Millennials aren’t the ones who came up with the idea of making money while you sleep. But they certainly are the ones who are most interested in it.
Courses, ebooks, and gurus all preach the same thing: creating systems that make money without having spend your day in an office.
Perhaps, the most challenged financially (college loans, mortgages, etc.) in the last 50 years, some millennial have found a way around the 9-5 struggle.
Keep reading to find out 3 surprising ways millennials make money without putting in much effort.
Rent a room or invest in rental properties
If you have a spare, clean room in a place located in the city area, chances are that you might be able to make a quick buck by renting it out. Some owners rent their backyards as well.
Publishing your Airbnb listing on social media along with a detailed description and photos can boost your chances of someone seeing your place.
Other millenials invest in properties that they later rent out rather than taking a mortgage for a house. On average, if you rent out 10 properties, you can earn up to $4,200 per month after expenses without lifting a finger.
This adds up to around $50,000 per year worth of passive income.
Starting a blog
Building a blog from scratch can be a lot of hard work. But once you’ve figured out what business model suits your niche, you can outsource all the work.
For example, some blogs do well with affiliate marketing, whereas others are the gateway for consulting services, ebooks, or courses.
First, make sure you learn about blogging before you implement any model.
No matter what business model you choose, it can all be outsources to freelance writers, freelance SEO specialists, and social media managers.
Platforms like Upwork and Freelancers will come in handy when you’re searching for experienced freelancers. However, keep in mind that you will have to pay a fee.
The freelancing platforms do come with a few perks, such as the possibility of requesting a refund.
But keep in mind that most professionals wouldn’t look twice at websites like this. So if you want to find high-end workers, you’re better off googling them or using the LinkedIn search function.
While it does take a little bit of management at times, 5 hours per week of checking out if your freelancers are meeting their deadlines is nothing compared to the 40 hours most adults need to deal with.
Investing in a vending machine
Just think about it—have you ever found yourself somewhere, thirsty or hungry with no drinks or food in sight but surrounded by vending machines with slightly overpriced soda and snacks?
Would you ignore the vending machine when you’re hungry or thirsty just to save a few extra cents?
Location is everything for vending machines, because most of these purchases are made on impulses. This is the case whether they’re located in an office building, hospital, or library.
To make the deal even sweeter, ask the people who work in the building what kind of products they would like to see in the vending machine.
In most cases, creating a passive stream of income needs some of your attention in the beginning. Your focus should be mostly on market research.
All entrepreneurs focus on creating systems that make money when they’re not, rather than billing hourly for their work. Therefore, the idea of passive income is not exactly new.
Also, keep in mind that there’s also the risk of imperfect information, a term often used by economists to describe the market not understanding the utility of your products/ services or devaluing it.
To reduce the risk of failure, you’re better off with both a job and a passive income source until your secondary source of income grows and becomes stable enough to replace your day job.