How to Earn Passive Income

What is the meaning of Passive Income?

Passive Income refers to an income earned through fewer efforts. In layman's terms, we can say that the Passive income is opposite to the Active Income. Generally, this type of income is undertaken by a person in addition to the Primary Job. They are the perfect example of 'Work Smarter, not Harder. Passive income is a great source of income and can help an individual to grow financially. People undertake Passive income options which are in line with their hobbies so that they can generate a good amount of income from the activities which they like doing. 

Source of Earning Passive Income 

1. Create your own YouTube Channel - YouTube is a great platform that is gaining popularity day by day. There are many YouTubers who are making good money with YouTube Ads Revenue. As per globalmediainsight.com, YouTube has 122 million active users daily. 1 Billion Hours of content is watched every day on YouTube across the world. On average, every visitor spends 16 minutes and 44 seconds on YouTube every day. You can start your own channel on YouTube. Some categories for YouTube content are - i) Travel ii) Food iii) Art iv) Autos v) Film and animation vi) Entertainment vii) Fashion viii) Health etc. You can create content in any category of your choice. Choose the category depending on your interest, knowledge, experience, and skill set. How to create a YouTube Channel - https://support.google.com/youtube/answer/1646861?hl=en                                                                               
2. Blogging.                                                                                                                                                  Blogs have been really popular over time. Blogs are one of the best ways to create a massive source of Passive Income online. You can monetize your blogs, and earn a good amount of money. Let me show you How to monetize a blog. Here is how you can start a Blog.                                                                                                               
3. Affiliate Marketing.                                                                                                                                Affiliate Marketing involves selling products that belong to someone else, and you will get a certain percentage of commission on every sale made by you. There are a lot of sites including Amazon which allows you to register and work as an Affiliate Marketer. You can promote the products by sharing Affiliate Links through YouTube channels, Blogs, Facebook, Instagram, WhatsApp, etc.  
4. Invest your money in the Stock Market                                                                                                      This industry is growing, and many people are entering into this field to earn money. You can invest your money in - Indian Stocks, US Stocks, Mutual Funds, Intraday trading, Exchange Traded Funds (ETF), and Gold. Basics of Stock Market. For starting an investment, you will have to open an account with a Broker.  Steps to start investing in Stock Market - 1) Choose an appropriate broker - How to choose a Broker 2) Open an Account with the broker 3) Sign in to your account once it is activated. 4) Pick up the stock you want to invest in and buy it. 5) Once the purchase order is executed, your Share will be reflected in your Account. The stock market is volatile and is subject to market risk.                                                                                      
5. Rent Income                                                                                                                                                    Rental Income can be earned by renting out an asset belonging to you. You should hold the ownership of the asset that you are planning to rent out. You can Earn Rental Income by giving a house, garage, open space, car, furniture, computer, laptop, etc. on rent.                                                                                          
6. Social Media Influencer -                                                                                                                      Social Media Influencer means utilizing the various social media platforms to express your opinions or give reviews on specific brands, products, etc. The Social media Platforms are - Snapchat, Instagram, Facebook, Twitter, etc. In Social Media Influencing, the person first has to gain a good number of Followers and gain an influencing power to engage with their followers. Once you have enough followers, the brands or product companies can contact you for collaborations to review their products.                Collaborations can be of Two types - Barter collaborations or Paid Collaborations. Barter Collaboration - In barter collaboration, the brands send you their products free of cost and in return, you have to review them and post about them on your social media platform. Paid Collaboration - In paid collaboration, you have to post about the product/ brand on your social media platform and the brands will pay you consideration in monetary terms. You can check out detailed steps on - How to become a Social media Influencer                                            
7. Freelancing -                                                                                                                                              You must be wondering, What is Freelancing? Freelancing basically means being your own boss. Freelancers are self-employed people who are hired by other companies on a part-time or short-term basis. Generally, they get remuneration per project completed by them. Now the question arises, what type of work can one do by freelancing? So people can undertake - 1) Admin jobs like a virtual assistant, data entry jobs, typing jobs, transcription, project management, etc. 2)  Design and creative jobs like graphic design, logo design, video editing, designing a thumbnail, animations, UX/UI Designs, Videography, Photography, Art illustrations, Invitation designs, Game Designs, Game Testing, etc. 3) Writing Jobs like Copywriting, content writing, translations, editing, creative writing, etc. 4) Accounting and consultation jobs like Business analyst, tax return filing, Bookkeeping, Accountancy, 5) Financial analyst, Financial Management, HR administrative, etc. 6) Legal Jobs like Business Law, Tax Law, Securities Law, International Law, etc. 7) Data Science and Analytics Jobs 8) Sales and Marketing Jobs, etc. Depending upon your skill set and experience, you can choose to work in the field which is most appropriate for you. You can also choose to take up multiple projects in different fields and make a diversified choice to build your skill set. Here are some top sites for you to register and start working as a freelancer - 1) freelancer.com 2) upwork.com 3) truelancer.com  4) peopleperhour.com                                                                                                                                      
8. Create an Online Course                                                                                                                          You can create an online course on the topics in which you have good knowledge and experience. You will have to film a video of lectures and upload it on the course site. Before starting any course, do your thorough research and make sure that the course has demand in the market.                                                Visit here to know more about How to create an online course. Sites to create your online course - i) proprofs.com ii) teachable.com iii) udemy.com

So Here were some ways through which you can earn Passive Income. Passive Income can be for the Short term as well as the Long term. It really helps to boost up your financial independence.