.
The earning potential varies based on your location, car type, and demand. Well Kept Wallet says renting out one vehicle can earn between $9.6K and $14K yearly. Luxury or specialty vehicles can earn even more.
19. Invest in Cryptocurrencies
Cryptocurrencies make money while you sleep by generating returns on your asset's value. This involves buying and holding cryptos like Bitcoin or Ethereum. Security.org says 57% of investors bought crypto to diversify assets despite its volatility. As their value increases over time, so does your investment. To get started:
- Choose a reputable exchange
- Set up a secure wallet
- Diversify your investments
- Only invest what you can afford to lose
The earning potential can be significant. Some early Bitcoin investors saw massive gains. Notable examples include Laszlo Hanyecz, the man first noted to start Bitcoin mining. In 2010, Laszlo traded 10K Bitcoins with Jeremy Sturdivant for 2 large Papa John's pizzas. As of writing, BTC's price is 96.4K, meaning he traded BTC valued at $964.44M.
Cryptocurrency investing carries risks. The market is unregulated in many places, and scams are common. It's crucial to research thoroughly before investing. Remember, crypto investing isn't guaranteed profit. Stay informed about market trends and regulations. Consider consulting a financial advisor for personalized advice.
20. Rent Out Unused Space
Unused space makes money while you sleep by letting others use it. You can earn cash from areas in your home you don't need. Renting out unused spaces is a simple way to earn without a degree or specific skills, as you leverage assets that you already have. You might host travelers or get a long-term tenant. This can cover part of your mortgage or other bills. Here's a quick list of spaces you can rent:
- Spare bedrooms
- Basements
- Attics
- Garages
- Driveways
- Storage sheds
The earning potential varies based on your location and the type of space. There may also be legal or insurance issues to consider. In big cities, you might make hundreds per month from a single parking spot. Keep in mind that you'll need to prepare the space and deal with tenants.
21. Invest in Digital Real Estate
Digital real estate makes money while you sleep by owning online assets. This involves buying or developing websites, domain names, or owning virtual land. With the right strategy, you can build a passive income stream that works around the clock.
To invest in digital real estate, you can buy and develop websites. You purchase a domain, build a site, and earn income from ads or affiliate marketing. Domain flipping is also another option where you buy and sell catchy or valuable domains. Virtual real estate in online worlds is a newer option. You buy plots of digital land that can increase in value over time.22. Buy and Sell Websites
Buying and selling websites make money while you sleep by profiting from these assets. This involves purchasing sites, improving them, and reselling them for a profit. You can earn money from the website's existing revenue streams while you own it. This might include ad income, affiliate sales, or product revenues.
To get started, do your research and start small. Platforms like Flippa and Empire Flippers make buying and selling websites easy. As you gain experience, you can tackle larger, more profitable website flips.
23. Sell Digital Content
Digital content makes money while you sleep by providing value to customers 24/7. This involves creating content to sell, like e-books, blogs, templates, and more. You can then upload these to platforms like Etsy or Thinkific for people to buy and download. Doing this right can generate passive income from your expertise and creativity.
You create the content once and sell it around the clock. The earning potential varies; Remember to update your content to keep it relevant and valuable. This helps maintain steady sales over time.
24. Purchase a Vending Machine
Vending machines make money while you sleep by selling snacks and drinks 24/7 in many locations. You stock the machine with products, and customers buy them anytime. Vending machines are units placed in high-traffic areas. They provide passive income as they operate without your constant presence.
Earning potential varies depending on location and products sold. Vending Locator says a well-placed machine can earn $1.5K monthly and $375 in revenue. Consider starting with one machine in a busy area. You can expand to other locations for increased passive income.
25. Sell Stock Photos or Videos
Stock photos and videos make money while you sleep by letting others license your content 24/7. This involves making image content that you then upload to platforms like Shutterstock. You then earn a fee for licensing people to use and download your images.
The earning potential varies based on the platforms, quality, and amount of uploads. For example, Diana Mironenko uploads travel and fashion images to Canva and others. She claims she makes $20-$700 per image. Diana advises people to invest time and resources in making their images stand out to earn more.
26. Sell Digital Products
Digital products make money while you sleep by providing valuable content to customers. This involves creating e-books, online courses, software, or art for customers to buy. This allows you to earn passive income as customers can buy and download your offerings at any time.
