Passive income is the income that a person earns even when he is not working.Nowadays people have become intelligent. They know that it is the age where working hard is not as important as working smart or not working at all. They believe in the fact that they should work once and reap the benefits thereafter. And thus they believe in Passive income. So, everyone nowadays is searching for different sources where they can generate passive income. Different people use different sources of passive income and some of these can be put as follows:
1. RENT. This is the oldest and the most popular form of generating passive income. A person, when he has made another house, other than the one he lives in, and gives it on rent, has arranged himself a passive income for life. And you need not fully own the house to reap the benefits of Passive income. You arrange the down payment and take the loan and purchase the house, and give it on rent. But make sure the rent you get is higher than the EMI you are paying. The difference between the Rent received and EMI paid is your passive income.
2. WRITING BOOKS. Some people are a powerhouse of thoughts and knowledge. Give them a topic and they can talk on them for hours. Of course, relevant only. Because there are persons who can talk continuously without any relevance. The first category of persons, if they can put their thoughts in Black and white, can start the passive income and reach the level they had only dreamt of. So, Writing books definitely would result in the passive income for the Writer in the form of Royalty.
3. INVESTING IN SHARES. Shares have become the most favorite form of generating passive income. And now which shares to invest in is a million- dollar question. Because people have become broke by investing inequities. But there are others also whose story is from Rags to Riches. So choosing a correct stock is a difficult thing. But you should go with the nifty index only. Because no matter what happens, nifty is always going up. And you should also choose such shares which gives dividend also. Because such stocks will constantly rise in values in addition to giving dividends. And if you want to try stocks of your choice, make sure to invest not more than 25% in such stocks. Balance 75% going into equities and equity fund.
4. Create an E-Book. Creating an e-book is the easiest thing to do in today’s world. Once you start writing an e-book, things will start falling in place. And once the book becomes a best-seller, there is no looking back for you.
5. Affiliate Marketing. Affiliate marketing is the practice of selling products through a link. For this, you need to have a blog or a website. It will require hard work on your website/blog before it becomes passive.
6. ADSENSE. In today’s digital world, Google is the father of them all. And what better way to start your passive income with the biggest of them all. Google runs an AdSense program where you get your site/blog approved by Google and then it starts running advertisements on your blog/site. And it pays you as per their policy. For Adsense to succeed, you must remember that content is the king. The more you write, the higher are your earnings. And earlier you start in AdSense in your life, better it is for you. But remember, for Adsense, Google does not promote copying. For your AdSense account to be approved and running, your content should be at least 50 original posts, each of at least 500 words. Before applying for AdSense, you can check the duplicate content of your website at Copyscape and take corrective action accordingly.
7. Multi-Level Marketing. Multi-level marketing, or MLM as it is commonly known, is one of the best concepts in generating passive income. Though, it is hard to rope in individuals in MLM, because 98% of people you speak to will resist the idea of joining MLM, But once they understand the concept and roped in, there is no looking back. The initial struggle of 2-3 years of convincing people and making your team will start showing results and then there will be cheers all around.
8. Start an Online Course. Every person has got expertise in one thing or the other. Some are good Mechanics, some are good Tax consultants, some are good doctors, physicians, some are good motivators, and of course, all ladies are a good chef. You only have to work on your expertise and make an online course. The initial efforts of making an online course will result in rewards in the form of cash inflow. Because there is no overhead, all your revenue is your profit and you have the option of upgrading your course every 3-4 months.
9. Create your Youtube channel. Youtube is the cheapest and most effective way of generating Passive income. Though money will not be easy to come at first, it takes millions and millions of views to generate a steady flow of income. Once you have created the right content and have a sincere and faithful subscriber base, the money will be easy to come.
10. Think Positive. The above ideas, or for that matter any idea, won’t work unless and until you have a positive and winning attitude. Mere knowledge of having an idea won’t take you any far, unless you have the attitude and capacity to take it to its logical end.