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As of 2022, the cost of living crisis in the UK has only worsened, with many people speculating that it’ll likely last until at least the second half of the New Year. Not only has this inflation caused businesses to rethink how they operate, but it has also forced much of the UK population to look at their monthly incomings/outgoings and see how they can be improved.
One of the most popular ways of doing so is by taking on a second job or starting a side hustle to increase your take-home per month. Yet, if you already have a full-time job, trading your free time for money seems barely worth it, which begs the question, are there easier ways to earn money nowadays?
Unbeknownst to many, there are. From starting a YouTube channel and creating a blog to writing an e-book and investing your money, there are so many ways to generate a passive income that you might as well do it in your sleep! Fortunately, our article below lists several ways to do so; keep reading to find out more.
5 Ways to Generate Money in Your Sleep In 2023
1. Start A Blog
Why you shouldn’t capitalise on today’s digital world makes no sense. Nowadays, just about everyone is glued to the screens of their mobile phones, consuming various online media, so why not create some of the media they’re consuming?
Fortunately, there are many ways of making a passive income from technology, from becoming a social media influencer and starting a YouTube channel to creating your own blog and writing online reviews for products/services.
Yet, one of the most straightforward ways of doing so is by creating your own blog through free-to-use platforms like Tumblr, Squarespace, Ghost, and many more. For those who haven’t discovered the appeal of blogging, you will soon find that it has many benefits for consumers and creators.
Depending on the type of content you create using your blog, it can provide various benefits (aside from generating passive income!), such as enabling you to inspire your customer value, allowing you to develop new skills, connecting you to new people, and much more.
While creating a blog isn’t all straight sailing, the benefits outlined above are long-lasting, as is the monetary gain it grants you. Some of the main difficulties are getting your blog up and running, finding a brand to promote, and establishing a niche.
Yet once you find something that fits your brand and what you stand for, it should be easy to peddle it directly on your terms or by using sales funnels. Then in the meantime, you can continue growing your blog and creating a loyal fanbase by catering to a specific need or offering advice.
2. Invest Your Money
Another way that you can generate passive income while you sleep (literally) is by investing your money into investment opportunities. If you’re looking to expand your income, investing is an excellent way of achieving this since it can help you on the road towards financial independence, providing that you make intelligent decisions.
Plus, because there are so many ways to invest, you don’t have to concentrate all your efforts on one area; you can focus on multiple. Whether you’d like to buy individual stocks in a specific company or dabble in alternative currencies like Bitcoin, Dogecoin, or Ethereum, there are loads of ways that you can start to grow your investment portfolio.
One of the most popular ways people invest their money is by buying and selling precious metals like silver, platinum, palladium, and gold. This can be done digitally or physically through a bank or, most commonly, through specialist bullion dealers like Physical Gold. Websites like this give you access to online gold and silver bars or coins, which you can invest your money into.
Whether you’d like to purchase silver or gold bars/coins, offload your silver or gold collection, read how-to guides, or have questions about storage or delivery, their website can help. Consider visiting their site for more information, or contact a team member directly for specific inquiries and see how their services could help you generate money in your sleep today.
3. Write An eBook
If you’ve always had a fondness for the creative arts, you can also generate passive income by writing an eBook. Do you remember the blockbuster hit ‘Where the Crawdads Sing’ that graced cinema screens in 2022 (starring Daisy Edgar-Jones as Kya!)? It might surprise you that it had humble beginnings as an eBook but quickly became one of the best-selling eBooks of all time, with over 1.42 million copies sold in 2019.
You, too, can hope to replicate Delia Owens’ success by publishing sixty to eighty pages of content that can be straightforward and often free of charge. You can peddle through Amazon Kindle or your own methods like a blog, social media channel, etc. Depending on the length of your book, competition, and reviews, you can ask whatever price you’d like for your eBook, from several pounds daily to several pence.
Yet, if you don’t have a blog or social media channels, it might be best to go down the self-publish route with Amazon Kindle as it’s free, much more simplistic, and you won’t have to do all the marketing for your book by yourself. Once you’ve self-published your book, Amazon will send you a monthly commission based on the number of sales your book makes, the amount of which can range from pennies to pounds.
4. Host Automated Webinars
Hosting webinars is another excellent way to make money while you sleep, not live ones but automated ones. Since automated webinars can be hosted day or night and at any time, they can be straightforward to monetise, which you can profit from in your own time, whether you’re sleeping or catching up with a friend over coffee.
Yet, to succeed, you need to have something you can capitalise on. Whether you pay third parties to sponsor your webinar, charge a fee to attend the webinar, or offer a pay-to-present webinar where a third party wants to present content to your audience. Once you decide how you’ll charge, you’ll need to determine what you’ll charge your audience to see.
Of course, you can charge for just about anything these days, but whatever the topic, it must be something you have adequate knowledge of. If you’re a daft hand at social media management, offer a webinar. Personal finance management? Offer a webinar. Design and technologies? Offer a webinar. Yet if you don’t know anything about the subject, it’s best to stay clear away!
5. Rent Out Real Estate
Another way to generate money in your sleep is by investing in real estate and renting it out, whether commercially or residentially. Although real estate can be costly, it is highly lucrative if you do it well.
Not to mention, there is always a high demand for rental accommodation. So long as you’re filling a need in the market, you’ll find yourself with plenty of long-term rental candidates whom you’ll be able to collect a lump sum from monthly while you sit back and do nothing.
Although it won’t be entirely passive, as you will have to deal with maintenance issues, repairs, etc., the money you receive from the venture will be largely passive. However, once you start making a decent return, you could always turn it stagnant by hiring a property manager.
