Smart Ways to Earn money through Passive Income in 2023

Smart Ways to Earn money through Passive Income in 2023

What is passive income ?? 

Passive income is nothing but money earned through with little or no ongoing effort. In addition to, passive income does not require too much of money and time. It does not involve active participation.

Passive income is helps you to boost your earning on day-today basis.

The main goal is to earn money while you sit at your home.

After COVID days, passive income gained a significant importance in every person's lives. To gain additional money you have to invest some time and money. But yes, passive income makes you feel more confident about your dream life with no stress and anxiety.

WHY DO YOU NEED PASSIVE INCOME?

Passive income is a great way to create security, stability and freedom in your financial life. Also, you can achieve your dream and luxurious life while sitting at your home instead of spending your day working for someone else.

Here are some ways to use your passive income

1. Find your children's college funds
2. Achieve financial freedom
3. Go for World Tour
4. Pay off your debts
5. Set up your retirement fund
6. Invest in your goa

PASSIVE INCOME IDEAS

1.Investing in Rental Properties: 

      It is one of the oldest ways to create long-term wealth.

A Cash-flowing rental property is a fantastic way to bring monthly income.

To earn Passive income from rental properties you need to determine three things

• How much return you want on the investment
• The property's costs and expenses
• The financial risks of owning the property

For Example, if your goal is to earn $10,000 a year in a rental cash flow and the property has a monthly mortgage of $2,000 and costs another $300 a month for taxes and other expenses, you'd have to charge $3,133 in monthly rent to reach your goal.

It is says that the more property you have, the more rich you are

2.Publish E-books:

        If you are enough knowledgeable in your area of expertise, you can grab this opportunity to take this approach to a whole new level and try yourself writing a book.

I'm pretty sure that it's time taking process, but in the end, it can produces long-term income.

There are many places where you can publish your books like Amazon and so on. These Platforms are always open so the book can make money no matter what you are up to.

Yes, Even if you prefer to sell physical copies, with print on demand, there's that possibility too.

Here are few good resources on writing an e-book:

• https://blog.hubspot.com/marketing/how-to-create-an-ebook-free-templates
• https://www.thecreativepenn.com/how-to-self-publish-an-ebook/

3.Enroll in Affiliate Marketing Schemes:

        

        It basically means that you promote the products and services on your website or blog and refer others to them with a special link.

        If one of your visitors clicks on it and makes a purchase, you get a share of the sales price.

The cool thing is that, you probably already know and use a number of products in your niche. Now you have to do is find out if they come with an affiliate program or find the product in other places that do, such as Amazon, FlipKart and So on.

Here are some References:

• https://affiliate-program.amazon.in/
• https://affiliate.flipkart.com/
  

4. Launch your own YouTube channel

      If you are knowledgeable enough in your area of expertise , you can take this opportunity and start YouTube Channel.

Isn't It Pretty cool that you earn money just making videos on YouTube.

It's time consuming, but at a long-term process, you earn money through that

The Cool thing is that you make videos of anything like Funny Videos, Craft and so on.

5. Assess your skills in FreeLancer:

 

    If you have expertise on tech related field you can take this opportunity and try your skill in Freelancer Platforms such as UpWork, Fiverr and so on.

It is a marketplace for freelancers in fields like writing, Graphic Design and web development.

These sites help professionals find projects, communicate with clients and get paid. In short you just have to complete the tasks and earn money

6. Create Software

  

    Another form of  passive income is to create software. This can be anything from programs over web applications to mobile apps. Classic examples in the WordPress sphere are themes and plugins.

The cool thing is that you don’t even have to be a developer yourself in order to create a product like that. You simply need a concept and can then hire others to create it for you.

Isn't it pretty cool that you don't need to code , you have to just use ready-made software like WordPress.

Once in existence, like an e-book, you can continue selling your software for a long time. Sure, there may be updates necessary every now and then but you can outsource that as well.

7. Buy Dividend Stocks:

You might not even think of stock investments as a way to earn passive income, but they can be.

Dividend stocks typically pay 1-10% of your investment value in cash each year, and you can use that cash for whatever you want

Some of the top dividend-paying stocks include blue chip companies and real estate investment trusts(REITs)

You can also find ETFs that focus specifically on dividend stocks if you don't want to pick individual companies to invest in

The thing to consider is the most companies pay out dividends on a quarterly basis, so you can look for companies that pay in different months.

Another thing to think about is how stable a company's dividend is. The best dividend stocks are those that have consistently paid out for decades and that consistently raise their dividends to keep up with the inflation.