All You Need To Know About Passive Income
One day I woke up and performed all those daily rituals. I got freshened-up, brushed my teeth, and then picked up my phone. The first notification I got was, I got my first $100 cheque from Google. That was no fake or bluff thing, it was the payment that I got from AdSense. It was the first fruit as a passive income.
When I was an Employee in one of the top digital marketing companies in India, I get to know the various things about making money. At that time, it was my job to get through various blogs, video-logs, and magazines. By these, I mean the ways which can generate passive income.
I found that there is one thing common in all of those contents. From all around the points, all those articles and videos state one thing. A GOOD LIFESTYLE. Travelers roam around the cities, fashion designers showing their stuff in shows. They are maintaining a good lifestyle. In conclusion, they have maintained their earning by having various sources of Passive Income.
A good lifestyle varies from fitness to Luxury. From Food to Travel. As I have stated in What Mountains Taught Me, I chose to travel. For traveling, I must have some ways to get passive income. I started seeing travelers visiting one country to another and without giving any halt in their scenario. From there, the bulb in my mind starts blinking and I oath to myself that I have to make 7 sources of Passive Income.
What is Passive Income?
In simple words, Passive Income is earning money even while you are sleeping. And as per Wikipedia, Passive Income is income that requires little to no effort to earn and maintain.
For Example, I have owned a much known Travel Blog, there are around 400 to 500 travel articles published. Some of the pages of the blog are ranked top in Google. And the blog is wholly monetized. So, when I was sleeping or meandering or eating, I am earning.
I have started this travel blog in 2018, for the whole year I visited some places and wrote several articles on those places. By the middle of 2019, I got approval for the AdSense on my blog. Google started advertising on my website for its clients. There are several articles on my blog which are ranked on the top page of Google for some specific keywords. And all those articles are helping me in making money while I sleeping.
Active Income & Passive Income
Going to shop in the morning, starts selling the products whichever are present in that shop and in the evening return shut the shutter down and go back to the home. This is an active income. When you are making money actively, it means when you are active the money is coming to you and when you are not active it will deviate its path.
Suppose you have a private job, till the date you are fit and able to go to the office, you will be getting a salary. And when you are not capable to go to the office there will be no income. This is Active Income.
Imagine a writer wrote a book and published it with the help of a good publication house. So, whenever a copy of that book sold, the writer will get some amount in terms of copyright. And conclusively, the writer made a way for passive income.
Why Passive Income is good?
It is obvious to think that, building passive income could not be an easier task. It’s that simple, if it is bringing fruits then it must have faced many hooks. At first, it requires your essential time and patience. You have to nurture that passive earning for no given amount of time.
Hard work is the ONLY key to SuccessTravelr
Passive Income has long been the holy gate for the entrepreneur who are looking to free up their timeslot, unlatching their cord of robotic (10 – 5) duties, and outsourcing for the future savings.
Anything in this world can be earned and spent, but time is the only thing that can only be spent. Once it has gone, it’s gone. So, we all love to spend some time in the things which make our life more joyful and memorable. As we grow older, we happen to understand how time is precious. And the importance of choosing what to do with that precious time that we do have in life.
Earning Money can be simple, but how much you are earning cannot be.
There are various ways to earn money, both actively or passively. But there are 3 main marketing strategies which are making money to the people.
3 Types of Marketing
Having a place that displays the goods and the services which we sell and deliver to the customer to enter through wandering is falls under the category of Traditional Marketing.
EXAMPLE – A Shop of Anything
Showcasing your products and services to the customers by digitally or on social media is known as Digital Marketing.
EXAMPLE – Facebook Ads
Selling Genuine Products from person to person by independent representatives, often working from Home.
EXAMPLE – Consultant in Modicare.
Note: The first point comes under Active Income and the rest of the two falls under Passive Income.
Ways to Earn Passive Income
Start a Blog
Most of passive earners think that running a blog can be a most effective way of having a passive income. In this whole world, there are many people who like to visit blogs and having a read of the genuine articles. And their visit makes the blog, a good source of earning.
A good and authoritative blog can make a tremendous amount of money, but not swiftly. Running a blog requires a vast amount of work and time to make it through.
A blog could be on fashion, travel, food, or anything. The only thing that requires, you must be having a good and valuable knowledge to provide to your readers.
Once the blog become famous and relevant, the gate to affiliate marketing opens up and that is a great source of passive income.
Achieve Higher Level Title in Network Marketing
Yes, network marketing is also a good way for a passive income stream. I am a Senior Consultant in the top Network Marketing or Multi-Level Marketing Company, Modicare. It is like referring great products to your nearest and dearest friends with your Consulting Number (given by the company).
If your products are good and satisfying like Modicare. They will become its loyal customer and they buy their essential and non-essential items from the company. They will join the network through the MCA number and whenever any billing proceed on that number, some amount of money will be transferred.
As usual, it is not an easier task. To make the cheque bulky, one has to work hard and make as many customers as could be. Without having the tension of time and potential, it can be possible.
Skills Play Vital Role
We all are the creation of that supreme power, so we are having some unique and amazing skills. The only thing is that we have to found out them and starts nourishing them.
This way of making income stream passive considered as the most royal. Once you become a good and renowned actor/actress, after all that hard work, you become the royal member of the whole civilization. Most of the companies choose you as the brand ambassador for their products.
When you starts composing and singing songs, you create a good way of passive earning. And it became more effective when you copyright your stuff, so that it will restrict the use of your content without your permission.
If you are able to attract the attention of the audience through your words, then your book could get love in abundance. As I have said earlier in this post, write some books. Get all those published and when they sold out in any part of the world. It will make the money for you.
Create Digital Products (Develop A Smartphone App)
In this era of smartphones, every day we install and upgrade numerous applications which are necessary for us. Make an application after all the research on the market and trends, get them on the play stores and sell.
If your idea is the all-win idea that fills a need or solve problems. It will create you money forever. At every purchasing or installation, you will get a certain amount of money.
Make YouTube Channel
From last few years, YouTube presence is one of the best ways to earn passively. Most of the entrepreneurs, started earning a 6 digit income, MONTHLY with their winning idea.
Many started sharing their tutorials. They share the particular information in the forms of video on their channel. And the seeker started watching the video, when it found relevant it makes a space in the minds of visitor.
When the channel achieves a good position, it becomes monetize and starts giving the profit of all the hard work once done.