In April 2021, over 4 million Americans abruptly quit their jobs to look for new work ambitiously. Many quit their jobs over frustrations with Covid-19-mandated job reductions in numerous industrial workforces. Also, many of the jobs available are part-time or low-paying. As the end of the coronavirus pandemic seems to be in sight (emphasis on “seems”), Americans are getting ambitious about their career options. So, want to learn how to make money while you sleep?
Learning to make money while you sleep should not be seen as a get-rich-quick scheme. Creating passive income streams is a strategic way to make more money and potentially become financially independent.
However, you need to be realistic, have a business plan, and be dedicated. There is work and maintenance involved even when you make money while you sleep.
Here are three ways to do that.
Udemy Online Course Instructor
Udemy is a top-rated online course provider with a global reach. Additionally, Udemy offers over 155,000 online courses every month.
And new courses are constantly being offered all the time.
Over 40 million students are enrolled in Udemy courses offered in more than 60 languages. The enrolled students and online instructors at Udemy represent citizens from every country on the planet.
All of the facts mentioned above are good news for you if you want to teach on Udemy. If you have a teachable skill to share, you can sell your course online and make money based on enrollments.
Udemy is a professional online course provider known for offering courses in computer programming, web design, languages, writing, music instruction, financial analysis, business, and so on.
This is not to say that there is no place for teaching social media influencing, make-up tutorials, or video games tutorials on Udemy. However, unless you have a dedicated online following, you should understand that Udemy courses that teach practical and marketable skills are usually more popular.
It may take you at least three months to write, develops, and put together a professional and academic online video course of value to sell on Udemy.
How much you can make as an Udemy instructor depends on a significant variety of factors. Since there are over 155,000 courses available, you must find a way to stand out.
How Much You Can Potentially Make
You can usually make 50% of enrollment sales if you participate in Udemy’s promotional and marketing endeavors. If you take advantage of Udemy’s affiliate marketing programs, you might make 25% of any enrollment sales.
The price of your course, its professionalism and practicality of use to students, demand, keyword ranking, and promotional efforts affect how much money you will make.
The typical Udemy instructor might make $100 to $500 a month selling online course enrollments. So, you can make money while you sleep.
The more students who enroll in your course over time, the more money you can make.
Rent Out Your Personal Parking Space or Driveway
Americans treat the parking space as a prized possession that must be coveted, fought over, and paid for at a premium.
And that is not an opinion. Data proves that Americans waste time looking for parking spaces and waste money overpaying for them.
The typical American spends 17 hours every year looking for a parking space. Drivers also spend about $350 annually paying for parking.
And Americans waste $73 billion annually looking for parking spaces, not paying for them. Americans waste $73 billion driving around, wasting gas, and wasting time that might be better spent doing something else.
Even more surprisingly, Americans overpay by $20 billion for parking time they don’t use. For example, if you pay for 60 minutes worth of parking at a meter or parking garage and only use 30 minutes’ worth, then you’re burning money.
Why do you need to know all of this information? Use it to your financial advantage and make money while you sleep renting out your personal parking space or driveway.
There is something about parking spaces that bring out the “last toy in the sandbox” mentality in adults. When there is a shortage of parking spaces, drivers might get one just for the satisfaction of preventing someone else from getting it.
So, you can monetize this knowledge by renting out your personal parking space or driveway.
You can register on websites like Spacer or Neighbor and charge people for parking in your private spaces.
And you are more likely to find buyers if you live in or near a population-dense metropolitan city. You could make anywhere between $50 to $200 monthly selling your private parking spaces.
Monetize Skills on Social Media and YouTube
If you want to become a social media influencer, you have an uphill climb. For one thing, the most successful influencers are already celebrities or are related to celebrities.
And social media influencers usually have large production teams, consultants, make-up artists, and lawyers to help them out.
If you wanted to be a social media influencer, you would also need hundreds of thousands or millions of followers. And you would need those followers to follow and engage on your social media pages as much as possible.
Well, there is a workaround to this particular problem – you can just be you.
Many ordinary people just monetize their skills on social media or YouTube. If you are a music instructor, language teacher, travel writer, or whatever, people will pay to watch you perform a skill nowadays.
You can make money while you sleep by monetizing YouTube views, optimizing follower engagement on social media channels, viewer donations, or request donations via sites like Patreon.
Take the social media platform Twitch, the video game viewing platform, for example. You can develop a passive income from people who pay to watch you play video games or create tutorials.
However, you will have to create a pleasantly marketable image, create new content often, and stay engaged with your followers. It will take dedication.
Still, you can do all of that from one room in your home.
Making Money While You Sleep (The Reality)
There are many ways that you can make money while you sleep nowadays.
However, that should not give you the impression that you won’t be doing any work at all to make a passive income.
If you wrap your car in advertising, then you will have to drive around a lot. Imagine that you own 200 vending machines; in that scenario, you would be responsible for servicing those machines regularly and collecting the money.
Just because you find a way to make money while you sleep doesn’t mean you won’t work again.
It just means you can find more innovative ways to work.
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Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.