Who doesn’t want to earn money while they sleep? Well, that is the beauty of passive income. However, in order to make this work, you will have to dedicate your time and energy to set up, and then you later start reaping the results for an unforeseeable time. Nothing in life is passive. If you want to succeed then you just don’t sit down and expect income to come in. But if you gather the courage and go in, you will set yourself up for success.

“If you don’t find a way to make money while you sleep, you will work until you die.” Warren Buffett

Here are the five best side hustles ideas for generating passive income:

Rent out your storage space on neighbor

You can earn thousands of dollars every year by renting out the space you don’t really use to neighbors who are in a dire need of a place to store their items or vehicles on a platform like Neighbor. You can rent out any storage space no matter the size. Storage space could be your garage, driveway, parking lot, basement, shed, bedroom, carport, warehouse, closet, self-storage unit, street parking, attic, shipping container, unpaved lot, and many more.

The good part is you don’t need to do all the hard work like paperwork and stuff since everything is handled by Neighbor. You got the option to choose how renters should use your space and also Neighbor have free coverage for everyone being $1,000,000 for the space owner and $25,000 for the renters. All you have to do is to sit back and they handle all payments and automatically deposit the money into your account every month. If you have spare space and are interested then you can check it out.

Start a blog

Back in the day, blog sites were a place where people go and share their stories such as cooking, family vacation trips, and some kind of other fun stories. However, for the past decades blogging has changed a lot more in the sense that it is a platform where you can make a passive income if you do it right. Now a lot of people search for information through the internet and one best place they land is through a blog site.

All you have to do is to pick a niche that you are knowledgeable of and start writing content around it and then publish it on your blog site consistently. Now the question is how do you make the money from your blog? The short answer is through monetization. Below are some ways you can monetize your blog website:

• Advertisements

• Email marketing

• Affiliate marketing

• Selling courses

• Selling eBooks

• Selling coaching services

• Selling digital products

• Getting sponsorships

Setting up a blog is so simple and easy. In fact, you don’t have to be a professional writer to set up a blog. You can even outsource for freelancers on platforms such as Fiverr who can write your article for you for as low as $5 per 1000 words. At the initial stage, it takes some effort and dedication to put out your content and start driving traffic to your blog. However, after you start getting a lot of traffic to your blog site, there’s no limit to how much passive income it can generate.

Create a Youtube channel

Start a Youtube channel on something you really love doing and consistently upload videos into your channel. I know a lot of people are afraid to be on camera but you can still create a video without actually showing your face. There are a lot of “faceless” Youtube channels that are making an insane amount of money example like the meditation channels. Youtube is a great way of generating passive income.

Granted, it does take some time for your Youtube channel to get monetized, however, if you put in the hard work and being consistent you will build up your subscribers base in no time. To get monetized and start generating income, your channel needs 1000 subscribers and 4000 watch time hours. Once your channel is monetized you will begin making money from ads that Youtube places on your videos and this becomes passive. You can also monetize your channel in other streams of income such as:

• YouTube Premium

• Channel Memberships

• Super Chat and Super Stickers

• Sponsored Content

• Crowdfunding Your Projects

• Sell Merchandise

• Become a Brand Affiliate

Create a podcast

The good thing is if you have a blog or Youtube channel then you can even repurpose the same content by starting a podcast. But wait, what is a podcast?

“A podcast is a digital audio file made available on the internet for downloading to a computer or mobile device, typically available as a series, new installments of which can be received by subscribers automatically”.Oxford languages

To start with all you will need is to get a decent microphone and most importantly a very quiet area where you can record your content, Fortunately, platforms like Podcastpages make it so easy and simple for anyone to set up a podcast.

Write an eBook

If you have a blog or even a Youtube channel, you can still repurpose some of the contents and write an eBook and then sell it on popular platforms like Amazon. The good thing is apart from selling your eBook you can also make money from royalties paying around 25%. In order for your eBook to sell fast, you will need to write great content in order to earn income from writing. But a couple of sales will net you that extra income which you will need to supplement your budget.

Takeaway

Nowadays, there is a wide range of side hustles that empower you to acquire passive income. From writing for a blog to selling digital items and in any event, making your own online course, the chance has never been something more.

My question is, which side hustle would you say you will seek after? Let me know your thought!