Passive income is the income from sources other than the work in which you are actively involved. There are many people who have a daily job in which they are involved in the day time and want some extra income. It is not enough to save some extra money but also you have to think of earning extra money.
Those who did not read, I recommend you to read one article ‘Five Simple Money Hacks in India which Help You to Save Big’.
The extra income is required for some persons to retire early or to get something extra in their life. Some may be unhappy and really want to leave their day job to have a better life with friends and family and spend the life with their own terms.
It may sound easy but it is very difficult to have a sustainable second source of income without leaving the job. Here I am trying to list out top 10 feasible options by which you can figure out how to earn passive income online.
Blogging can be taken as a part-time profession without leaving your day job. If you are interested in traveling, food, photography etc. write your experiences and views in a blog. There are people around you who want to know about different topics from hands-on experiences. You can help them by reaching to them through a blog. To write articles, you need to be a full-fledged writer or a great skill.
Just you need to pen down your thoughts and experiences in a lucid way which can impact others thoughts and mind. But you cannot generate overnight income from your blog. It needs dedication and continuous involvement. You have to be regular and sincere with your blog and writing.
If you are already a good writer, you can take writing as your profession. You can write a book and publish directly on Amazon Kindle. It is a self-publishing platform where you can publish your book by yourself for free. If you are good at writing articles on different topics of your choice such as photography, travel etc. you can write the same for others.
There are various content exchange platforms where the buyers of contents such as website owners, bloggers request the writers to write articles for them. You will get paid in lieu of the writing of the article. One of such popular platform is Contentmart where you can write articles as per the requirement and earn money. This platform can also be used by bloggers (Covered above) who don’t have enough time to write but have a great idea in mind.
Buying and Selling of Domain:
Once I was thrilled by seeing this news ‘Mark Zuckerberg buys domain name from engineering student in Kochi’. Then I started searching about this and came across this work of buying and selling domains. Investing in domain names can be one of the alternative investments such as collecting coins, paintings etc.
Moreover, Every business is now going to have an online presence and there is a serious demand of having different domain names to showcase the business to the world. Online presence will surely grow consumer of an existing business. Flippa, Namecheap is the leading marketplaces where you can buy and sell the domain and earn money.
Freelancing is one of the options by which you can start earning passive income. You can use your existing skill to do the jobs or you can learn new skills to get a job of your interest. But if you think you are done with the sign up with the websites like Freelancer, Elance, Upwork etc. is the only thing to bag a project, you are wrong.
There are the number of freelancers in these websites who are eagerly waiting for the work which you also want to do at the same time. You need to be patient and showcase your work in such a way that people get interested in you. You have to think about the value what you can add to your customer. With this right approach, you can be successful as a freelancer in your domain or area.
Odd jobs on Mturk and Fiverr:
You can do various odd, tedious and small jobs through Amazon Mechanical Turk. You have to log in this website as a worker. Several studies, data entry jobs are uploaded by the researchers, businesses for the online workers. The tasks in the Mturk are called as HIT. You have to scroll those jobs and accept the jobs which you want to do. You submit your work after finishing it. After approval, the money will be accrued to your Mturk account.
After achieving a certain threshold amount, you can withdraw the same to your bank account in INR after deducting the commission. You can also refer a detailed review of mturk from Mike Naab, a renowned online entrepreneur. I have also done some work on Mturk and earned money. Here is the proof, one of my cheque.
If you are good at various odd jobs such as logo designing, photo editing, promoting websites, increasing social media follower etc. you can monetize your interest by doing some work for others. Fiverr is such a marketplace where you can meet some of the buyers of those jobs which I have mentioned above.
You have to showcase your work and purchasers will contact you. You can also contact the buyers of the work which is comfortable to you. The minimum earning is $5 per gig of which $1 goes to Fiverr as commission. So, start at Fiverr with a unique gig which will attract the buyer to take your service.
You can buy dividend-paying stocks or mutual funds and have income in regular interval. The companies are giving the percentage of profit to the shareholders of the stock of the company. Some companies have very sound track record for paying the dividend to its shareholders. If you are not comfortable with the direct trading of stocks you can try mutual fund.
Moreover, the dividend is also tax-free so you need not pay any income tax on this income. Zerodha is a good discount brokerage firm to start with the trading of stocks. Also, Zerodha has started Zerodha Coin for investing in the direct mutual funds. If you are interested and make long term profits over investing in stocks, read some books on stock market investing and grow your knowledge.
Start passive income today by opening an account in Zerodha.
If you are passionate about teaching and that too you can do it from your home while sitting at home. The only thing you need is a computer with a webcam and high-speed internet. You can teach the conventional subjects like Physics, Chemistry, Mathematics, Economics etc. or Finance, digital marketing, computer languages etc. Also, you can prepare some notes and sell to the students who need it. There are several websites like Vedantu, Transtutor etc. are really doing a great job by bridging the gap between both the communities I.e. teacher and students.
Network marketing is a very popular way making passive income. It is very flexible in every aspect of a business. Sometimes it is called as Multi-Level Marketing or Chain marketing. You have to join a company as a distributor and influence others to join as a distributor and use the products. There are various big companies like Avon, Tupperware, Amway, Oriflamme etc. are using network marketing to increase their business. When you or some of the distributors who have joined under you buy a product, you will get a commission for that.
Are you good at making videos? Then, here is the way of making money. Start a Youtube Channel and upload the videos. As an example, if you are good at dancing or singing, make a video and upload on the YouTube. You can also upload the video of preparing various dishes if you are good at cooking. When your videos will be viewed by millions of viewers across the world, you will get paid for the advertisement.
This is very good source of income which is getting popular day by day. There are many instances where people are earning a very good income from YouTube videos. Chu Chu TV which creates animated movies for toddlers and kids has 10 million subscribers and earn around $15K per day.
Peer to Peer lending:
Peer to peer lending is a relatively new concept in India. It is the practice of lending money to an individual for business, emergency etc. by other individuals who want to lend money to borrowers. You can start your interest income by lending the money to borrowers. The interest rate is between 12% to 18% which you will get as a lender.
There are several websites like Faircent, i2ifunding, Lendbox, Lendenclub etc. Recently, RBI has proposed these businesses to register as an NBFC by which it can be monitored regularly.
You can start any of the above ideas according to your choice. But as I said, it will not be easy to turn those ideas into success. Your continuous effort, hard work, and belief in yourself can make you succeed in future. Take one day leave from work, think about the ideas, and analyze whether you are really passionate to generate a passive income. Plan strategically to use your daily timings to build a successful venture. All the best wishes to your future.
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