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The ongoing COVID-19 pandemic has taught us many things. The biggest takeaway is that having multiple sources of income can be very helpful. Thousands of people have lost their jobs with no solid fallback options. Relying on just one source may be a risky proposition in the current era. In such a scenario, having a passive income provides a much-needed respite.
So what is passive income? It is a stream of cash flow that one earns from a source other than his/her primary profession. Traditional sources of passive income have been earnings from rental properties, deposits, or investments in businesses. All these have been good long-term options. However, as the economic environment is diversifying and becoming more dynamic, one’s passive income sources also need to evolve. The internet has played a massive role in making this possible. Today, one can find many ingenious ways of making money using the resources available online.
Here are some valuable ideas that can help you create that extra layer of financial security right from your home. You need some basic knowledge, creativity, and a stable internet connection.
If you have spent a reasonable amount of time honing certain skills, now is a good time to monetize them. For example, if you are certified in a language, say, French, why not create lessons to help others learn it? Or, if you can play a musical instrument, you can create virtual lessons to teach others. It is a one-time effort to create a complete lesson or course. However, you have to do some marketing for your lesson. You can post advertisements on social media sites. Once people start buying your course, you can sit back and watch the money rolling in. You can do this by posting your lessons on sites such as Udemy or Coursera.
Rent things out
Do you have several useful household items or assets biting the dust because of the whole home isolation situation? Why not rent them out to someone who might need them in the current situation? Maybe, a frontline worker needs temporary possession of a vehicle as public transport is still somewhat inaccessible. If you have one and do not need it in the lockdown situation, you can rent it to that worker. You can publish advertisements on SabRentKaro for various categories such as appliances, automobiles, electronics, and even jewelry. Don’t let any unused household item go to waste!
If you have a spare room in your residence, you can become a host for travelers. Of course, be highly cautious doing this in the current pandemic situation and prioritize your health. However, this can be an excellent supplemental income where you have to put in minimal effort. Head over to Airbnb and register your spare room.
Partner with a brand by joining their affiliate programs and earn commission on product sales. Upon joining an affiliate program, you get a unique code or link, which you can share with your network. To succeed in affiliate marketing, first, you need to have a good audience base. You can create blogs or YouTube videos and attach those links or promo codes in the descriptions. Create compelling content that entices your network to purchase the product you are promoting. Every time they buy through your link or apply your promo code while purchasing, you get a commission. The payout can start from 5% of the product value and may go up to 50%. With time, you start earning while you sleep! Check out platforms such as Amazon Associates, Cuelinks, VCommission and Optimise, to sign up for affiliate programs.
Sell your photographs
If you are one of the millennials or Gen Z-s, chances are, your phone is full of photographs. The photographs can be of nature, food, or urban life. Many websites host a variety of images suited to every need of a content creator. These sites are always in need of fresh stock images to maintain a dynamic repository. You can put your amateur photography skills to better use by selling the pictures to these websites. You can check websites such as Shutterstock or Getty Images to sell your photos.
Design merchandise or create artworks
If you have a creative side, you can use that and make money. Did you ever design T-shirts online just for fun or out of boredom? Now, what if you can finally make money off those designs? Amazon Merch allows you to upload your designs for merchandise items like T-shirts. Amazon then takes care of manufacturing, packing, and shipping. You can earn royalties from the designs that get sold. If you are into art and craft, you can sell your artworks on Etsy.
Let’s look at the silver lining in the current situation – we are all home-bound with a lot of time to spare. Why not utilize it to make more money? The ideas mentioned above can be beneficial if you want to get started.