Multiple sources of income are the perfect diversification when it comes to financial independence. The pandemic has made a lot of people wonder about their dependence on their pay check income. Financial security comes from retirement planning and having an investment fund.
However, to nurture your nest egg and reach the point when you do not have to worry too much about your salary, you need to save more money, and that can be done much faster if you have passive income sources.
So, let us look at 15 passive income ideas that can help you quit your job.
- Start a Blog - A blog might now start giving you returns in the first few months, but if you read and learn the tricks of the trade, it can be a great way to work on what you care about and make a living.
- Rent Out - Putting out a room on rent or buying an investment property to rent it out can be a secure way of generating passive income.
- Invest - Investing your savings for interest income is also a secure source to earn a passive income.
- Offer Mentoring - With the growth of Ed-Tech, it is much easier to offer online mentoring to students curious to learn about subjects that you believe you have a good handle on.
- Affiliate Marketing - Helping brands reach their target audience is one of the many trending ways to earn money online. Through affiliate marketing, you can recommend your audience the products you use and make money when buying them through your referral.
- Start a Youtube Channel - Creating good content online can help you make money through multiple channels. Youtube is one of the most effective platforms to promote your content and earn money through it.
- Rent your Car - With the growth of online cab services like Uber and Ola, free cars have become an asset that can be easily used. You could hire a driver or even lease your vehicle to a driver to earn extra income.
- Do Freelance Work - If you have a skill you can use, look for freelance websites like Upwork and Fiverr, and make a portfolio.
- Make Homemade Decor - Making homemade cards or decorative items and selling them through an online medium like Instagram or personal website is another idea that can be bootstrapped and scaled into a massive venture.
- Start a Cloud Kitchen - Multiple food delivery apps like Swiggy and Zomato have given households the freedom to launch their cloud restaurants.
- Sell a Course - Creating a course on a subject with confidence in teaching can also be sold through multiple content selling platforms or even through your website.
- Start a Bakery - If you love baking, making cakes as per order might give you a chance to bake something new every day while getting paid for it.
- Become an Influencer - This method may not start giving you returns from the first day, but with some effort, once you create an audience, you can do well in this industry while making stuff that you are passionate about.
- Maintain a Garden - If you enjoy gardening and have some extra space to grow high-value plants, you can start your hydroponic farm or rare plant sanctuary.
- Build a Dividend Paying Portfolio - Invest in companies that offer a good dividend yield. Along with some capital appreciation, you will also earn passive income through their dividend payouts.
(Check out 'Learn & Grow with Wizely' 'to read and learn all personal finance and financial planning.)