1. Starting Your Blog (Website)
Do I sound too technical? Well! For your information I would like to say that you do not have to possess website designing knowledge to start a blog. Any person can start a blog (a blog is a website) because it is a as easy as starting an email account.
Now you might be thinking that it must take huge money to start a blog. Absolutely no. It takes around Rs 100/- to get a domain name (your website’s name e.g.xyz.com) and around Rs 200/- to host your website. You pay for your domain name annually (Rs 100/-) and you pay monthly for your hosting fees (Rs 200/-). The big deal is that while you pay just Rs 200/- per month for maintaining your site, you may end up earning thousands of dollars every month form your site.
2. Investing In The Stock Market
Have you heard about Rakesh JhunJhunWala? If not then let me have the privilege to introduce him to you. Rakesh JhunJhunWala is the billionaire stock investor from India. His investing style is based on Warren Buffett’s ( The multi-billionaire investor) style of investing. For all those who say that it takes a million dollars to make a million dollar, I would suggest them to read the stories of these two people who turned their thousands to billions.
You too join the league of multi-millionaire investors if you can maintain the discipline they maintained. You can start with just a few thousand rupees and then end up hoarding lakhs in a few years. However, I would suggest you to read books that describe Warren Buffet’s style of investing. He is wisest living investor on earth.
3. Writing An E-Book
Amanda Hocking was a poor dish washer. She liked writing novels and thus did write a few ones. However, the world is too cruel and therefore no publisher was willing to publish her novels. Hence, she decided to self publish her novels at amazon.com. Now, she is a millionaire. You too can become a millionaire writing and selling ebooks.
4. Selling Products On eBay
Many people are earning their daily bread at eBay.in. You too can join the league and earn income from ebay.
If you are creative and like things like :
If you are not creative in these matters, no problem, you can do what most retailers do : Purchasing certain items at wholesale price and then listing them at eBay at a higher price. The difference will belong to you and the difference will be enough to make you rich.
There is one more method. If you find someone around you, who is creative at arts and crafts, but doesn’t know how to sell his/her products then you can buy the products from him/her and then sell them at higher price at eBay.in.
5. Opening Your Own Online Store
The 4th advice was about making money through eBay.in, the 5th advice is to kick out the broker (eBay) and start your own online store. It may look hard but you just have to follow the following steps:
6. Buying Land
This method needs some money but has a sure return. You will not get a house loan to buy land but you can take the help of personal loan to buy one. The concept is buying a large piece of land at the prevailing price and then selling off after a few years when the price has skyrocketed. But, I suggest you to read a few good books on real estate investing before purchasing land.
You shouldn’t buy land according to someone else’s advice. A purchase of land should be completely based on your own calculation. Hence you will have to prepare yourself to take an informed decision by reading books and articles on real estate investing.
Do I sound too technical? Well! For your information I would like to say that you do not have to possess website designing knowledge to start a blog. Any person can start a blog (a blog is a website) because it is a as easy as starting an email account.
Now you might be thinking that it must take huge money to start a blog. Absolutely no. It takes around Rs 100/- to get a domain name (your website’s name e.g.xyz.com) and around Rs 200/- to host your website. You pay for your domain name annually (Rs 100/-) and you pay monthly for your hosting fees (Rs 200/-). The big deal is that while you pay just Rs 200/- per month for maintaining your site, you may end up earning thousands of dollars every month form your site.
2. Investing In The Stock Market
Have you heard about Rakesh JhunJhunWala? If not then let me have the privilege to introduce him to you. Rakesh JhunJhunWala is the billionaire stock investor from India. His investing style is based on Warren Buffett’s ( The multi-billionaire investor) style of investing. For all those who say that it takes a million dollars to make a million dollar, I would suggest them to read the stories of these two people who turned their thousands to billions.
You too join the league of multi-millionaire investors if you can maintain the discipline they maintained. You can start with just a few thousand rupees and then end up hoarding lakhs in a few years. However, I would suggest you to read books that describe Warren Buffet’s style of investing. He is wisest living investor on earth.
3. Writing An E-Book
Amanda Hocking was a poor dish washer. She liked writing novels and thus did write a few ones. However, the world is too cruel and therefore no publisher was willing to publish her novels. Hence, she decided to self publish her novels at amazon.com. Now, she is a millionaire. You too can become a millionaire writing and selling ebooks.
4. Selling Products On eBay
Many people are earning their daily bread at eBay.in. You too can join the league and earn income from ebay.
If you are creative and like things like :
- designing T-shirts
- making soft toys
- making cute gifts, etc.
If you are not creative in these matters, no problem, you can do what most retailers do : Purchasing certain items at wholesale price and then listing them at eBay at a higher price. The difference will belong to you and the difference will be enough to make you rich.
There is one more method. If you find someone around you, who is creative at arts and crafts, but doesn’t know how to sell his/her products then you can buy the products from him/her and then sell them at higher price at eBay.in.
