Six ways to create multiple sources of income
How to earn passive income
Deep down we all know money cannot buy happiness but at the end of the day, we all need money to survive and thrive in life. If you are looking for ways to create multiple streams of income, here are a few ideas that might help you.
Leverage your subject matter expertise
If you have years of experience in your field, you can start giving guest lectures at colleges or offer tuition services or courses to help students prepare for competitive exams related to your field. Again, you might take some time in cracking a deal with the colleges or looking for students, but once you have set your foothold, you will be richer than before!
Start a carpool
Starting a carpool is not only good for your pockets but also for the environment. If you drive a car to the office alone, you can always start a carpool service where you can pick up people who are travelling on the same route as yours. The best news: you don't need to invest anything!
Start a side hussle
Are you passionate about writing? Why not start taking freelance projects and see how it goes. Are you a great painter or can make amazing candles, homemade jewellery, chocolates or anything on similar lines? Spare some extra time from your schedule and try to sell them online. You just need to figure out what you are good at, identify how you can monetise it and start the project you are passionate about.
Real estate investment
Depending upon the situation of the market and your financial status, investing in real estate can give you pretty good returns. You can always rent your property, start your PG (Paying Guest) accommodation, or simply sell your property for a better price after some time. Again, keep all the factors and risks in mind before investing in real estate, and also be prepared that you will not start earning revenue immediately.
Keeping your savings in your bank account won’t offer you much interest. Talk to a financial adviser or search online to find out the best places to invest your money. It could be mutual funds, shares, SIPs (Systematic Investment Plans) or any other schemes, calculate the risk factor and just make sure you don’t place all your eggs in the same basket.
Start a blog
Starting a blog does not require huge investments and can reap long-term profits. Look for an area that you are passionate about and start writing content or making interesting videos on the same. It might take some time but once you develop a good number of followers, there won’t be a dearth of good opportunities to earn income.