What is passive income?
Understanding passive income
Passive income is money that may be readily made through investments and activities that do not require constant time or effort. It is the opposite of active income. There are many passive income sources like rental income and dividend stocks as discussed below.
Why do you need passive income?
Passive income takes you closer to financial independence and helps you reach financial goals like purchasing a house or saving for your retirement. You should ideally have more than one source of passive income to secure your financial future.
Top 10 passive income ideas in India
Sell products online
If you have strong business and marketing abilities, you might be able to generate money by selling products online. In fact, dropshipping is one of the easiest ways to create additional income sources. You can create a Boost 360 website to list your products and reach out to your customers.
Buy dividend stock
Dividend stocks are a popular source of passive income. However, to become a successful investor, you must learn to conduct financial analysis of companies through their balance sheets. Good stock-picking can help you create a robust portfolio of dividend stocks which can act as a source of passive income.
Write an ebook
E-books are easier to publish compared to paper books. By adding your book to e-commerce sites like Amazon and Flipkart, you can potentially reach millions of buyers. A good ebook can help you earn passive income for years in the form of royalty.
Create an online course
Create an online course and promote learning. Online courses are easy to create and can become a reliable source of passive income. You can choose any topic which you specialise in for which there is a demand, like marketing, illustration, entrepreneurship, personal finance, self-improvement, art and craft, and so on.
Real estate rentals
The biggest barrier to owning property is the high cost. But if you can afford it, the ownership of rental property is among the most reliable passive income sources for an individual. What’s more, these days the introduction of REITs has made it possible to invest in property even with small amounts of money.
Affiliate marketing schemes
Affiliate marketing refers to the act of suggesting a product or service to a customer. Since you receive a commission every time someone uses your referral link to purchase the item or service, it's a fantastic source of passive income. Affiliate marketing is quite popular and it can be a good earning opportunity for you. You can use a Boost 360 website to help you grow your affiliate marketing programme.
Become an NFT creator
NFTs, or Non-Fungible Tokens, are simply pieces of digital art or digital assets that cannot be replicated. Everything including digital designs, photographs, music, games, GIFs, and video can be converted to NFTs. If you are an NFT creator in your spare time, you can use your Boost website to promote your work and attract more customers.
Become an insurance agent
An insurance agent partners with insurance providers to market their products to clients based on their unique needs. The commission you earn depends on factors like the type of policies you sell and the targets you achieve.
Invest in bank FDs
Individuals with savings can invest in fixed deposits and earn interest from the money. Bank FDs have the dual advantage of providing periodic interest and securing your principal amount. Note the rate of interest is revised by the bank at regular intervals which may end up affecting your income.
A vending machine can be a good source of passive income with several advantages like low upfront cost, minimum time requirement, and long-term earnings. While the concept of investing in vending machines is popular in the West, a few companies have started offering the service in India as well.
How to start earning passive income?
Your ability, experience, hobbies, financial situation, and risk appetite will all play a role in helping you decide which source of passive income will work for you. Start by asking yourself the following questions:
The best source of passive income should become clear to you once you have answered these questions honestly.
How Boost 360 can help you generate passive income
How Boost 360 can help you generate passive income
A Boost 360 website can help promote your passive income generating activity by acting as an interface between you and the customer. Certain ideas like dropshipping, affiliate marketing, and monetising your NFTs, can benefit greatly from a website. Boost 360 enables you to create your own website in minutes at an affordable cost to boost your passive income activity.
Frequently Asked Questions
Is it hard to generate passive income?
No, it just needs proper strategy and dedication from the beginning. Once you select your source of passive income correctly, you are good to go.
How much capital do I need?
It depends on which source of passive income you are choosing. It makes sense to choose a source of passive income which you can comfortably afford.
How much money can I earn from passive income?
Your earning can be highly variable. It depends on the stream, amount of investment, and how you run the activity among other things.
How much time should I dedicate?
Initially, you might need to dedicate a greater amount of time (3 to 4 hours daily) and later you can cut it down.
What’s the easiest source of passive income?
Some easy sources of passive income include buying dividend stock, investing in real estate, and owning a vending machine. Writing an ebook or creating an online course requires upfront effort after which they can generate passive income for years.
Can I generate passive income even with a full-time job?
Yes. Just make sure there is no conflict with the terms and conditions in your appointment letter.
Need help? We’re here!
Our experts are always here to assist you with any questions you may have, and help you get your business online. If you are interested in knowing more about how Boost 360 and YouTube can combine to help you promote your business online, feel free to connect with us. We would be happy to show you how you can use both these applications to drive online marketing.
Our experts are always here to assist you with any questions you may have, and help you get your business online. And if you want to further improve your online skills, head over to Boost Academy. You'll find many relevant resources there.
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