After covid-19 making passive money has become important to survive the different economic conditions. The rapidly changing economic conditions, a need to have multiple sources of passive income has emerged. According to CNBC, of the top people who earn money, 29% of their income is from investment which is a form of passive income. There are people who are using the ideas of generating passive income and making money from them only.
So here we make your job easy. Here are the ways through which you can easily earn passive income. Also there are some sources listed for you to generate passive income.
What is Passive Income
Passive means the thing which requires minimal effort then the things which are active in nature. Passive income is the income which you can earn with minimal activity through little daily efforts. It is an alternative source of income or a kind of side income. There are various sources available for you to earn passive income for,- indians. These sources are listed below which can help you to increase your earring with little effort and less time.
So, here are some ways to earn passive income.
Ways of Earning Passive Income
Multi Level Marketing
Multi level marketing is a method by which a product is directly sold to the consumers using independent sales representatives. The marketing is also called direct or network marketing. You can earn from 0.1 lakhs to 4 lakhs annually through MLM. Understand the market and some pyramid schemes to learn MLM, then you can easily earn some extra passive income.
Blog is a truncation word for weblog. Blogging is writing anything in the form of an informal discussion on a particular topic. The average salary for a blogger in India is about 2.85 lakh per year. It can go as high as 6.62 lakh a year with experience. You can easily opt for blogging as your source for passive income if you have good writing skills and knowledge of recent topics.
The term content writing is widely used in the current era and is now a very common term. Content writing involves the process of writing, editing and publishing a content on a digital platform in digital format. In India a content writer with about 4 years of experience can earn about 2.9 lakh annually. Writing skills can help you earn passive income.
Start a YouTube Channel
Starting a YouTube channel involves zero cost. You can start a YouTube channel either by mobile or a laptop. For starting a YouTube channel all you require is a mail id. After completing 10k on your videos YouTube will pay you an estimate of rupees 200 to 500. With the increase in the number of views in video you will earn more. For 150 million views you can earn 1.50 lakh to 6 lakh. You can post videos about anything which is engaging the audience.
Creating Online Courses
Most of us are really good at something in which others are not. You can create an online course for the subject you are good at or you like. Add your notes, videos and other graphics to make the teaching easy. Many platforms like Udemy, Coursera help to create your own course. A successful course creator can make around $1k to $10k every month. This can be a great source for your passive income.
Sell stock photos
If you are a photographer it can be really easy for you to earn an extra amount from your skills. You can sell your photos and earn money. You can post your pictures on your own website, Adobe Stock, Shutterstock etc. Most of the genres in which photos can be sold are food, tools, cities, nature, travel. Depending on your photo and experience you can get rupees 5- 25 per image.
Affiliate marketing to promote or to advertise as a model for a company as a third-party for which you get a commission. Nowadays, Amazon and Flipkart are hiring many affiliate marketers to increase traffic on their apps. Most of the companies hiring affiliate marketers hire those people who are socially active so that when they post their product online it can increase traffic. These affiliate marketers earn around 0.1 lakh per year which can be a good source of your passive income.
Social media influencer
An influencer is a one who has the ability to influence the public and holds the purchasing decision of the people. A social media influencer posts their content in the form of videos, images on a specific topic. Experts earn around 15k to 5 lakh on one brand deal. Also on micro level you can earn 40k to 60k.
Buy and sell websites
Some websites and apps are there on which you can send your second hand goods to earn a passive income. Everyone has many things which are not required and remain unused for several years. For these things you can sell them and earn money. You can earn around 30k in a month. Also if you are an inventor and you are having your own good or design you can sell them on different websites.
Invest in stock market
Stock market is something some people are scared of, but it is not that bad. If you invest wisely according to trend there are high chances that you will get a high return. There are many people who are helping you to invest your money in the share market through apps, companies, websites, YouTube and calls. You can take help from them and invest your money. Your earning will totally depend on your skills. You can earn more than 1 lakh in a month.
Not all people like to read books but still want to know the content of the book. For those people, audiobooks are there. The books are recorded in audio and people listen to them. You can be part of these companies and websites and help them to record these audiobooks. For recording an hour you can earn Rs. 900 to 1k. This can be a nice and easy way to earn passive income.
Sell Digital Products (eBooks, Software)
You can also earn money by selling digital content like eBooks, Software, designs etc. if you are a writer you can write eBooks in the niche that your audience will like. Or if you are a developer you can develop a software and sell it online. So if you want to make passive income in India and you think this is your interest then go for it.
Sell Handmade Goods
Many of you are working in companies but a crafter is always there inside you. You can sell these handmade goods online which are a huge interest of today’s generation. You can sell your handmade goods through Instagram also or with the help of your family members. Earning this way will totally depend on your skills and the interest of consumers in your products.
