There is no denying the fact that money is important to lead a content life. We exchange our time for money in our so-called employments. There is only a certain amount of time that can be exchanged for money. Government and labor laws determine how many days a week and how many hours a day one can legally work.
This is where passive income plays an important role in fulfilling increasing needs. Here are a few ways to generate one or more ways of generating steady sources of passive income.
Creating passive income doesn’t mean that money accumulates in your bank while you are chilling on a beach sipping long Island waiting for a Tequila sunrise. At least in the early stages it isn’t all that rosy.
One needs to invest considerable amounts of time in the early stages of any endeavor. Consistency in maintaining and increasing existing and users and consumers is key to success.
Do away with recurring liabilities that include expenses that don’t generate or help generate any kind of revenue. Depreciating assets such as cars, recurring expenses like credit cards, unused subscriptions that drain in one’s money.
Low Risk Investments
Bank Fixed Deposits, Recurring Deposits, gold and realty are fortes of low return yet secure investment options. Today there are new venues with better returns than bank interest rates like mutual funds. Mutual funds are less volatile compared to investing in the stock market.
Know how to make low-risk investments. Another low-risk investment is to own a commercial vehicle and attach it to car rental Cos. to help them accumulate a little extra while you are at work. Most rental companies need your car 15 days a month to generate around Rs.10-15 K. This is one way to generate income from a depreciating asset while reducing the loss suffered.
Sell Your Creativity
Making money from technology that we use everyday has never been this easy. With an eye for photography and help from websites like Shutterstock, Getty and more… Make your ideas earn while you think of something better.
Sites like Etsy, Zazzle and many more allow artists or designers to add their designs to T-shirts, phone cases, mugs, posters, book covers, and more. These sites pay the contributing artist a commission when a sale is made on any of the products featuring an artist’s design. Find a niche, master it on at least one platform.
Establish yourself as a master, work consistently and build your audience or customers to keep the money flow constant. One such website that made the killing from a humble Rs 2,496.20 beginning was Lynda.com.
It set the trend for online learning even before YouTube was founded. FYI, YouTube’s founders were working with PayPal then. Lynda.com was bought by LinkedIn for Rs 250 crores and LinkedIn was acquired by Microsoft for Rs 2,650 crores in 2015.
Start a YouTube Channel
People who started YouTube channels when video-sharing was in its nascent stage, like are millionaires today. Now that YouTube is popular, hordes of people have started their own channels. It is a little challenging to make money due to the massive competition.
Find a niche that isn’t saturated and create engaging videos. Once you garner views and subscriptions, the money will start flowing in. Top YouTubers in 2019 were DanTDM earning Rs 1.65 crores followed by VanossGaming making Rs 1.55 crores. (approx)
Affiliate marketing is a way of earning commission through promoting other peoples’ products, services or content. Amazon Associates affiliate marketing is one of the best options for people looking to make a quick buck.
Set up a website with links redirecting to products on Amazon or any other site that offers affiliate programs and if a visitor ends up buying a product you have written about or linked to on your, then you receive a commission from the sale. The top two affiliate marketing websites of 2019 according to authorityhacker are Nerdwallet and Moneysavingexpert.
Rent Out Unused Realty
If you own a home, apartment, office space, or just a piece of empty land you have a great source for generating passive income. Property rental site Airbnb has made it easy for real estate owners to make extra money by renting out their homes or a part of it to guests for short stays. Earnings can range between Rs 15,000 and 75,000 a month, reveals an ET interview.
If you’re uncomfortable with such a model, you can also use sites like 99roomz, rentmystay and more to find tenants for your property.
You could turn an empty piece of land into a warehouse by investing a little and building a makeshift storage space. If you are strapped for cash lease it out so the lessee will do the hard part for you. After the lease period, enjoy the realty left behind. Over time you could turn it into a business of your interest.
Write a Book
Gone are the days when an author had to meet with various publication houses to get them to print your copy. The penetration of the internet has made writing and publishing an eBook easy. This makes publishing and selling books a popular means of earning passive income.
Books on non-fiction topics like online marketing, business development, career advice, and the like have been successful genres.
Books on fiction also sell well, however, the market is competitive compared to non-fiction. Once you’ve written a book, you can put the e-version up for sale on platforms like Amazon’s Kindle Direct Publishing or Apple’s iTunes Connect. Ruchika Tomar from India and Sarah Elaine Smith from are two debut authors, who made it to electricliterature’s list “20 best debut books of the second half of 2019”.
The first challenge that comes to mind when one thinks of blogging is how to start blogging. There is only one way to start this simple and effective way of making something extra on the side. Start writing, no one nor is any creation perfect. There are tools like Grammarly, PaperRater and more to help you write better. WordPress too provides greater assistance with its Writing Helper.
There is a never-ending need for original content on the web as more and more people look to the web for help with their everyday activities, be it cooking, cleaning, medical issues or just about anything. All you need to do is find a niche in the field of your expertise and start writing. Follow the steep learning curve and learn how to write engaging blogs.
All it takes is for one of your blogs to grab enough eyeballs. This means you have struck the right chord with your audience. Once you have enough readership and are likely to influence people, businesses that deal with products and services would be ready to pay you to review their products and services. A few Indian bloggers listed in topbloggingcoach are Amit Agarwal who makes Rs 42,71,130 and Shradha Sharma who makes Rs 21,35,565.
PS: All Rs to $ conversions are based on 2nd January 2020 exchange rates
I would personally advise you not to get caught in phony scams that promise to make you earn money everyday by clicking on ads and such. Nothing comes free, especially not money.