How about earning some extra bucks without putting in any or very little effort? I would like to go for it and I am sure so would you. We all work either for others or ourselves to earn our living. In earlier days one person of the family used to earn and eight persons used to eat on that solitary income. But as the times changed, the definition of necessities, comforts, and luxuries also changed. Categories of things also got promoted; Luxuries became comforts and comforts became necessities. To fulfill these promoted gaps, you need more than one income; this income may come from the other member of the family or you must look for a second income program for the smooth running of life. It means another salary, an alternative income to fulfill the daily needs of your family. But one person can do one job or a maximum of 2 jobs at a time.
So what is the Solution? The answer is “Passive Income”.
You must be wondering as to how can you earn extra money alongside your existing profession. Stop pondering; let us understand what is Passive Income and what are the various Passive Income Ideas? The Income is generally earned & maintained by putting in no or very minimal efforts. The income which is usually recurring and does not require an earner’s material participation is known as progressive Passive Income. In other words, the person who supposedly earns this income is not actively involved in the process. In earlier days, there were not many passive income opportunities. The tremendous growth in the field of information technology lately has opened doors for alternative income for many with some powerful passive income ideas. We must also understand the multiple benefits of passive progressive income. You can attain financial independence early in life, pay off your debts faster, avail location flexibility for any work involved, and top of all you have more time for yourself.
If we make a second income program early in life, we can fulfill all our desires and lead a contented life. Now that we know what is passive income we must also look into how to make passive income?
There are various passive income opportunities through which one can earn alternative income. First of all, we must clear up some misconceptions. Being “passive” as the word literally means that you don’t have to do anything to earn some extra bucks, which is untrue. Progressive passive income can be earned by investing one of these things at least- time or money or both. Let’s analyze some of the passive income ideas as under :-
- Property Rentals
There are many ways one can enter into the rental property business for truly monthly alternative income. Depending on your interests and goals you can be a small investor or partner in large residential or commercial properties. Depending on your pocket you can buy them and rent them out also to earn passive income for the rest of your life. All this is very easy to do now online through the internet.
- Affiliate Marketing
With the introduction of online sales and the eCommerce process affiliate marketing is also getting popular and it is a very good source of second income without giving too much time and effort. You may want to promote a person, product, or company through your marketing channels and contacts by bringing them business and handsome commission to yourself. This may take a little time, in the beginning, to settle down but once the flow is made, you are in for passive income opportunities. So, I am sure you are helping someone to help yourself…right….!
- Invest in Dividend stocks
This is a tried and tested way to earn passive income. Through dividend stocks, you may earn big dividend cheques by investing in A grade companies who earn profits consistently and declare dividends regularly and reward their investors definitely. You must research extensively and appropriately before you invest in any such company.
- Make an App(application)
Today, we cannot think of not having a smart mobile phone and a mobile phone without an app. If you are a software developer, you must learn how to make an app. And if you don’t know anything about programming, hire a programmer and turn your idea into an app. It can be sold on an app store and you can keep earning from it as and when it is downloaded. Are you making one or hiring someone today?
- Design apparels
You may earn royalties if your designs are sold by garment makers. It may a b t-shirt, a skirt or a variety of any dress. Amazon has already gotten into this. You only design, they take care of the rest making, packing, and delivery. Easy or not….?
- Rent out your home
You may have some space at home that you are not using much or at all. How about listing it for renting may to a student or your neighbor who may be needing extra space. A very simple way to earn passive income and having a friend also. What say?
- Advertise on/Rent your car
You don’t drive your car all the time, do you? don’t you think it’s a nice idea to rent it out when not in use? This way we will be able to earn passive income without putting any effort and put the parked car to some productive use. One more thing, your car can display advertisements as well. Meaning more passive income. So who do you plan to contact for the advert? a local gym or an insurance broker.?
- Create a blog or YouTube channel
Be a Youtuber, create a cartoon channel if you are into graphics, make a foreign language channel if you are good in a particular language. Start a health channel and serve people with your knowledge and earn recurring extra income while sitting at home. Creating a Youtube channel and earning from it needs consistency and regularity. If you are able to follow these two things you are in to reap big rewards
Blogging for various sites and subjects can also bring you handsome rewards. You may be an avid traveler, a foodie, sports enthusiast, or health advocate. Your views and critical reviews through blogging can make a second income program.
