What is Passive Income?
Passive income is also sometimes known as “residual income”. In Passive Income you don’t need to work as compare to “Active Income” .
Passive income is generated through various sources such as —Systematic business, Franchise business, E-books, Websites, Facebook, YouTube etc…
Benifits/ Importance of Passive Income:
1 . Passive income gives you the freedom of time.
2. It reduces your stress, anxiety and fear of the future.
3. It allows you to pursue doing the things you love rather than what pays the bills. ...
4. It gives you the ability to live and work from anywhere.
5. It provide a platform for financial stability and growth.
Problems before getting Passive Income:
- It takes time and patience.
- Need different thinking.
- Need to save money.
- Need to learn investing to make more money.
Here are the top Passive Income to earn in 2020
Let us discuss in brief:
1. Affiliate marketing:
Online affiliate marketing is a revenue sharing venture between a website owner and online merchant.
The website owner open up its advertisement on its website to either helps merchant to sold the product or to send potential customers to the merchant website for all to exchange the profit.
3 Types of Affiliate marketing:
- Pay per click or cost- per- click.
- Pay per lead or cost - per - lead.
- Pay per sale or cost - per- sale.
2 . Blogging:
Blogging has changed recent yearly previous yearly people used blog to fill their passion . So some found the perfect solution to remain in touch to near and dear globally with increased popularity now become as term of money infact many of them are making excellent income by blogging from their home.
- STEPS :
- Create your niche blog.
- Choose your blog set up wisely.
- Host your own blog for greater flexibility.
- Go for an effective blogging software.
- Promote your blog regularly and adhere to proper blog maintenance.
3. Drop shipping:
You sell a product that you don’t have to share you set your retail price and every time you sell. Your wholesaler ships the product for you to your customer’s door in your name and you keep the profit.
A drop shipping is a distributor that ships product in a single unit directly to your customers in your name it is called as drop shipping.
4. Mobile apps:
Making your own game app or any other app for iPhone or iPad for earning money from mobile application is such a great idea.
- learn the system:
Study and think which app would you like to develop in your mobile app.
. Think of the app :
Gather the great ideas, learn programming languages or higher any freelancer program for creating your app.
. Create the app :
Now you got an idea it’s time to make your idea become reality to construct and tested out.
. Add it to the app Store:
With in days / not weeks perfect every day decide on the pricing for the app.
5. Video blogging:
Video blogging is a totally new research on introducing ideas and products before their was only text blogging but now video has been preferable used as representation. This for exchanging information makes you help in a lot of resources.
If pictures says a thousand words, then video blogging goes beyond that . So, that you can make thousand of monthly income then you can become a successful “Youtuber”.
6. Product creation:
You can create your product and offer for sale on your website this could be an e-book that you have some knowledge expertise an audio program work how to video series.
You create a product for onces and for which you will be continue getting paid each time when you sale.
It is a latest biggest thing in digital world and have been recognised as a part of monetary system infact it has a tag as the revolution of money.
If you have extra funds for investing then you can buy and sell cryptocurrency in Passive Income.
8. E - book publishing:
An electronic book, also known as an e-book . A e-book publication made available in digital form, consisting of text, images, or both, readable on the flat-panel display of computers or other electronic devices.
Formatting , writing and publishing your own e-book and don’t be afraid as small amount of investment which stimulate and guide save your valuable time and earn money for long run.
9. Content management site:
Content management site is software that helps users create, manage, and modify content on a website without the need for specialized technical knowledge.
This site should be develop professionally cool and use friendly website to grab the attention of the users then you have to decide contest for subscribers and visitors if you enjoy quiz by this website which helps in earning money in Passive Income.
10 . Renting real estate properties:
A property from which the owner receives payment from the occupant(s), known as tenants, in return for occupying or using the property.
Rental properties may be either residential or commercial. The owner of rental property may be allowed to take certain tax deductions such as mortgage interest and depreciation and earn the rent amount monthly.
11. Vending machines:
About vending business is that it generates passive income. That means the vending machine operates even while you are on vacation or absent.
It keeps selling even while you are not active. So, your physical presence is not required after the machines are stocked.
12. Stock which pay dividend:
Shareholders in companies receive a payment at regular intervals from the company. Companies pay cash dividends on a quarterly basis out of their profits, and all you need to do is own the stock. Dividends are paid per share of stock, so the more shares you own, the higher your payout.
The initial financial investment, owning dividend-yielding stocks can be one of the most passive forms of making money.
A freelancing career can be very lucrative and rewarding you have to deal with everything from marketing, research, customer service, to the actual work.
A freelancing career into building a passive income.
- Start Outsourcing Your Projects.
- Identify a Niche Where Your Skills Can Make a Difference.
- Build an Audience Through Blogging, Email and Social Media.
- Promote Products and Services as an affiliate.
- Create and Sell Products in Digital Marketplaces.
- Teach Your Craft With an Online Course.
- Refer Work to Other Freelancers for Commissions.
13. Open an online store:
Most entrepreneurs believe that opening an online shop is an overwhelming and unnerving task. And while that was the case several years ago, it isn’t so anymore. With so many easy-to-create eCommerce website builders out.
There, setting up an online store is a supremely easy task. However, setting up an online store requires a few essential steps that you mustn’t overlook. The chief amongst which is choosing a brandable domain name.
So Passive income is a great wealth builder because it removes time constraints. Even wealthy professionals are limited by time. Passive income is one way to circumvent time limitations.