Beginner’s Guide to Creating Passive Income Streams From Scratch

  • Home
  • Finance
  • Beginner’s Guide to Creating Passive Income Streams From Scratch

There are various ways a beginner can make money online whether they are trying to create a passive income or looking for their first job. 

Now, passive income is a great way to help yourself generate extra cash, whether you are running a side hustle or just trying to get some extra funds to get through the months. The best thing about passive income is you have various options. From investments and dividends to all the way making your passion an earning source, the sky is the limit. 

Wondering how to earn passive income? We have you covered! 

An Idea of Passive Income

It is the money you earn from a source that is excluded from your day job or active business environment. The income gets generated with little effort from your side as the initial setup and work have been done. The best thing about passive income is its versatility. You will have a host of ideas when it comes to earning from additional sources. 

Three Best Passive Income Ideas in 2024

People asking how to make passive income is one of the biggest questions and it is a potential query among many salaried employees. Here are three of the best passive income ideas:

  • Freelancing

Thinking about how to generate passive income? The answer is freelancing. If you are an individual who is looking to turn your passion into a second source of income, then it is absolutely the way to go for you. From writing to consultancy, there are many options available when you consider freelancing as your second source of income. The only drawback is freelancing will demand more of your time than the following two options.

  • Royalty-free Images

If photography is something you are good at, then it is yet another great option for you. There are many websites online that pay for royalty-free images. You can get started right away without any kind of investment.

The best thing about this income source is as you start making a good amount, you can upgrade your equipment and enhance the quality of your work more. 

  • Referral Applications

Are you looking for an option that does not require much time and effort while giving you a steady source of revenue generation? One of the finest ways to create a passive income is through referral applications. 

Speaking of which, your best bet would be the IDFC FIRST Bank’s MyFIRST Partner Program. Under the referral program, you gain a payout for referring and helping people apply for personal loans. 

Wrapping Up

Passive income has become a norm these days. While you can generate a steady side income in many ways, the best option for beginners would be to go with the IDFC FIRST Bank’s MyFIRST Partner Program. The opportunities to earn more with lesser investment is quite evident here. 

 

Daisey Bell

I am Daisy Bell and a pro-level blogger with years of experience in writing for multiple industries. I have extensive knowledge of Food, Fitness, Healthcare, business, fashion, and many other popular niches. I have post graduated in arts and have keen interest in traveling.