Experts explain how to make money while you sleep
Copyright 2018 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. (NBC) - Experts say if you make the right choices, you can join the millions of people making money with little effort.
It sounds like a fantasy but making that dream into reality is easier than you might think.
"Passive income is basically generating money without applying my time into it," said Alok Deshpande with Smartpath Financial.
To get started-- experts recommend you first take stock of your talents and skills and figure out how to monetize them.
"Start to share that knowledge," Deshpande said. "People will pay you for that knowledge. If it's recorded on an online course, you don't have to be there to generate the income."
Websites like Coursera and Udemy allow you to create online courses on anything from baking to drawing. All you need is your smartphone and a tripod.
"Everyone is good at something," Deshpande said. "It may not be money, but something that they're great at."
Then, experts say take the lean approach. Whether you're writing a profitable blog, online course, or book, do as little as possible. Keep costs low, get feedback on your content, and build from there.
"If you're doing this in a vacuum, you'll fail," Deshpande said. "You'll spend a lot of money, a lot of time a lot of heartache and you'll have a lot of struggles."
The next critical step is to invest time up front and be patient. Don't expect to make loads of money right away.
"Very few businesses grow quickly," Deshpande said. "They absolutely take time. They take effort and they take consistency."
Other passive income streams include becoming a landlord and renting out extra rooms in your home or apartment.
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