Well, this is a good topic about which I would like to talk. This is important in today’s competitive and expensive world. You need money to survive here and you also need time for you (if you don’t want to be an average robot). This is true since you can’t be a good robot. So some people may think that what is passive income? Passive income is money which you make when you don’t work. Yes, you make money even when you are sleeping or bathing or enjoying in the beach. For exact definition, click here.
So how is this possible? Actually, you earn passive income because some of your things are being used or have been used in the past. Like you wrote a book, and it is being sold, so you get royalty. The best part is that you earn royalty each and every time. For selling of books your presence is not required because you can’t go at every store where the book is being sold.
The concept is very easy but creating channels of passive income is very difficult if you are not guided. I say this from experience. All my income is passive. This helps me in increasing it and it also gives me time for myself. So this is amazing thing if you can. You only have to do work according you. But the problem is that any time everything can stop.
Well, obviously, J.K.Rowling is never going to face such a situation now. But people who are not too grown up in this industry can face this. The best example is in front of you. It’s me guys. Any time all my income can stop and it had happened in the past. The reason was I could not get minimum threshold so I can’t get anything.
But the next month it increased by many times because I increased the sources of revenue. So to overcome this danger you have to increase your sources of passive income. Or you can keep on doing your present job and then work to create passive income.
Remember, in the starting you may even be needed to invest money. So invest properly and in something about which you have knowledge. Don’t believe on anyone because they can deceive you for money. But don’t be too scared that ou don’t try. You need to make a good and correct choice once and then get it fruit for years to come.
If you face an accident and you cant go to your office then they will not pay you for your family. If they are humble, may be for one month and they allow you to come after total recovery. But they cant pay you when you are absent. But the passive income will keep on coming. And if you some work for passive income, you can do it at home. And if by misfortune, you can’t survive in the accident, even then your passive income can support your family. So leave the orthodox thinking and start something new.
So here are some ways which can help you in starting to get passive income from various sources. i hope that you like then and then use them. I will try to make them very easy for you to use them. So lets start.
- Invest in stocks
Everyone says this and you might have got this advice many times but you never tried it. The reason is that you think it is risky. So why are stocks risky? You think that you can lose money there. This is not false, but it is not true. If you are confused with this statement then no problem.
Before anything else, I will discuss, that how to make money from there. When you buy a stock you expect that its prices go up so that you sell it. When the prices are up, you just want to sell the stock. The reason is that you think that this is the only way of making money from the stock market. But this is false. You can even make money by dividends which you get.
Dividends is the money which you get according to the number of stocks which you have. The concept is that companies want to attract more investors.
Now coming the statement, I mean, that you lose money but you only face loss when you sell the stock in haste. I think you understand. The loss in the market does not harm you, but your haste and fear does. The price will go up and down, but you need to be calm.
Believe that the prices will recover and surely they will. If you invest money in a stock for 15 to 20 years then definitely you will get profit. But if you are scared with the initial up an downs, then its a problem.
If you are a beginner who is not confirmed whether to invest or not, then I have something for you. Click here and you land on a blog which will give you 10 ways to never lose money in the stock market. So now you would be happy because you have got something that can help you in never losing money in the risky game of stock market. So I hope you start.
Soon a situation will come when you don’t feel scared in buying or selling stocks, then you would be not in wish to make play safe, but you want to make money. If this is too early then stop yourself, and if you can’t then click here, and see an article which can help you in making quick money from the stock market. Believe me this will be awesome.
- Sell Insurance policies
This may be thought by you like a cheap job but you don’t know one thing. The ones who are doing it for years are making thousands of dollars and some are millionaires. So I hope that you may even understand its power. You need to sell insurance policies and then you get paid, but the best part is that you get paid later also.
You get paid later because the customers are also paying. they need to pay the insurance companies regularly. So the agent gets a commission each time you pay them money. This is great.
The easiest hack is that you just ask your relatives whether they want insurance or not. Then sell the ones who want. Just be a part time insurance agent for your relatives and neighbourhood people. This way you won’t become cheap if you think these salesmen are. You also don’t need to do a lot of hard work. And you relatives and neighbour also get benefit because they get ease. And also everything is fraud-less.
This way you are not only benefiting yourself but you are helping others. You just need to work once in trying to be an insurance agent. You can check it here. This is awesome so I hope that you can do this. For becoming a great insurance salesman here is a complete guide in Amazon.com, to buy in Amazon.in just search it in the search bar at the end. This will help you.
- Do deposits in bank
Well, being true for an established investor this is not a good deal. This is because banks pay around 6-7% interest annually. But those investors can make 6-7 times in their good years. So it is a bad deal for them because they are an expert of this game called investment.
But since you are a beginner so I advice that you should do investment in banks. This will help you very much. You can definitely earn 6-7 % and according to you, your money is safe. So for average people who don’t have much knowledge of investment, its great.
But according to me spending time to learn such a skill which can make you millions is not bad. All the middlemen will also vanish if you try this skill.
