We all want to make money while we sleep. There’s always a clamor to earn more. However, we’re time-bounded by the full-time jobs that we already have, the overtime sessions needed at work, and the physical strength that limits us. Passive income is your solution. There’s now many ways to let your money earn for you even while it sits. It can even surprise you that your passive income will now make more than your day job will.
Here are some of the uncommon (yet effective) ways to earn passive income:
1. Go Into Commodities Trading
Commodities trading refers to the manufacture and sale of the basic commodities like agriculture, mining and energy. You can earn through commodities trading in various ways:
- You can be the manufacturer;
- You can be the supplier of the raw materials to be manufactured;
- You can be an investor.
The easiest way to earn is to actually be an investor in a commodities trading company. Your money grows each time the company makes a sale, as you’re automatically given a percentage of sale. If you don’t have enough cash to be an investor, you can be a supplier too. Supplying to a commodities trading business is especially good for you if you live in a farmland where you have agricultural produce that you’re not able to consume.
Yes, commodity trading might involve a lot of hard work and preparation in the beginning. What commodity should you trade? How do you go about it? However, it’s only in the initial stage where the difficulty lies. Once you’ve completed the start-up process, you can engage in the services of a commodity CFD broker to do all the work for you while you just sit and watch your income grow.
2. Go Vlogging On YouTube
Vlogging is the short-term word used to refer to Video logs, the process of creating videos about various content. You can earn an income through YouTube. Apart from the conventional ways of getting paid through your number of likes, views, and subscribers, you can make money by becoming a product influencer. The best part is that you’re earning while doing what you love! Imagine receiving a product for free for you to review and market, doing the groceries for free, so you can advertise a specific supermarket, or even being sent out on holiday to promote a theme park, a resort, a museum or a place. Vlogging – and also blogging – should top your list, too, of one of the most exciting ways to earn a passive income. You can start doing this by creating your very own YouTube channel to post all the content that you like.
3. Peer-To-Peer Lending
Peer-To-Peer lending is the act of lending (and borrowing) money online. Gone are the days when you could only lend money to others physically. Many sites offer online lending services, for both lenders and borrowers to sign up for, such as Lending Club. What makes this more doable than by being a physical lender is that you don’t need a hefty start-up amount. You can start by lending up small amounts to multiple people. All you need to do is to register for an account on these Peer-to-Peer Lending websites and get started!
4. Take Advantage of Your Credit Card’s Cash Back Rewards
Yes, spending is a deduction from your income. But if you use your credit card correctly, you can earn points and rewards from it! (There are now some affiliate websites that lets your earn back cash while you shop, like Ebates). You can use credit cards in paying monthly bills such as utilities, phone, groceries, and the like. Be sure, though, that you can pay these bills in full in the next billing period of your card so you can optimize your rewards. These cash back rewards or points are a steady growth in your income, as you can use these rewards to purchase other items or save it back to your bank account.
5. Invest In Real Estate
There are many people now who are enjoying the time of their lives by no longer being tied up to their 8am-5pm day jobs. They can travel anytime and have more time to spend with their families, as the earning they have is relatively stable and very regular. How? By investing in real estate. Buying a property may seem expensive initially, but do note that prices of real estate are always increasing. You can buy a house or a unit (even multiple ones, if your budget permits) and have them rented out. You can also hire a broker to do all the work for you – so all you do is sit and enjoy receiving your profits.
6. Earn Money While You Search
There’s websites like Swagbucks that allows you to earn money while you do a web search. You simply sign up to these websites, and you earn for every search that you make, or surveys that you answer. These bucks that you make can be credited to your PayPal account or converted to Amazon gift cards, and the like.
7. Sell Your Photos Online
It’s easy as one, two, three! All you have to do is upload your photos on sites that allow viewers to purchase your photo stocks. Each picture that you upload can be sold over and over again, hence the continuous flow of cash into your account. What a great way to turn your hobby into an income-earning opportunity.
8. Pay Your Credit Card Bills!
If you have extra cash hanging around the corner, don’t delay paying off your credit card bills. Even if your credit card bill isn’t due yet, pay those bills. Also, if you’ve signed up for installment purchases, don’t wait for the next installment period to pay if you have enough cash to pay it off today. If you start paying off your debt faster, this, in turn, results in more savings in your account as your money no longer goes to waste.
The list goes on and on. There are many still more that are absent in this list (or that you can think off, too!) All you have to do now is choose the one that best suits your skills and your financial capacity and get yourself started.