By: Dannie Phan | September 16th, 2020
4 Ways to Make Money While You Sleep
Passive income is defined as earnings from an enterprise (rental property, limited partnership, stocks) in which one is not actively involved. It is an income that requires very little effort to maintain and earn from. Passive income does involve an initial investment of time and/or money. However, once this initial energy has been put in, the income stream should be maintained with little effort. Here are a few legitimate ways to generate your own passive income.
A Dream Job: Paid Sleep Studies
Sleepless nights can lead to a decline in overall health. Many Americans suffer from bad sleep, so there are numerous researchers studying sleep. In fact, a number of hospitals dedicate entire divisions to studying sleep. That’s where you come in. Researchers need sleep study participants to map sleep patterns, and how things like light, noise, and drugs affect sleep.
To join a sleep medical study, you can have a look at the ClinicalTrials.gov database for a study that will suit you. You can also look for paid sleep studies on some university websites. Most times they are looking for healthy adults with a regular sleeping pattern. But sometimes researchers want to study individuals with sleep disorders such as sleep apnea. Be sure to complete your application form accurately and honestly so that you are selected for the right kind of tests for you.
Read the eligibility requirements to make sure that you are comfortable with everything that the study involves. To confirm eligibility you will undergo a physical exam and a psychological exam.
Some studies are fairly simple. You carry on with life as normal. All that they require is for you to wear a FitBit at home and complete a daily sleep log.
Other studies will take place in a sleep center or hospital research facility where you are completely isolated from the outside world. These studies could be more intrusive. Requiring you to be connected to medical devices. Obviously, with more invasive monitoring techniques, you will be more handsomely compensated.
This is not entirely passive income. However, if done right, you can create a blog that can generate a continuous stream of income for you with minimal effort. Blogs with very sought-after and fascinating information are usually the most successful at generating a good income. You can monetize your blog in several ways:
- Affiliate marketing.
- Selling ad spaces directly.
- Selling digital products that you have created.
- Contextual ad feeds. For example, Google AdSense.
The trick to running a successful blog is to market it well. This drives traffic to your blog site and increases readership. Cha-ching! To drive more traffic to your blog:
- Use SEO so that search engines, such as Google, can deliver more traffic to your site.
- Create systems that automate email marketing and social media posting.
Write an e-Book
Do you have a passion for publishing? Why not make some money from it? Fortunately, the online publishing process is quite straightforward and risk-free.
Whether you have a secret stash of short stories or a must-read self-help book, you can get it published online. Most publishing outlets accept .doc files. However, if you want to have more control over how your book looks, you can download the Sigil eBook editor for free. A bit of HTML savvy is required. If you are writing comics or kids’ books, check out Amazon’s handy tools.
The next step is to decide which platform to publish on. If you want to list your book on Amazon, you must take the Kindle route. Otherwise, you can try Smashwords.
5 Types of Apps that Make Money While You Sleep
This must be one of the easiest ways to generate a passive income. With most of these apps, you simply download them and let them run in the background. You can pretty much forget that they are there until it is time to cash in your points.
- Data Collection Apps. These apps collected anonymous, encrypted data about your phone’s usage. These apps collect data about your internet usage, past apps usage, web browsing, etc. Examples: Smart Panel App, MobileXpression Panel, Nielsen Mobile App, Panel App, and Data Coup.
- Investment apps like Acorns and Stash automate your investing for you. Acorns links to your credit card. The app rounds up your purchases to the nearest dollar and invests those cents into an investment fund. With Stash, you can set it to automatically invest a certain value of money each week or month. This app is great for beginners in the investment world as it teaches you as you go. Other investment apps that you can check out: Clink, Wise Banyan
- Paribus pays you for keeping your emails. Paribus will scan your payment confirmation e-mails to check for price drops on items that you have bought. If the Paribus app detects a $50 drop in the price of, for example, a Samsung TV that you bought 4 months ago, they will pay you that difference.
- ShopTracker makes you money by tracking how you shop on Amazon and spend your money.
- SavvyConnect. Connect up to three devices with this app and allow the app to work in the background. Make money from web-browsing, completing online surveys, and allowing the app to gather data on how you use your devices. Frequent Flyer Rewards is an app that works similarly. Redeem your points for airline tickets and Airbnb discounts.
Make Money While You Snooze
Taking part in sleep studies can be a very lucrative source of extra income. However, it is not likely that you will take part in these studies full-time. For other steady passive income streams, you can look to blogging, creating a book or music that can generate royalties, or downloading a selection of apps that can make you money in the background!
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