Freelancing is making money on a pre-job basis. A freelancer works for a shorter time and does small tasks according to his free time. There are many options available as a freelancer. One such option is a Graphic Designer. You can take up tasks like making logos or designing any product whichever you like and earn money. On an average for a poster designing you can earn up to rupees 1000. This can be a time saving source of earning passive income.
Invest on Home based business
If you want to invest your money, investing in a home based business is the best option. This is what you commonly know as real estate. If you invest real estate that is property then it will give you the highest return in your future. Nowadays, there are many apps, YouTube channels, and websites that give you suggestions for investing your money. Through this way you can easily earn a passive income. The drawback is you will get your return in the long term and not in a short span.
Sources of Generating Passive Income
|Source||How does it work?||Link|
|Upwork||This website helps you get different jobs or short tasks to do and earn money. You just have to make your profile and start applying for work.||https://www.upwork.com/|
|Freelancer||As the name suggests this website is for finding freelancing jobs. The terms and conditions and the procedure are very simple to do.||https://www.freelancer.com/|
|Rev||The website mainly hires audio and video transcribers. Here you have to record the subtitle for the video they provide. After making a profile you will be given training and then you can start working.||https://www.rev.com/|
|People per hour||This is a UK based company which hires freelancers. But now Indians can also apply through this website.||https://www.peopleperhour.com/|
|Fiverr||It has excellent job matching according to your interest. If you have skills you can easily apply here and start earning.||https://www.fiverr.com/|
|Guru||This website only hires the expert freelancers. You have to pass the test for be a part of this website and then you can start earning.||https://www.guru.com/|
|Flexjob||Flexjob hires people for transcription, data entry and remote jobs. If you are the one looking for them you can apply here.||https://www.flexjobs.com/|
|Toptal||Toptal company hires software engineers, designers, finance experts, product managers as freelancers. You can go and make your profile and look for opportunities.||https://www.toptal.com/|
|Jooble||This website also has its app. By making your profile and filling up some formalities and adding basic details you can easily approach the clients and get work.||https://in.jooble.org/|
|Simply Hired||SimplyHired is a search engine for job opportunities. You can find n numbers of part-time jobs that you can do as your side job for earning income.||https://www.simplyhired.co.in/|
|Mesho||Mesho is a buying and selling app. Through this you can sell your clothes and other accessories and earn passive income.||https://www.meesho.com/|
|Naukri||From the time when online things started, the Naukri website emerged. Here you will find every type of work one can imagine. From jobs in big companies to doing freelance work from home this website covers it all.||https://www.naukri.com/|
|Vedantu||Though it is an e-learning platform, you can also be a tutor at vedantu. You just need to pass the eligibility criteria and a tes. Then according to your convenience you can teach and earn.||https://www.vedantu.com/|
|Udemy||Here you can sell your courses and earn money. Not only this udemy helps you to design your courses in a student-friendly way.||https://www.udemy.com/|
|Coursera||This is popularly a learning platform. Here you can also sell your courses. There are very few people who get the opportunity to sell their courses to coursera.||https://in.coursera.org/|
|Amazon||Though it is an e-shopping app, you can be a seller on amazon also. You just need to fulfill some formalities of your work and you can sell your handmade goods on amazon also. You can also do affiliate marketing for amazon.||https://sell.amazon.in/sell-online/|
|Shopify||This website helps you to sell your goods. You can sell your handmade goods and can also go for affiliate marketing.||https://www.shopify.com/|
|Quora||You can write your article and publish it here. There is a criteria of followers if you reach that criteria you will start earning by writing.||https://www.quora.com/|
|Audible||Audible is an app which provides you audiobooks. Here you can sell your audio books and earn money.||https://www.audible.in/|
|Relevel||Relevel gives you ample opportunities for every kind of freelancing work.||https://relevel.com/|
Tips on How to Earn Passive Income
In recent times online fraud has increased. Below are some kinds of fraud that you must be aware about.
- People can make you download a certain app for their work and through this app they can hack your personal data.
- For payment you give your number or bank details. Then they will ask for an otp which can transfer your money to their account.
- There are people who assign you work and after completion they will not give you any amount. As you have not signed any contract you can not file complaint against them
So be aware of such frauds and be safe.
10 Reasons why Passive Income is Important
We have seen 15 types of ideas to generate passive income. Also we have gone through the 20 sources through which we can earn money. You can choose whatever idea you like and which interests you the most. Before starting earning, be sure about the frauds that are increasing and follow the tips. Passive income has become important to have financial stability in today’s changing economic dimension. So go and choose your idea to earn money.