If we take a closer look at millionaires and billionaires they all have one thing in common, they all make passive income.
So you may be wondering what is passive income and can I generate passive income also?
The answer is yes! anyone can generate passive income and it’s not necessary for you to have a big business to generate passive income.
Some examples of passive income are Selling goods online with dropshipping, blogging, stock market, Affiliate market.
What is passive income?
Before understanding what passive income really is? You need to understand what is active income and what’s the difference between active income and passive income.
Active Income:
It’s the income that you generate while you are working. Let’s understand by an example.
David owns a shop in downtown. If David doesn’t open the shutter of his shop everyday he won’t get customers and when David won’t get customers, David won’t make any money.
This method of making money is called an active income method where you have to work to make money.
Passive income
Now if I talk about passive income. In simple terms it’s the income you make while you are sleeping, watching TV or Netflix, playing games, going on trips with friends, or anything.
Let’s understand passive income also by an example
David has a friend Julian. Julian owns an online affiliate blog along with good visitors per month. Now every time a new reader comes to his blog and clicks the affiliate link Julian will make money. Now it doesn’t matter what Julian is doing at that time whether he is sleeping, cooking, workout, or whatever, his bank balance will keep increasing.
Top 3 ways to generate passive income in India.
Today I am going to discuss top 3 ways to generate regular passive income in India.
- Dropshipping:
The best way to generate passive income on the go is with Dropshipping
I don’t think there is any better way to generate regular passive income than dropshipping.
Dropshipping is creating an online store, uploading products, adding your margin, getting customers. That’s it! everything else will be handled by your supplier.
Your supplier will directly ship the product from his warehouse to your customer with your brand name and receipt. You don’t need to buy products or anything. All you need is to find customers. (Read how to get started with dropshipping)
- Blogging
The best and the most convenient way to generate passive income is blogging. What is blogging?
The one you are reading right now!
Blogging is a website where you share your thoughts, ideas or you solve a particular problem. People read your blogs because you have some knowledge to share which is beneficial for your readers.
You can make money with blogging either with advertisements or affiliate links. Once you have good visitors to your blog you can apply for google ads or affiliate. You can find lot of websites and courses online to get started with blogging
- Stock market:
Risk Risk Risk! that’s what comes to your mind when someone tells you about the stock market. But Risk is what makes the stock market beautiful and profitable.
By taking a good online course in the stock market. You can minimize the change of risk and earn a good passive income through investing in stocks that provide you dividends.
Investing in stocks is much easier than blogging all you need is to find a good dividend stock.
I hope you like this article, share it, Comment if any confusion I will be happy to help you.