Passive Income Sources
There is a common misconception that if you want to achieve financial freedom, you need to start a business or become an entrepreneur. While this is true, there’s another option that can help you achieve financial freedom. That option is passive income besides a regular job. Passive income comes from a variety of sources, including real estate, rental properties, online businesses, and even side hustles. There are many ways to generate passive income, and each has its own set of pros and cons. However, if you want to learn how to create alternative income online beside a regular job in the fastest way possible, you should definitely check this article. Ways to Make Extra Income Besides a Full Time Job Sell Your Services There are many ways to earn extra income aside from a regular job. One way is to sell your services. There are many services that people can offer, such as cooking, cleaning, yard work, dog walking, and more. You can spend a few hours a day or week offering your service. It can be a great way to make some extra money and meet new people. If you have special skills or knowledge, you can also offer these services. When listing your services online, make sure to list all the details, so potential customers know what to expect. Also, be willing to provide references and testimonials from previous customers. Read What Is Passive Income? Pros and Cons of Passive Earning Invest in Real Estate As the economy continues to rebound and more people are looking for additional ways to make money, investing in real estate has become a popular option. There are many ways to make extra money by investing in real estate. One way is to buy and hold property. Another way is to become a real estate agent or broker. You can also invest in rental properties, condos, or apartments. You can also buy property near airports or other transportation hubs to make money from rising rents. Launch Your Online Course Everyone has a skill that they are good at, whether it be baking cookies, playing the violin, or writing. If you are good at something, there is no reason you can’t turn that skill into an online course. Teaching online courses is a great way to supplement your income. Read Influencer Marketing in 2022: A Beginner’s Guide There are many platforms available to create and sell online courses, including but not limited to Udemy, Coursera, and Skillshare. This is a growing trend that is making it easier than ever for people to earn extra money besides a regular job. Become a Social Media Influencer As a social media influencer, you can earn money by promoting products and services, providing expert advice, or appearing as a guest on popular podcasts and web shows. In order to be successful, it is important to identify your niche and build a following that trusts your judgment. Also, be sure to create compelling content that will make people want to share it. With the right strategy and effort, you can make a decent side hustle as an influencer. Read Monetizing Your Blog: How to Make Money from Blogging Blogging You may start your blog and earn some extra money. There are many ways to earn money from blogging. Some people make a living from blog sponsorship, while others sell advertising space on their blogs. Some bloggers also make money by offering services such as consulting or speaking engagements. Whatever the approach, there are plenty of ways to make a bit of extra cash from your blog. Start Freelancing Freelancing has become increasingly popular in recent years as a way to earn extra money aside from your permanent job. With the advent of technology, freelancers can find work from home, which means they can take on projects that are a good fit for them and their skills. However, before starting freelancing, do your research. Figure out what kind of work is available and which services are in high demand. Rent Your Empty House/Room on Airbnb If you have an empty house or room, why not consider renting out your empty house room on Airbnb? This popular online rental service allows people to list and rent out rooms in their homes. If you are comfortable with setting up an online account and managing a rental property, this can be a great way to earn some extra money. Read YouTube Affiliate Marketing: Tips to build a successful channel Just be sure to provide accurate information about your property and keep track of guest arrivals and departures to ensure smooth sailing. Testing Games and Apps Testing games and apps can be a fun and lucrative hobby. If you are a gamer or enthusiast, game tasting can be an easy way to earn money. There are some ways to make money testing games and apps. You can offer your services as a paid tester on game and app review websites. Develop and sell tools that help testers test games and apps. Design and create gaming or app tutorials for online platforms. Also, you can host live or recorded video game or app testing sessions. Read Work from Home, Earn and Be Your Own Boss Sell Stock Photo or Video If you are a professional photographer or videographer, you can earn extra money by selling stock photos and footage. Some people sell their photos and footage through online marketplaces, while others offer their services as a consultant or vendor. Whatever method you choose, be sure to research the market and make sure your images and footage are of high quality. Earn from Survey Complete online surveys can be an easy and fast way to make some extra cash. With the right survey company, you can earn money for doing simple tasks like filling out a questionnaire or watching a video. There are also more complex surveys that take more time to complete but pay significantly more. You can also join paid focus groups or take part in research studies. There are many options available, so be sure to explore all of them before settling on a particular one. Read Ways of Affiliate Marketing while Staying in Bangladesh Final Words If you are looking for additional sources of online income besides a regular job, check out these 10 ideas. From blogging to online courses and more, there are plenty of ways to make extra money online. Some require a bit of dedication, and others are more passive, but all of them can add up over time. So whether you are looking for a quick fix or something longer-term, these 10 options should help get you started.
