9 Proven Passive Income Ideas In 2020 That will Help You Make Money
“A wealthy person is simply someone who has learned how to make money when they’re not working”, says Robert Kiyosaki, the best selling author of “Rich Dad Poor Dad”.
In other words, he’s talking about passive income. Having a few sources that help you generate passive income can be a lifesaver as you don’t have to slog for hours at work. Also, it gives you more time to spend with your loved ones.
What is Passive Income?
Passive income is something that you get even when you’re not working. Basically, it’s like sowing a seed and reaping its benefits forever. There are various ways in which you can make money as a primary or secondary source of income. We are here to help you do just that with our curated list of passive income ideas in India that can be used for your benefit.
Blogging is one of the best ways to generate passive income in India or anywhere else in the world. All you have to do is figure out a topic of your interest and start creating valuable content about that.
Google Adsense pays you for showing ads on your blog. That happens once your blog starts getting a decent amount of traffic.
While it sounds easy, it takes some time and effort to actually start making money from your blog. Based on your topic and dedication, it can take somewhere around 3 to 6 months to get your first passive income.
In the long run, it’s something that will benefit you the most. As more and more people are glued to the internet looking out for informative stuff, blogging is a perfect passive income idea for those who like to write their heart out.
Affiliate marketing is a way to advertise and sell products or services. It could be your own product or that of another person or company. There are many affiliate marketing channels that you can join and get a commission for every conversion that you make.
Amazon affiliate marketing is one of the popular sources to make passive income online. You can create content about the products available on Amazon and make money from it. You get paid every time someone makes a purchase from your affiliate link.
Other than this, you can also sell online courses or digital products through other affiliate sites like JVZoo, ClickBank, WarriorPlus, ProductPay and many others.
Start a Youtube Channel
According to a recent survey in 2019, an average person spends 84 minutes a day watching videos online. No wonder YouTube is the sister of Google when it comes to video search. People now look for solutions to their problems on YouTube, be it tying shoe laces, cooking food or creating an email account.
Video search is mainstream and there’s no better time than now to begin with video content creation. Earlier, when YouTube was new, it was easy to make videos and scale up. But with time, it has only got competitive and difficult. However, if you’re consistent with your approach, you’ll soon make passive income. Start a YouTube channel about something that you find exciting or that will help others. It could be reviews about books, movies, websites or your own recipes.
Set up your own Ecommerce store
The E-commerce industry is booming these days. More and more people are buying things online. Setting up an E-commerce store is a good passive income idea that can make you so much money if executed in a proper way.
You can sell your personalized T-shirts, crafts, cups or jewellery. Find a set of products that is in demand and start selling the better versions of it through your e-commerce website.
Develop an app
If you’re someone who is good at coding, then you can develop an Android or iOS app and put it on playstore or iOS App Store. Here, your passive income will be the money that you make from the advertisements that are displayed on your app.
Freelancing is a way of making money using your skill on a project or contract basis. You get a chance to work with various companies at once based on your choice. There’s a huge requirement for freelancers with different skills like writing, graphic designing, web and app development, package designing and many more. If you have any such skills then you can sign up on various freelancing sites like Fiverr, Upwork, Freelancer.com etc, and make passive income.
Sell pictures online
Do you love photography? If yes, then there’s a passive income idea for you. There are various stock photography websites like Shutterstock, Canva, Pixels, Dreamstime, Gettyimages etc where you can upload the best pictures that you’ve clicked and get paid every time someone uses it. Great way, isn’t it?
Invest in stocks
Stock market is a sure shot way to generate passive income. If you have good knowledge about the market then you can get started with buying stocks of companies. This is a risky deal but it gives high returns.
Give something for rent
Have a car? Give it for rent. Have an extra room? Give it for rent too. These days people are taking things for rent rather than buying it as it saves them money. Make use of this golden opportunity and give away everything you possibly can, for rent. It’s the only best way to make passive income without actually putting out any work.
To conclude, making passive income is not easy but it’s totally worth it. You can work hard on any of these passive income ideas now and benefit with it all your life. Unlike a job or gig where you only get paid once, passive income makes you money for the long term. Do take action and be patient, you’ll surely succeed in generating passive income sources for yourself.