I have invested my time to learn this skill. This is stupid feeling in the starting if you are not passionate, but later on, it is very fruitful. I really love the life of an investor. I am not professionally an investor, but you start thinking like an investor. This also helps in reducing expenses.
Before buying anything you ask yourself, can this return the amount it is being bought. Then most of the times your answer is no. So you start denying to buy new things.
This increases money in your hand and you invest that also. So soon you will see a vast difference in you. So if you want to learn this skill and want to be like Warren Buffet then I have a book for you. This book is written by his mentor and teacher. So if you use this book perfectly you can make a lot of money. The book is here for Amazon.com, but if you want to buy it on Amazon India then keep scrolling and you will see a search bar. Just go down and search it there.
- Start a side business
Starting a side business is not always being a street vendor. You can do various side businesses. And if you do this, then you can buy the assets and then give this job to someone else. They will get a job and you can earn passive income. This is also great idea.
There are many side businesses like you can put a vending machine. You can put it at places where people usually come and are free. So they can do time pass here. Their time pass could get huge sums of money. And if you put a gaming machine, then some people are so egoistic that if any of their friends has done something better then they can go home empty handed but they can accept that they have been defeated. These people are the real profits. You can even put challenges between friends. You can give small prizes. If the prize is having small monetary value, its OK. But remember, emotional value should be big.
A teddy bear means very much to girls, even in twenties. But it should be very cute. For males, the feeling of having defeated their friends ia enough. You just need to make it mandatory for them to accept it there. They may come back because they loved the feeling.
You can start other side businesses also. Just start a teaching institute. You can do this because education sector is growing very much. Now education has already became business. You can try to look for teachers who are not happy with their jobs. There are many teachers, or I should say most of the teachers are not happy. This is the main reason that our country is not developing. But those who cant do anything come to teaching. I don’t mean everyone does this. I mean that many people. Many of my high school teachers in this category. And even today they are there in this category.
I have never done a 9-5 job but I am not in the category. They are there because they are satisfied with what they have. Or they have given all the responsibility to time.
- Give house, shop, car on rent
This is not something very new that I am going to discuss. This is awesome if you are a social person. You can give your house or a few rooms on rent. But the condition is that you are not living on rent. This can give you an extra source of money for no investment.
If you have any shop then give it one rent or you can give it on partnership basis. You can fix a certain percent which you want out of the total sales. This would be amazing because you can earn much more then the rent if the shop starts growing.
Now, Ola, Uber is employing many drivers. But some want to be a driver but don’t have enough money. So you can give it to them and ask for commission from them. Or you can yourself drive if you are free. If you love meeting people and talk to them then nothing is better than this.
- Lend money to friends, relatives
If you have money and your relatives need it, then you can lend it for a little interest. Ask them a better price then the bank. Then give it to them. But if you are hesitating to ask for extra money, then it’s not yours. I mean, just say them that its your friend’s money so he is asking for that. If you don’t have money then do this only.
Try to get the money at no or very little interest. Then do the trading. This is not wrong because it is better than the alternatives. So I hope that you liked this idea. But if want something better then keep reading this article.
If you have understood the earlier steps and you are confident then….
You can ask for money and invest in the stock market. If you have done it previously then, only try this step. You would have gained confidence to do this till. But all the articles and magazines are useless, if you have not tried.
The benefit of this step is that you get more money which can increase your earnings. Otherwise with little money it takes more time to reach here. I hope you understand.
- Make an app or apps
This is something which will grow in future. Nowadays people are used to apps for everything. If they need to get information they have app. If they want to contact friends they have app. For shopping they have app. If they want food they have app. When they want entertainment they have app. If they want to pay bills they have app. Even if they want to marry they have app. I think in future even for kids there would be an app.
So you see everything is being done on apps so why don’t you come to the market. Creating apps is difficult, I don’t deny. But it is not difficult because coding is difficult. It is difficult because thinking of a new app is difficult. You can make an app online without coding.
But if you have an idea of a great app then you can go to a software company to create the app for you. You need to pay them but it is OK. So don’t be cheap and invest money on future.
- write books
This thing looks like Rocket Science to many people, which it is not. Writing books is not that much difficult as it seems. You don’t always need to 1 lakh words in a book. You need to start small. If you want you can publish a short ebook on Amazon Kindle. Then you start getting royalties which could be 70 or 35 % of the price. The MRP consists of price with tax. They give royalty from price only.
This is just the starting and after you can go to private publishers for paper books. Start this and don’t hesitate just because others don’t do this. If everyone will do then why you will make money?
If you are interested to know about J.K.Rowling then this book can help you for that. To get the book on Amazon.com click here.
- Do patent and take royalty
Well, this is really one of the most difficult tasks. This basically means that you invent something and then take patent and then take royalty. This thing is not having any guidelines. Any idea just comes to your mind if it is humble enough and nothing else.
- Start YouTube channel or blog
This is not difficult and you can see many videos and blogs regarding this. this is also good because it is passive. even when you sleep someone may be watching your videos or reading blogs. may be I am sleeping this time.
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