Passive income can earn you money without the hassles of working full-time. There are several ways of earning passive income, like renting out your property , doing part-time businesses or investments, wherein you have zero direct participation. This is in contrast with the usual 9-5 traditional jobs where you require investing your time and effort if you want to earn money.
However, digitisation has changed the aspects of passive income. Today, various passive income ideas aren’t as passive as they were years back. These ideas involve beginning an online business, writing gigs, running an affiliate marketing program, or becoming an IDFC FIRST Bank MyFIRST partner.
Here are some popular passive income ideas for 2023 through which you can generate considerable income.
IDFC FIRST Bank MyFIRST Partner app – refer and earn
MyFIRST partner referral app is one of the fastest emerging means to earn money from home without investment. With zero investment, you can start earning money through this referral program. You just need to refer individuals who need personal loans. Every successful referral made by you would earn you a payout depending on the loan amount. Yes, you read it right, this is a work-from-home gig without any investment that can help you earn a considerable side income. What is best is, anyone can register on the IDFC FIRST Bank MyFIRST partner app to earn passive income. No matter whether you are a real estate/financial/insurance advisor, graduate, student, or a housewife, you can enrol on this program and earn.
High-yield savings bank account
Opting for a high-yield savings bank account is one of the best and most straightforward means of earning money passively. You can place your earnings in these accounts to earn from the interest accrued on the deposited funds. While it is a direct approach to earn passive income, this measure binds your surplus funds to a safe instrument i.e., savings account to offer you decent returns.
Dividend yield stocks
When you invest in dividend-yielding stocks, you earn dividends based on the number of shares that you hold after a fixed interval. In case you are familiar with the stock market, you can even consider investing in dividend ETFs (exchange-traded funds), which endow the benefits of ETFs with passive income provided by dividend stocks.
Buy rental property
Making real estate investments and renting out your properties is another prudent passive income idea. However, you will require investing a significant amount to purchase the property and make efforts to find a reliable tenant who would pay full rent on time.
Invest in REITs (Real Estate Investment Trusts)
Property rentals are the next crucial way of earning passive income. Assume that you want to avoid incurring upfront time commitment or considerable down payment that usually comes along with owning an estate property. In this case, you may give a thought to investing in real estate investment trusts. This investment option allows you to invest money in a business that manages and owns real estate. In such investments, you can make money in 2 major ways i.e., via dividends or if the stock value enhances.
Selling through the online channel
Selling distinct products online is one of the popular means of earning passive income at present. You must figure out unique products with high market demand, market them, and sell them through various online modes.
The most effective means of forming wealth is through passive income. Along with a full-time job, you can earn additional payment with minimal effort. Earning additional income passively can enhance your wealth-building potential, making early retirement easy for you. Not to forget, earning passive income can even assist you to attain your financial goals earlier, pay your debts and even invest more.
