The Power of Passive Income: How to Build Streams of Income that Work for You
Article By Samin Gurung
Are you tired of trading hours for a minimal salary in Nepal?
Do you dream of building streams of income that work for you, even while you sleep? If so, then you’re not alone. The concept of passive income has become increasingly popular in Nepal in recent years, and for good reason.
By generating income streams that require minimal effort to maintain, you can achieve financial freedom and create the lifestyle you’ve always wanted.
In this blog post, I’ll explore the power of passive income and provide practical tips and strategies for building your own streams of passive income.
Whether you’re interested in investing in NEPSE, affiliate marketing, or creating digital products, you’ll find something here.
What Exactly is Passive Income?
Passive income has become increasingly popular in Nepal due to the many benefits it offers.
Essentially, it’s income that you can generate with little to no effort once the initial work has been done to set it up.
First and foremost, passive income lets individuals achieve financial freedom.
By generating income streams that require minimal effort to maintain, you can free up your time and energy to focus on the things that matter most.
In addition to financial freedom, passive income gives you a sense of security.
Multiple streams of passive income minimize financial risk, as individuals are not solely reliant on a single source of income. This could have been especially beneficial during times of economic uncertainty, such as during the recent Covid-19 lockdown or a financial recession.
Last but not the least, passive income gives some people a quality of life. If you’re like me, you don’t find your purpose inside a cubicle of a 9-5 workplace. You love to spread your wings and explore, and passive income lets you do that.
How to get Started with Passive Income?
Let me tell you this: the perfect day will never come.
I know you’re feeling like you need some change right away, but you’re waiting for the right stars to align.
But that will never happen. The most valuable skill of an entrepreneur is not communication, leadership, or networking. Rather, it is the ability to make prompt decisions.
Furthermore, the speed of decision-making is often more important than its accuracy.
If you want to start generating passive income streams, you will have to grit your teeth and decide to start right away.
To get started with generating passive income, follow these simple steps:
1. Figure out what you want to achieve financially.
2. Look into different types of passive income streams.
3. Make a plan for how you will start generating passive income.
4. Take action and start building your passive income streams.
5. Be patient and persistent. It takes time to see results.
Investing in NEPSE for passive income
NEPSE, the Nepal Stock Exchange, is the only stock market exchange in Nepal.
I have two years of working experience as a media officer at Sharesansar, Nepal’s top investment news portal, so the advice you’ll read here will be authentic.
Investing in stocks that pay dividends can be a great way to generate passive income.
Dividends are payments that companies make to their shareholders as a way to distribute profits. By investing in stocks that pay dividends, you earn a regular stream of income without having to actively work for it.
If you’re a complete beginner, this guide will help you with making investment accounts in NEPSE and choosing the right strategy.
When investing in stocks for passive income, it’s important to choose established, reliable companies with a history of paying dividends.
Look for companies that are financially stable and have a strong track record of generating profits. Keep in mind that dividend payments can fluctuate, so it’s important to diversify your investments and not rely on a single stock or company for all of your passive income.
In addition to dividend payments, the value of the stock itself can also appreciate over time, providing additional returns on your investment.
However, it’s important to remember that investing in stocks always carries some level of risk.
Also, you will find a lot of fake investment experts in Nepal’s investment community. Do not join a random Facebook or Telegram group and take stock tips for shady “experts.”
Affiliate Marketing in Nepal for passive income
Let me tell you this: most information that you will see online about affiliate marketing in Nepal is crap.
However, I researched the scope of affiliate marketing in Nepal for about a month, and I am certain I have the best insights into it now.
Affiliate marketing is a great way to generate passive income from anywhere in the world.
You promote other people’s products or services and earn a commission for each sale that is made through your unique affiliate link.
A few years ago, no company in Nepal had an affiliate program. However, I researched recently and found more than 30 affiliate programs in Nepal.
But before choosing an affiliate program, remember this: always focus on promoting products or services that you believe in and that align with your values.
Affiliate marketing has no limit for earning potential, and it does not require your full-time presence. Overall, affiliate marketing is a great way to generate passive income by promoting products or services that you believe in.
With the right approach and consistent effort, you can build a portfolio of affiliate marketing income streams that provide financial security and freedom.
Creating digital products for passive income
Creating digital products is an excellent way to generate passive income. Digital products can range from ebooks and courses to software.
But I know what you’re thinking – who will even buy digital products in Nepal?
The fact that not many digital products are made in Nepal doesn’t mean there is no demand. It only means you can provide supply and fulfill the demand.
Money always goes to those who fill in the service gaps.
Nonetheless, companies like Digital Gurkha are currently trying to revolutionize the digital products space. They bring course creators and students together via their platform and the creator gets paid.
I have also seen numerous other ebooks written by Nepalese authors, like an ebook by sharegyannepal called Stock Market Ebook Guide.
I’m not affiliated with them, nor am I paid to mention them. I just wanted to show you that it’s being done here in Nepal as well.
When creating digital products, it’s important to choose a topic or niche that you are knowledgeable and passionate about. This will help you create high-quality content that resonates with your audience and sets you apart from competitors.
Once you’ve chosen a topic or niche, you’ll need to create your product. This might involve writing an ebook or recording a course. Be sure to create a high-quality product that provides value to your customers.
To sell your digital product, you can use a variety of platforms such as your own website. Be sure to promote your product through social media and other channels to reach your target audience.
One advantage of selling digital products is that you can sell them over and over again without incurring any additional costs. This makes it an excellent source of passive income.
Starting a Blog or Youtube channel for Passive Income
Starting a blog or YouTube channel can be a great way to generate passive income.
This website you’re reading right now is funded by advertisements. As you scroll through the ads while reading this article, the website receives ad revenue.
In Nepal, you can either monetize your website or blog via Google AdSense or attract local advertisers.
For one reason or another, Google AdSense may not be verified on your website. In this case, it is equally lucrative to attract ads from Nepalese banks, insurance companies, and other business hubs.
However, keep in mind that building a successful online presence takes time and effort.
The first step is to choose your niche. This is the topic that you want your blog or YouTube channel to be about.
Choose a niche that you are passionate about and knowledgeable in. This will make it easier for you to create content and engage with your audience.
Once you have chosen your niche, you need to create high-quality content that will attract and retain viewers. For a blog, this could be written content, images, or videos. For a YouTube channel, this would typically be video content.
Aim to create content that is engaging, informative, and relevant to your niche.
Wrapping Up
Passive income is a powerful tool for achieving financial freedom and creating the lifestyle you’ve always wanted.
By generating income streams that require minimal effort to maintain, you can free up your time and energy to focus on the things that matter most to you.
Throughout this blog post, we’ve explored the different types of passive income streams, how to get started with passive income, and the challenges you may face along the way.
We’ve also provided practical tips and strategies for building and managing your passive income streams.
Remember, building passive income streams takes time, effort, and dedication. But with the right mindset and approach, anyone can achieve financial freedom through passive income.
Author Bio: A former media officer at Sharesansar, Samin now provides freelance content writing and SEO services and practices KickBoxing Muay Thai. When he is not strumming his guitar, you’ll find him writing about financial freedom on nepalearn.com.
