Finding Multiple Ways to Generate Passive Income

When we get a job, basically we are selling our time and skills to work for others. As a freelancer, we are selling results according to the needs of our clients. We can increase the money that we earn on both methods if we are able to increase our skills. But still we have to work in order to make money. If we don’t work, our income stops. This usually doesn’t affect much if we are young and healthy. But when we are getting old, sick and do not have much skill or profession, our income definitely will be affected. I’m sure many of us realize this problem that lies ahead of us. So while we are still young and healthy, we should work on creating multiple ways of passive income while holding on our daily job.

Some of the typical and usually ways to generate passive income that most people practice are collecting rental from property purchased and earning interest from fixed deposit, unit trust and stocks. These are some of the proven ways to generate passive income that works but comes with a certain percentage of risk. And it takes a long time to build. While doing so, I’m sure we can spare some time working on other alternative passive income. Of cause it must be something that you are interested to do. It will be better to make it a hobby. Below are some of the suggestions that you can try.

Write a book. This is the old fashion way which lots of people are doing if they have a great story to tell. It can be your experience on a specific topic or some knowledge that you like to share. Nowadays you don’t have to write the book yourself. You just need to hire somebody to listen to your story and transfer it nicely on papers. Write an eBook. It works almost the same as writing a book but much easier. Best of all the cost of producing an eBook is very low.

Earn royalties with your design and creativity. This works best for graphic designer, programmer and photographer. When you work for a company, all your design and creation owns by the company. If you publish your own graphic, illustration, mobile apps, programs, photos and pictures, it can generate great passive income because you can earn royalties by selling them again and again.

The goal of creating passive income is to be able to keep on making money even if we are not working. Unfortunately we cannot stop working on it completely. We still have to keep on monitoring and provide necessary work if required. The good news is that only minimum work is required. I suppose the time that we actually stop working is when we totally shut our eyes completely.

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