Imagine if you didn’t have to do anything and still made money. Sounds too good to be true right? Well, it's very much real, and you can earn money without regular effort through passive income. In the context of Bangladesh, there are quite a few passive earning opportunities. However, all ways may not be suitable for everyone. Some earning methods might require you to know certain technical skills to get started. In this article, we will discuss some of the best passive opportunities for Bangladeshis in 2021. Active Sources of passive income in Bangladesh Create Mobile Application With over 47.5 million active internet users in the country, monetizing your internet skills can be a good source of passive income. One of the internet-based earning sources that don’t require active labor is making an application for any of the mobile operating platforms. The limitation here is that you need to be well versed in programming and technical knowledge of app building. A good application can reach a wider demographic for you and that, in turn, can create a huge revenue stream. Maintenance and updating the application doesn’t require regular effort and you can easily add a significant amount through this income source. Read Small Business Ideas for F-commerce Startups in Bangladesh during Pandemic Affiliate Marketing Compared to other forms of online passive income, affiliate marketing will provide you with the highest revenue. Considering the pandemic where many people have lost job, this passive income source can even become a primary source for many. If you have a website, you can start publishing reviews of products from Amazon or other leading e-commerce platforms. You will sign up as an affiliate marketer for these platforms and the more people redirects from your website, the more commission you will earn. If you are willing to put in the initial efforts, this can be a steady and stable passive income source. Read: What Is Passive Income? Pros and Cons of Passive Earning Niche Based Blogging Blogging is one of the more common and widely used passive income sources not just in Bangladesh but across the globe as well. The technical skills to start a blog are nominal, and you can get started with a very little investment. You can focus on a specific niche and create blogs that will attract the customers of that specific niche. However, this is not a shortcut way to make a passive income. It takes 6 months to a year of regular input for your blog to get significant traffic that will generate revenue for you. There is a requirement for regular content on your blog which is well optimized for the search engines to drive traffic. Once you have gained steady traction, it becomes an easy source of perpetual return. Read How to Create a Personal Website on WordPress Selling Your Skills If you are an expert in a certain topic, you can create guideline e-books or video tutorials on that topic. The pandemic has ushered us more into digital learning and now is the best time to get started on online mentorship. You can sign up for your course at any of the leading skillshare platforms. The initial effort here is to create the content for the course. After that, as more and more people sign up for your tutorial and content, you stand to generate more and more revenues. And the best part is that there is no limitation to it. You can continue to earn as long as people sign up and if the content is good, there will never be a shortage of clients. Read Best Job Searching Websites in Bangladesh Rental Opportunities Perhaps the most common form of passive income around the world is rental income. There are all sorts of rental income opportunities ranging from property to products to vehicles. Renting property is something that is widely seen in Bangladesh. If you own a piece of land or real estate, you can lend or lease it to tenants and create a perpetual income source. However, the issue with renting property is the significant capital investment. If you don’t already own or inherit property or if you are someone getting started with passive income, it is almost next to impossible to generate the capital required for property ownership. However, there are other rental opportunities of different types that require significantly less capital. This strategy of passive income is best suitable for people who already own a property or have the significant means for acquiring property. Read Zero Investment Business Ideas to Try Amidst the Pandemic Investing in Stock Investing in the stock market is another common passive earning opportunity. It is possible to invest a sum of money in a stock and monitor the growth passively. Earnings will generate from the annual dividends. You can also opt to sell your share at any time as per your preference. You have complete control over your investment and if your invested share does well, you stand to make a good passive income out of it in no time. However, investing in stock isn’t for everyone mainly due to the risk involved in the process. The stock market is highly volatile and if you are someone who’s getting started with the stock market, it becomes hard for you to assess the trend of the market to understand whether it's going to go up or down. Even the most seasoned investors can lose a hefty sum any given day. The risk factor combined with the initial capital investment requirements often deters people from getting started on the stock market. Read How to Get Hired for Online Writing Jobs Fixed Deposit in Bank In contrast to the risk associated with the stock market investment, the fixed deposit or FD is a completely risk-free option for those looking to generate a passive income source. In Bangladesh, the minimum FD starts from BDT 10000 to BDT 50000 and there is no upward limit. Compared to the stocks, the return on FD is much lower, but it is an effective and truly passive income source. Unlike the stocks, there is no risk factor involved and you get a perpetual return starting from 2.5% and going all the way up to 9.0 % depending on the bank. Fixed deposits can be a perfect choice for young professionals and students looking to make a risk-free investment with a perpetual passive income. You can opt for a Fixed deposit starting from 1 year to a maximum of 5 years. A higher year count will result in increased return. Read Quarantine Income Opportunities: How to Earn Money during Lockdown Period? Final Thoughts To be honest, nothing comes free and even passive income requires some form of intellectual or capital investment. Some are easier compared to others and some even hold risk over your investment. But in general, initiating a passive income source will give you more monetary independence which is always welcomed. The most important thing is to choose the way that can really work for you. Depending on your means, you can choose any of these if you are in Bangladesh and sooner or later you will start seeing returns. Read Work from Home, Earn and Be Your Own Boss