“If you don’t find a way to make money in sleep, you’ll work until you die…!!” This quote by Warren Buffet is timeless and applies to everyone, no matter what the age is. Passive income is essential to sustain a premium class lifestyle. But many of you would be here to know ‘What is Passive Income?” Well, we’ll tell you just that and five easy tips to earn passive income online.
What is Passive Income?
Many people confuse the term passive income with an imaginary scene where they are just ‘chilling’ on the beach, and crazy money is crediting into their bank account. This is entirely off the tracks. To earn a passive income, you’ll still have to work. Maybe you can do it smartly and work a bit less.
The only difference between a passive income and an active one is that you will get paid once when you earn active income, and that too by doing the work then and then only. When it comes to making passive income, there’s no upper cap to the money that you can get by working once. The tips mentioned below can help you earn a reasonable sum of passive income.
Sell Your Art Online
If you are an artistic person, you should monetize and offer your art online for art lovers to see and purchase. If you are a photographer, you should market and sell photographs online on websites for handsome revenue. Another option is to make your website and display your photos and invite people to buy them.
Same way, if you are an artist, you can sell your art online on different e-galleries. This way, you’ll have to make your art or click a photograph once, but you’ll earn revenue passively. You can also put up your photos on the websites that sell stock photos and make regular income through your arts and skills.
You should also keep your photographs and other art safe against online piracy. You can either encrypt them with copyright infringement. Some different ways are:
- You can upload low-quality images of your creatives so that no one copies them.
- If you use a watermark, then also, your creatives will be safe against piracy.
Manage a Blog
If you are good at writing and willing to learn some SEO, you can become a good blogger. You just have to keep writing posts that everyone would want to read. Once you start posting original posts that pack real value in them, you’ll witness increased traffic on your website. With passing time, you can monetize your blog with Google Adsense. Eventually, you’ll start generating handsome revenue that you can proudly call your passive income.
You can also boost your earnings by using good SEO practices on your website to increase the visitor count and improve your search engine ranking.
Start Investing for Dividend
‘Save Money & it will save you.’ Saving is also earning. This term is quite right, but you need to modify it a bit if you want to use it today. You should know that only saving would not do, and you’ll have to invest it to save your money from inflation.
So start investing right now and get regular returns on your investment. The good idea is to invest in dividend-paying stocks. These shares are of the companies that are profitable enough, and they reward their shareholders with a dividend. You can expect returns of 12% to 15% annually in the share market if you invest in fundamentally sound shares. The income from all the returns and dividends will be your passive income.
Sell a Course
If you are good at something and that thing’s popular among people, why teach it for free? You should create a course around that topic and upload it on your website or some other platform. Whenever someone signs up to view your course or purchase it out of curiosity, you will earn a royalty. This will be your long term passive income because for as long the course stays online and people see it, you will get your share of the revenue.
If you wish to monetize your course partially, you have the option to do so. You can publish it on YouTube and let Adsense work for you. This will be your long term passive income because for as long as the course stays online and people see it, you will get your share of the revenue.
If you want, you can also start training one on one over the internet, but this wouldn’t be a part of your passive income, as here, you’ll be actively working to earn.
Rent out your Home/Garage
If you have some vacant rooms or a garage, why waste space? You should advertise your property for rent online. This way, anyone in need would know that your property has a vacant room or an attic, and they’ll show interest in renting the same. If you have minimal or no use of that space, you can easily rent out and get regular add ons to your passive income.
Apart from regular passive income, you will also have your space maintained if someone uses it.
This article briefs you with the top five passive income ideas that you can use to generate regular passive income, from investing in dividend-paying stocks to renting out your unused property. Use them and up your lifestyle.