7 SIMPLE WAYS YOU SHOULD BE ABLE TO MAKE MONEY WHILE YOU SLEEP

WHAT IT MEANS?

It means, creating something once and it keeps generating money repeatedly over and over, like creating an app, writing a book, royalties, or buying rental properties.

You do not work full time on this, and it still generates income for you. It may start as full-time work but after a short period of time it turns to a money generating machine without working full time. You do not get paid hourly or monthly salary to work on this, it is something you build and reap the rewards again and again.

Generates money even though you are not actively there every single day.

WHAT IT DOESN’T MEAN?

–        It does not mean WORKING FULL TIME, like a 9-5 job.
You stop making money at your job as soon as you punch out from your office. Companies pay you for working certain hours and it is impossible to earn money while you sleep at home. That is why we are looking at other options outside our regular setup.

WHAT IT MEANS TO PAY YOURSELF FIRST AND GROW WEALTH?

–        It does not mean being SELF-EMPLOYED, like running your own store.
SELF-EMPLOYED is almost like your 9 to 5 job, you stop making money as soon as you close your store, there are no customers coming at closed stores, unless you are dreaming about them at night.

WILL IT REQUIRE CONTINUOUS WORK OVERTIME?

Automatic income is set up once, but it does not mean that you never have to work on this ever again and will still receive income. Rental property is the best example of this case, you bought a property which generates income. But you still will require to do regular management and maintenance of the property to continue to receive benefits. This will be very minimum efforts like 8-10 hours per month or based on the size of your real estate portfolio, but it will be much smaller efforts compared to a daily 8 hr. job.

CAN IT BUILD WEALTH OVER TIME?

Investments like Stocks, Real Estate or Apps continue to increase in value over time. Dividend Stocks or rental properties generate passive income, but these investments continue to appreciate over time. We have seen how housing is becoming unaffordable over-time, having multiple houses or rental properties will build you wealth and make you a Millionaire over time.

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PASSIVE INCOME TO ACHIEVE FINANCIAL FREEDOM

Just having one income is like a sword hanging on your head all the time to protect your job. Any little crisis can make people worried about their jobs, then situations like COVID comes in, with which people may lose their jobs.

EXTRA PASSIVE income helps you achieve Financial Freedom when you do not have to worry about money all the time. You have enough income coming in to support you in case of emergencies.

This is one of the main reasons to start this blog, I like to make it work to create another source of income for me and at the same time I get to share my experience to help others.

WHAT IS MY NUMBER 1 PICK?

1. RENTAL PROPERTIES OR MULTI-UNITS

This is by far the best way to generate extra money on the side without doing too much work. There is no other easiest way to start making money in your sleep. To make things better, it is a very high leveraged investment by using bank loans to pay up to 80-90% value of property and property appreciation creates enormous wealth over time. You must check out these 8 reasons why rental properties are such an amazing investment.

HOW CAN YOU LEVERAGE OTHER PEOPLE’S MONEY TO START YOUR INVESTMENT?

Real Estate is the best way to use leverage to its highest level. No one is going to lend you money at a very low interest rate to buy stocks.

You never have to pay full amount in cash to buy investment property, you can pay as low as 5% down and the rest can be financed. I strongly believe you should be able to save some of your own money and should have 5% of your own to start the investment. But you always have the option to get some help from parents or family members to put together 5% for down payment.

PARTNERSHIP, sometimes, there are people who do not want to deal with all the issues that come with properties and are happy to be partners by giving extra money to you to manage the property.

SELLER FINANCING is another good option to buy and manage property by paying directly to the seller, this way you can get away having a lot of down payment.

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OTHER AMAZING OPTIONS TO MAKE MONEY

2. DIVIDEND PAYING STOCKS

Dividend is money paid by a company to their stockholders from their profits. It is not a fixed percentage; it depends how the company is doing every single year; it can be in the range of 0.5% – 6%.

Basically, you are enjoying the stock growth and getting some cash back on top of that in terms of dividends.

Not all companies are paying dividends, you must do your own research to find out which companies are paying the highest dividends in the last few years. You can also investigate Dividend Mutual funds.

Looking at the numbers, I guess it should take a long time to build a portfolio of Dividend stocks to get enough cash back. You should have quite a large portfolio, it is possible with proper planning and giving enough time to grow your portfolio.

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3. BOOKS\EBOOKS\ONLINE COURSES\YouTube video’s\PODCAST

We are living in the online learning world, no one has time to spend hours studying something. People are looking for quick results, you can share your knowledge if you have some specific skills. People are searching for simple day to day problems online. You just need to find those problems and provide your input or solution to it.

Start something small, it takes time, but you will learn so much in the process.

YouTube has become one the biggest money-making platforms for anyone who can transform their knowledge into powerful video’s.

4. PEER TO PEER LENDING

There are many websites which provide Peer to Peer lending options for anyone with money. It is very simple and straightforward; you just need to choose a project you want to lend your money. These sites have ratings for each borrower and better the rating means lower risk, and you will be getting lower interest. Interest rates are much better than the stock market, but you must do your own due diligence.

There can be restrictions by your Province or Country for you to invest using certain sites. For example, I live in Quebec, Canada and they do not allow Peer to Peer Lending sites.

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5. SECOND MORTGAGE

Second Mortgage is a lien or loan taken against a home by borrower and lender stands at second position after the main bank who loaned the money to buy the house.

There are ways to become a lender to lend your money as a second mortgage and you will have the borrower’s house as lien. Interest rates are usually very high to lend money this way and it can provide a very good way of creating an extra source of income. Second mortgage Lender can take control or sell the house if the borrower stops paying the loan amount.

There are risks because you are standing second in line after the main bank. That is why choosing the right borrower and property is very important.

6. BLOGGING AND AFFILIATE MARKETING

Blogging about something for which you have a passion, can generate some extra money on the side. People think blogging is dying but it is the exact opposite. There are more and more people going online to read and they want to solve their problems quickly. I will not say it’s easy to make money with blogging, you have to work hard to write and market your content all the time.

Anything we do takes effort anyways, so it can be fun to write about something you love.

Affiliate Marketing is one of the easy ways to make money once you have a nice blog setup with enough traffic. There are many companies who will pay you to write about their products and pay you for making a sale through your blog. I have not tried it yet, but bloggers are making their majority of income through Affiliate marketing.

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7. SETTING UP SELF SUSTAINED BUSINESS MODEL

One of the best ways to make money and get to the next level of riches is to start business. We are mainly talking about business which can run itself without you getting involved full time to run it. It may take a lot of time to set up the business, but your aim should always be to figure out ways to make it run autonomously. You will have more time for you and time to work on other ideas when business does not need day to day intervention. There are many small or big examples of such business-like Laundromat or converting your business into Franchise, Self-Storage or creating an app etc.

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