Did you know that throughout their lifetime, the average person will spend over 13 years at work? In fact, many people, over the course of a year, spend more of their waking hours working a full-time job than on anything else.
If this sounds like you, then it’s likely that you have at some point dreamed about making money in your sleep.
Passive income, residual income, multiple streams of income — whatever you call it, it sounds nice, doesn’t it?
Well, thanks to technology — which is making everything better when it comes to finances — making money in your sleep doesn’t have to be a pipe dream anymore, even if you don’t have hundreds of thousands of dollars in the bank ready to deploy.
And guess what? Developing passive income streams doesn’t have to be boring!
Here are three fun ways to make money in your sleep that you may not have heard of before.
1. Buy music royalties.
Through sites like Royalty Exchange, you can purchase music royalties and receive a quarterly distribution check to the productions you own the rights to.
You can possibly bet on newer, relatively unknown artists, or you can pony up more money to buy the rights to songs from already-established performers.
Of course, each individual deal is different, but you may receive royalties whenever a song is performed live, streamed, played on the radio, etc.
Investing in royalties allows you to make money not only in your sleep, but whenever you hear your tunes!
2. Start a vlog on YouTube.
Chances are, you already take photos or maybe even videos of yourself and/or your environment throughout the day.
Or maybe you have a lot of good ideas or experiences surrounding a certain topic, from current events to ancient history to South American travel.
Have you thought about monetizing this content?
It’s possible, using YouTube.
One video you upload today could, theoretically, generate thousands of dollars a year for you in ad revenue. You never have to touch this video again, and it makes you money 24/7, even while you’re sleeping!
Of course, this is easier said than done, and in order to build a successful passive revenue stream from YouTube, you will need to do things like:
- Invest in quality recording equipment, though this may not be absolutely necessary since many successful YouTubers record with a simple cell phone.
- Practice your on-screen presence.
- Learn how the YouTube algorithm works.
3. Sell your photographs.
Are still photographs rather than videos more up your ally? Do you have a knack behind the camera?
If so, you may be able to develop a healthy stream of residual revenue by submitting your work to stock photography websites.
You will receive compensation whenever a subscriber to the stock photography website purchases a license to use one of the photos you submitted.
Once you have developed a decent portfolio of stock photographs on various sites, you could be making a few hundred dollars a month passively.
Even if you don’t have a lot of money to get started, you can still start developing passive income streams today.
The beautiful thing about starting your passive income portfolio is that you don’t have to go “all in” on any one stream.
In fact, it’s probably a good idea for you to diversify your revenue streams in case one dries up.
Hopefully you’ve taken some inspiration from the passive income ideas described above and will be able to start building your own revenue systems soon.
Also, if you are lucky enough to develop a stream of passive income, be responsible with your effortless earnings. Consider putting your extra revenue toward your student loans or possibly toward your retirement goals.
About the Author
Logan Allec is a CPA who spent nearly a decade in the corporate world helping big businesses save money. Now, he is a full-time personal finance blogger and owner of the site moneydoneright.com, where he shares actionable advice on making, saving, and investing money.
The information is provided for discussion purposes only and should not be considered as advice for your investments. Please consult an investment advisor before you invest.