A question I often get when speaking to audiences about financial literacy is, “How do I become Wealthy?”. It’s a question that everyone wants the answer to but seldom find out. What's ironic about this question is that finding the answer is usually the hardest part. Once you know what to do, the implementation is fairly easy. So what’s the answer you ask….. Learn how to make more money while you’re sleeping than you can spend while you’re awake. If you can learn how to do this successfully wealth will find you. So now that you know one of life’s biggest secrets, let’s go over some ways you can implement it into your life.
1. Create A Digital Course
As humans, we all are talented in one thing or another. Whether that’s certain sports, skills, educational subjects, etc. We know how to do certain things that others don’t, but are eager to learn. Not only that, but they will pay you to teach them! So right now, I want you to take an inventory of your talents and ask yourself this question. “How can I teach this talent to the masses and earn money while I sleep?!” Well the answer is creating a digital course! Courses are a great passive revenue stream because you only have to create it once and then it sells FOREVER! Think about it, if you price your course at $99 and you get 1,000 people to buy it per year that’s an extra $99,000 of passive income. I recently created two courses, Becoming Debt Free and How to Invest, and these courses have become a great passive revenue stream. More importantly, we have helped hundreds of people learn key skills and talents. So, stop selling the world short and build your course!
2. Ride Share
So we are all familiar with Uber/Lyft correct? You use your vehicle to drive passengers to their destinations and get compensated for it. However, did you know that your car can make you money without you being there? Yep that’s right! There are apps like Turo and Getaround that will allow you to rent your car out to drivers and you get paid while sitting on your butt. I first learned about these car sharing companies back in 2016 but I was a bit skeptical. I didn’t like the idea of someone riding around in my car while I wasn’t around. More importantly, my 2013 Dodge Challenger SXT was my baby and I wouldn't even let my girlfriend drive it let alone some stranger. But then I tried it for one day, then another, then another, and before you know it my car was generating $1,000 per month! I’ve been utilizing this service for 2 years and now have a fleet of 5 cars all generating money while I’m focused on other things.
3. Home share
Since Riding sharing is possible, it was only a matter of time before home sharing become popular as well. When Airbnb hit the market, it disrupted an entire industry and almost got banned. But now that the dust has settled and we know it’s here to stay, so why not take advantage of it. If you have a fairly big home with an extra room or even a basement, you should consider renting it out. I’ve seen some single room Airbnb’s go for as high as $175. Let’s say you rented out your extra room 20 days per month at $100 per day. That would be an extra $2,000 per month or $24,000 per year! Not to mention that you would now be able to write off some of your home expenses 😉. That the real definition of a win-win!
4. Dog Sitting
Now I will admit that this one is not as passive as the others but it’s still a great option for certain people. Did you know that almost 50% of Americans own dogs? And guess what, the majority of these people have to go to work daily and take vacations at least yearly. This means there are millions of dogs that need to be dog sat. If you have a career that allows you to work from home, why not go over someone else’s house and work while you watch their dog sleep for 8 hours? I have one client who is an author and dog sits 10 hours per day while she writes books on her computer. At $20 per hour, she is earning an extra $200 per day to do what she would be doing at home (not to mention she’s saving a ton on electricity!).
Guys these are just four of the hundreds of opportunities out there for you to earn passive income. If these don’t work for you, there is an amazing app called Steady that lists thousands of local side gigs in your area. Check them out and find a passive income streams that suit your schedule. Remember, if you’re earning more while sleeping than you can spend while your awake, there’s no need to search for wealth because it will find you!