Passive Income the word defines itself. It is that income which comes regularly through other sources other than your regular work like a part Time side business. Before I go further in detail about Passive income and tips on generating Passive income I would like to give you a detailed meaning. In Other words it is actually a very convenient way of earning some extra bucks without any of your active involvements. For Generating Passive Income You Just need to pay some extra efforts in the beginning and the rest goes conveniently. There are basically two types of Passive Income.
- Residual Income is that Income which comes after some time of the work done.
- Leveraged Income Is that Income which comes from the work done by other people.
Following are some tips For you to generate Passive Income:
- Insurance – By becoming an insurance agent one can generate commission based income every year that too along with you normal job or business.
- Network Marketing – Try your hand in product selling and you can have some direct regular customers which will direct pay you for the products they reorder on regular basis.
Professional Writer – If you think you write good then you can be a good part time writer now it depends on you whether you write e-books or your own books and a lot of other options too like Blogging, Newspaper Articles etc etc.- Produce Health Videos – If you are a health freak and think you can spread the word of fitness then record some of your videos instructing people about there diets and workout and can sell them on your local health clubs and gymnasiums. You never know when it can hit the commercial stores.
- Good Speaker – You think You Have that motivational vocal cords and that convincing power to inspire people or help them come out of there worries then you can definitely become a motivational writer or speaker and can then record or print your speeches and distribute amongst the localities.
- Online Advertising – You are an Internet Freak sits online the whole night after your job have a popular blog or website of your own, what else you need? You can offer advertisement space on your website and can sell the space for good money. So set an add once and you get money every month or the particular time for which the add is set on your website .
- Blogging – Blog anything but should be unique and of peoples interest, after that just sit and earn through Google adsense or anyother advertising program, just update your blog regularly with such content and you’ll be making handsome amount of money within few weeks.
- Reselling – you can be a reseller and sell people around you, other people products or services and you get the commissions. Just have to be good at those marketing tactics.
- Become a Dietitian – If you are good at analyzing food then go ahead and become a dietician write your local articles and tips on loosing weight with dieting and you’ll be having a long line of people outside your apartment soon.
- Real Estate Investment – Investing in real estate sounds big but is a very easy instrument for generating passive income one just have to put some money and rest enjoy the rent income. Then after few years you can sell the property to take advantage of its appreciated value. which becomes an investment asset in future.
{ 3 comments… read them below or add one }
Passive income is one kinda of source that anyone would love to have.
Well, it takes a lot to get to that level where you can create multiple passive income sources for yourself and live grand size.
Very well written article. I must say you have covered quite a lot of ground on sources of Passive income.
Some of them are really unique to me.
I agree on most of your points, but I think some of them require a very high input of energy and time, for example the advertisement space selling. It requires you to have a website that is high in demand, where people WANT to invest, a niche.