10 Ways To Create Passive Income
lets go a little deeper and learn ways by which you can create passive income in your life. I could see a lot of you are interested in creating passive income, so now let’s move from just being interested to being committed to creating passive income. To take a step forward, let’s do some brainstorming on how passive income can be created. Don’t just read but really share new ideas that you have in your mind.
The rich get richer. Not only because they have surpluses with which to invest, but because of the overriding emotional release they experience from having wealth
- Stuart Wilde
I really want you to take a day off from your routine life and name the day as “passive income day” of your life. On this day you won’t touch upon other areas of your life you will only and only think about creating passive income. Than the next step is creating a special kind of account in your life “Easy earned money account”, in this account you will accumulate residual income, it should not come from real work and no active labor. Get this very clearly all the money is not always hard earned; you don’t have to sweat under the sun always. Don’t have only one account in your life which is “Hard earned money”.
Here are the 10 ways of creating passive income in life: (Do not discard ideas instead start thinking how the ideas can get into your life)
Real Estate- You can create rental income with the help of real estate if you have two properties the rent you get from one can help you pay the EMI of other property. You can give your office space on rent or your house on rent. You can create boys/girls hostel if you have more than 1 flat. Some even create small office units in one big flat and give it on rent to people who do not have frequent visitors. Make sure that you are selecting right people and paper work is properly done.
ATM Centre- This is one of the best ways of creating passive income. Generally in a building the space which is below the stairs gets sold at lower rate and it is an ideal place for ATM Centre. Banks pay around 50k per month to ATM centre owners but again it depends on the location and the area.
Parking lots- Parking is one of the biggest problems everyone is facing. Our client has created passive income from parking space that he owns in his building. Also I know someone who owns open space next to a multiplex; it is given on rent to multiplex for parking purpose. This may not be possible for all but as I said do not discard ideas from your life.
Websites & Blogs- The machine age is over and we are now into information age where no one cares where your office or how many people staff you have, with the help of internet from a remote place you can create a lot. Always remember that you have one special thing in you which only you can give to the world. Creating a blog or a website is free (or not much money required) and is one of the best ways of creating passive income. You can do this as a part time activity and start creating additional income in your life. This is a slow process and at times takes time for you to attract people.
Advertisement hording- If your building is on main road with proper visibility you can put some banners or hording on the terrace of your building or even in garden or open space of building. If you own terrace rights the money will come to you otherwise it goes to society kitty as passive income. Some permission & authorization might be required to take this step.
Interest income: This is one of the simplest ways of creating passive income. You can either create interest income through bank products or by offering loans to people.
Dividends- You can either receive dividends through Stocks or mutual fund schemes. This income depends on the performance of stock or fund and depends on market conditions.
Royalty Income- Your talent can definitely help you to create passive. You can put something in a book that you would like to share with the world and you can create royalty income in your life. Most people are disconnected with their true talent which is really very important. You really do not need a publisher you can either self-publish it or get in touch with websites who promote new writers.
Referral business model- If you are into business you can create a referral business model where your overall strength increases, business expands and you also get an opportunity to create passive income in life.
Buy cars and give on rent to companies- Many BPO’s and companies hire vehicles on contract. Some people provide vehicles in the company that they are working and create passive income out of it. Here you need to be careful about the terms and conditions and driver who will be handling your vehicle on daily basis.
If you do not have passive income it means you have yet not created it as a project. How many attempts in the past you made and failed at creating passive income, may be none. You are unable to create passive income because you are glued to the idea of only creating active income in life.
Come on make a list of possibilities, make list of people who can help you, see what leverage you can get in creating passive income, see what best you can do with the resources you already have, what talents you have in you that can help you create passive income or TAKE PROFESSIONAL HELP. The biggest opportunities are always hiding in the biggest problems. So if you can’t find opportunities find problems for which you can provide solutions to the world
Creating passive income has to do a lot with your mindset. You will have to step beyond something called farmer’s mindset. Yes farmers do not make money till they do not step out of their house and touch their land, they have to do a lot of hard work to be able to earn from crop that grows in their farm .If you want to find additional stream of income you can help enough people in enough ways. Remember what you are seeking in life is seeking you
Source: Jagoinvestor
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