Everyone would be so happy if they could earn without labor or mental work. You would say that it is a hoax and that it is not possible. I would say, yes it can be done but only with proper knowledge. Do you know how many ways are there that will help you to earn passively? I will list all that I know of below.

First, let us understand what is passive income. Everyone works somewhere for someone, or is self-employed, and is actively doing something to get the salary for a living. This, I call as active working income. But this is a loop, where you have to work endlessly or else you risk losing your livelihood. There is an option of saving money which can be used when you are unemployed or after your retirement. You can save a lot or very little, saving up is a very disciplined approach, which, not many of us can master.

There is also a probability of using up all the savings, which can then lead to trouble. If this is the case then why many of us do not have any other source of income, which could support us during such times. The reason behind this is the lack of proper education in schools and colleges. Never have you ever been taught about money management, personal finance, and passive income. Therefore, such a situation arises.

Learning about passive income is simple, but its implementation is not so straightforward. You need to have a basic understanding of money and ways to earn it apart from your job, this means you have to dedicate a separate time for it. This could be a little difficult, as most of us have different responsibilities or are at different stages in their life. But that does not mean you cannot do it. Passive income is any income that you are earning while not actively doing anything. This is a skill that could be mastered with consistent efforts and dedication.

Warren Buffet famously said that if you don’t find a way to earn money while you sleep you will work until you die. No one wants to be like that. Then how can one learn to earn passive income? You have to know what an asset is and how to create one. In one of my posts, I have defined assets. Assets are something that has value and the ability to generate future benefits. Creating an asset is one of the best ways to earn passive income. Buying assets is an option that is easier than creating but could be expensive.

I categories people by their talent and skills, everyone has some skill set that can be used to earn passive income. Are you a writer, then write a book, maybe an ebook, or start your blog. There are so many options for a writer to have multiple sources of income. Creating content is a form of asset that once created can be reproduced easily. This content is your passive income. What I am trying to say here, master a skill that not only makes you happy but also it can be monetized.

I will now share you a list of options for earning passive income that I know of.

1. Writing– As I have already told you earlier writing can be monetized in the form of Blog, ebook. You can create a wonderful blog and can earn passive income by displaying ads.
2. Renting.- If you have a spare property that you can rent out, you can earn a good amount.
3. Dividends– This is one of my best type of passive income. Invest in dividend-paying stocks. Stocks can pay you dividends which is a share of profit distributed by the company to its shareholders.
4. Content creation– This is currently the most popular theme in passive income generation. There are so many content creation host sites such as Youtube, Instagram, etc where you can create and upload your content. You can then monetize your content by showing advertising, affiliate marketing, etc.
5. Banks Savings– You can earn a small amount in interest by putting your money in an interest-paying savings account.

This is a growing list and I will add more to this list when I will find any new type of passive income. Don’t waste your time now, start working on your passive income.

Please feel free to share your feedback. Until next time peace.