Making income whilst you sleep is easier than you think.
If you haven’t got the ability to rent out property, the concept of making money in your sleep might seem alien but it is more than possible, its easy. Renting your internet connection, mining cryptocurrency, drop-shipping, web ads, affiliate marketing, dare i say it, investing. Even browsing the web. All of these will provide different levels of passive income and each will require different amounts of maintenance. We cover the basics of online passive income streams and how to get started in the following list.
Free Online Shop
Using a free account with 000webhost, and using their WordPress backed option with the Woocommerce plugin you can make a fully featured web store, a platform allowing you to sell anything you want. Custom apparel, drop-shipping, 3D printed parts, digital goods, services, subscriptions. You can make an online shop to turn your craft into currency.
There are a couple more things to think about, buying a domain so your site looks more professional, an SSL certificate for your checkout process to be secure. This can be acquired for free by installing the WordPress plugin called SSL Zen. However i recommend you buy a life-time certificate.
We go over this topic in another article in more detail. Check it ‘how to start your own apparel shop for free’ .
Drop-shipping is where you to sell an product you don’t physically have in stock but have sourced cheaply and can order to a customers address on demand. There are two ways to start a drop shipping business for free.
Firstly, by making a Woocommerce store like the one mentioned in the previous section ‘Free Online Shop’, also check out our article ‘how to start your own apparel shop for free’ for more details on how to make a Woocommerce shop.
Or you can list the things you have sourced on Ebay. When a purchase is made, place an order with your supplier to be shipped to your clients address. Supply Ebay with the tracking number provided by your supplier, this notifies your customer the item has been dispatched,
Renting your internet
Sounds complex right? like it might involve port-forwarding, or turning your house into an internet cafe. Not quite. Honeygain is an application that allows you to monetise your spare internet connection, it currently runs on Mac OS, Windows and Android. It even lets you use multiple devices on one internet connection. It pays better than pool cryptocurrency-mining using just a CPU, and is much, much quicker set up. The one caveat of the system, payouts are capped at a minimum of $20, so you must accumulate $20 before withdrawal is possible. This takes roughly a month on an well used internet connection. Visit Honeygain to find out more.
Browsing the internet
That’s right! A company called Brave have produced a browser that rewards you for your attention in the way of cryptocurrency called Basic Attention Token. The system blocks all 3rd part ads and rewards you for every Brave ad you click. It is possible to cash out these tokens for dollars instantly or even convert them to other cryptocurrencies.
Get Brave Here.
As mentioned in the previous section, cryptocurrency mining is a great way to make passive income, if you have the know-how and computer power that is. By computer power i mean GPUs, as many high-spec ones as possible. Having a ‘mining rig’, and therefore, mining, is out of allot of peoples reach.
Having said that its not impossible to mine. Minergate makes mining a breeze. Even if you have limited power! Their application has an automated mode that mines the currency that gives the best return at the time or you can select the currency that interests you the most. You can even mine multiple at once. The application lets you monitor your mining even when your away with an online-dashboard. Visit Minergate for more info.
It used to be possible that when you put you savings into a bank it would accrue interest, these days the idea is somewhat of a joke. But not everywhere. Companies like crypto.com Blockfi and celcuis network are offering 8-12% percent interest on assests held with them. Just keep in mind, not your keys, not your crpyto.
We do not provide financial advice. Only invest if you understand the risks involved and are knowledgeable on the subject.
In the very long term, this is your best option for long term financial gain if done correctly. US stocks and indices i.e. S&P500 , in the long-term, is the safest investment. Low gains compared to the potential gains of day trading or investing the potential gains of the often lamented, bitcoin is the other side of that safety.
If you are interested in trading cryptocurrencies Coinbase is a good place to start. Looking for something more advanced? Binance allows you to trade using multiple contract styles i.e. spot, future. If the other two mentioned are blocked in your country or your looking for something that is more focused on leverage, Bybit is the current exchange of choice.
If you have an established blog or any other kind of website where you have access to the HTML of the site you can host ads served by an ad-network. This isn’t quite passive income but it is low maintenance.
Littered throughout my articles are links to various services. If you use these services via these links, the service provider pays us an affiliate bonus, which supports us as creators. We also have an affiliates page so you can see who pays us for clicks, this is affiliate marketing. Just to be clear we don’t feature affiliate links, services or products in our articles for any service we haven’t used and enjoyed.
Each of these approaches on their own doesn’t provide much in the way of income. However If you combine these approaches you could end up setting yourself up for life. Helping you monetise your craft or passion to a point where you can ditch your 9-5.