“If you don’t find a way to make money while you sleep, you will work until you die” – Warren Buffett .
Looking for reliable assets that put income in your pocket? Why not take the advice of the world’s most famous investor seriously and think of some ways to make serious amounts of extra cash, with minimal effort, so you’ll be generating income even while you’re sleeping
1. Stocks
Let’s start with a traditional method. If you already have some cash to invest, stocks which pay regular dividends can provide a useful source of additional income. Go for well-established, ‘blue-chip’ companies which have a consistent track record over the long-term, meaning that they can pay their shareholders regular dividends. As they tend to be less risky than high-profile disruptive start-ups, you’ll also get a better night’s sleep.
2. Property
Property is known as a solid investment. However, these days you don’t need to purchase your own property as there are other ways to get started. Try one of the crowdsourcing platforms which allow you to take part in real estate transactions, either by lending money or buying a share of existing real estate.
Also read: Time Is Money: How Cash Management Helps Save Time
3. Rentals
You may not fancy entertaining strangers in your home, so renting out your spare room to short term visitors, via an app such as AirBnb, doesn’t appeal. However, if you have a spare bedroom, what about renting your home out when you’re away? Let an agent take care of the logistics and cleaning, so you can return home after your vacation, as if no-one had ever been there, and feeling that little bit richer.
4. Affiliate Marketing
If you already have a website or blog, you should make the most of the opportunities for affiliate marketing these provide. Fill your site with links to affiliate companies which your visitors will love, then sit back and enjoy the commission you’ll earn when they click and buy the products.
You can also promote affiliates, easily, on your Facebook and Instagram pages, and in many other ways. The more followers you attract, of course, the more opportunities you’ll have for clicks and commissions.
Also read: Affiliate Marketing vs Clients SEO: Which One is Most Profitable?
5. Drop-shipping
Drop-shipping is one of the easiest e-commerce options, which requires little or no up-front cash, and can be scaled up as much as you want. In effect, you set up a shop, without carrying any stock. Promote your chosen products on different platforms, including Amazon, setting your own prices. As orders come in, pay the supplier, who’ll ship directly to your customers, and keep your chosen percentage.
6. Start a YouTube channel
Whether it’s vlogs, ‘how-to’ tutorials or masterclasses, Youtube can be a great way to earn passive income. Choose a subject you love, and that people are interested in, talk about it, demonstrate it! Once you reach 1000 followers, youtube channel can be monetized, and in flows that passive income you’re searching for. As a truly global platform, you’ll have access to countless millions of potential subscribers, in every time zone. And plenty of affiliate marketing opportunities as an added bonus!
