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How to Make Money While You Sleep

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How to Make Money While You Sleep

Opinions expressed by Entrepreneur contributors are their own.

Many Americans want to retire by age 67, and many of us would like to create that we can pass down for generations. However, many folks are not on track to reach either of those goals. In a survey of 2,000 Americans ages 40 and up, with a minimum of $25,000 in investable assets, the majority of those in their 40s had less than $100,000 in savings. For those in their 60s, over a quarter had less than $50,000.

We can no longer rely on a single income source to make enough for retirement, and certainly not for generational wealth. The secret to those who are accomplishing these goals? Passive income.

Passive income is earned without requiring active work. These forms of income typically require a fair amount of work up front, with the goal of eventually being a hands-off venture in the future. This is how people make money while they sleep. Passive income usually entails investing in stocks or property, or selling a product.

Related: Passive Income In A Global Pandemic? 3 Tricks We Learned For Success in Any Environment

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Ready to get started? Here are a few of the most popular passive-income options.

1. Digital products

Digital products are online products that can be instantly downloaded or accessed. Ebooks, how-to guides, online courses, templates and apps are all examples of digital products. You’ll need to find a way to market these items. It doesn’t take a huge following to make money apps like TikTok make it easy to “blow up” with one good video.

With digital products, you’ll also need to find a place to host them whether you’re selling from your own website or elsewhere. Etsy is great for templates, Amazon is ideal for ebooks and Udemy is popular for courses.

Related: 3 Effective Marketing Strategies for Selling Digital Products Online

2. Investing

Investing is a tried and true form of passive income. Investing in individual stocks takes time and research, so it’s better to invest in mutual funds or ETFs for easy passive income. While there is still some initial research, the stock market is all about time in the market; once you’ve invested, you need to let it sit. This is because of compound interest. The more interest you earn on your investments, the more that interest will earn interest. This is why it’s so important to invest early and consistently.

3. Make a YouTube channel

Many people are scared away from the idea of making a YouTube channel for fear of showing their face but that isn’t a requirement. Have you ever searched for a video of a thunderstorm on YouTube? Or a video of birds chirping to leave on for your cat? People make thousands off of those videos, and they can be created without spending any money.

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Once you’ve set up your channel, you’ll need to find a video and audio. You can find free videos on websites like Pixabay.com, but there are plenty of others to find with a simple Google search. Next, within the YouTube studio, go to the YouTube audio library and search for the appropriate sound. Use video-editing software to put them together, and post the video. Once you’ve been accepted into the YouTube partner program, you’ll begin earning ad revenue.

4. Affiliate marketing

Affiliate marketing refers to selling goods and services that are not your own and earning a commission for the sale. These commissions are tracked via a unique link: You get people to click your link and make a purchase, then get credit and commission for the sale.

People often go about affiliate marketing in one of two ways: by building a presence on social media, or by building a blog. With the first option, you’ll need to create a sales funnel that will ultimately lead the customer to the products you’re selling. With building a blog, you’ll need to flesh it out with content and make sure your SEO is on point so people will find the blog. It doesn’t hurt to have a social-media presence to bring people to your blog as well.

When choosing affiliate programs, you’ll need to first choose a niche, then choose the items with the best commission percentage, so you’re earning the most for your time.

Related: 3 Tips to Get Started With Affiliate Marketing

There are easy passive-income forms, but the really rewarding ones can take some work up front. Once you’ve put in the time, you can sit back and watch the cash flow in.

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Samsung: 6-Day Workweek For Execs, Company in Emergency Mode

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Samsung: 6-Day Workweek For Execs, Company in Emergency Mode

Four-day workweeks might have all the buzz, but one major tech company is going in the opposite direction.

Samsung is implementing a six-day workweek for all executives after some of the firm’s core businesses delivered lower-than-expected financial results last year.

A Samsung Group executive told a Korean news outlet that “considering that performance of our major units, including Samsung Electronics Co., fell short of expectations in 2023, we are introducing the six-day work week for executives to inject a sense of crisis and make all-out efforts to overcome this crisis.”

