Do you like to make money while sleeping?
The idea of passive income comes, to make money while you sleep. Passive income is the income for which you don’t have to work. The money flowing into your pocket automatically.
To create a passive income for yourself, you have to first build an asset for you. That asset makes money for you. In this article, you are going to see some ideas that can help you build an asset for you. You can call this a passive income idea for you.
Here are 10 passive income ideas for you, it is possible that you will not be able to apply every idea for yourself to create a passive income. But you can use some of the ideas for yourself.
Building an asset
Passive income is all about building an asset. An asset is something that puts money in your pocket.
An asset is something you have that helps you make money. To generate a passive income, your major focus should be building an asset for yourself.
Once your asset grows enough it will generate enough cash flow to support your livings.
Here in this blog, every passive income idea is an asset-building strategy for you.
11 passive income ideas for you to build wealth
Blogging can be an asset a generate passive income for you if you work enough to grow your blog. You have to write content regularly and grow your blog.
When your blog starts getting some traffic, you can monetize your blog. Once your blog grows enough, you don’t have to work much on your blog.
The best thing about blogging is that you don’t have to work for anybody. You are your own boss. You can work from anywhere at your own pace.
2. Affiliate Marketing
Through affiliate marketing, you promote someone else product. And when someone buys from your referral link, you get some commission.
You can promote any product with affiliate marketing. You can use any means to promote your product.
If you have a blog, youtube channel, or a huge email list you can promote your affiliate product easily. You don’t have to work much to promote your affiliate product. You have to just put the affiliate links at the right place in your blog.
If your blog has traffic then you will definitely make good money with affiliate marketing. It will be your passive income.
While promoting any product, always remember, only promote a product that can be beneficial for your reders and viewers.
3. Put your Car on Rent
Renting your car can be you passive income source. Today there are many online platforms where you can give you a car on rent.
You can also hire someone to drive for you. He will drive your car for you, and at the end of the month he will give you money what he has earned. In return for that you pay him a salary.
4. Rent out a room in your house
If you have a house bigger than your need, than can put your room or flat on rent. The renter will pay you monthly for the accommodation. It can be a nice source of passive income.
If you have more room or flat in you house than you can generate more income for yourself.
5. Rental Income
It is one of the major sources of passive income. Rental property not only creates passive income for you but also build wealth for you.
For rental income, you have to buy a rental property. And put then one rent and you can charge then monthly.
Any rental property is an appreciating asset for you. When your properties have grown in value, you can sell it at a higher price than you have bought it.
The drawback of rental income is that you have to invest lots of money to buy properties.
There is also many risks associated with buying properties. If your investment goes wrong, then you can lose your money. And this loss can be huge.
6. Dividend stocks
Investing in stocks is the best way to build an asset for yourself. The stock market has made more riches than any other investment.
The dividend is portion of earning that company pays to its shareholders. Not all company pays a dividend. For passive income, you can buy stocks that pay a dividend on regular basis.
7. Fix Deposit In Banks
If you have saved some money then you can put them into Fix deposit in your bank. You can withdraw your interest payment on an annual basis.
If you have ₹10,00,000.00 saved, and if your bank paid an 8% annual interest on your saving. Then at the end of the year, you will get ₹ 80,000. This income can be a passive income for you.
8. Lend money to someone
If someone needs money, you can lend money to them. In return, you can charge some interest on your money. You can charge then on monthly or on annual basis.
Risk is more in lending someone money. Sometimes borrowers can become defaulter and you can lose your money.
9. Create YouTube videos
YouTube is the largest Video Content platform. Now, is the time for video content. Everyone loves to consume video content more than text content.
It can be an opportunity for you to create YouTube videos and make money.
Youtube video mainly monetized by Google Adsense. You are being paid for showing ads on YouTube videos.
The benefits of creating youtube videos are that you have to build video at once. And it will generate passive income for you.
To earn regular money you have to publish a video on a regular basis.
10. Create an online product
If you have an online presence. If you have a large audience, you can build an online product for them.
An online product can be anything like a course or an e-book. You can charge for this service.
But before creating an online product, you must keep in mind to serve your customer. You will be only paid for the value you provide to them.
While creating an online product, always try to create an outstanding product that your customers will love to use.
You will make lots of money through online products. It can become your passive source of income.
Passive income is not completely passive. At first, you have to build an asset for you. For this, you have to work hard at the starting stage. Once your asset grows enough then it will give you enough passive income to support your lifestyle.