How to make money while you sleep!
By Julian Harlow
Most of us already make money while we sleep via our bank accounts or other investments, but what are some other ideas for passive incomes?
Although most of us already make money while we sleep via our bank accounts or other investments, the phrase brings to mind the dream of abandoning paid work and being able to spend our time however we choose.
A more prosaic term for these self-sustaining money streams is 'passive income'. Rent from investment properties, dividends from shares or interest from funds placed with financial institutions can all be considered forms of passive income, but they are not the only ways to make money while you sleep.
Hard work is still required...
There are numerous paths to creating self-sustaining income streams that don't rely on an initial injection of substantial funds. However, reaching the goal of living solely on passive income requires hard work, inspiration or most likely some combination of the two. If you would like to work towards such a goal, there have never been more possibilities than today thanks to the internet.
Writing books, music or other creative content has always been a potential avenue to passive income streams. Although the difficulty of writing a blockbuster or a hit song has not decreased, the internet has created a raft of new ways to generate income from content. Online display advertising in Australia was worth close to $300 million in the 2013 September quarter, and if you can create a site that has the content sought by users, along with the traffic needed to attract advertising, you could benefit from a portion of that advertising spend.
Outsource your effort
You may also be able to sell goods through your site. This could include content such as videos or training courses, but even with physical goods there is the option of outsourcing logistics. If successful, you could reach the point where your customers can order and receive their goods without you having to be involved beyond accepting payment. A less high-tech method is to provide others with commissions or franchises on a business you have created, allowing your previous work to be leveraged with little effort on your part.
Attaining the goal of making money while you sleep, enough to happily live on, is not a quick process, and is unlikely to ever be simple. Most of us will use a variety of methods, from interest-earning savings to investments to income-generating content, in order to slowly build up streams of income. At the very least, these efforts will help to protect you from the loss of any single source of income, and by trying your hand at different roles you may even find a new career path.