Today we are living in a world where job security is a fear among many people. It would always be a good idea to have another source of income other than salary. Passive income is generated when one is not involved in earning income actively. It is the money received regularly with least efforts required.The salary, which one gets while working in a company, school, bank, etc. is the active income, whereas the money which one gets after investing in other modes such as share market etc. is the passive income. There can be many ways to earn passive income. Let us discuss some of the ways.
These funds are one of the favorite ways of investment for today’s younger generation. People who can take some risks get very lucrative returns through mutual funds. As per the risk bearing factor of the individual, one can invest in Equity Linked Saving Scheme (ELSS), Debt fund, Balanced fund, Ultra short term fund. The funds can be considered to be one of the best ways of increasing one’s passive income.
Renting a property
If one owns a house or even if living in a rented house, but has sufficient space such as one room can rent the same and make a passive source of income. If available, one room set with one bathroom, kitchen can be rented out. As per the convenience of the owner and requirement of the tenant, food can also be arranged. In addition to the rent, charges for food can also be taken.
There are many people who don’t become eligible for bank loans. So, if one has sufficient amount of money, can give loans to such people and charge the same rate of interest as banks.
This is something which can be done from the comfort of home. Identifying the area of interest and writing blogs on the topic of interest is another good way of increasing passive income. The income is generated through affiliate marketing. Companies want to sell their products through the ads given on blogs. When a viewer is reading a blog, then he/she may click on the ads and buy products. For this, the company pays to the blog owner in the form of cost per click.
Creating video on YouTube
There are people out there who are good at cooking or have good knowledge of natural beauty tips. Such people make videos of making recipes or the beauty tips and upload them on YouTube. YouTube pays to the video creator for the specified minimum number of views of the videos. This helps in earning a passive source of income with the help of utilization of certain skills.
Cash back cards and electronic wallets
Almost all the people use credit and debit cards these days. Some of these cards give reward points on the transactions done through cards. With the reward points earned one can buy certain items such as watch, water bottles or can redeem the points at eateries such as pizza corners. Some online shopping websites such as Flipkart, Amazon, etc. give discounts for payment done through certain debit and credit cards. There are certain electronic wallets such as Paytm, Freecharge, Mobikwik etc,. which give cashback offers to the users doing transaction through such wallets. This also helps people earn money in an indirect way.
Rent a cab
These days radio cab services such as Uber, Ola etc., are available who look for hiring cars. One can buy a car and rent it to such cab service providers and earn a monthly source of income. If one is capable of buying a car, then this can be the easiest and safe option of earning passive income.
So, we have discussed above seven ways to earn passive income, but this is not the end. There is a plethora of options available these days to increase passive income, such as online marketing, dividend income etc. The key is selecting the best option as per one’s convenience and resources. If one can afford to take risks, then mutual funds are a good source of income, whereas bank or post office fixed deposits are meant for conservative investors. Cash back cards and wallets are for people aiming for, short gains, whereas renting a property or renting a cab are suitable for long term gains. It is just a matter of choice how one is interested in earning money. Don’t just sit at home and dream of money, start earning it by the varied ways of passive income and become financially independent.
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