Given the financial instability that accompanied the pandemic, many people have had to keep their jobs and make ends meet. The unpredictability of life has been shown to us on a global scale thanks to COVID-19. In such cases it can be very helpful if you have other sources of income or passive income.
There are many ways to have passive income and it can help you in an emergency. Or it can be something to fall back on when you lose your job and have to fend for yourself. With the extra cash, you can even build your retirement plan and best of all, you can get started today. But first things first
What is passive income?
Passive income refers to the income obtained from sources other than a contractor or an employer. There are mainly two ways in which one can generate such an income:
a company that does not require active participation by the individual, e.g. B. Investments in stocks, paid book licenses, etc.
In general, the initial setup can take some time and even some investment, but it’s pretty easy after that. You may need to maintain or keep your content updated. It all depends on the passive income ideas you know and then choose.
The money you can make from passive sources depends on what it is and it can be a lot or just a decent simple amount. Don’t think of it as a get-rich-quick scheme or anything. You have to try harder, and more at first, to get the ball rolling.
Some passive income ideas to choose from in 2021
A few passive income ideas in India that can help you make some extra cash on the side are listed below:
1. Equity investments
This option requires some knowledge and money. By that we mean that you need to have some prior knowledge and some resources that you will invest. It occupies a place on this list because it has proven to be a wonderful source of extra income for many.
If you play it safe and study the market carefully, you can make decent money on investing in stocks. You can buy stocks, bonds and mutual funds, among other things, and prepare for your retirement depending on your plan.
2. Quiet business partner
A different population, somewhat in the same vein as stock investing, but instead of stocks investing in a company. You are not lending money to the company, you are buying a stake in it.
After that, you will become part of the company and receive a percentage of the profit, and the money you invested will be backed by part of the company’s assets. There are several websites that can help you find companies that are looking for silent partners.
You don’t have to borrow money from a friend or acquaintance, but instead choose from a number of promising startups and small businesses. In addition, you can also minimize your losses by investing small amounts in multiple startups instead of just one and generating additional income.
3. Sale of stock photos
While this is a bit of a special option, for those who enjoy taking photos and clicking lots of pictures, you can sell your photos through stock photography sites like Shutterstock and make some extra income.
These photos can be about anything and belong to a variety of niches, such as travel, food, or anything else you want to cover. Your photos may be put up for sale by registering as an independent photo on the various stock photography websites.
While this can be quite time consuming, for those who enjoy taking photos, the time invested in the time will only be enjoyable. Additionally, gaining financial independence is about giving you time to do more of the things you love.
The following options (4-7) are all related to digital marketing. If you are looking to go with these options and more, taking a digital marketing course may be in your best interests as it would make the whole process a lot easier.
4. Affiliate Marketing
Blogging, which falls under the digital marketing content marketing channel, is another great way to make a decent passive income. If your blog is getting some decent traffic, a great option is to use ads and get paid for every click or view the ads get.
The more you grow, the more people visit your blog and the more you earn. Affiliate marketing essentially refers to promoting products and generating a certain percentage of sales. Just provide a link to the product / service and earn.
5. Drop Shipping
With ecommerce so successful these days, drop shipping is a great way to generate extra income. What you need to do is set up an online shop that sells products from certain manufacturers.
If you want to buy these products, you can get them directly from the manufacturers. That way, you don’t have to do an inventory, you get a commission as it was bought from your website.
6. App creation
Having an idea or working with someone else and creating an app is another great addition to the list of passive income ideas. You may just have to invest some money first if you hire someone to do the technical work for you and other miscellaneous expenses.
If the app is well received and doing well, you can make money after going public and then generate an income. You’ll keep making money as more people download it and you can even include in-app ads that will make more money. But that depends on you.
7. Operating a YouTube channel
Each of us has different interests. It could be cooking, traveling, taking photos, playing games or something else. You can actively turn that passion for a specific activity or topic into a YouTube channel.
All you need is your phone, good internet, and the determination to get started. As you create more and gradually increase your followers and viewers, you will get sponsorships and even run ads for a good extra income.
Life is so much more than just your desk job or that secure 9-to-5 job. By this we do not mean that you should quit your job or anything, but do be aware of the different opportunities we have that can help you make additional income.
This is just our list, but if you look up, you’re sure to come across several other passive income ideas just waiting to be explored.