Last Updated on
Warren Buffet says, “If you don’t find a way to earn money while you sleep, you’ll keep working until you die.” This article deals with teaching you the ways for earning passive income.
Woah! Is this actually a thing? This looks fascinating, right? Imagine yourself doing minimal work and almost quitting your current job yet enjoying and living your life like King Size! You’d feel like you are free from the clutches of your 9-5 downward vicious job, like a bird which has the liberty to soar as high as it can.
Is earning doing almost nothing just like another false dream or a vision that needs to be de-blurred? Is this thing even real? Does this concept belong to this world?
Most of us are okay with the 9-5 job. But on the other side of the spectrum there are a hell lot of ambitious guys and girls who have the strong urge to earn maximum even during the remaining hours of their day. There are times when you can even earn in the background while you work on the front stage. Time is money holds to be extremely true here!
What exactly is passive income?
Let us all agree on this you just cannot make any good bucks just by lying on that couch munching on some chips. That will never ever happen. Many people have drenched themselves in the notion that passive income is all about earning just by only sitting. A big No!
Passive income is all about earning and getting paid almost regularly for the efforts and time that was invested maybe just for once in a lifetime. You do not have any active, actual, direct participation in any job but you do play an extremely important role as an earner. You invest some extra bucks and minutes of your life once and let the returns just flow into your wallet at intervals of time. It is like getting paid for your venture even when you are not currently working on it.
During your role as a passive earner there may be times when you’ll need to revive some of the efforts or money that was invested and that’s it! You are back on track. You can be an offline passive earner or an online one. The choice of an individual would largely depend upon the available time and resources.
To put things into perspective being a passive earner is just like stumbling upon an oil field in your own yard while strolling around. You then start selling the oil part by part by sitting around and that makes you a millionaire. That’s how the concept of passive earning is. The money flow continues in the background, only when you take the minimal effort of strolling around!
Enough of perspective and stuff! Instead of scrolling thousands of Facebook pages and Instagram posts, you can make some great use of the internet. I have researched on some pretty amazing methods that’ll help you earn some great passive income. Let us sit back and understand the actual connotation of the world and passive income altogether.
For the sake of convenience and better understanding the entire guide of earning some passive income has been articulated in the form of points. You can follow each one as –
- Offline methods:
- Renting out land and apartment
- Writing a book
- Cabs please.
- Selling off unwanted stuff
- Online methods:
- Photography is valued here!
- Online Courses
- Affiliate marketing: The next big thing!
- Employing Adsense.
- YouTube is everywhere!
- Offline methods
- Renting out Land or Apartments:
Do you have some hereditary land or some empty apartment spaces with you? Put them to some use instead of just letting them sit idle! Industries need a lot of space these days. If you can cater to the demands set up by the companies you can earn some great bucks on a monthly basis. Renting out land to industries turns out to be one of the most profitable ways of earning a passive income.
Same is the case with your empty apartments. You can set up ads for your apartment and rent it up! There are various sites that offer you services like www.99acres.com so that you can set up an ad for free. This increases your chances of getting a tenant as early as possible!
Many of the people those who live in the countryside generally prefer to rent out their own land and they are earning lakhs of rupees every month!
- Writing a book:
Are you that creative soul who loves to pen down interesting quotes and stories? If yes, then this is for you! You can write a book in your free time maybe after your job timings or during weekends and give it a shot for publishing! There are also many ways you can compile down your contents in the form of an ebook and start earning from the royalties! A statistic from the www.alanjacobson.com about author earning through royalties states that, “Typically, an author can expect to receive the following royalties: Hardback edition:10% of the retail price on the first 5,000 copies; 12.5% for the next 5,000 copies sold, then 15% for all further copies sold. Paperback: 8% of retail price on the first 150,000 copies sold, then 10% thereafter” That is actually a great way to earn some passive income once you put your efforts.
- Cabs please!
Are you planning to buy a car? Consider renting it out! If you are living in India you’ll need to register your vehicle as a commercial one for renting it out as a cab. Popularly known as the yellow number plates, these things are important if you want your vehicle to be rented out as commercial renting activity is governed by strict laws and regulations. You may visit the RTO for executing the entire process. After this process, you can proceed with registering your car with some car rental sites like Ola, Uber or Zoomcar. You’ll begin earning by hiring someone to drive your car for others. Looks complex? It isn’t.
