Want to Make Money while You Sleep? Dave Ramsey will tell you How! The renowned personal finance expert has some valuable insights on how to generate passive income, allowing you to make money even when you’re asleep.
In the world of personal finance, Dave Ramsey is a huge name and more importantly he is from the generation that believed in working hard to make money.
So when he comes up with ways to help you make extra money on the side that too while sleeping you better believe in him and his ways. He has not mentioned one or two but rather a list of ways that you could make money while sleeping.
In a recent column on his website he shared, Passive income is a way to earn steady money with little to no daily effort. Note that we didn’t say no effort at all. Earning passive income isn’t sit-on-your-butt-and-make-money-fast gig.
You’ll need to put in the work — at least on the front end. So if you’re expecting passive income to be some kind of get-rich-quick thing, you’re out of luck.
Some passive income ideas — like building a blog or an app — take time to get up and running. But if you play your cards right, they could eventually earn you money while you sleep.
Want to Make Money while You Sleep? Dave Ramsey will tell you How! He mentioned 15 methods of earning passive income and those ideas included the following:
- Buying a real estate
- Renting out a house
- Storing people’s stuff
- Renting out useful items
- Renting out your vehicle
- Starting a blog or a YouTube channel
- Write an e-book or a digital guide
- Create an online course
- Sell stock photos or music
- Design custom products
- Use affiliate marketing
- Advertise on your car
- Invest in low-turnover funds
- Invest in REITs
- Taking advantage of a high-yield savings account
He mentioned a few important things such as setting up a passive income stream needs at least some effort and it is not a quick money-making gig.
He also mentioned going for a rental property only after having paid off your first home and even then never taking debt to get a rental property. He also mentioned that investing might be the best idea because bigger returns can be expected with minimum or almost no effort.
However, he also stated that making investments is a long-term strategy. And for this reason, it is more important to invest for retirement than for passive income.
He also spoke about investing in REITs and how it is like buying a mutual fund but one which contains real estate in place of stocks.
Reference: Ramsey Solutions