Lower performance combined with other economic uncertainties like high borrowing costs have pushed the South Korean company to enter “emergency mode,” per The Korea Economic Daily.

Related: Apple Is No Longer the Top Phonemaker in the World as AI Pressure and Competition Intensifies

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Executives at all Samsung Group divisions will be affected, including those in sales and manufacturing, according to the report.

Samsung had its worst financial year in over a decade in 2023, with the Wall Street Journal reporting that net profit fell 73% in Q4. It also lost its top spot on the global smartphone market to Apple in the same quarter, though it reclaimed it this year.

Though employees below the executive level aren’t yet mandated to clock in on weekends, some might follow the unwritten example of their bosses. After all, The Korea Economic Daily reports that executives across some Samsung divisions have been voluntarily working six days a week since January, before the company decided to implement the six-day workweek policy.

Entrepreneur has reached out to Samsung’s U.S. newsroom to ask if this news includes executives situated globally, including in the U.S., or if it only affects employees in Korea. Samsung did not immediately respond.

Research on the relationship between hours worked and output shows that working more does not necessarily increase productivity.

A Stanford project, for example, found that overwork leads to decreased total output. Average productivity decreases due to stress, sleep deprivation, and other factors “to the extent that the additional hours [worked] provide no benefit (and, in fact, are detrimental),” the study said.

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Related: Samsung’s Newest Galaxy Gadget Aims ‘To See How Productive You Can Be’

Longer hours can also mean long-term health effects. The World Health Organization found that working more than 55 hours a week decreases life expectancy and increases the risk of stroke by 35%.

The same 55-hour workweek leads to a 17% higher risk of heart disease, per the same study.

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John Deere Hiring CTO ‘Chief Tractor Officer,’ TikTok Creator

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John Deere Hiring CTO 'Chief Tractor Officer,' TikTok Creator

This article originally appeared on Business Insider.

Agriculture equipment company John Deere is on the hunt for a different kind of CTO.

The brand on Tuesday announced a two-week search to find a “Chief Tractor Officer” who would create social media content to reach younger consumers.

One winning applicant will receive up to $192,300 to traverse the country over the next several months showcasing the way John Deere products are used by workers, from Yellowstone National Park to Chicago’s Wrigley Field and beyond.

“No matter what you do — whether it’s your coffee, getting dressed in the morning, driving to work, the building you go into — it’s all been touched by a construction worker, a farmer, or a lawn care maintenance group,” Jen Hartmann, John Deere’s global director of strategic public relations, told AdAge.

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To kick off the search, John Deere tapped NFL quarterback Brock Purdy (who will presumably be a bit busy this Fall to take the job himself) to star in a clip in which he attempts to set out on a road trip in an industrial tractor.

Suited up in the obligatory vest, work boots, and John Deere hat, Purdy’s progress is interrupted by teammate Colton McKivitz hopping into the cab while a string of messages floods in from other athletes and influencers expressing interest in the job.

The clip also represents the first time that the 187-year-old company has used celebrities to promote itself, Hartmann told AdAge.

According to the contest rules, entrants have until April 29 at midnight to submit a single 60-second video making their pitch for why they should be the face and voice of the company.

In addition, entrants must live in the 48 contiguous states or DC — sorry Hawaii and Alaska residents. Interestingly, any AI-generated submissions are prohibited, too.

Videos will be judged against four categories — originally, creativity, quality, and brand knowledge — after which five finalists will be chosen and notified after May 17.

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How to Capitalize On This Thriving Talent Pool to Drive Your Company’s Growth

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How to Capitalize On This Thriving Talent Pool to Drive Your Company's Growth

Opinions expressed by Entrepreneur contributors are their own.

As business operations shift, executives and entrepreneurs are increasingly turning to an on-demand workforce that is simultaneously empowered by technology and drawn to purpose-driven projects.

Consider Upwork, whose 2020 Future of Workforce Pulse Report revealed that nearly 80% of hiring managers engaging freelancers feel confident about doing so. These hires provide coveted expertise — on a project-to-project basis — that entrepreneurs need to scale their operations without incurring long-term overhead costs.

