romil ramgarhia

Current Opportunities of Passive Income that You Can Try

Welcome to the second part of my financial blog series. In the last blog, you learned some useful modern ways to invest money. Saving money acts as a cushion of support during your tough times. To fulfil your larger investment plans, you should keep different avenues of income open.

What is Passive Income?

In a digitally-driven world, there are different opportunities for passive income. It can be an additional source of money, whether you are working as a full-time professional or a freelancer. Meticulous planning and an honest effort are two important prerequisites for this earning.

Romil Ramgarhia, Ex COO of BARC, Shares Passive Income Ideas:

Being a media professional for more than two decades, I have observed some particular sources of passive income for young professionals. These opportunities are discussed in this blog in detail.

  • Affiliate Marketing: This is a source of passive income that has close contact with social media. If you are an aspiring social media influencer, you should definitely leverage this opportunity. All you have to do is to promote a third-party product on your content or website. You can add the website link of the product for easier reach. You can earn a standard rate of commission with each sale you make. It is a low-risk, low-investment scheme that can help your platform scale up faster.
  • Rent Your Property: Suppose you are relocating to a new location for a new job. Your home will remain empty for a long time. To utilise the property well, you can rent it out to tenants. If you feel you do not have enough time to go through the whole process, you can partner with a property renting company like Airbnb. You can also rent your vehicle while you stay out. This is another great source of steady passive income.
  • Create an Online Course: You can earn considerable money from selling audio or video courses online. Nowadays, you can find different online academic platforms like Coursera, Udemy and Skillshare. You need to identify your field of expertise and then create content. After an initial outlay of time, you can expect a steady cash flow.

By analysing several factors, I feel the ones mentioned above are some worthwhile options for passive income. However, before trying any of these options, you should remember a few things. Even though these are sources of additional income, you should remember that these are not alternatives to having a job. Passive income, at best, is a consistent stream of cash flow that can help you in various investments.

Follow my next and final blog of this series to get more updates about financial management.