How can i Make 5k Daily income?
Do you really think that wealthy people are rich only because their business became successful or an actor or star got rich because their movie or show was a hit? If yes, then perhaps you are only seeing one side of the picture. After all, not every movie is a hit, nor does a business always run smoothly. Yet, these people rarely face financial struggles.
Take, for instance, Suniel Shetty. Many people know him only as an actor, believing his income comes solely from movies or TV shows. However, acting is just one of his active income sources. He owns a dining bar and club in Mumbai, co-founded Popcorn Entertainment, which produced hits like Bhagam Bhag and Mission Istanbul, and runs a fitness center chain called Fitter that provides fitness programs and services. Additionally, he has significant shares in the brand Bado. These ventures generate substantial income for him without requiring much active involvement.
Similarly, Elon Musk, known for SpaceX and Tesla, actually owns nearly 14 companies, all of which are profitable. While his primary focus is on SpaceX and Tesla, the other companies act as passive income sources. Many others like him also generate side incomes along with their main work, often with minimal involvement. This is what we call passive income.
For most middle-class individuals, passive income is a dream. But the question arises: how do you create a passive income source while continuing your main work? Numerous YouTube videos offer ideas, but many fail to generate a passive income because they don’t focus on the process of implementing those ideas.
To successfully build a passive income source, the first step is understanding the process. Initially, passive income sources are also active, meaning you need to work on them actively until they can operate independently. Once the process of converting active income into passive income is clear, you can generate a successful passive income stream.
Mistakes like venturing into irrelevant fields often lead to failure. For example, I know someone who invested ₹5 lakhs in a second-hand car, hoping to rent it out for passive income. However, he lacked knowledge and experience in the field. He ended up facing constant issues with the car, and due to a lack of time to manage the problems himself, he incurred losses and had to sell the car at half its price. This highlights why experience and knowledge in a field are crucial for success.
Suniel Shetty succeeded with ventures like Popcorn Entertainment and Fitter because he had knowledge and interest in those areas. Similarly, leveraging other people's expertise is another way to create passive income. Wealthy individuals hire experienced people and train beginners to automate their work, allowing them to focus on expansion and other activities.
So, if you want to create a passive income source, start with areas where you have knowledge or interest and build a team to help you manage and grow it. With this approach, you can turn your active income sources into passive ones, achieving long-term financial freedom.
Reliance employees work for hours, but after paying their salaries, the entire business profit goes into Mukesh Ambani’s pocket. This means that even for the work he isn't doing himself, he earns money, which makes it a form of passive income for him.
Take another example: Raju, the grocery store owner in your neighborhood, manages to spend time freely with his family because he has employed workers to run his store. This shows how leveraging other people’s help can allow you to earn money even when you’re not working yourself. When someone else manages the work in your absence, it creates a proper passive income source.
How do Begginners start Passive Income?
The next point is about selling your expertise. Suppose you’re a video editor with three years of experience. How can you use that expertise to earn passive income? There are three main ways:
- Freelancing: Work for clients and earn actively. However, there’s a limit to how much you can work, and it’s impossible to make passive income this way.
- Training Beginners: Teach newcomers and delegate tasks to them, as mentioned earlier.
- Selling Your Expertise: Teach a larger audience how to become a video editor through courses or online classes. This is a smart way to generate passive income. Many people across different fields are doing this today.
For example, in India, many people aspire to become IAS or IPS officers, spending years preparing, taking coaching, and purchasing online courses. However, those who teach how to become IAS or IPS officers often earn more than the officers themselves—whether through coaching or selling courses. Similarly, people teach stock market trading, coding, video editing, and other skills, earning significantly by sharing their expertise with others. Once your course or knowledge is online, it can keep selling even when you’re not actively involved.
Another important point is building a personal brand. Let’s assume you’re ready to sell your expertise, but why would people trust or buy your courses? Your market identity matters. Building a personal brand is essential. Use social media to share your journey and create trust among your audience.
For example, if you were preparing for UPSC, and you had two choices: one is Vikas Divyakirti, a well-known name in the field, and the other is an unknown person with no prior reputation. Whom would you choose? Naturally, you’d prefer Vikas Divyakirti because you’re familiar with his name and work. This is the power of a personal brand.
To generate passive income, build trust and an audience. People who trust you are more likely to purchase your premium courses without hesitation. But ensure you provide real value in your offerings so customers don’t feel cheated.
This method is no different from traditional coaching, where you pay to learn. By creating online courses, you can help others while generating passive income. The advantage is that your courses can sell and earn for you even when you’re not actively working.
This is how you can generate passive income.