Multi-billionaire investor and philanthropist Warren Buffet was once quoted as saying “[if] you don’t find a way to make money while you sleep, you will work until you die.” Obviously, the prospect of earning Gs while catching up on your Zs for additional consumption is quite enticing. However, in the modern era, having extra cash is not only crucial for thriving as a human being, but being in possession of a significant amount of savings, for economically challenging times, is vital for living.
In fact, for numerous reasons, possessing cash savings is one of the most important assets that you can have. Unfortunately, though, most people don’t have any substantial funds held in reserve. For example, one GoBankingRates survey found that nearly 60% of Americans had less than $1,000 saved in their bank accounts.
In addition to the choices made by some individuals who place a higher value on consumption instead of saving, it’s difficult for most people to find means during a typically busy day to generate more income. This is particularly true for younger people who, with typically lower paying jobs and less occupational experience than their seniors, struggle just to make ends meet.
5 Winning Strategies for Making Money While You Sleep
As evidenced by websites like ThePennyhoarder, earning passive income – or to put it colloquially, how to make money while you sleep – is a hot topic in the minds of most people these days.
Fortunately, no matter your age, income level, or even education, there are myriad strategies to actually can make money legally while dozing.
1. Invest in Stocks
While this may be the most cliché solution to the problem of generating extra revenue while dreaming, it is an excellent option to explore. In fact, given the nature of stock investing, engaging in this strategy can be rather fun. Purchasing stock in a company means that you, as a stockholder, have partial ownership of the company in question and can reap some of the rewards without doing any additional work.
Granted, the market has seen some hiccups at the beginning of 2018, overall, the stock market is relatively healthy and seen positive, steady growth over the past few years. In fact, according to financial industry experts, owning certain kinds of stock can actually be a good shield against a market correction.
Furthermore, the range of stock options is enormous. With emerging industries, predicted to drastically expand in the coming years – such as virtual reality firms and cryptocurrency companies – placing your bets on specific markets is a relatively safe way to earn passive income easily.
To make things even better, thanks to the internet and a host of investment tools, even someone with no experience or extensive education in the financial services industry can succeed in stock investment.
2. Become an Angel Investor
No matter how spectacular their product or service, extensive and thorough their business plan, or level of tenacity, there is one resource the average entrepreneur cannot have enough of – startup capital to get their business off the ground.
Similar to buying stock in an established business, being an angel investor allows you to make money based off of the loan you’ve given to an entrepreneur, plus interest, and they do the rest of the work. Further, unlike buying small amounts of stock in large companies, angel investment with upstart business people grants additional options. For example, you can leverage your position as one of the few, or perhaps the only investor, to attain certain positions or benefits in the emerging company. Such positions can include having a seat on the board of directors or asking for a higher interest rate on the loan you are giving.
Even if you don’t personally know anyone to lend to, internet-based peer-to-peer lending platforms (such as Harmoney and Lending Club) network you with entrepreneurs along with other individuals in need of a loan from all over the world. You have the freedom to browse different applicants and determine to whom you wish to lend to based off of their financial need, type of work or business model, and other factors to ensure that you’ll see positive returns on your investment.
3. Rent Out Your Vehicle
Owning a vehicle can be one of the most significant assets you can have if you know how to leverage it correctly. Ridesharing services like Uber and Lyft arguably were the starting point for the sharing economy, a new sector of the market which generated about $14 billion in 2014 and is projected to net $335 billion by the year 2025. Given the number of workers who want to take part just in the ridesharing element of this new sector of economic activity, a lot of people wish to earn a hefty slice of this growing monetary pie. Unfortunately, a significant number of prospective drivers either don’t have a car which conforms to Uber or Lyft’s standards or aren’t in possession of a vehicle of their own.
Fortunately, for them and you, vehicle rental services, like HyreCar, act as a vehicular networking bridge – allowing you to rent your car to carless ridesharing drivers. So whether you have an extra car collecting dust in the garage, or want to make money with your vehicle while you are not using it, HyreCar allows both the car owner and temporary driver to make money.
According to recent reports, most people who rent out their vehicle through HyreCar earn as much as $12,000 per year – all by letting a screened and trusted driver borrow their car! HyreCar also provides industry leading rideshare insurance, so you will be covered!
Even if you don’t have a car, that is no problem either! So long as you qualify, you can buy a car with cash or through a loan and still rent it out through HyreCar.
4. Try Dropshipping or Wholesaling
Wildly popular among young e-commerce entrepreneurs due to the low startup cost and ease of set up, drop shipping is a fantastic means of generating anywhere between a few hundred bucks a month, to literally hundreds of thousands. To begin dropshipping, all you’ll need is a website with a sales page and a product supplier.
Once someone buys a product found on your website, all you need do is forward the supplier the customers address along with a percentage of the product’s list price. There is no need for you to handle any product or even engage with the customer other than perhaps alerting them that their item has shipped.
Finding suppliers of certain niche products can be challenging, but websites like Aliexpress make finding most goods like apparel, electronics, and jewelry, at below retail prices, incredibly easy. Following that, you have the option to promote your website any number of ways. Some of these include; paid advertising through Google or Facebook ads, by free social media promotions using websites like Instagram or Twitter, or the optimal method to garner web traffic – search-engine optimizing your web pages.
Even if you don’t know anything about website construction or the intricacies of e-commerce, there are plenty of resources available. Dropshipping specialty website builders like Shopify as well as free support programs like Oberlo make setting up an internet-based store simple and easy.
An alternative to dropshipping is to buy goods wholesale and then sell them through your website. By purchasing products in high volumes, you get them per unit at a discounted price. All you need to do besides maintain your website is hold them in a warehouse or even your place of residence until you need to ship them personally. While you do have to provide money for the products you are selling upfront, you can guarantee the quality of the products you are sending, modify them as needed, and bundle them with other goods to be shipped together.
5. Flip a Website
You may have noticed while using the web, a lot of websites either could use a slight facelift or a complete overhaul. Whether it is the sites logo, icon, written content, or search-engine optimization, even the most webmasters need help keeping their website in premium condition.
If you have the technical skill to upgrade someone’s website, it may be an even better investment to purchase it outright, fix it, and, through sites like Flippa, sell it for a profit. Most mediocre websites will sell for anywhere between a few hundred dollars or even less than fifty, meaning that, with a substantial investment with respect to time and skill, an average site can earn massive returns once improved.
If you don’t quite have the writing, design, or programming skills necessary to improve other people’s websites but don’t know where to go, there are plenty of outlets to get experience from and either pitch your services to or advertise them. For example, Upwork is a fantastic resource where entrepreneurs pay specialists to update or improve their websites on a daily basis. Alternatively, Reddit provides several niche forums on which individuals are encouraged to advertise their web design services.