5. Opening Your Own Online Store
The 4th advice was about making money through eBay.in, the 5th advice is to kick out the broker (eBay) and start your own online store. It may look hard but you just have to follow the following steps:
- Start a website
- List the products you want to sell. ( It is not necessary for you to manufacture the products. You can buy products at wholesale price and then sell them at a higher price)
- Use ccavenue.com to receive the payments
- Use a courier service to deliver the products
6. Buying Land
This method needs some money but has a sure return. You will not get a house loan to buy land but you can take the help of personal loan to buy one. The concept is buying a large piece of land at the prevailing price and then selling off after a few years when the price has skyrocketed. But, I suggest you to read a few good books on real estate investing before purchasing land.
You shouldn’t buy land according to someone else’s advice. A purchase of land should be completely based on your own calculation. Hence you will have to prepare yourself to take an informed decision by reading books and articles on real estate investing.
Have you noticed something common in all above sources of income?
Alright, take the time to figure it out.
They all keep generating income for you even if you're enjoying your holidays in Las Vegas or sleeping in your coach or bathing, eating, dancing, running or whatever, freaky activities you do.
Might be somebody buying your book on the other globe while you're sleeping.
Or might be the stock you purchased announced the dividend while you're having sex.
Or might be somebody is buying a product on your blog while you're enjoying your weekend watching Sultan movie.
What I want to say is that passive income is something which will keep generating income for you like a cash generating machine even if you're doing nothing.
Here's the shocker:
But creating that source is not an easy task. You had to work your ass hard to make that machine.
"Sowmay, why the heck are you're wasting your time making the blog all day?" people ask me.
The only reason is it's a source of passive income for me. Of course, not now but in future. Initially, I would have to work hard to make that source of passive income and once it is done, cash will keep depositing in the bank account for doing nothing or may be, little.
I'm not here to tell you how to make money blogging. There are many masters out on the web to teach you that. Just have a Google search.
However, if want me to help you make a blog? Have a tweet @sowmay_jain
"Sowmay, Is there any example who make their livelihood on just this passive income?"You might ask.
And Yeah! there are many.
Pat Flynn from smartpassiveincome.com:
This guy is creating wealth (read his mind dazzling income statement) online and helping others to do same. Go on, have a visit to his site. I'll wait.
Another best example would be The Bucket List Family:
They are a family of 4 (A couple and their 2 kids). They have no home (in other words, the world is their home).
What do they do?
Nothing, they just travel all over the world and chronicle their adventures on their blog (link).
From where they manage the funds?
Again, that's what the beauty of passive income. Entrepreneur Garrett Gee decided to ditch the regular lifestyle and travel the world after selling Scan, a mobile scanning app he co-founded, to Snapchat in 2014. The deal for Gee and his co-founders was valued at $54 million at the time — $30 million in cash and the rest in equity in Snapchat.
Read the full story here.
So now he and his family are enjoying the return from Snapchat shares and enjoying spending cash all over the world. The most remarkable point is: He is not participating in the management of Snapchat for even a single minute.
Could an android app considered as a source of Passive Income?
Heck, YES.
Anything which creates wealth for you even if you're not working should be considered as a source of passive income.
Think of this: All Time Popular Game "Clash Of Clan"
Ilkka Paananen, CEO of game developer company "Supercell" are making money while you're wasting time playing the game.
Remember, how people burn their money for buying virtual GEMS.
So now think it in this way, you're playing the game here in India and his owner sleeping in the US.
Here's the relevant news shot:
You pay, he earns.
Think of it in this way (in perspective of books):
You wrote an awesome book "XYZ" by scratching your ass for 1 full year. In a couple of months, you got featured as a best-seller. People was just crazy on the book. Every 1 in 5 read the book.
Notably, You worked hard for 1 year to create that awesome product (book) but now even if you don't work, the book will keep selling year after year. People will keep reading it and referring others even after you die.
There are many popular books out there for years. You can get a peek on Amazonhere. E-commerce made the complicated work of allocating books easy.
Do you know, who Chandler Bolt is?
If you’re an introvert, like me, you probably do.
But if you’re part of the other 99.9% of the world extroverts, who isn’t super hyper about“this internet marketing stuff”, you’ll have never heard of this man.
Then what the hell is he doing with this headline on Business Insider?
How did he get on there?
Is he rich or something? Yes. Yes indeed.
That’s part of the beauty of Passive Income.
This 21-year-old kid dropped his college and made hundreds of thousands of dollars, right from his kitchen table.
No connections. No need for fame, magazine interviews, talk show visits or acting classes (you know, to act in a blockbuster movie).
Just a book made the change. Now he is helping other on his website to publish best-selling books like he did (5 best selling book author).
That's the one example. There are many out there. Warren Buffett in Equity Investment, Robert T. Kiyosaki in Real Estate etc.
If you had read Rich Dad Poor Dad by Robert Kiyosaki then you may have understood the topic more clearly. When I first read it, I was so much influenced that I run outside and tried some lessons from the book.
Let’s take a look at the secret of creating Wealth?
Money is a form of power. But what is more powerful is the financial literacy. Money comes and goes but if you've knowledge about how money works, you can start building wealth.
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