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5 proven sources of passive income

5 proven sources of passive income

by Madhuri Boinwad

The need for extra cash is almost everyone’s mantra these days. Unfortunately, even with full-time jobs and regular average salary, people hardly manage to make ends meet. So if you are one of them or just need the initial amount to start investing, passive income should be your recourse. We have compiled five ideas to help you get insight into easily feasible options.

  1. Sell online course

Selling online courses made thousands of people turning their expertise on a particular subject into a sustainable passive income source. However some upfront efforts and time are indeed required to set up to produce the online course. 

Or you can avoid bothering with making your website. It’s highly advisable to host your course on specialized platforms like Udemy or Thikifink. But once it’s done, the money will regularly start landing into your account. 

Also, while it’s important to stick to the subjects you already perfectly master, scout around to see the interest in given niches and plan your course accordingly.

  1. Trading financial markets

Trading on capital markets is not only for the privileged circle of people anymore. Thanks to the online brokerage platforms, anyone can open a trading account, choose the asset and start trading currencies, cryptocurrencies, commodities, and so on. 

However, investing in foreign currencies is the best way to venture into online trading. It will give you insight into other markets and enable you to grasp the trading process. Many Forex brokers these days tend to offer a variety of assets for investment so that if you start with foreign currency trading, you can end up diversifying your portfolio in stock, cryptos, and many more. 

To be honest, online trading is not a totally passive way of earning money, but once you learn to read the trend properly, you will be able to make the market work and the volatility of prices work for you.  

Read Also: Can anyone trade crypto options?

  1. Dropshipping

Dropshipping is a profitable and very interesting business! It is even the most suitable solution for those wondering how to make money on the internet.

 Even though selling online without stock requires very little investment, you still have to incur some expense and time to build a site and promote your e-commerce store. If you were wondering how it works, here is a brief explanation.

When a customer places an order on the website, the wholesaler or distributor gets the info and sends the package.

You pay the price of the item to your supplier and collect the remaining margin.

The margin rate is the centerpiece of your profitability. It defines your profits and how much your site will earn you. It’s the amount you will get back after you sell your product.

To be profitable, you must ensure that this amount is greater than the expenses related to your activity: e-commerce platform, online advertising, etc.

  1. Sell the stuff you no longer need

A collection of old comics or a piece of furniture that you no longer need anymore can be great sources of passive income. It’s a common practice among those who want to earn passive income on a daily basis. So before throwing your no longer needed stuff in the trash, always think about reselling online.

Read Also: 3 Features of a Strong TikTok Marketing Strategy

  1. Your hobbies can earn you money.

Passionate about cooking? If you are used to creating your recipes, know that many websites reward you when you publish innovative and practical tips about nutrition. In case you are more of a sporty person, online betting also appears to be a potentially lucrative business. In a completely different spirit, if writing is your forte, you can earn large sums by selling ebooks. 

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