What if I have a personal car and want it to convert to a commercial car?
Do not worry. You can convert it!
All you have to remember is your car shouldn’t be over 8 years old.
Try getting your NOC from the RTO where it was registered with the certificate.
What is your choice or requirement?
You can avail a State permit or an All India permit according to your request.
Pay the required quarterly or yearly road tax.
Once you register your car as yellow plate car, refund of road tax can be claimed which was paid during white plate registration.
- Selling out unwanted stuff:
What are the things that are just occupying that extra space in your house without doing anything? Sell them! That’s the best way you can earn money by doing nothing and later invest that money into better stuff. Buyers will come to your location to collect the goods on sale.
You need not move or disturb any of your routine people! All you need to do is place an ad on any of the online platforms and describe the condition of your product. Set a price. You are now good to go. You can use apps or websites like Quickr or OLX to host your ad for free. Buyers can leave you a message through their chat option and won’t call you in the first place. This great feature ensures that you are not disturbed during your working hours. Once the price is negotiated, you can give your contact information and proceed to sell. That’s easy, right?
- Investments! :
What did you think when I jotted down a point regarding investments? Stock market? Investing in some gigantic corporations? Na! I am talking about some low-risk investments that you can make very easily these days!
Study the entire concept of mutual funds. Ask you peers and relatives about this entire thing. Investing in mutual funds is a low risk option of investment and are generally regarded as safer than other forms of investments! Do analyze the entire thing and give it a try!
- Online methods:
- Photography is valued here!
Yeah! This is what I just love! Click some awesome pictures on the go and post it on some photograph working websites like Shutterstock.com or istockphoto.com. Once approved, you’ll begin earning as your photos are highly valued! Websites offer a percentage or a flat fee for your photos. Some may even pay you on the basis of every download that the users make. This makes you earn even while you sleep!
- Online courses:
If you have some great skills that you have learnt over the course of your life and want to share them all then, online courses is for you. You can choose your niche and beginning writing guides for people. There are people who have made a lot of money just by publishing their course online.
If creating a blog and stuff feels a bit boring and complicated for you, you can be registered tutor on Udemy.com. You can host your online course on this website as there are millions of students who are in need of it. You can add some video and audio files to make the lesson more interactive and appealing to your students. The course will be played one after the other and each time you’ll earn from it!
- Affiliate marketing: The next big thing!
Yes. You read that right. Affiliate marketing is just awesome. The tasks are simple. You need to drive forward sales for corporations. With each sale, you are then paid some handsome commission. If you are looking for an affiliate marketing program, trust me, Amazon Associates affiliate marketing program is the best one for you. Set up the website, add links of some related products on your website portal that’ll redirect users to Amazon’s Product Page. If any customer makes a purchase after clicking on the respective link, you get a great commission. That is awesome!
- Employing Adsense:
Bloggers all over the world may write just 2-3 write-ups in a single week yet they earn more than what is expected. Why you ask? All credits goes to Google Adsense. Adsense is the way Google pays you money for the space that’ll be used by it for ads. Learn Adsense online and register yourselves on their portal. Once you begin getting some great traffic, you’ll be paid in great amounts!
- Youtube is everywhere:
Yes, Yes! I know this does not require much of an explanation. Creators get paid huge for every video they upload on this awesome video sharing platform called as Youtube. You need to create a channel on the platform and once you have some number of subscribers, you can monetize your site to earn revenue. This has to be amongst the best example of earning while you sleep!
The current scenario suggests that corporations will consider kicking you out if you are not able to cater to the clients’ demands. In such a situation, every working individual should consider applying the concept of a passive income along with the active income. There are people who currently earn more of a passive income than their current active income! That’s the power of it.
On a side note I would suggest you to think twice and thrice before investing on a passive income business. There will be times when you might get extra busy and won’t be able to look after it. Whenever you’re investing something on a business, you have to learn about the sector carefully. Make an analysis. Study each threat and the potential that the sector has to offer you.
What millionaires have understood and commoners haven’t is that every second of your life is much more valuable than we could ever expect. If you understand this statement, you’ll be struck by the fact that we are wasting a hell lot of time. You need to make arrangements of earning that little extra so that the future seems to be better and even more enjoyable than the present. I hope this article about teaching you the ways for earning passive income was useful to you.
Happy Earning! Best Wishes To You!