9 ways to earn passive income to boost your bank balance
“If you don’t earn while you are sleeping, you’ll have to work for the rest of your life!”
It is said that to become rich, a person should have atleast 7 sources of income. Relying on only 1 or 2 sources is ‘fatal’. And so, we’ve curated a special list of ways in which you can earn ‘passive income’, that is, income generated by not getting actively involved in any work or job.
- Click pictures – and sell them
You can literally use your cameras (read: smartphones) to click pictures and sell those pictures, to earn a quick buck effortlessly. You can sell pictures clicked and owned by you on sites like iStock (https://www.istockphoto.com/in) and Dreamstime (https://www.dreamstime.com/).
Here’s a pro-tip – travel photos are most popular. Food photos and photos of humans also sell like hot cakes.
- Instead of idle money in banks, try P2P lending
This is a great source of passive income. P2P lending is a lending marketplace connecting people who need money with people who are willing to lend. With P2P lending, you can lend money online to earn great returns. If you are an investor, you can earn more by lending, rather than letting your money accumulate in banks. Although the risk is slightly higher, but so are the returns. Lendbox (https://www.lendbox.in/) and iLend (https://www.i-lend.in/index.html) can get you started within minutes.
- Become a social network advertising representative
Social network advertising representative is one of the best passive income ideas to earn good money. If you have good numbers of followers on the Facebook page or any other social media pages, then you can allow advertisers to rent your space in return for money. This source of passive income has huge potential, thanks to the digital boom. You can also promote brands on your page and charge a hefty sum for the same. Some brands pay customers to even share reviews and images of their products. Pick a brand and get started.
- If you’re not using any real estate you own for a few days, simply rent it
If you happen to own a home, apartment, or office space, you have a great source for generating passive income at your fingertips. Peer-to-peer property rental site Airbnb has made it extremely easy for real estate owners to make extra money by renting out their homes to guests for short durations. So instead of locking your real estate for a few days, simply rent it and earn passive income.
- Start a podcast
Forget YouTube and videos, an easier way out is to start a podcast – all you have to do is simply talk about a topic you have knowledge on, and simply share it on platforms like iTunes. Today, many people are moving towards the ‘podcast culture’ because it’s one of the best ways to get informed while doing something else, like travelling, cooking or even working out. So, simply read up on a subject you like and start talking..
- Referral marketing
Referral marketing, or affiliate marketing is all about driving sale for another entity, which then pays you a commission for each sale it acquires through your efforts. There are several companies that work on this model, selling everything, right from day-to-day items (like cloth bags, cosmetics, utensils, etc.) to luxury products (like bags, and even properties). Pick a product and simply get started.
- Sell stuff you don’t need on OLX or Quikr
Instead of hoarding things you know you’d never use, sell it on these online classified websites and earn some money. You will be surprised as to what all is purchased and sold on these platforms. Chances are, you’ll atleast find 1 buyer for whatever it is you want to get rid of.
Pro tip – you can also buy old items which are available at a low price, re-furbish or decorate it and sell it back via the same platform at a higher price, thereby pocketing the difference!
- Create an online educational course
Online learning platforms have become extremely popular in recent years with people using platforms like Coursera, Lynda, and Udemy for learning courses about their specific interests. If you are knowledgeable in any field, whether it’s web programming, photography or digital marketing, you can create a course on platforms like Udemy (https://www.udemy.com/) or Unacademy (https://unacademy.com/) and earn money when users register for them.
- Watch videos and play games to earn a quick buck
Yes, you read it right, all you need is internet and a smartphone and you can create accounts with sites like AdSital Solution (https://www.adsitalsolution.com/) that pay you for watching videos or playing games or taking surveys. All you need is 10 minutes a day to get started.
So, just go ahead and do it – start NOW!
Also read: Don’t be a victim of stress, make it your strength. Here’s how:
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