7 Ways to Make Money While You SLEEP – #7Ways

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hello belief nation today I’m going to talk about seven ways you can make money while you sleep so in general I try to actually stay away from these kinds of topics because I think a lot of people who are interested in these things are kind of lazy are looking for quick ways to be able to make make more money and they end up falling for schemes and falling into traps and not ever being successful with what they want to do you have to understand that to be successful as an entrepreneur you want to work hard you want to add value you want to create something that is meaningful and that lasts now that’s your mindset and your approach then these seven things are going to help you be able to make more money while you’re actually sleeping so number one is don’t trade time for money one of the hardest ways to make money while you’re sleeping is when you’re trading time for money and that would be any kind of service based business and I like at the start of a business to actually be service based because you get cash flow coming in there are no expenses except your time but as you build up and as you want to create something beyond yourself trading time for money is basically the definition of not making money while you sleep because you have to go out and work and so thinking about a product that you can sell or a service that you can provide that’s online that’s not actually you doing the work yourself is a big step to build and making money while you’re sleeping number two is create things that last so if you look at the videos that I make most of them are evergreen it’s called evergreen content because whether you watch it today or whether you watch it in five years the content is still relevant and valuable I love creating things that are of timeless value because it’s valuable to somebody today and it’s also valuable somebody next year and in five years and in 10 years in 20 years you know when we’re showing clips of Martin Luther King or Napoleon Hill the video footage may be decades old but it’s still relevant helpful valuable to me and to you today and so how that helps you make money while you sleep is you spend a lot of time making something and it sucks when it only lasts for a day or a week or a month and then it shoots to zero so if you’re doing something around the trend if you’re covering the election right now might be really hot right now because everybody’s talking about it but nobody’s going to care once the election is over nobody’s going to look back on a lot of the content that was created and I hate that kind of business because I want to make something and have it live forever and I want people to pay attention to it forever and so all the work that I do every new thing that I add into my business adds multiple streams for me down the future and so it continues to build and build and build and build and so I try to create things that last and if you want to make money while you sleep having that kind of focus something that is still relevant valuable in five 10 20 years is super helpful to you making money while you sleep number three’s bring on a team to do anything of substance to have a big impact in the world you have to be able to bring on a team and not just do everything yourself in the context of making money while you sleep it’s also important because while you’re sleeping you know your team could be out there doing work for you delivering the work for you if I look at my youtube channel when I started with just me I was doing everything and I was making one video a week – one video a month somewhere in that range and since bringing on my team and there’s what seven of us now I guess on the YouTube team now we’re able to make three four or five videos a day and so all of those will help me grow my business today and in the future I’m still working the same number of hours but I’m able to get a lot more done because my team is helping me do it whatever it is in your business especially the things that you’re not good at or the things that you don’t want to be the best in the world that or the things that you don’t have a passion for but that needs to get done in your business being able to offload that into somebody else have them do the work because they’re getting paid for it and they like doing that kind of work while you could focus on your genius and what you love doing that’s a fantastic way not just a bit of business but you’re leveraging the time of other people to help you make money and in a lot of cases while you’re sleeping number fours automate your business model I love automating as much as possible I sincerely appreciate and value my time and so I hate wasting time on things that aren’t delivering a high payoff and so when you can automate things it makes a big difference as an example I’m trying to promote China dance also this business that we are in standing in right now one of the ways that I’m doing it is through Facebook advertising right we have different Facebook advertising campaigns that promote the classes I would much rather spend time there then going to events right there might be a parade or local event that we can go to because it’s so much more automatic and easier to scale we’re going to an event involves my time or involves my team’s time to go out and actually do where with marketing with advertising yes there is some time it’s not zero time and just set it and forget it there is still some work and maintaining it and looking at and look at the analytics and creating better campaigns but it’s way easier to scale and so look at how you are manufacturing your product how you are selling your product or service how you’re getting the word out there all of the processes are involved in creating the business from the idea of our product or service to the creating it to the selling it all of those processes how many of those are really labor-intensive and how many can you pull out now if you really love doing the work great but if you don’t how can you plug something else in there that might be a little bit more automatic to help you scale faster because while I am sleeping you know what – in the morning somebody is looking at the Facebook ad clicking and buying a class and so it’s much more automatic because I don’t want to be up at 2:00 in the morning going to the all-night parties to promote the business so if you automate your business model you have a better chance of making money wisely number five is building no crisis business this is something