What exactly does Passive Income mean? Passive Income is the money you generate without being actively/directly involved in the job. It is a great opportunity of entrepreneurs who are looking to free up their time from the daily responsibilities, to generate some healthy revenue. While the idea of passive income sounds absolutely appealing, but to earn steady stream of respectable cash flow from automatically recurring revenue jobs is often a difficult task.
What all is required to generate passive income? -Upfront investment, significant amount of time and patience. So here is a list of a few passive income ideas that may suit your situation and skills:
- Start a Blog: Blogs can generate a tremendous amount of money, not immediately, but after a great deal of time and effort. Apart from a creative hand in writing, you need a clear understanding of WordPress, searching engine optimization, social media marketing and the ability to write high-value content. To generate effective money you need to post articles on a daily basis, facilitate guest bloggers, maybe create an Email list, and develop a comprehensive social media strategy to promote your blog.
- Create an Online Course: See, this where all the engineers can use their technical knowledge or even their talent and convey that skill to others out there while generating a healthy passive income stream. But unlike other passive income streams, teaching online requires a sustainable amount of time. The efforts that go into creating a tutorial video are great though. You can opt for technical videos or you can also opt to teach other skills such as playing an instrument, learning a new language, becoming a photographer and so on and so forth.
- Become an Affiliate Marketer: This requires a powerful platform and a large audience base. Affiliate Marketer is a professional who earn commission by promoting other peoples’ products or services. To run an ad, you need a platform and audience, without which this job can get costly. It takes time and experience to learn the ropes.
- Real Estate Rental: The main concept behind real estate investing is to acquire a piece of tangible property at a reasonable price- an apartment, a land with a industrial warehouse, an office building, any land, find a suitable person who wants this property (the tenant) and make a profitable deal- with certain terms and conditions. Real estate is easier to understand, but direct ownership isn’t simple passive earning. To earn profitable returns, you need years of practice. A wise man once said, “Real estate cannot be lost or stolen, nor can it be carries away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.”
- Invest in Stocks: The stock market is a risky initiative, but with a few tips, you’ll be more careful. As a beginner, start with a mixed bag of stocks, to minimize risk and remain stable. Going for individual stocks is usually for the better players, who’ve spent a lot of time in the stock market, and have more time in hand. Before you make any investment, find yourself a financial advisor who will explain to in detail about the stock market investments. Before you narrow down to one broker, talk to a range of brokers, and pick one who is trustworthy and respectable.