- Flip retail products
If you can catch hold of any stuff in bulk at a less reasonable price sell it on retail e-commerce sites. You only have to list them at once and coordinate with the vendor for the product availability. You never know who would need that product when and where. This is the beautiful integration of technology, demand & supply. You’ll be able to earn passive income from the difference in your purchase and sale prices and build a following of customers who track your product & deals.
- Sell your videos, photographs
Photographers not only make money by taking photographs, but they also sell them to earn a second income or call it passive income. All you need is a camera to shoot. Not really…! my friend, you can do this with a mobile phone also these days. You don’t need a fancy or hi-tech camera to make videos and photos. Digital photographs remain in high demand. These are used by designers, website developers, content makers, teachers, trainers, and news sites. They don’t mind paying for rare and high-standard photo clips. One can have them uploaded onto various digital platforms and earn passive income while they are downloaded & paid for. Short videos are also in great demand. They are mostly required for teaching and training.
So what are you waiting for? Pick up your phone and shoot….!
- Invest in a startup business
A lot of companies have the inclination, ideas & resources to start a business but lack the capital to take off, look for a partner(s). Individuals who have surplus money can invest or fund such startups to earn passive money but it has its own risks too. One may look for already running and established organizations that seek funds for research and expansion. These companies issue stock bonds from time to time for the same, and pay good interest and dividend on your investment.
- Network marketing
Network marketing is a way of selling products by individuals through their personal network. It is generally popular with the people who look for flexible working hours, work-from-home options, and some passive income. Network marketing is also called MLM (Multi-level marketing) or pyramid marketing wherein independent individuals are recruited as distributors and profit from sales is shared among defined share-holders. There are many popular companies that work on this business model and have been successful for a long time. Amway, Avon, Nutralite are the ones giving ample opportunities to earn passive income over the years through this method. The network marketing or MLM business model has been successful in some countries but proved to be a disaster in some. Some companies intentionally complicate the business process as they do not focus on products rather they stress upon more on recruitment of distributors. Though it’s a very good stream of passive income, the legitimacy of some companies is murky. So be vigilant and careful before investing in one.
- Create a Course
Now we understand what is passive income? Please understand that earning the same requires very little time or effort.in some cases, you can put that effort just once and reap its benefits for many years or maybe forever. Using your skills and knowledge, you may create a digital course and sell it through a platform that offers a variety of knowledge, how-to, language, and hobby courses to different segments of society. Another way of sharing your digital course with the masses is through your own website. Though in this case, you will have to do the marketing of your website and course and bring the traffic to grow your sales.
- How about writing an ebook?
E-books are a very popular content medium today. Until a few years back there were very few people who were writing e-books and earning with it. The E-books market is highly competitive. By writing how-to, Business & Money, Health & diet e-books and marketing them, you could make a big base of dedicated readers, and make a large slice of passive income.
- License your Music
Are you a composer, singer, Instrumentalist, a music band? Get your music licensed on various online music sites. The way one earns passive income from stock photos download, same way you can earn a royalty for your music on these platforms. You are paid a certain agreed sum when someone chooses to listen & use it. Music is frequently licensed for various commercials and YouTube Videos. With the amount of commercials, podcasts and YouTube videos that are being created, there is a lot more demand today than ever for music. Surprisingly, people don’t mind paying for it. So let your music be searched and paid for.
We have discussed a few popular ideas on how to make passive income; although there are many unethical and illegal ways to make extra money it is suggested that one should not involve in such activities. If you master something at an early age, let’s say in your 20s or so, you can earn a good slice of income at the later stage of life.
How to Get Started
It certainly takes a considerable amount of time or money in the beginning to establish your passive income streams, but I promise once it is cracked you will not repent for the rest of your life. So make a strategy, pick an idea, and devote yourself until that income stream comes to a realization.
While it can be appealing to pick five passive income ideas to start with, I would personally encourage you to pick one in the beginning. You need little money, a bit of time, and of course some ability to focus to really establish & grow a passive income stream. Master that one stream before moving on to the other.
Passive income can definitely help in multiplying your earnings and fill in the gaps which your regular job cannot. If you’re not happy with your 9 to 5 income and looking to replace it, so you can quit your job, the passive income ideas mentioned here can help you do that. And it is also okay not to do a regular job and get into full-time passive income. The time and work that goes into 9-5 Jobs may be utilized in earning passive income. It is not too difficult to manage if you want to pair it up with a 9 -5 Job. I mean, YES, you can do both also.
Whether you’re planning to start an online store, your own consultancy agency, or create commercial content, you’ll find that money can be made with very little effort & investment in all these areas. All you require to do is to START.