15 Best Passive Income Ideas to Make Money While Sleeping 2023

One of the things you must know to be wealthy is that all wealthy people have passive sources of income. To be wealthy, you must focus on the finest passive income ideas to make money while sleeping.

Additionally, the average millionaire is believed to have seven different sources of income. Not that they have seven jobs, mind you. Most millionaires are aware of the game of passive income.

After reading this article, you will feel at ease with the advice on supporting yourself financially.

Furthermore, over 50% of Americans, according to Reader’s Digest, experience job and money issues.

However, earning passive income in addition to your regular career is a solid start even if it cannot address all of your difficulties, especially if you are committed to increasing your fortune.

After reading this article, you will feel at ease with advice on how to support yourself financially.

Earning passive income in addition to your regular career is a solid start, even if it cannot address your difficulties.

Keep reading to see the best passive income ideas to make money while sleeping in 2023.

What is Passive Income?

Passive income, also known as residual income, is the money you make while not working. You can doze off, sip margaritas on the sand, or unwind. Your credit card will still be charged.

Furthermore, investments in stocks, bonds, real estate, and even the creation of royalties are examples of traditional passive income ideas. An investment or financial outlay is necessary to earn a return on all of this.

15 Best Passive Income Ideas to Make Money While Sleeping

Most passive income ideas to make money while sleeping require effort before they pay off. There are ways to earn passive income that require almost no effort. It allows you to start earning money right away.

#1 Receive payment for already-made purchases

If you already make some purchases online, not using cash-back rewards could cost you easy passive income.

Credit card refund

Credit cards with cash-back offers give you a percentage of previous purchases, typically between 1 and 5 percent. Some discounts vary by category.

For instance, a card might offer a cashback rate of 2% for grocery and gas purchases. It might also offer 1% off for all other purchases.

Additionally, many cash-back credit cards provide welcome bonuses. You will typically need to spend a certain amount to be eligible for the bonus under these programs. This amount must be spent within 60 to 90 days of opening your account.

However, remember that these promotions are only worthwhile if you withdraw your credit card balance each month. Interest rates can easily exceed potential benefits and add up quickly.

There are alternative ways to earn rewards for your regular purchases if you don’t want to open a new account.

#2 Make your vehicle work for you

Remember how frequently you use your car for travel, vacation, or even just your regular workday.

These are your two choices:

Allow your car to reduce your income and sit.
To generate passive revenue, use it.

Rent out your car with get around

By renting out your automobile to strangers while it’s not in use, you might make thousands of dollars.

Furthermore, a car typically costs close to $9,000 yearly. You can get back some or all of this money if you rent a car with Getaround.

As a Getaround car owner, you receive parking in the most desirable parts of the city. You will also receive a car loan that you may rent for $50 per month. Also, Getaround will cover the majority of a car’s insurance coverage.

#3 Purchase your first property for investing

With the help of the web portal Roofstock, you can buy rental houses and generate passive income.

Renting out real estate is one of the passive income ideas to make money while sleeping. But it can be very intimidating, especially when looking for tenants.

However, with Roofstock, you can purchase real estate with just 20% less square footage occupied by tenants. This implies that you will receive payment on the day that you invest. You’re not even required to visit the properties!

This is a great method, especially if you want to avoid the inconvenience and expense of going across the country to look at potential homes. Or if you reside in a region where real estate prices are too high to invest.

Furthermore, starting out is a terrific method if you’re investing in single-family houses for the first time.

Once you’ve made the purchase, one of the property’s certified property managers will contact you. This is to handle standard rental duties like rent collecting and upkeep.

#4 Invest your dividends

The most established passive income strategy is Ally Invest. It invests in stocks and pays out dividends every quarter. It is one of the finest passive income ideas to make money while sleeping.

Also, consider purchasing Colgate-Palmolive stock. In addition to the stock price rising over time, you will receive payment for each share you own.

Colgate-Palmolive has paid its stockholders between $0.34 and $0.68 every quarter for each share they own during the past seven years.

Furthermore, you could wish to reinvest these dividends based on your long-term investing strategy.

However, you can pack the money only by seeking passive income suggestions.

Ally Invest provides free classes that you can attend when you invest. All you need to get financial advice is a $2,500 initial deposit. Also, you’ll need up to 62 cents each month of professional assistance.

#5 Establish a high-yield savings account

The interest you earn on your bank account is probably absurd. If you win something, consider yourself fortunate!

Fortunately, internet banks have surfaced with incredibly appealing interest rates. More interest equates to more earnings than you would get from savings.

#6 Let a space in your home

Airbnb can help you earn a passive income. Renting a bed and breakfast is similar to having an unpredictable roommate. You set the accommodation availability, the daily rate, and all other conditions.

When you travel, you can use Airbnb. It is one of the best Best Passive Income Ideas to Make Money While Sleeping. You can make nearly three times as much money renting out your full flat as opposed to just a room.

However, knowing strangers at your house can be strange, especially if you are not there.

