There are serious benefits to working smarter, not harder. Check out the best passive income hacks to help you make money while you sleep.
The U.S. is the most overworked nation on Earth.
Many people work too many hours. And yet, only one-third of people have enough money saved for retirement.
If you want more money, you don’t necessarily have to work harder. The key is to work smarter.
Around 44 million Americans have side hustles which give household incomes a boost without much more time and effort.
Do you want to know more about the best passive income hacks? Check out our ways to make passive income below.
And if you want to learn more about blogging or eCommerce, check out how we do it, over here.
1. Rent Out Your Home
There is over $6 billion wasted each year in America’s spare rooms.
Do you have a spare room which you could rent out for money? You could even rent out the room short-term on Airbnb or on a more permanent basis.
If you don’t want to clean the sheets and tidy the room after the guest leaves, you could also hire a cleaner to do the rest.
You don’t have to do anything to make a few extra hundred dollars each month. That’s not bad for passive income!
2. Write and Publish a Book
Passive income doesn’t always mean zero effort. Writing and publishing a book requires a lot of time and effort. Once you have completed the book, you can start earning money each month.
If you publish your book professionally, then you’ll be entitled to a royalty per sale. You can also publish the book yourself. This could grant you a 100% profit.
So, have you got any amazing ideas for a best-seller?
3. Create YouTube Video Content
There are over 5 billion YouTube videos watched each day. What you may not realize is that many people make a living from YouTube.
You could get in on the action yourself if you create YouTube video content.
Have you got any video editing skills? Do you have interesting ideas or funny sketches you could share?
Whatever your niche, there is nearly always an audience on YouTube eager for your content. Once you have created the videos, sit back and let the cash flow in.
4. Rent Out Ad Space on Your Car
Up to 77 percent of Americans drive to work every day. Do you get to work via car?
You may not get paid normally to travel to work – but what if you could sell ad space on the side of your vehicle?
Apply for a company to advertise on the side of your vehicle for an agreed payment each month.
Nothing changes. Just make money the easy way instead of throwing away your income when you travel to work.
5. Rent Your Things to Someone
Do you really need to buy garden furniture next time you have a BBQ outdoors? Is it necessary to purchase your own chainsaw for a little DIY?
You may be surprised to hear that there is a market for rented items. If you have expensive items which are rarely used, you could make money by renting them out.
Ensure that you make a clear written agreement with the other party and check their ID before loaning anything.
6. Peer to Peer Lending
Some people cannot go to the bank for a loan. This could be because the bank doesn’t consider them to be a reliable borrower.
Peer to peer lending allows people who want to borrow money to get in touch with people who have spare cash to loan. You can determine the interest rate.
When the original amount of money is returned to you with interest, you’ve made a clear profit. You didn’t need to do anything either.
7. Sell Stock Photos for Cash
Many people use stock photos. Stock photos allow a company to avoid hiring a professional photographer.
If you have an eye for a good photo, you could sell your photos to advertisers and business owners to use as they like.
If you’re spending your free time taking photographs anyway, you may as well earn money at the same time.
8. Cashback Apps and Websites
Did you know you could receive money every time you buy something online?
There are dozens of cashback apps and websites which pay every time you click “purchase” on an item.
If you would be buying the items anyway – what have you got to lose by earning a bit of extra cash without any more effort?
You can even link it to your credit card. This way you get rewarded each time you spend money. Cool, right?
9. Run Your Own Blog
If you have some basic writing skills and something to say, then start a blog immediately. Just consistently post engaging and interesting content to your blog to develop your audience. The more web traffic your blog generates, the higher the returns.
If starting a blog from scratch is too much for you, buy a blog which is already established. Then, you can just pick where the blogger started. Now that you have the blog running how you want, you can begin an affiliate marketing campaign in which you sell your blog space to clients.
If you are interested in learning about how we blog, check out our blogging resources! It’s what we use to run this and other blogs.
10. Participant in Clinical Trails
If you’re serious about making money while you sleep, you should apply to participate in clinical trials.
This could even include a trial for sleep studies. As long as you have the right location, age, and health condition – you’re qualified!
Ideas for the Best Passive Income
You don’t have to work harder to earn more money on the side. You just need to get smart about how you make a passive income.
Our best passive income ideas can give you inspiration for going beyond your day job to pay your bills. You never know where it could lead.
Do you have any other ways to make passive income? Leave a comment below!