Earning potential varies depending on niche and product quality. Kajabi says the average monthly earnings from selling courses are between $1K and $10K. To maximize earnings, consider creating a suite of related products. This allows you to cross-promote and increase your average customer value.
27. Automate Freelance Work
Automating freelance work makes money while you sleep by handling your tasks with less effort. These methods save time and allow you to take on more clients or projects. This allows you to earn from your skills even when you're not actively working. You can automate freelance work in several ways:
- Create templates for common projects
- Use scheduling tools for social media posts
- Set up email autoresponders for client inquiries
- Develop a knowledge base for FAQs
Earning potential varies depending on your skills and the systems you implement. Remember to check your automation, make sure it's working well, and update it as needed. This helps maintain the quality of your work and keeps clients happy.
28. Invest in Bonds
Bond investment makes money while you sleep by providing regular interest payments. This involves buying bonds, which are loans you give to companies or governments in exchange for periodic interest. You can earn passive income through bond coupon payments, typically paid twice a year. The amount you make depends on the bond's interest rate and your investment size. Here's a simple breakdown of potential earnings:
- $10,000 invested in a 4% bond = $400 annual income
- $25,000 invested in a 5% bond = $1,250 annual income
Bonds are generally less risky than stocks, making them a good choice for steady income. Series I Savings Bonds offer an option to earn up to $10,000 yearly (or $20,000 for couples). To get started, you can buy bonds through a broker or from the U.S. Treasury for government bonds. Consider diversifying your bond portfolio to spread risk. Remember, while bonds can provide stable income, they're not completely risk-free. Always research and consider your financial goals before investing.
29. Host a Podcast
Podcasts make money while you sleep by generating ad revenue from listeners. This involves recording episodes and uploading them to hosting platforms for audience consumption. Podcast platforms like Spotify and Apple Podcasts help you reach listeners. As your audience grows, you can attract sponsors and advertisers.
Setting up a podcast requires some upfront work. You'll need to choose a topic, get recording equipment, and create content. But once episodes are live, they can earn money around the clock. The Edison Research says people consume 11.2 hours of podcast content weekly. Earning potential varies due to popularity, engagement, and downloads. Fourthwall says podcasters with 10K monthly downloads per episode can make $500 to $900 monthly.
To get started, pick a niche you're passionate about. Create high-quality content on a regular schedule. Engage with your audience to build a loyal following. With time and effort, your podcast could become a steady source of passive income.
30. Build an Email List
An email list makes money while you sleep by monetizing your subscribers. This involves creating a list of people interested in your niche and sending them valuable content and relevant offers. You can promote products or services as an affiliate or sell your own digital goods. This provides value first and builds trust with your audience. Here are some ways to boost audience engagement:
- Personalizing subject lines
- Segmenting your list
- A/B testing different email formats
- Including eye-catching images
Earning potential varies depending on your list size, niche, and marketing skills. Drawbacks include the time needed to grow a list and create content. You also need to follow email marketing laws and avoid spam complaints. This creates a strong foundation for future sales.
31. List Your Property on Airbnb
Airbnb makes money while you sleep by renting out your space to travelers. This platform allows you to turn your extra room or entire property into a source of income. You can earn between $200 and $25,000 monthly through Airbnb. This depends on your location and property type. Popular tourist destinations tend to bring in more revenue. To get started:
- Create an attractive listing
- Set competitive prices
- Provide excellent guest experiences
Keep in mind that hosting involves some work and expenses. You'll need to clean between guests, respond to inquiries, and maintain your property. Consider automating some tasks to reduce your workload. Use smart locks for easy check-ins and scheduling software for cleaning services. Remember to check local laws and regulations before listing your property. Some cities have restrictions on short-term rentals.
32. Sell Printable Products
Selling printable products makes money while you sleep by letting customers buy, download, and print your content at home. This involves creating printables like planners, wall art, calendars, and worksheets. You design them, list them online on Etsy or Displate, and automate delivery after sale. No inventory or shipping is required from your end.
Earning potential varies depending on factors like product quality, marketing, and niche. Sarina Chiu has been selling printables on Etsy for over a year. She says printables need less effort and can earn you at least $1K monthly. One drawback is the competitive market. Standing out requires unique, high-quality designs. Price your products competitively and offer excellent customer service. Happy customers often become repeat buyers, boosting your passive income.
