If there’s one thing that COVID-19 pandemic taught me, then its that You simply cannot rely on one income source otherwise your family’s future can be easily jeopardized.
Although Most of my life, am not working in a job, but even a business of just one thing looks like a job. It pays you a round about income for the kind of things you sell. I used to run an electronics training center and it had to be shut down due to lockdown. I had several consulting jobs which were paying me a regular income, all of a sudden, they were gone too. And there was something I had done as side-kick which not only survived me, but also gave me a new perspective to look at career.
That one thing was my online courses on Udemy. Yes, the same things I was teaching in my training center, I used to create videos around them and then combining them together, I had created online courses. During lockdown, my online courses put food on my table and sparked new ideas in my mind while keeping my morale high. And most importantly, it was all passive income. I wasn’t even working for earning it. Don’t you want to know what is passive income? let me tell you
What Is Passive Income?
Passive income is the kind of income for which you don’t have to work on daily basis. Its nothing new. If you own a property and rent it to someone, you earn passive income as rent. If you have bought huge stocks they pay you dividends. If you have invested huge amount of money, then it pays you as interest. All these things are passive income. But there is a catch!
In order to earn passive income in above way, you have to have a huge income upfront. Or at least a family fortune 😉😉 in terms of property.
But there are other sources of passive income also. In the advancement of internet, there are multiple different doors of passive income available to just about everyone. So coming to the million dollar question, How to make passive income?
How to Earn Passive Income?
If you’re like most people, then you don’t have a huge money to invest upfront, neither you have a huge family fortune. So how to earn passive income in digital world? You see, we all have these things in front of us for all the time, yet we never looked at them. Or even we looked at them but never thought of doing anything about it. There are multitudes of sources from where you can earn passive income without spending almost no money, which includes but are not limited to
- Starting a blog (like the one you’re reading)
- Write a book (you’ve already read plenty of them)
- Start a Youtube Channel
- BUT, yes there’s a big but, and that is all above things take a long time to make as well as them get them ready to earn money. So what else is there?
- ONLINE COURSES
How to online course generate passive Income?
Yes online courses can generate passive income. Online course is something which will take the least amount of time to create and will start making money to you fastest. An online course is a collection of lessons, video + audio + text. But should contain more video and less of other things. Compiled together, this online course should help someone achieve something. The bigger the rewards the bigger the demand for your course. And understand, even if your course makes someone very happy because now they can draw micky mouse easily, this is a big achievement for them and its a big achievement for you. So don’t think you have to teach some sci-fi coding. You can teach any skill that people love to know about and get paid for it.
There are platforms like skillshare and udemy where you don’t have to do any marketing and just upload your course and start making money. I have written a detailed tutorial about how to teach on udemy and generate passive income for yourself and your family which you can read here.
What can be done with Passive Income?
Let me tell you what passive income can do for you.
If you can make a mere ₹ 6000/- per month, you don’t ever have to pay for your big annual expenses
- Smartphone for you and your spouse
- Television Set or any other equipment you wanted to have
- Extra curriculum classes for your kids
- Your next laptop / ipad
If you can make just 12000/- in passive income, you don’t ever have to pay for
- Schooling for one of your kids
- That car you wanted to buy
- Fuel for your bike
- Next Scooter for your younger sibling or your wife
If you can make 24000/- in passive income, you don’t ever have to pay for
- Schooling for both of your kids
- Big savings per month that you wanted
- Your mid sized Sedan and its fuel
If you can make 48000/- in passive income, you don’t need to pay for
- Your home EMI and monthly savings OR
- Your dream SUV and monthly savings
I hope you got the point am making here. Look even small passive income can offload you of lot of financial worries. And yes its possible if you just work 20 minutes per day. Yes just 20 minutes is all that is needed for you to share the skills you already have and share it with world. And am just another person like you who is doing this and I believe if I can do it then anyone can do it. Hence I want to share this thing with you. You can also earn passive income by just sharing the knowledge you have with world and I have already written it in detail how to do that in this post here.
How You earn Passive Income with Online Courses?
You create your online course, you publish them to Udemy and skillshare and many such platforms. Students visiting these sites, see at your course. They purchase it from there. The Udemy or any such company gets to pay some portion of your money and you get other part of your money. Nothing else is needed. However if you’re tech savy, you can always setup your own website and sell these courses there also. There is no exclusiveness to courses on Udemy. Even if you sell it there, the content is owned by you, not by Udemy and hence you’re free to sell them any place as you want to including your own site.
Look its a proven fact that people like me and thousand others are already earning passive income, its just about time that you realize you can too and get started with it. The earlier the better, however there is never too late. Just grab a pen and paper and start writing your ideas.
And if you really feel you need some expert help in shaping up your online course, you can always contact me :).
Wishing you All the best 👍