that I’ve done almost from the beginning I hate being reactionary I hate having just put out fires I hate having to see customers freaking out and then I have to go and drop everything I’m doing to deal with this one thing and I don’t have control over my schedule and what happened and so from your partners to your suppliers to your teammates to the media to everybody involved in your business you teach people how to treat you for me I don’t react most of the time to big problems that are happening immediately and try to empower people to solve the problems themselves if you remove yourself from the situation what happens does it get solved do the the people figure it out and I try to create a business in both of my businesses where that doesn’t happen too often it’s a newer process with Toronto that’s also because I only took over in January with my business that I’ve had a long time it rolls it hums write a lot of stuff happens without me having to be involved we don’t have a lot of crises that happen and so it’s one of these why I don’t have a phone I have a cell phone that I use only as a tablet there’s no phone number here there’s no data package you can’t reach me it’s with intention I don’t want people interrupting my day I need to have my time to focus on building bigger things and working towards bigger projects and not being dragged down into minutiae of the day-to-day of running a lot of the projects on the business and so it may mean firing clients that are too demanding it may mean that you lose out on meeting opportunities where the timelines are so crunched that you miss out on something and that’s okay as long as you’re investing that time into something much bigger as much as possible I really try to focus on building on no crisis business so that my time is being spent effectively on the important things to build a company number six is invest and this isn’t something I talk too much about on the channel in terms of investing I have my own philosophies and strategies around investing first off I believe the best investment you can make is in yourself as an entrepreneur as a human being to get better to learn to adapt to grow you’ll make way more money in your own company then you will by investing into a stock market or real estate or something else but if you’re starting to make money and you’re keeping something pulling off the table saving for retirement whatever it is not that we’re really going to retire I think if you’re really a true entrepreneur even as easy as a back-up plan in case something goes horribly wrong one of the only true actual sources of passive income is investing into the stock market especially when you don’t have to do anything that’s managed right if you’re not buying something you need to check in on all the time so you can look at index funds right an index fund just matches how the market is doing and you know the markets going up you’re making my money and historically the market is going to go up it’ll have down periods but overall it’s going to go up and you can just keep putting money into that and it’ll keep paying you back when you don’t have to worry about doing anything if you’re managing an active portfolio then there’s a little bit more work just like the advertising campaign but the idea here is you’re leveraging your money to help you go out and make more money you know before we were leveraging our people to be able to be able to bring more in for our business right so just another way if you have some money saved up you can use it to bring in more money it’s not going to be a huge return on investment and I still think the best bet is probably in yourself and your own business but it is another way to make money while you sleep and number seven the last way to make money while you sleep is leverage your other assets and so as an example if you have a house or an apartment can you rent that out can you put it up on Airbnb and while you’re away on the weekend have people come over if you have high-end camera gear can you rent that out and have people pay you to rent out the the gear you have whatever assets that you have is there a way to turn that into a rental so that you’re making money coming in you know I look at our space here right we have classes but the studio is empty during the day and on most Saturday so could we rent that out to other businesses who could use a space in event space for the day right it’s another potential opportunity you’re looking at the assets that you have before we talked about the people that you have we’ve talked about the money that you have what other assets do you have that you can potentially turn into money to make it work for you I personally avoid this most of the time you know I have no interest in renting out my condo on Airbnb while I’m away so I can make a few extra bucks mostly because I’m not motivated by money making extra money is not a primary factor for what I do in my business and in my life it’s just more headache like I hate real estate because I don’t want to have to manage everything and yes you can have people who can manage it for you I get it I don’t want the headache and the hassle I want to build something I want to invest my time into something if I’m going house hunting what am i building I’m building a nest egg I guess I’m building something that can make me money in the future but it’s not a it’s not of impact to the world right and so to me as an entrepreneur I don’t want to send my time there right if I’m doing something just for the money I don’t I feel like I’m wasting my time I don’t want to do it because like make money in a lot of different areas so there’s my own personal bias feeding through but if you have other assets that you you know have in your possession from a house to a car – you know gear whatever it is anything of value you could potentially rent it out to make extra money while you are sleeping so those are my seven ways to make money while you sleep I’d love to know what do you guys think what’s your take what was your favorite one what was your least favorite one then I miss an 8 9 10 that you want to add to the list leave in the comments but and I will join in the discussion finally what they give a quick shoutout to ung woo thank you so much for buying my book it really means a lot to me those you’re watching you want a chance at a shadow in the future video make sure to pick up a copy of the book and email in your receipt so we can keep track thank you guys so much for watching continue to believe or whatever your one word is and I’ll see you soon