Ways to know how to generate passive income along with your day job.
After working long for so many years, I can relate my self to most of the people in India, where we will work our lifetime to make others rich and happy, but not us. After doing research and spending lots of time reading the books, I understood that instead of working for money it is better to make money work for us 24*7.After following Robert T. Kiyosaki's book Rich Dad Poor Dad and 4 Hours week, I was even more motivated to continue the idea of passive income and pursue my job.
They are right when they say we don’t have much time in a day to work for money. We better need money to work for us so that we can free up our time to do most important things that matter to us. That includes spending more time with our family and friends.
You can Match it with you, right?
Now, I m doing a decent passive income with hard work and effort, but not walking in the park with a dog.Yes, it is possible with one-time effort and hard work in establishing the right manner and discipline. I want to help you guys as well to start earning the passive income, and I will mention all the possible ways to generate the passive income according to my knowledge.
You need to pick one which will work for you, and you are interested. As our goal is not to work for money, but money works for us. You need to pick one, but not to look at the income it generates but how excited you are to do it.
Today, I m listing all the possible ideas to generate passive income which is worth trying. Most of these ideas don't need experience in implementing them. Think its always better to try rather than regrate later.
1. Affiliate Marketing. ( Referral program)
A method of receiving a commission by promoting others product is nothing but affiliate marketing or referral program. If you influence most of the people with your best review, then this is the one which will help you make money passively. Refer a friend who wanted the same or the best one for him with your referral link.
2. Start a Blog.
It is the best way to share what you have and what you know to the others is through a blog. You can reach out as many as people you expect in reaching through any other medium. Start a blog related to your interest, travel, food recipe, product review, professional career, suggestions about regarding what you know more than others, book reviews, challenges you faced, how to becomes, programming languages etc.
3. Invest In Real Estate Investment Trust. (REIT)
Real Estate is the best investment in India right now. However, if you don't know about real estate, please try to approach any real estate broker or any real estate investment trust. REIT will invest your money in any of the real estate property which will earn rental property or by selling it they will give your share according to your investment. You can invest with a minimum amount of 2 lakhs in India. Small investment plan for low income generated people.
4. Buy Properties for Rentals.
I suggest this type of investment which will be safe to invest with good returns. If you are trying to buy a property, I will always recommend you take a home loan that can be for taxes in India. Before purchasing a property please always try to know the rental income so that you can calculate your cut out of the payment for the home loan which you need to pay. Don't hold the property for more than ten years if you are purely into investment.
5. High Yield Saving Account. (Recursion Deposit and Fixed Deposit)
If you have a monthly income and you want to save first and then use the rest, then the best way is to use the facility called recursion deposit. Recursion Deposit will automatically take money from your bank account on the specific date you choose and save it by adding the interest to it. Most likely the interest rates will be from 5.5% to 9.5%. Fixed Deposit is another way of saving in which we need to save a certain amount for a certain period. If you are planning your child school and you have money with you and want to keep for the education, then it is the best way to choose a fixed deposit. Interest rates in fixed deposits are higher the higher period you want to save money.
6. Peer-to-Peer Lending.
Peer-to-peer lending is the process of investing by giving another person who needs in money with an interest of your wish. Peer-to-peer Lending continues to grow in demand and is becoming a much more comfortable way to get the money who need and for the people who wanted to invest.
7. Rent out your Car or Bike.
The best option for most of the people who wanted a car or a bike but want to invest as well then this is the best option available in the market of India. Buy a car or a bike and rent it out when it is not in use. There are so many options now to rent your car or bike online, where there is no need to pay extra to use the platform for renting your car or bike. If you are using your car for about ten times per month the rest of the days, you can rent it out.
8. Video Content for Tutorials or Youtube
If you are good at something and you know most of the people wanted to know about it or how to do it, then it's the best opportunity to you to start an online course about what you know and let others know about it. It is a one-time effort and if you are good at explaining then your student's count will increase without even marketing it. It is simple nowadays to start teaching online with no fee to pay. Use Youtube to create content which makes others interested in looking into it daily so that you will increase the viewers and thereby money.
9. Sell Digital products online (Ebooks, Graphic designs, Website Templates, Web Apps, Photos etc.)
In this digitalised world most of the people wanted to buy everything in digital. You can sell everything which is digital online. Ebooks, Graphics Designs, Mobile App Prototypes Designs, Web Site Templates, Web Apps, Mobile Applications, Photos, Icons, Merch, Music, videos all these are selling online. If interested in photography, then take your pictures to the online selling portal where most people will buy your photographs for some amount.
10. Invest in Stocks, Mutual Funds, SIPs, CryptoCurrency.
Stocks have contributed the most potential for growth in any country with correct knowledge of what you are buying will results in plenty of money in your pocket. You don't need to work for it but buy stocks it will work for you even you are asleep. You can probably drive out stock market drops. You don't need to put everything you have in stocks will result in huge losses. When it comes to cryptocurrency please always try to get through the white paper regarding the coin or token which you want to buy. Follow the white paper of the coin or token, and I always suggest you follow the official channels in slack and telegram.
11. Create a design for Merch
Designing Merch for other people which you love will be a good idea because there will be so many people who might want the merch which you wear ( love ). Just one-time effort to design and then post it to some Amazon or teespring or both. If you're going to like the design which you made, I suggest you place that design in the merch platforms.
12. Invest in Small Local Business.
I choose to invest in an excellent local business which is still far away to go into the IPO. Invest the money to make it grow more prominent so that your money will also increase with the local business before investing try to know about the business plan for about a year.
These are the most prominent methods you can make passive income and increase your wealth. However, always remember if something comes for free will not last long and keep your time and effort to make whatever option you choose from above to pay off.
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