The essence of Passive income goes strictly in conformity with the definition of the word “passive”, submissively allowing others to influence your business without active response or resistance for generating income to some extent. That is to say, passive income is any earnings that don’t require a plethora of money or effort in any stage of the business. It can thrive effectively even when you are dormant, for whatsoever reasons. For most of the passive income generator, you need to have a sufficient amount of money or some form of natural aptitudes or efforts in its primary phase. And in its secondary and tertiary phases, those inputs will gradually become little or scanty in amount.
The top three are as follows:
This is another passive income à la mode. If you are a social media influencer, that is to say, you have a large fan following created by thought-provoking posts, write up or social façade with your charmingly attractive personality, then you can promote third-party products by giving the affiliated product’s link on your social media accounts. You place those ads on your blog, website, social media accounts as an affiliate for your users to click on. When the user purchases your ads or link to reach the third party’s website, you will get a commission for that purchase. Nowadays, the huge social media platforms for growing followers and promoting products are Instagram and TikTok.
One of the easiest and thus highly recommended passive income avenues is high interest-earning deposits or schemes where you can start your passive earnings with some upfront investment. No other resources like skills or efforts in the long process are needed. However, in an investment product, the combination of high-return and low-risk is quite an unlikely possibility. Risk and returns are inextricably related, i.e., the higher the risk, the higher the returns, and vice versa. This category of investment plan entails no risk of losing your money while acquiring passive income in the long run without any effort. This is one of the highest-earning schemes, among other risks of a free high-interest deposit plan, which the Ministry of Finance backs. The minimum investment for any individual is Rs.1,500/- and the maximum is Rs.4.5 lac. The procedure to be followed for opening this account with your near post office branch is: Opening a savings account with the Post Office if you don’t have one yet; procure, fill-up and submit POMIS Form from your nearest post-office branch with other documents, i.e. photocopy of ID proof, address proof, and two passport-sized photographs; collect signatures of the beneficiaries. The capital amount could be invested through a dated cheque. That date would be considered for the account opening date. The interest earned on the investment will be disbursed one month from the opening and is disbursed monthly, as the name suggests.
YouTubers are self-made and self-promoted celebs. You can create videos on any favourite niche of yours. I am going to discuss the top two ways to monetize your YouTube channel:
If you have never launched your teaching courses online, this platform is better than the best to get the journey started. Udemy has made teaching online possible. They have over 50,000 instructors, and more than 40 million students enrolled in its courses. Apply for becoming a premium instructor at first, and if approved, there is a series of easy-to-follow steps to help you create your first paid course. You can also add quizzes, assignments, and discussion prompts. You will get a substantial amount of help from them if you find it difficult to create and market your first course on Udemy. They have Teach Hub for tutorials on the know-how of creating your first course, and they also offer bespoke marketing programs to increase the sales of your course at the inception.
There are many great online sites for selling photos. Shutterstock is one of the most popular ones if you are just starting. It’s an American company that allows you to sell graphics, stock photos, video, and other images. You will always earn a percentage of Shutterstock’s price for authorizing your images, ranging from 15% up to 40% over 6 stages. The more content customers purchase from your image profile, the more you advance through the stages, i.e. there will be an increase in the percentage you earn from each authorization. This site also provides tools for photographers, videographers to rounding out their works for better clarity.
This category of passive income involves zero investment with persistent effort for creating a huge client base. LIC was the first life insurance company and continues to be on the top whenever trust is concerned, so it remains the first choice for many people to purchase life insurance. Whether you are looking for a full-time rewarding career or a part-time career that yields passive income, this choice of becoming a LIC agent is perfect for you with low or nil investment. The steps to be followed for becoming a LIC agent are as follows: Obtain proof of Indian citizenship and that you are above or at least 18 years of age; have your PAN card and secondary board certificate ready at your disposal; contact your nearest LIC branch office for scheduling your interview with a development officer; give your best shot in the interview; complete a total of 25 hours training program given by LIC of India for preparing you for a final examination; study and prepare hard for the final exam; take the IRDAI exam where you need to score 40% to be eligible, you can take the test as many times as you can, there is no limitation if you don’t pass for the first time; if passed, receive your appointment letter with your agency code and now become a successful agent in the marketplace.