Earn Income from Other Sources and Achieve Financial Independence

Does it feel like no matter how many extra work hours you put in, you always fall short of your financial goals? Rising inflation, increased needs, and an urge to lead a better lifestyle have greatly added to the pressures of being a modern Indian.

Whether you are a working professional with a steady job, a businessperson, or a freelancer, there is a way to supplement your earnings through extra income sources. The solution is pretty simple – exploring different types of income to reduce your dependency on your active source of income.

Whether it’s building a side hustle, dabbling in affiliate marketing, or something completely different – one or more of these different types of income can become your source of passive income. By earning income from other sources, you can relieve the pressure faced by your earned income every month.

But what exactly is a passive source of income, and how is it different from the earned income of your regular job? Let’s take a look.

Earned (active) income vs. passive income
 

Earned income, also called active income, refers to the type of income where you make money from the salary of a full-time job, profits of your business, or commission/consulting fees from your career as a freelancer in the gig economy.

On the other hand, if you’re wondering what passive income is, it’s the type of income you generate without having to do much active work for it. You only have to put in some initial effort or investment in the form of money, time, skill, resources – or all of these.

Some key differences between active and passive types of income are –

• Passive income can be earned through minimal effort. Earned income is where you invest most of your time and energy
• Passive income is an additional source of income. It should supplement your earned income, which is your primary source of income and means of sustenance

A simple example of earning income from other sources is the IDFC FIRST Bank MyFIRST Partner Referral Program. This is a loan referral program that can open up a passive income source for you. Before finding out more about the MyFIRST Partner Referral Program, let us understand why we should seek a passive income in the first place.

Advantages of having a passive income stream
 

Here’s why you should strongly consider building a passive income stream-

• Financial freedom – Passive income is your ticket to financial freedom. It gives you the disposable income to spend and save as you wish.
• Financial stability – It also gives you financial stability to handle unforeseen circumstances such as a job loss or business downturn.
• Reduced dependency – Generating a regular passive income means you are not reliant solely on your paycheck to pay bills or fulfil your life goals.
• Peace of mind – Passive income can also have a positive effect on your mental health. Knowing that you have the money to lead your life the way you want can successfully reduce stress levels and keep anxiety in control.
• Fulfil aspirations – It is the type of income that grants you the luxury of time to pursue the things you love – travel, dancing, social service, or whatever excites you.
• Early retirement – A passive income allows you to start saving for an early retirement.

Opportunities to earn passive income
 

Some of the popular methods adopted in India for earning a passive income include –

● Rental income – Real estate is a unanimous choice for earning passive income. Residences, office spaces, or shops – different types of rental income can be earned through a real estate investment. However, real estate can be a hefty investment depending on the location, size of the unit, amenities, and market trends.

● Investments – Income-bearing investments can result in a regular source of income. It can be a systematic investment plan or a fixed deposit with a payout option. Investments in stocks with a high dividend payout track record can generate a regular dividend income.

● Monetising skills – You can explore different types of income by monetising your skills. From cookery recipes to music lessons, and soft skills training to coding hacks, you can monetise your unique talent or know-how by offering educational courses or products/services. You can sell through websites, social media platforms or aggregator sites, and earn through sign-ups or purchases.

● Affiliate marketing – A popular passive income source of the internet era, you can affiliate with a brand or business, and promote their products for a commission. It helps if you are social media savvy and have a considerable following.

Apart from these earning opportunities, you can explore the referral marketing opportunity presented by IDFC FIRST Bank.  

MyFIRST Partner Referral Program
 

The MyFIRST Partner Referral Program offers you an income through personal loan referrals. Unlike most other passive income sources, it requires no investment. Just connect a prospective personal loan applicant and IDFC FIRST Bank, and earn every time you do so!

Here’s why MyFIRST Partner Referral Program is your ideal passive income opportunity –

●  Easy to join – Just download the MyFIRST Partner App, refer personal loan applicants, and earn through successful referrals.

●  Zero investment – There is no initial investment requirement. You can simply sign up in a few minutes and start earning.

●  No limits – You keep earning 1.5% on every successful loan disbursal. There is no limit on the money on the money you can earn or referrals you can make.

●  Prompt disbursals – Your earnings are disbursed every week, and you can track the status of your referrals on the MyFIRST Partner App.

●  No intermediaries – You work directly with IDFC FIRST Bank and participate in its recognition programs. A relationship manager and a central helpline are always ready to support you.

How to join and use the MyFIRST Partner Referral Program
 

Starting your second income without any investment is easy. Just follow these steps and start earning –

1. Visit the MyFIRST Partner Referral Program webpage
2. Scan the QR code to download the MyFIRST Partner App
3. Register yourself on the app. It takes less than 5 minutes
4. Refer people who have personal loan needs, through the app
5. Track the status of your referral(s) on the app at any time

At the end of these steps, you receive 1.5% each time your referred personal loan is approved.

Help your family, friends, and acquaintances in need of financial assistance. Refer them for a personal loan by logging a request on the partner app, and an IDFC FIRST Bank representative will do the rest.

Can income from other sources exceed your earned income?
 

Passive income should not be approached with a ‘get-rich-quick’ mindset. The main idea behind earning income from other sources is to supplement your primary source of income with a passive income. This helps you lead a better lifestyle, fulfil your goals, and become financially free.

However, if your passive income spirals into a significant revenue stream, that is the icing on the cake. For instance, your investments may grow exponentially and generate more income than your day job. Similarly, with no upper limits applicable, your MyFIRST Partner Referral Program income can reach even ₹1 lakh in a month.

Explore passive income today
 

There are hundreds of different passive income ideas that you can explore. Depending on the amount of initial investment, time, or skills required for your desired type of side income, you can start earning income from other sources today! However, if you want to capitalise on your social connections and earn without any investment and with minimal time and effort, the MyFIRST Partner Referral Program is ideal for you.

To set your dreams in motion, join the MyFIRST Partner Referral Program today!