Having passive income is easy; here’s how to do it

We all aspire for financial freedom. To feel free from the insecurities of tomorrow or having to trade our time and happiness for money. While having a predictable source of income and a steady job are essential, the key to achieving financial freedom is to find alternative career opportunities that can be monetised to generate a passive income. IDFC FIRST Bank’s MyFIRST Partner Program is one such avenue that can help you earn money by referring through a personal loan referral program without a significant. However, before we touch upon that, let us understand what is meant by passive income and how you can go about exploring some passive income ideas.

What is passive income?

Passive income is a way to earn extra money by trading a skill, sharing know-how, or leveraging an investment opportunity. It can provide a financial cushion that can help tide over tough times and earn additional income during good times, which can be saved and invested for your future. This secondary income source does not interfere with your regular job or precious time with your family. As a side hustle, it also provides an excellent opportunity for students to start making money, homemakers to become independent, and for retirees to make their lives more comfortable.

The key element of a passive income source is that once it scales up over a period of time, it continues to generate income with little active effort from your end. Passive income will not make you rich overnight but sets the ball rolling to enhance your earning capability and, therefore, more opportunities for long-term wealth creation.

How to explore ideas for a passive income?

The opportunities and ideas you can explore are virtually limitless. However, to increase your chance of success, consider the following factors.

The ideal prospect should not require a lot of investment to begin with and definitely no additional investment as time goes by. It should not cost you extra money to generate more revenue. Additionally, the idea should serve a need. When you are looking to solve a customer need, you are able to create a ‘pull’ of more customers by delivering great customer service, say with timely resolution or building a good rapport, which can drive growth for you. This is in contrast to trying to ‘push’ an innovative product or service, where you will have to spend time, effort, and probably money convincing people to do business with you. Most importantly, the passive income idea should be scalable. When you are able to reach a number of people exponentially, there is no limit to your earning potential.

Here are some ideas to explore.

1. Monetise a skill or hobby

A great way to get started is to do something you like. For example, if you are a keen photographer, you can put your pictures up for fair use and pay per download on websites such as Shutterstock and iStock Photo. This way setting up a passive income stream won’t feel like work. 

2. Leverage digital resources

There are many examples of people who have successfully turned their social media presence into a passive income stream, if not a full-fledged career. You could publish blogs, put up videos on YouTube, or go trending across other short format social media channels. In addition to maximising online earnings through clicks and advertisements, you can even use these channels to cross-sell merchandise and other affiliate products.

3. Invest in income-generating assets

if you have the financial means, you can use your money to earn consistent income through investments. Rental income from properties, interest income through small-scale peer-to-peer lending, interest from high-yielding bonds and debentures, annuities, and investments in dividend-paying companies are some choices to consider.

IDFC FIRST Bank’s MyFIRST Partner Program – a great opportunity to generate passive income

You don’t need a marketable skill, an inclination to create a social media persona, or any financial resources to get started on your passive income plan. IDFC FIRST Bank’s MyFIRST Partner Program is a unique personal loan referral scheme that allows you to earn a commission for every disbursal raised through you. All you need to do is connect your family, friends, colleagues, or acquaintances who need a personal loan with IDFC Bank and make an excellent 1.5% flat payout on the disbursed amount.

The IDFC FIRST Bank MyFIRST Partner Program fulfils all the criteria for a perfect passive income idea. There is no investment required from your end. All you need to do is download the IDFC FIRST Bank’s MyFIRST Partner App, register (that takes under 5 minutes), and fulfil personal loan needs on this easy earning app. 

It addresses a key financing need for millions of people. While someone may be looking for a loan to fund their child’s education or manage a medical emergency, others may need a loan to keep their business afloat. A personal loan is a versatile financial product that presents the opportunity to help those around you.

IDFC FIRST Bank offers robust training and backend support, a dedicated Relationship Manager, customised loan options, and a swift turnaround time on approvals. All the tools required to deliver a great experience to your clients. There is no greater marketing tool than a customer’s good word. Keep it up, and before you know it, you could be the go-to person in your community for all kinds of financial assistance. 

Download the IDFC Bank referral partner app for free and kickstart your journey to financial freedom.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.