Making money while you sleep may sound like a dream, but it’s actually a reality for many savvy individuals who have unlocked the power of passive income. Passive income is earnings derived from a rental property, limited partnership, or other enterprise in which a person is not actively involved. With the right ideas and strategies, you can set up multiple passive income streams that will boost your financial portfolio and bring in cash long after the initial setup. So, if you’re ready to make your money work harder for you, here are 12 passive income ideas to consider:

1. Invest in Stock Markets: One of the most well-known ways to generate passive income is to invest in the stock market. By purchasing stocks or mutual funds, you can gain dividends and benefit from long-term capital appreciation. Over time, as your investments grow, you’ll earn profits without any additional effort.

2. Rental Properties: Buying a property and renting it out is a classic way to create a passive income stream. Being a landlord comes with responsibilities, but if you hire a property management company, they can handle the day-to-day tasks, making this a truly passive venture.

3. Peer-to-Peer Lending: With the rise of peer-to-peer lending platforms, you can now act as the bank and lend money to individuals or businesses. You provide the capital, and the borrower pays it back with interest, giving you a solid return on your investment.

4. Create a Digital Course: If you have expertise in a particular field, package that knowledge into a digital course. You can sell this course on your website or through online learning platforms, earning money each time someone purchases your program.

5. Write and Publish an eBook: Similarly, writing and publishing an eBook on a topic you’re passionate about can generate passive income. Once your book is listed on Amazon or other online bookstores, you’ll earn royalties from each sale, all while you’re off doing other things.

6. Build a Niche Website: Creating a niche website focused on a specific topic can attract a dedicated audience. Through advertising, affiliate marketing, and sponsored content, your website can become a passive income generator that grows as your traffic increases.

7. License Your Photos: If you have a knack for photography, consider licensing your photos through stock photo websites. Every time someone downloads your photo, you’ll earn a commission, turning your hobby into a passive income stream.

8. Create a Mobile App: Developing a mobile app and listing it on Apple’s App Store or the Google Play Store can lead to passive income. You can monetize your app through advertisements, in-app purchases, or charging a fee for downloading it.

9. Design and Sell Products Online: Platforms like Etsy and Redbubble allow you to design and sell products like t-shirts, mugs, and phone cases without holding any inventory. Each time someone orders a product with your design, you earn a royalty, making this a truly passive venture.

10. Rent Out Your Car: If you own a car, you can list it on car-sharing platforms and rent it out to others when you’re not using it. This can help you offset the costs of car ownership while providing a passive income stream.

11. Invest in a REIT: A real estate investment trust (REIT) is a company that owns and operates income-producing real estate. By investing in a REIT, you can gain exposure to the real estate market and benefit from the rental income and property value appreciation.

12. Royalty Income: If you’re an inventor, musician, or creator, you may be able to generate royalty income. This involves earning money from licensing your intellectual property, such as patents, copyrights, or trademarks, to others for use.

Remember, building passive income streams takes time and often requires an initial investment of money or effort. However, with the right strategies, you can create multiple income sources that will boost your financial portfolio and provide financial freedom in the long run.