This new market paradigm also promotes dynamism, with 79% of businesses agreeing that freelance talent enables greater innovativeness. Perhaps most telling, 84% of hiring managers utilizing it feel more assured about adapting to future disruption, compared to just 69% of those relying solely on full-time staff.

By capitalizing on freelance marketplaces, entrepreneurs can amplify employer branding, augment capabilities and future-proof organizations, even amid turbulence. As nearly 60% of hiring managers plan to increase engagement with freelancers over the next two years, the time is now for executives to realize their inherent potential.

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Related: Navigating the Great Reshuffle: Why Your Employer Brand is Key in Recruiting Talent

The job market continues to shift

After a season of massive hiring, we’re back to seeing layoffs and downsizing. Companies are feeling the bloat—from unused office spaces with rising rent to oversized employee structures — and are shifting focus to hiring only the most essential positions. This leaves a critical talent gap needed for complex projects and specialized tasks. Highly skilled and specialized independents can fill this void.

A few key benefits to engaging them:

Access to niche experts: Platforms like Toptal and Guru provide access to elite professionals from leading Fortune 500 companies and innovative startups. Whether the need is for a machine learning specialist, growth strategist or financial modeler, entrepreneurs can now curate on-demand teams that boast specialized skillsets, enabling them to focus investment on projects with the highest strategic value.

Enhanced agility: Leading corporations increasingly “rent” skills by tapping freelance experts for initiatives involving new technologies or while entering unfamiliar markets. With niche contributors available to plug knowledge gaps, owners can explore ideas that once seemed unrealistic due to internal constraints—unlocking inventiveness and first-mover advantage.

• Stronger employment brand: Blending full-time employees with project-based freelancers signals a commitment to modernization and work-life balance. Offering both engaging work and flexibility will help draw exceptional candidates and help you compete with corporate giants for top-tier talent.

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Related: Can Retirees Thrive in the Gig Economy? Navigating a Changed Workforce

Tips for capitalizing on gig talent

Having explored the forces reshaping work, executives may wonder how to effectively leverage freelance platforms. After all, how can you know you’re getting your money’s worth if a hire isn’t physically present full-time?

• Define projects clearly: Contract hires thrive when expectations and deadlines are established upfront. So, clearly, detail needs around deliverables, success metrics, required skills and projected time investments. Staying ahead when it comes to communication and expectations will help avoid headaches, including delays.

• Build loyalty with talent: The best independent professionals have options regarding the projects they accept. Study their profiles to discern passions and incentives. Offer interesting work, flexibility and strong communication to motivate interest and improve results.

• Manage collaboration: Provide steady context, feedback and guidance at each project stage, but also foster autonomy, even while directing efforts toward strategic goals. A dynamic balance of these qualities drives optimal outcomes.

• Continue expanding your talent pool: Add proven freelancers to an internal database for repeat engagements, and notify talent about new initiatives for which their expertise would provide an edge. Uncovering additional ways, freelancers can enhance the business deepens the relationship.

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Related: Fill Your Talent Gap by Sourcing Candidates From the Veteran Community

Top platforms for connecting with talent

Now comes the hard part: finding contractors who bring fractional expertise sets. There are a growing number of platforms, of course, but I’ve found that the following stand out as leaders:

Fiverr: Ideal for execs seeking design, digital marketing, writing, video and admin support. Known for affordability and ease of posting jobs. It taps a global talent pool, too.

Upwork: A flexible platform that spans more than 150 skills. Used by everyone from small businesses to global enterprises. Strong at IT, development, design, finance and consulting.

Toptal: Focuses exclusively on the top 3% of talent. Best for expert software developers, designers, project managers and finance experts. All contributors are extensively vetted.

Contra: A growing independent platform that vets and connects both job candidates and hiring companies. Best of all, it doesn’t take a commission from projects.

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Related: 3 Strategies to Optimize Your Hiring Process and Find the Best Employees

The numbers speak for themselves: businesses engaging freelance professionals report greater confidence and competitiveness, as well as the ability to withstand turbulence, yet legacy beliefs can still cause hesitancy among those keen to hire. Supported by such specialized collaborators, companies can explore new horizons unencumbered by a one-time narrow view of staffing models.

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