What is Passive Income?
Passive income is the revenue earned through various channels with minimal effort or daily maintenence on the individual’s part
Here are few ways on how one can boost his income,
a. Invest in High-Yield Savings
a. Savings account maybe the most boring of all ways gain interest on savings. Try researching the fixed deposit rates with the banks in your country or mutual funds or banks offering special schemes on particular savings account. Leverage your deposited money and gain interest on it
b. Invest in Lending Club
b. Google ‘Lending Club’ which is a peer to peer lending platform where investors can earn interest in excess of ten percent per year – about ten times than that of a conventional interest bearing investment.
c. Invest in High Dividend Stocks
c. This requires a bit of research and knowledge about the financial markets but the returns are huge. Once needs to understand which stock is performing well and which stock is providing high dividends. Investing a tidy sum in buying few of such stocks would ensure a steady annual dividend from them.
d. Rent Your Space
d. There are portals such as AirBnb, OYO and many regional ones which now enables one to use the space in his house to host a guest and gain income. The rentals at these places are lot less expensive that at usual hotels and a good promotion or maintaining a positive feedback on the ratings would fetch a pretty decent sum.
e. Start a Blog
e. With content marketing coming up the way and internet penetration growing over time, bogging has come a long way to be a part of one of the most convenient passive income generators. Creating a blog revolving around a particular area, continuously increasing site traffic and in turn leveraging them to generate income by the clicks on page advertisement is one of the most effective ways of generating revenue from wherever and whichever part of the world one is.
One may also look at buying a blog which has considerable traffic and have Google Adsense. Usually a blog sells for 24 times their monthly income which means if the site generates around 100$ a month, you may buy it for no more than 2400$ giving you ready revenue. Some sites have such evergreen content that they keep on generating revenue for years even after they are abandoned.
Try searching for blog buying at Flippa which has few exciting offerings such as,
i. Including everything from small sites to ones that garner millions
ii. Currently has more than 2,000 web-based businesses for sale
iii. Based on a bidding system and fulfilled by Flippa Escrow program to ensure investor’s money and business are safely secured
f. Create an Online Course or Guide
f. If you are passionate about teaching or keeping in touch with your hobbies, you may gain an extra income by imparting your knowledge to others online. There are plenty of sites such as Qodro.com or teachable.com where you can connect to millions of students and start teaching
g. Get Online Rebates
g. As a penny saved is a penny gained, use online portals such as Skyscanner.com or Hotels.com for your travelling, gain loyalty points and reusing them on your next travel. You may also make payments via Amazon Pay or Airtel App where you get exclusive rebates and cashback and which can be used elsewhere
h. Use Cashback Credit Cards
h. Research the credit card which has maximum offerings, provides attractive credit points and has tie ups with most number of merchants. A good take home primary income would enable one to subscribe to such a card and gain on the rewards and loyalty programmes.
i. Rent Your Car or Rideshare
i. If your car is lying idle, you may rent your car to others. You may also use Apps such as BlaBlaCar.com to share your ride with a fellow traveller to the same destination and then charge him for using your car.