Having a 9 to 5 job might be luring for those who usually enjoy their own comfort zones but it can eventually prove to be monetarily insufficient. Your current job might not be able to carry the huge strain of the bills flooding in. To make both ends meet, you might even decide to do double shifts or 2 jobs simultaneously in spite of the fact that how hectic and robotic that can make your life. There are more effective ways to have multiple streams of inflows that usually require one-time investment of time and money and you’re good to go.
So, Here Are The 10 Ways You Can Earn Passive Income:
1. Invest in Real Estate:
Real Estate is considered a relatively safer mode of investment. It involves buying, holding and then selling properties and making money out of the price appreciations. Although the initial investment usually requires a big sum, yet the steady flow afterward is a relief.
2. Rent a Space:
If you have your own personal house and a couple of rooms of it are unused, you can set it up as a vacation rental for guests and tourists. You can also even put it up as a space for rent on Airbnb or on a similar house rental website.
3. Invest in a Business:
One way of having a passive income is investing in a business. Being a non-active partner in a business gives you the freedom of exemption from the day to day business operations but still be able to reap the profit it makes.
If you own something that you created and has a wide range of audience as well who would benefit from it, you can patent your product and let businesses use it. Large businesses pay royalties on the use of your intellectual property.
5. Portfolio with Dividend Paying Securities:
Owning a portfolio with a diverse set of securities, mainly those who pay dividends on fixed intervals, ensures a steady flow of income periodically.
6. Manage Financial Plans:
If you have a concrete knowledge base of financial investments, you can charge people for managing their investments and devising their financial plans.
7. Blogs and Websites:
If you own a blog that engages quite a number of visitors and have a knack for good content that you post regularly (not necessarily daily), then you can set up AdSense on your website to advertise products and earn whenever anyone clicks on the advert links. It’s that simple! You can also choose to build websites for clients, it takes some efforts but pays a great deal.
8. Write an eBook:
You can write an eBook with original, informative content and sell it up in a bookstore. It’s a one-time effort and once you market around your book through your blog or network, it starts selling out and there you have a steady passive stream of income.
9. Build an Application:
Building an application and putting it up for free on PlayStore, or App Store, can help you earn through advertisements you place in between. Your application just needs to be useful, original and engaging. You can even place an ad-free version where the user pays a small amount to get rid of the ads.
10. Sell Your Art:
You can create music or artistic paintings or even graphical content and sell it up online. There are websites which allow you to upload your art on their website and pay you a certain percentage for every time someone buys it from their website.