No, not literally chanting mantras won’t make money slide right into your pocket or bank account! Now imagine making money while sleeping, fantastic isn’t it, Everyone wants to be rich, but nobody wants to do what is takes!
So, follow these Ideas which will help you make money passively, Let’s begin by defining ‘What is passive Income’ Basically, any source of income which requires little to no effort to earn and maintain.
Here are some ideas for passive income:
1.Divident Stocks– Dividend stocks are usually well-established companies with a track record of distributing earnings back to shareholders, Meaning if you own some amount of shrares in their company, then they will pay you money at regular intervals(per annum, quaterly…)
To calculate dividends received, you can simply multiply how many shares of the stock you own on the ex-dividend date times the dividend amount. To determine the dividend yield, you’d divide the annual dividends paid by the price of the stock and then multiply that value by 100 to get a percentage yield.
For this you need to invest in companies that provide dividents, And search for compaines that give high divident yeilds like, annual returns of 15%, 20%, or even 25% and start investing in them.
Then you’ll have a regular source of income and you can keep increasing them! by investing more and more!
2.Rental Properties– Real estate is usually a long-term game where the gains tend to come over time. But however you invest in real estate, you can make money if you follow smart principles of investing. When financing property, make sure you can afford the payments when you take out the loan.
Then as you pay down the loan over time, consider how you might be able to reduce the interest expenses still further based on your solid borrowing history and lower outstanding loan balance.
However, there are risks to this like:
- Is there a market for your property?
- What if you get a tenant who pays late or damages the property?
- What if you’re unable to rent out your property?
But if there’s a solid market where tentans are willing to pay rent, then it’s a win!
As Robert Kiyosaki said “Real estate is like the game of Monopoly” “Four green houses, One red hotel”
Accumulating smaller properties and lands, then it eventually becomes a massive property and probably end up renting a hotel and earn a ton of money!
Technically, this is easier said then done as it takes time, money and patience to achive a success of this level.
3.Creating a digital product-While courses are technically, digital products you can sell over and over, there are other types of digital products you can get your hands into.
I’m talking about e-books, online instruction guides, and basically anything else you can market and sell online.
Think of an online product you can create that solves a problem or provides a service. Once you create it, you can sell it over and over and earn passive income in your sleep.
Think on a bigger scale, which is easy to make and sloves a pretty good problem faced, if you can think of that, then your product/services will sell eventually.
Online courses, especially video courses, can provide a good resource for people and help them digest the information.
Online courses are easily accessible and convenient for users to fit into their schedule. They can also complete them at their own pace. Or
Consider Photography, If you have an eye for a great picture,turning your hobby into a profitable business.
You can sell your photos individually or make them a part of a subscription-based bundle in order to retain customers.
There are many websites out there that help photographers get their photos noticed by more eyes.
4.Affiliate Marketing-Affiliate marketing is considered passive because, in theory, you can earn money just by adding a link to your site or social media account.
In reality, you won’t earn anything if you can’t attract readers to your site to click on the link and buy something.
If you’re a beginner then focus on producing quality content and getting enough traffic into your website or blog. In theory, When a visitor clicks on the link and makes a purchase from the third-party affiliate, the site owner earns a commission.
With affiliate marketing, website owners or bloggers promote a third party’s product by including a link to the product on their site or social media account.
5.Savings account– Most of the people already know what this is, it’s pretty simple you basically deposite a certain amount into your banks saving account and the bank pays you intrest, a percentage of the amount deposited.
Each participating bank can insure deposits up to at least $250,000 per person—$500,000 for joint accounts—so if you have more money than that, storing your cash in more than one bank should ensure that your money is protected.
It’s genrally smart to spread the amount into diffrent banks, to have higher intrest rates and as a safety feature.
Therefore having one or many sources of passive income can be a great supplementary source of funds for many people.
It can prove to be an especially valuable lifeline during a recession or during other tough times, such as the government lockdown imposed in response to the global pandemic. Passive income can keep some money flowing when you lose a job or otherwise experience some financial hardship.
Good Luck Making Money!!
(p.s comment down some ideas to write about!)