Either because of the rising inflation or increasing desires, life, as it is today, demands setting up a passive source of income. Your full-time job should not be the only cash inflow. There are several strategic ways to earn extra money on the side. And here are some of the most realistic passive income ideas:
- Look for genuine refer and earn apps
There might be many fraud refer and earn apps out there, but it can help build a substantial source of second income if you do your research and find legit ones. For instance, IDFC FIRST Bank has a personal loan referral app, the MyFIRST Partner app. Since this referral program is set up by one of India’s leading banks, you can rest assured that it is a genuine refer and earn app.
Their referral program is designed so that you can up to ₹50,000 every month seamlessly. All you need to do is refer your contacts who need funds for education, a wedding, going on a holiday, meeting medical expenses, etc., and earn 1.5% of every loan amount disbursed.
- Invest in interest-earning securities
If you have some money that you can invest, then speaking with a wealth planner or an independent financial advisor can help you build an income-generating investment portfolio. The simplest way to get started is to invest in a fixed deposit or a debt mutual fund. Look at fixed-income securities, which means they offer steady and regular returns in the form of interest. However, your investments would depend on your goals, risk tolerance, etc., so make sure to consult a wealth planner.
- Teach a skill you know
A great passive income idea is to monetise a skill or hobby you are good at, such as painting, singing, playing a musical instrument, speaking a foreign language, etc. You can do this easily through online platforms that connect teachers and students. You can decide how much time you want to dedicate, the kind of students you want to teach, and how much you want to charge.
- Create and sell a course online
An alternative to teaching in real-time to students is to simply create a course about something you have expertise and knowledge in and then put it up on platforms like Udemy, Skillshare, etc. You don’t have to be a teacher to do this, just a subject matter expert. For instance, if you work a digital marketing job, you can create an SEO, branding, or social media marketing course
- List your home on rental platforms
If you have an extra room in your home, you can list it on platforms like Airbnb. In situations where you don’t have extra space to rent but are for work, or some other reason, going to be away for a few months, you can consider listing your apartment for that duration too.
Most passive income ideas are that you need to give some time and effort to get to a place where you can start earning from it. However, one of the easiest and quickest passive income sources is genuine refer and earn apps like the MyFIRST Partner app. You don’t require any investment, and there is no learning curve or additional requirements. You can simply download the app, register, and get started right away.
