Blog: When the words ‘Passive Income’ come to our minds, many of us are clueless, as we have got so used…
When the words ‘Passive Income’ come to our minds, many of us are clueless, as we have got so used to getting our comfortable salaries in our bank accounts, every month. But, what if there is whole new technology revolution and you end up being obsolete, with machines taking up your place. No wonder machines cannot replicate ‘Human Only’ attributes such as emotions, creativity, motivation, etc. But we should also, not oversee the recent trends, such as robotic nurses & caretakers now a reality in Japan, Observational Robots that learn from human actions, Audit Robots, Diagnostic Robots, etc. You can read more about this, in Max Tegmark’s (Professor at MIT) book Life 3.0. With this statement, I would not dive into the Man vs Machine dilemma, rather I would like to focus on importance of financial independence.
In the book, Rich Dad Poor Dad, Robert Kiyosaki talks about the importance of ‘Minding Your Own Business’, no matter what job you do. The reason is, to understand the value of time. In case of an active income, you need to continuously put in efforts, whereas in case of passive income, you can earn while your asleep.
All of us hear every now & then, that instead of, you working for money, let money work for you. Just the way money invested in the stock market, earns dividend & valuations for you, similarly there are several other strategies that you can leverage to create a passive income.
My intent of writing this article, is not to instigate you against your current job, but to help you discover an alternate route, that you might be missing out and that can help you live your dreams, irrespective of your ecosystem. Believe me, even if you don’t succeed with this, you’ll still end up being a passive entrepreneur, filled with an all new confidence & zeal to act.
Following are 5 strategies for Passive income generation:
- Write an e-book or book
With platforms like Amazon KDP and Pothi.com, you can start publishing your ebooks/books today online. All you need to do is write 100+ pages, get them edited, with a great front cover & you get all the further details on these platforms. These platforms, have a flat commission per sale. Amazon has two options, 30% & 70%, with different opt-in conditions. In case you go for paperbacks, Pothi.com has an option for pay per print, so you can even get just 1 book printed. If you opt for bulk, quantities, you need to to pay the initial cost, which is not so high. But, if you think, you have the flair of an author, this path is definitely for you, since the book once published, is like an asset, that will pay for throughout your lifetime.
2. Online Ad revenue
In order to generate revenue through this model you need to create a personal blog. It’s pretty easy today to create a basic wordpress website. You can find multiple Youtube videos, on this, which can help you step by step, to create a basic blog. Thereafter you need to integrate you blog, with Google Adwords, to start showcasing relevant ads on your blog. All you need to do thereafter, is to post genuine content regularly & share your blog with interested audiences, through social channels. If you are really passionate about the topic, you will definitely start driving traffic to your blog. But, you need to be patient till that time. This blog, now becomes your digital real estate, which earns dollars for every impression & click, by a visitor.
3. Create a Youtube channel
Videos have become part & parcel of everybody’s life today. If you have a knack for video blogging, you can start a Youtube channel, with your area of interest as its theme. You might be interested in travelling, food, technology, gadgets or cars, there is sufficient audience for every category that you can think off. You need to create videos, upload them on Youtube with some key strategies, that you can help you monetize the videos faster. Whatever you might be good at, if you can help people resolve even a single problem, in their day to day lives, you are there. But before monetization can happen, you need to meet certain qualifying criteria. These criteria include 4000 hours of watch time within 12 months and minimum 1000 subscribers. Once you qualify these, your account can now be linked to your Google Adsense account, to start showing ads. There are various sources to learn these techniques, including books & Youtube channels.
4. Join an affiliate network
Affiliates pay you a commission for every sale on their platform, that lands from your content link. These affiliate links are like investments. Whenever, anyone ends up purchasing on the parent portal, from your affiliate link, you get to earn a small % of the total purchase value. Amazon Associates is quite popular affiliate program, amongst all others. These are certain affiliate programs that give you option of recurring affiliate revenue, i.e. you get the commission even when the customer continues to take services from your partner platform. Platforms like Clickbank, SEMRush, not only pay you commision when the end user buys for the 1st time, but on every recurring purchase by the same customer.
5. Become a Resume Contributor
Most people around us need jobs, at some point of time. Each one of us, have hundreds of people in our network. What if we can monitize this network. There are platforms, such as SCIKEY Talent Commerce, where you can become a Talent Seller. All you need to do is upload resumes, of people who might be interested in switching to better jobs. Even if they are not, & you upload their details, with their consent, there is a possibility that their might lookout for a change in future, with regular communications from SCIKEY. These resumes if not existent on the platform, get tagged to you. Whenever the candidate get’s placed, you get a % of their monthly salary as commision. Sounds cool, right! But you need to make sure that, these profiles are updates and you get the feature of tagging these resumes to available jobs on the platform, which can expedite your revenue generation.