In a perfect world, everyone would work only a few hours a day and then able be able to spend the day doing all the things they enjoy. Sounds pretty good, doesn’t it? While this is the reality for some, most of us work the regular 40-hour work week, only taking off on the weekends and holidays. However, even if this is the case, it doesn’t mean it has to stay like that.
There are ways to make money without working. Known as passive income, it’s money you earn without really having to work for it. While it might effort into the beginning stages, you may eventually make a profit without lifting a finger. Now that we’re living in a time where many can literally make money while sleeping, the only thing holding you back is you. If you’re looking for ways to build passive wealth, here are some of the best ways to go about it.
Look at Your Life Insurance
Although it’s not technically passive income, your life insurance might be more valuable than you know. In some cases, selling a term life insurance policy can set up on the road to financial freedom. Depending on your situation, you may be able to sell your policy and then use it to create passive income streams. Granted, everyone’s situation is different, so it’s best to weigh the pros and cons prior to proceeding.
Real Estate
Another way to generate income without working for it is through investments. You can flip a home you buy at auction and either rent it out or resell it. Alternatively, you could also just rent out your vacation home or an extra room in your home on rental sites.
Sell Digital Online
Selling digital products is another way to make money. You can either create printables, like wedding invites and baby shower announcements, or you can create worksheets for teachers and sell those on Amazon or Etsy. If you have a flair for photography, you can sell your own prints as wall art. This is a popular niche among travelers who take alot of high-quality photos.
Peer-to-Peer Lending
Long gone are the days of only being able to get a loan through a bank. Now, there’s something called peer-to-peer lending. The way it works is that as an investor, you’re matched with people seeking loans, usually online. Depending on their credit worthiness, you can choose to fund their loan. While this can be a risky proposition, the return can be lucrative in the long run.
Create Content
If you have a knack for helping people with their finances, or are well-versed in a popular niche, you could make money by creating content. Some claim that blogging is dead, however, it’s simply not true. Depending on your niche and web traffic, you could earn money from Google. If you build a large enough following, you can then reach out to brands and possibly get paid for sponsored ads. While this may be take time to start producing a profit, it won’t seem like work if you enjoy what you’re doing.
