Make Money While You Sleep

If you work an eight-hour day for a fixed salary, or sell your time for an hourly or daily rate, you’re only ever going to be able to earn a certain amount of money at the end of every month. Is it possible, then, to break free of this? It is – if you can learn to make money in a way that’s not tied to the time you spend working. But what are the tricks for earning a passive income like this, where the rands tumble into your account without you putting in hours in an office? Here are our top tips for making money while you sleep.

Sell yourself

Do you have years of experience or a wealth of knowledge in a certain field? Putting some time into creating an e-book or course that you can upload and sell online is a great way to earn a passive income – either by selling the product itself, or by making it attractive to businesses and advertisers that can then latch onto your product.

Invest in stocks

Working the stock market has long been a popular way to earn a passive income – if you know what you’re doing. But these days, all the information available at your fingertips makes it more accessible than ever. Definitely learn the ropes first and do your research though, which will allow you to make educated investment decisions rather than random bets.

Rent out your space

Do you have an extra room in your house? Or are you going away on holiday and your house will be standing empty? Renting out your space on sites like Airbnb can be a great way to earn an income on an asset that you already own (or are renting).

Create a mobile app

If you’ve got a bit of tech know-how and a few ideas for new apps the world needs or ways to improve existing ones, you’re in business. Siphon off some time to get coding and rest easy once your apps start making a difference to people’s lives.

Become a house-sitter

Talk about making money while you sleep – this gig pays you to sleep! Make yourself available to look after people’s homes or pets while they’re away and make some money in the process.

Slash your debt

This might not sound like an income-generating tool, but if you’re paying thousands into your credit cards and store cards every month, that’s money you can’t use elsewhere. Get rid of your debt and you’ll be surprised how much more money you have available to you.

While you work on these ideas, don’t forget that one of the most important ways to make more money is to spend your time doing the actual income-generating work. Get rid of the admin that consumes your days by streamlining your processes or hiring a virtual assistant to help you. That way, you’ll be able to spend more time working on things that are sure to bring in cash.

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