Fortunately, Airbnb provides insurance coverage for accidents up to $1 million.

Additionally, a rating system enables you to check out a renter’s reputation before deciding to keep him as a tenant.

#7 Invest in real estate crowdfunding

Get passive real estate profits by investing with Fundrise. If you have an extra $500, you can now open a Fundraise portfolio and invest in real estate.

Also, you may enjoy all the advantages of a REIT (Real Estate Investment Trust) with Fundrise.

Plus, there is greater flexibility and perhaps even higher profits. The portfolio returned 12.25 percent, according to the most recent Fundraise performance report.

Furthermore, you can select an investment strategy with Fundraise based on your financial objectives. They are working on projects resulting in diversification, long-term growth, or residual income.

#8 Loans between Individuals

Lending Club

With the lending club, you can invest money and contribute to someone’s business. You will also receive a higher return on your investment than normal.

Also, people can borrow money through Lending Club with their investments. It can be borrowed to launch a business, pay off debt, or receive medical treatment.

This is how the Lending Club functions:

Open a new account and send at least $0.01 in a minimum deposit.
Create a portfolio: Invest in various loans in $25 increments.
Get paid: Receive payments each month when borrowers pay back their loans.
99% of investors in lending clubs with portfolios of more than 100 notes see positive returns.
Reinvesting or withdrawing payments

#9 Begin using a Robo-advisor to invest

Wealthfront

Automate your retirement savings with Wealthfront to make your finances run more smoothly. By giving people access to the same strength and knowledge as the biggest brokerages in the world, Robo Advisor balances the market’s level of competition.

However, Robo consultants, like Wealthfront, carry out several automated duties. Duties like portfolio allocation using artificial intelligence to spread out risk, lessen the tax burden, and cut transaction costs.

Betterment

Betterment was the first Robo-Advisor to hit the market nearly a decade ago. The entire investment procedure is now automated. So, all you have to do is keep an eye on your asset portfolio’s growth (in the long run, of course).

Furthermore, they take 25% of your account as a yearly fee. Therefore, if Betterment manages $100,000 of your money, you will spend just over $20 monthly.

#10 Affiliate Marketing

You’ve probably heard of affiliate marketing. This is when you promote a product in exchange for a commission. You should only promote high-quality products that you are familiar with and believe in online.

It is one of the best Passive Income Ideas to Make Money While Sleeping.

Additionally, to begin as a partner, there are numerous options. You can sign up as an Amazon affiliate or have an affiliate relationship with a specific business.

This can be done directly or through a commissioning platform like Commission Factory, Reward style, or ShareASale.

#11 Purchase a blog that is already profitable

If you would rather avoid the start-up step, you can purchase an existing blog that is already making money. Because many people start blogging before getting bored, it is quite simple.

However, because starting a blog requires a lot of work, many people give up before realizing their full potential.

#12 Launch a YouTube channel

The guidelines for monetizing a YouTube channel changed in January 2018. But this is still a choice. All you need to do is change your approach.

However, almost everyone could previously monetize their YouTube channels. This implies that you consent to the placement of videos (i.e., adverts) by advertisers at the start of their material. You will get paid if you obtain a predetermined number of views.

Additionally, videos of unpacking, travel tips, makeup instructions, and other topics are being filmed. Given the popularity of YouTube, there is space to lure users into even the most obscure market.

#13 Create and market an online course

According to what we understand, you can start with a platform like Udemy or Teachable. You can also develop a course that teaches everything from algebra to the guitar. The best part of this strategy is that it keeps paying you after you’ve made the course.

#14 Establish an online store

Having an eCommerce site that gives wholesale discounts on everything is one of the Best Passive Income Ideas to Make Money While Sleeping.

#15 Online Photo Sales

Ever pondered how to earn money from capturing pictures? It’s quite easy.

One of the best places to monetize your images is Shutterstock. Shutterstock has given its contributors more than $500 million since its launch in 2003.

However, regardless of your degree of experience, this website can be a passive source of revenue. This is due to its popularity and minimal admission requirements.

Conclusion

Your best course of action will rely on your immediate and long-term objectives. Also, it will rely on available time, desired income, and willingness to work long hours.

Also, the best passive income ideas to make money while sleeping we discussed at first won’t make you wealthy. But as mentioned earlier, they involve no work.

FAQs on 15 Best Passive Income Ideas to Make Money While Sleeping in 2023

What is the most profitable passive income?

Dropshipping is one of the most profitable passive income sources. With drop shipping, you can find trending products on marketplaces like AliExpress to sell to customers around the globe.

What is the secret of earning money?

Stop focusing on money.
While it sounds counterintuitive, maintaining a laser-like focus on how much you make distracts you from doing the things that truly contribute to building and growing wealth. So shift your perspective.

What are the 7 streams of income?

7 Different Types of Income Streams include;
Active & Passive Income Streams.
Diversification.
Earned Income.
Profit Income.
Interest Income.
Dividend Income.
Rental Income.
Capital Gains Income.