6 Ways to Earn Passive Income (AKA How to Make Money Without Really Working)

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Most of us have to go to work day in and day out for the better part of our entire lives to earn a living. But wouldn’t it be nice if we could make money by doing almost nothing? That theory seems impossible, but it isn’t. There are ways that you can make money without the 9-to-5 grind. Of course, these methods will take a bit of capital up front, but once you’ve laid the groundwork you can almost literally sit back and count your cash. It’s all in a day’s non-work.

 

Investments

 

We’ve all heard of those lucky ducks that struck it rich by playing the stock market. The only problem is that no one ever really knows what’s going to take off and what’s going to slink into obscurity with your money in tow. If you’re smart about your investments, however — using only a modest amount of money to start and choosing stocks based on a professional’s recommendations — there’s a fair chance that you could walk away a winner — without ever lifting a finger. Just remember that the rules for investing are the same as the rules in gambling: You have to know when to hold ’em and know when to fold ’em.

 

Digital Properties

 

Apple created a billion-dollar industry (a $17.5 billion industry, in fact) with the invention of the app, making lots of developers millionaires. So what’s stopping you? If you’re tech savvy and have a great idea, consider creating an app that’s valuable or entertaining enough that people will pay for it. Even if you want to keep the app free — you’ll get more adopters that way — there’s still potential to make money by hosting advertisements. The initial development phase will take time and money, but once the app is up and running it basically sells itself. Although a bit of positive PR never hurt anyone’s bottom line, either.

 

Real Estate

 

I believe that the only two markets worth investing in right now are technology and real estate. The former because that’s just the way the world is headed, and the latter because everybody needs a place to live. More and more people are moving to urban areas so it’s wise to scoop up property in cities instead of rural areas. Once you’ve got the property in your portfolio, move in renters whose rent will cover your monthly mortgage plus help you build a slush fund.

 

Microsubletting

 

If you haven’t heard of this term, it’s the practice of renting out space in your home (a guest bedroom, for instance) to travelers and tourists on a short-term basis (a few days to a few weeks) and charging them a fee — just like a hotel. My husband and I have been microsubletting our guest bedroom in New York City for three years. All we have to do is prepare the house for the guests’ arrival by cleaning it (which we do anyway), greet the guests, and then look at those lovely numbers in our bank account. In the past three years, we’ve pocketed in excess of $50,000 thanks to microsubletting — and we never had to leave the house. Be safe when microsubletting. You should take safety precautions because you never know who will be coming to your doorstep.

 

Online Advertising

 

Just like hosting advertising on that app you’re going to create, you should host advertising on any kind of personal website you have, too — especially a blog; who doesn’t have one of those these days? Adding advertising to your site will help you stay motivated to build the traffic to your site because the more traffic you have equals more clicks on advertising which turns into more money in your pocket. Online advertising is easy to set up — there are programmes that will virtually do everything for you — or you can do it yourself by selling ads to locally business, which is particularly profitable if your site has an impact on your immediate community.

 

Inventions

 

There’s no discounting how difficult it is to invent a product that will change people’s lives enough that they’ll buy it — but it can be done. If you have a brilliant idea and have a bit of money in the bank to make it happen, go for it. When the product comes to market, the work will be done and all you’ll have to worry about is how you’re going to spend your first million dollars — hopefully while sipping a fruity cocktail on a tropical isle.

About 

Mikey Rox is an award-winning blogger and journalist whose work has been published by more than 100 regional, national and international publications. Consistently, Rox writes for the personal finance blogs Wise Bread and Money Crashers and lifestyle sites such as FlyLyf and Swagr. Rox lives in New York City with his husband and their two dogs. Follow his OMG! moments on Twitter @mikeyrox.

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