Many peoples aspire to retire before the age of 60, and many of us want to build wealth to pass down to future generations. Many people, however, are not on course to achieve either of these objectives. The majority of people in their 40s have less than 100, 00000 in retirement savings, according to a poll of 2,000 Indians aged 40 and over with a minimum of 500000 in investable assets. For individuals over the age of 60.
Money made without actively working is referred to as passive income. These sources of the income usually necessitate a significant amount of effort upfront, with the intention of becoming a hands-off endeavor in the future. This is how some individuals earn money while sleeping. Investing in stocks or real estate, or selling a product, is a common source of passive income.
#1. Products that are digital
Digital products are online items that can be downloaded or accessed immediately. Digital items include e-books, how-to instructions, online courses, templates, and apps. You’ll need to figure out how to sell these products. To generate money, you don’t need a large following; apps like TikTok make it simple to “blow up” with one outstanding video.
You’ll also need a place to house your digital products, whether you’re selling them on your own website or elsewhere. Templates are fantastic on Etsy, ebooks are great on Amazon, and courses are popular on Udemy.
#2. Investing Stock Market/ Bonds/ ETF
Investing is and will be a reliable source of passive income. Individual stock investing takes time and investigation, so for quick passive income, invest in mutual funds or ETFs. While some preliminary study is required, the stock market is all about time in the market; once you’ve invested, you must wait. Compound interest is the reason for this. The more interest you earn on your loan, the better. The more you invest, the more interest you’ll earn. This is why it’s critical to start investing early and regularly.
#3. Create your own YouTube channel.
Many people are apprehensive about starting a YouTube channel because they don’t want to expose their faces, however, this isn’t a necessity. Have you ever looked on YouTube for a thunderstorm video? Or how about a video of birds chirping that you can play for your cat? People make thousands of dollars from those videos, and they can be made for free.
You’ll need to find a video and audio after you’ve set up your channel. Free videos can be found on sites like Pixabay.com, but a simple Google search can turn up plenty more. Next, go to the YouTube audio library and search for the suitable sound within the YouTube studio. To put them together, use video-editing software, and then share the video.
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4. Affiliate marketing is a type of marketing in which you
Affiliate marketing is when you offer other people’s products and services in exchange for a commission. These commissions are tracked via a unique URL: you encourage people to click your link and buy something, and then you earn credit and a commission.
People usually approach affiliate marketing in one of two ways: by creating a social media presence or by creating a blog. You’ll need to design a sales funnel for the first option, which will eventually take the customer to the things you’re offering. When it comes to creating a blog, you’ll need to fill it with material and make sure your SEO is on point so that people can find it. It’s not a bad idea to establish a social media presence to help visitors find your site.
When it comes to affiliate programs, you’ll need to first decide on a niche, then pick the things with the highest commission percentages to get the most bang for your buck.