Tired of the same old “invest in stocks” or “start a blog” passive income advice? We get it. The internet is packed full of repetitious advice, especially when it comes to passive income. So, grab a notebook, open a reliable tax return calculator in another tab, and let’s step away from the everyday. Below, you’ll find seven creative and exciting ways to make money while you sleep.
1. Become a Short-Term Landlord
Own a unique property? Consider renting it out for short-term stays on Airbnb. Even a spare room in an interesting or well-placed home can earn you a surprising amount of cash from travelers and digital nomads.
One look on Airbnb will reveal that your accommodation doesn’t have to be all that flash to make you a few bucks. If you’ve got a van, camper, or even a boat, you can list it on platforms like Outdoorsy or Boatsetter. Heck, some people even offer their bare backyards for people to pitch a tent!
2. Monetize Your Hobbies
Love crafting? Turn your passion into profit by selling your creations on Etsy or creating digital downloads like printable art or planners. Are you a photography buff? Stock your images on platforms like Shutterstock or Unsplash. Even if you’re a gaming enthusiast, you can earn by live-streaming on platforms like Twitch and accepting donations or selling merchandise. These income sources aren’t strictly passive – you are doing something, after all. But what you’re doing is something you love and would do anyway, so making money off it is just a bonus.
3. Rent Out Your Stuff
From power tools to designer clothes, there’s a platform for everything. Rent out your idle possessions on platforms like Fat Llama or Neighbor. That DSLR camera you bought for the YouTube channel you never started could soon be attending other people’s weddings and graduations, earning you cash in the process.
4. Create Digital Products
Got a knack for writing, editing, or design? Create digital products like e-books or online courses. Platforms like Udemy, Teachable, and Canva can help you get started. With a little creativity, you can transform your skills into a profitable digital product. While this will take a significant amount of work upfront, the income clicks over into passive mode as soon as you’ve put the finishing touches on your digital content.
5. Invest in Unique Assets
Beyond stocks and real estate, consider investing in alternative assets. Wine, art, and collectibles can appreciate in value over time. Whether you collect vinyl records from flea markets, vintage clothing from thrift stores, or wine from vintage cellars, you could develop a collection that turns into a nice little nest egg. Either hold onto your collectibles as they appreciate in value, or consider flipping them on Etsy or other online marketplaces.
6. Become a Virtual Assistant or Freelance Writer
While not entirely passive, these can be great ways to build a client base that generates recurring income. With the right tools and a bit of research, you can automate many of your tasks or create content templates, allowing you to spend less time working and more time enjoying your earnings.
7. Leverage Your Knowledge with Online Quizzes
Got a wealth of knowledge in a particular area? Create engaging quizzes on platforms like Sporcle or Trivia Crack. While it might require initial effort to create the questions, you can earn ad revenue or charge for premium features.
Building passive income always takes some amount of time and effort upfront, but with creativity and persistence, you can turn your dreams of low-effort financial freedom into reality.