33. Invest in Exchange-Traded Funds (ETF)
Exchange-traded funds (ETF) make money while you sleep by earning dividends safely. This involves investing in ETFs like SPY, IVV, or VOO that track the S&P 500. These ETFs pool investments into the top 500 companies in various sectors. This lets you diversify, grow, and protect your portfolio with lower risk than stocks. ETFs generate passive income through:
- Dividend payments
- Capital gains as fund value increases
Oliver Wyman says US and EU ETFs have grown 15% yearly from 2010 to 2022 and are growing faster than mutual funds. You can invest in ETFs through brokers like Vanguard and Charles Schwab. They offer a low-cost way to build a diverse portfolio.
34. Buy Bitcoin
Bitcoin makes money while you sleep by investing in one of the most popular digital assets globally. This involves buying Bitcoin or Bitcoin futures and holding them long-term. Making money while you sleep with Bitcoin requires patience and a long-term outlook. It's not a guaranteed way to earn due to its volatility. To get started, you'll need to:
- Choose a reputable cryptocurrency exchange
- Set up a secure digital wallet
- Buy Bitcoin using your preferred payment method
The earning potential varies due to volatility and low trust in crypto. Statista says that in Q1 2022, BTC's price dropped from $40k to $20k. As of writing in Q4 2024, its price has skyrocketed to $98.6K. Pew Research says 63% of Americans are not confident in crypto's reliability as an investment. Bitcoin's price is volatile; only invest what you can afford to lose. Remember to keep your wallet information and passwords safe. Losing access could mean losing your Bitcoin forever.
35. Monetize an X Account
An X account makes money while you sleep by earning from audience engagement. This involves creating content, building an audience on X, and being eligible for monetization. To be eligible for monetization on X, you must:
- Live in a country where X's monetization programs are available.
- Be at least 18 years old.
- Fill out your account details and have a verified Stripe account.
- Have an X account that's active for at least 3 months and has an X premium subscription.
- Follow X's content policies and guidelines.
- Have and maintain 500 active followers and 5M content impressions within 3 months.
Once you've built an audience and get monetized, you can earn money by:
- Partnering with brands for sponsored posts
- Promoting affiliate products
- Selling your own digital products or services
- Getting tips and subscriptions from fans
- Earning from X's ad revenue sharing with other creators
Building a profitable X account takes time and effort. To grow your audience, you'll need to create valuable content and a genuine connection.
36. Invest in Alternative Assets
Alternative assets make money while you sleep by diversifying your portfolio. This involves investing in assets like gold, silver, farmland, rental properties, and art. Many of these assets are less regulated by the SEC and may not be affected by the stock market. For example, if the stock market is down, the diversity insulates your investments.
You can earn passive income from alternative assets through various methods. For example, rental properties generate monthly rent payments. Farmland investments can yield crop revenues. Masterwork says contemporary art as an asset has grown 12.6% yearly from 1996 to 2022, outperforming the S&P 500 by 3.6%. However, alternative assets are high-risk and less liquid than traditional investments. You may need more upfront capital and specialized knowledge and connections to invest correctly.
37. Start a Laundromat Business
A laundromat business makes money while you sleep by providing laundry services 24/7. This involves renting, buying, or building a laundromat business. Customers then use your machines to wash and dry their clothes for each use. This lets you generate passive income that avoids seasonality. To start, you'll need:
- A suitable location
- Washing machines and dryers
- Payment systems
- Maintenance plans
Trycents says laundromats generate average returns of 20% to 30%. You earn passive income from the coins or cards customers use to operate the machines. A 20-lb machine averages 3 uses per day, and at $3 per use, it can generate $273.6 monthly. To improve income, you can then provide extras like dryers and wash-and-fold services. This can attract busy customers willing to pay more for convenience.
Earning potential varies depending on location and number of machines. Jordan Berry owns a laundromat with 22 washing machines and several dryers. He estimates the washing machines and dryers generate $9.66K and $3.1K monthly. Drawbacks include high startup costs and ongoing maintenance. You'll need to invest in quality machines and regular upkeep to keep customers happy.
