Easy Money: How I Have Been Able to Pay My Utility Bills by Building 5 Passive Income Sources Quickly

Utility bills don’t seem to be more in a few cases but looking at its annual spending, the amount swells. The first small step for your financial independence goal should start with being able to manage your utility bills from passive income. Passive income regularly pays off, no matter whether you’re active or not. The earlier you start thinking of generating passive income the more you are inching toward your financial freedom.

It takes more to achieve financial freedom but to reach that spot you need to cultivate a financial growth mindset. With every step of a goal’s success, you are developing a matured algorithm at the back of your mind that would cushion your back in achieving future goals. Being financially secured doesn’t imply that you should stop working rather it makes you independent, do not incline more towards your primary source of income but on other streams, and can work on things you like. Secondary sources of income also include passive income.

Within a few months, I have been able to create passive income channels that pay off my utility bills each month. Below are the sources that help me enormously :

1: Stock Market

We have been taught by our elders that ‘Stock Market’ is something that ruins your wealth and you should not try running shoulder to shoulder with it. This is typically true but only and only when you’re in a gambling mode. In my case, it appeared to be a blessing. How? For regular passive income, you should target pedigree stocks that have a good back and history of distributing their profits among shareholders. You can easily beat conventional instruments like Fixed Deposits etc. provided stocks picked by you has a proven yield. A plethora of such stock is already available having a good track record. You can try targeting stocks with 8+ yield so that along with meeting bills you’re also able to beat inflation.

2: Credit Card

There is a variety of credit cards available but the ones you’re targeting should be purely based on your spending habit. In my case, most of the money goes out to groceries, retail, and e-commerce websites. I picked up a credit card that is having no annual fee and rewards me with good redeemable points each month whenever I swipe my card over any of the said platforms. If you’re using credit cards wisely, you are already good at managing finances.

3: Gold Bonds

Gold bonds are tradable and that’s the reason they resonate in the mind of every trader. Sovereign Gold Bonds are backed and guaranteed by the Central Bank that not only attract interest twice a year, are tax-free on maturity but can also be traded as and when required.

4: Liquid Fund

Another destination would be parking your spare money into a liquid fund. The usefulness of a liquid fund is that it doesn’t have any long lock-in period, it doesn’t have any service fee at the time of exit after 7 calendar days, it’s completely safe, and gives more ROI when compared with conventional saving instruments.

5: Swing Trading

Swing trading is another bet but can prove to be risky as this is linked to market volatility viz share market. Before jumping into it, you should pick up a few good stocks and for a few weeks, you should analyze their trend. Once you gain confidence, purchase the stock in small quantities at its low and do not hold it for more than a few days or a week. This way you would be able to generate income with ease.

Cheers!

rohitveryani@gmail.com