At some stage or the other all of us had thought of generating alternative source of income. But that enthusiasm is soon lost among the hustle and bustle of our everyday life. Our daily life is so cramped for time that after we return back from office we have absolutely no energy left to think about alternative income. In weekends we can work but other priorities fulfillment evades the zeal to work towards generation of alternative source of income. Development of alternative source of income is not easy working after our busy-five-day schedule looks impossible. This is where the concept of passive income looks so amazing. For sure, generation of passive income needs some preparation and this will consume time. But ones the passive income source if established the most will automatically start to drip down. For person like me who would like to retire from job as soon as possible, passive income comes as the most helpful way. In this article I will like to give you ideas of possible sources from where one can generate passive income. But please mind it, passive income is not a lottery. Even if you are able to generate initially Rs 1,000 as passive income per month you must be contented. Take my work for it, generating even Rs 1 as passive income will not come easy. Work from home schemes looks easy on paper but in practice they are as tough any other job.
The best form of passive income is Rental Income
Buy yourself a home and put it on rent. I know it is much easier said than done, buying a house calls for much higher capital investment. Depending your affordability you can buy a home and put it on rent. I am not saying that you buy a duplex bungalow of Rs 75lakhs and then put it on rent. What I am saying is that, depending on your affordability you can buy a suitable house. Generally we confuse between the house we would like to live-in and house we can buy for investment purpose (for generating passive income). Suppose you can afford a house now of Rs 30lakhs, then buy that and put it on rent. If that house is fetching you even Rs 5000 on monthly rent it is a passive income for you. Forget about if you would like to live in that house or not. Perhaps you would never live in that house yourself but that investment is making your earn Rs 5K per month.
You can be an Affiliate Marketer
If you have a blog you can start affiliate marketing right now. Some services like Amazon, Google Affiliate can make you earn from affiliate marketing (or in other words referral marketing) can make you earn some passive income. But to be honest income from affiliate marketing is not so sure as rental income. Unless your blog is established and a known brand (above 1K facebook followers, 3K email subscribers and 500 G+ followers) expecting to earn from affiliate marketing is like a dream. For sure there are people who has huge facebook friends, they can post links on their page and advertise a product. If people buy by clicking those links a product is sold, a percentage is paid to the affiliate marketer.
Your Photos can be your source of passive income
There are two websites that can help you earn money from your photo clicking hobby. iStock and Dreamstime are provide this authentic service. You can click ‘quality’ photos from your ‘quality’ camera and can upload them on these websites. Starting from the food you cooked in your house today to the last place you travelled in your vacation, you can go on clicking photos of all and load them on this website. Please take care that these websites accept only high quality pics only. You can be an amature photographer but if your photos are unique and interesting it can make you earn money for sure. I can confirm that this hobby can certainly make you earn some passive income only if you have an eye for a good photo.
Your blog can give you decent income
I am not sure if it can be called as passive income or not, but a well written and constantly updated blog can earn decent to very high income. Google Adsense, Infolinks, Chitika, Adbrite are some options that can give you decent income from your blog. I personally do not consider blogging as passive income because increasing your income beyond a certain level will requires probably more work and innovation than your current job. But for sure, part time blogging has powers to make you earn decent pocket money.
A good writer can earn income from royalties
A writer can write a decent book and earn royalty for rest of his life. It is not easy to write book, publish it and then market it and sell it. Probably after writing, marketing ones writing is the toughest part. But in this world of internet you can not only market your writing but you can also sell it online without having to be dependent on a publishing agency. Websites like Amazon and eBay etc can help you sell your books online.