38. License Your Music or Art
Licensing your music or art makes money while you sleep by letting others use your creations for a fee. This involves creating content that then earns ongoing royalties each time it's used. You upload your work to licensing platforms, where people can view it and buy the rights to use it. This passive income method works well for musicians, photographers, and visual artists. To get started, try platforms like:
- Music: PremiumBeat, EpidemicSounds, ArtList.io
- Photos: Shutterstock, Adobe Stock
- Art: Society6, Creative Market, MyFonts
The earning potential varies depending on the quality and demand for your work. For example, ASCAP pays $.9 for every $1 to the artist. Drawbacks include competitiveness and time. Your work needs to stand out among millions of options. It can also take time to build up a portfolio that generates significant income. Clients also need time to make decisions to buy your work. Keep creating and uploading new work to increase your chances of making sales.
39. Create a Niche Subscription Box
A niche subscription box makes money while you sleep by sending relevant products to subscribers on a regular basis. This involves choosing items for your audience and shipping them monthly or quarterly. This generates passive income once you set up the systems and build an audience.
McKinsey says the subscription box market has grown more than 100% from 2011 to 2016. To succeed, you must find your niche. Focus on a specific audience or theme that you're passionate about. Examples include HelloFresh, which delivers fresh ingredients and recipes for subscribers to cook. Another is Curdbox which sends ingredients for subscribers to make their own charcuterie boards.
Challenges include high churn and maintaining product quality and variety. McKinsey says subscription boxes have high churn. Subscribers will leave if you fail to deliver great consumer experiences.
40. Invest in Royalties from Intellectual Property
Royalties from intellectual property make money while you sleep from your creations. This involves registering your works like software, books, and brand names. When someone uses your creation, you get paid.
Earning potential from royalties can be significant. For example, in 2021, VLSI sued Intel for infringing their patents, winning over $2B. Be aware that building a profitable portfolio takes time and effort, and Not all creations will be big earners. You'll need to manage and protect your royalty interests over time. This involves legal and financial considerations to maximize returns.
6 Truths About Passive Income
What Are the Best Passive Income Courses?
The best passive income courses include the following:
Local Lead Generation Training Program by Dan Klein: My mentor Dan Klein's program teaches you how to build a profitable lead-generation business. This course guides you through creating niche lead gen sites that rank on Google. Once these start getting leads, you forward them to clients. As long as the sites keep their rank, they'll keep generating leads and passive income for you.
Passive Income Powerhouse by Jonathan Levi: Jonathan Levi's course aims to teach you what it takes to generate passive income. It covers traditional investments, physical assets, and digital goods. It is available on Udemy and provides students with theories and frameworks for making passive income.
Infinity Investing by Toby Mathis: Tobi Mathis's Infinity Investing platform provides courses on real estate and stock investment. It focuses on generating wealth long-term to generate passive income. This course is great for investors looking to create a retirement fund.
Passive Income Geek by Morten Storgaard: Morten Storgaard's course teaches you to scale your affiliate marketing and blogging efforts. It focuses on broad topic niches and uses SEO strategies to get online traffic. Morten's strategy may take longer to rank in the SERPs than paid ads, but it's highly scalable.
Passive Income Pathways by Sadie Smiley: Sadie Smiley's Passive Income Pathways teaches women how to create passive income online. She teaches how to use AI in blogging, affiliate marketing, and content creation. This lets students compete in this competitive field, and earn passive income.
Conclusion: What Is the Easiest Form of Passive Income?
Local lead generation is the easiest way to make money while you sleep. It generates leads and forwards them to small businesses who pay you $5 to $500 for each lead. Many of the systems in this business model are automatic, letting you make passive income.
Most passive income-generating methods need constant effort, high upfront investment, or time. For example, let's say you plan to park your money in stocks and make money from dividends. Even if we remove market volatility, it may take years and a lot of money to earn significant income.
In contrast, local lead gen lets you earn $500 to $2K monthly from each site. It works by creating niche sites that rank on Google. Once these sites start gaining traffic, you can sell these leads for $5 to $500 each or rent out the site to clients. The best part is it's scalable and requires less maintenance. You can create more ranking sites in different niches and locations. This means you can increase your income potential, making it an easy way to make passive income.
My mentor, Dan Klein, has been working on his local lead generation methods for 14 years. I've been applying them on my own sites for 8 years now and have 50+ of these sites. Together, these generate over $52K monthly in passive income. If you're interested, check out local lead generation today.
