Earn money while you sleep!

Earning money while you sleep

This isn't as difficult as it sounds. Generally though, you'll need to think a little bit out of the box. If you are working a full time job it is quite unlikely that they will be able to pay you in your sleep, whilst doing nothing for them! However, if you can create multiple income streams you are more likely to earn in your sleep.

I prefer to use examples, so lets picture Jon, a 21 year old shop worker that is also interested in property development and is very keen on Manchester United. So from a financial point of view, he only has his set wage to go by. Per month, he's getting just £800, after all taxes.

Income

Wages £800

Expenses

Football Games £100
Beer and Nights out £200
Mortgage and bills £500
Food £100

End of month cash £-100

So how would Jon go about changing this? Lots of people out there recommend that we should all be saving more. Whilst I agree with this, I also think we should all be looking for new ways, that we enjoy, to make more cash, so we are not as dependant on a monthly wage. So what can he do?

Well, he could start using the football related interest as a way to make money. He could take photos of the games, write articles, interview the fans. With this material he could a) start a blog b)write a book c)write an ebook d)create a fan website. What should he pick? If he really loves football he should do all of the above, most will just be the same info, so why not replicate it to earn more. He can put adverts on his internet sites and sell products.

What else could he do? Spend less at the weekend. Harsh, but if he wants to have cash to develop property and reach his financial goals, spending £200 a month on beer won't advance his cause. The extra cash would mean this relatively simple step could radically change his financial future (£2400 per year, or 24K after 10 years) invested (even in a bank account) would yield a decent end of ten year pot- even without other savings.

What else? Well, he could see if there is any potential in his current property. Lets say he has a 2 bed, he could rent out one of the other rooms, alternatively he could see if there is any potential for extensions to add value to the house. Another good point with property is that if you own it, or have advantageous terms with an easygoing landlord, then you'll be able to do business straight out of the house. That means you can go wild with ideas. Set up a weightwatchers type group, set up a computer training school in your living room, do consultancy from home. In Jon's case he might want to consider skilling up in something so he can earn more with his property. If, for example, he did a qualification, he may be able to offer private fitness sessions from his house, earning him a good return(he may be able to earn £10-£50 per hour from this)- So just those can earn an extra buck.

So..

Personal fitness lessons (5 per week at £10ph)- £200
Rental income £200
Ebooks,books,dvds,websites(rough) £100

So now, Jon has an extra £500 coming in per month, £300 of which is while he sleeps! If he then chooses to use the personal fitness knowledge to create products he would further develop ways to earn while he sleeps. Pretty neat huh?

But what about the earning in your sleep part? Dividends from investments, royalties on products, employees earning you cash while you aren't around, adverts sold in/on your products, your books, dvd sales, property rental income; there are many, many different ways to earn while you sleep

For the Time rich, money poor~: Create a product, a book, an invention, a website, a web business, interest on your money in the bank(for the risk averse- or already wealthy)- all of these are good ways of working hard once and reaping the benefit afterwards- while you sleep.

For the Money Rich, Time poor- Business. Property. Pick a good opportunity or property, hire a team (if its property then builders, architects and the like), manage it until you find good management, then reap the rewards while you sleep, or play golf, or whatever... Investments also offer a very good example of ways to increase your net worth with a small time investment..

Keep checking back here and I hope you gain from this site. Feel free to post positive feedback in the comments sections.....