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Five Best Passive Income Ideas in 2023

A second source of income means an additional cash flow. It ensures better financial freedom to let you pursue your dreams, get a life cover or pay off existing loans. You are not reliant on a single paycheck and can fall back on another anytime. In short, a passive income can improve the quality of your life.

As Warren Buffett says, “Never depend on a single income. Make investments to create a second source.”The good news is that working with the top finance affiliate programs does not require you to make any investments. One such option is the IDFC FIRST BankMyFIRST Partner App. You can upload the required documents and complete the registration to get started. Here’s a look at the details, along with a few other income ideas in 2023.

1.     Refer and Earn Program

You refer a loan to someone in need. In return, the bank gives you money. The IDFC FIRST Bank MyFIRST Partner App offers incentivesfor every successful loan application, along with cash prizes and gadgets for good performances. You can also qualify for branch, regional, zonal, and national-level performance recognitions.Altogether it is a fantastic experience. You get an opportunity to earn a 1.5% flat commission on each referral.

Also, you do not have to step out of your home. Enjoy a second source of income even while you are going to work. All you need is a smart device with the internet. Further, you will have to convince a friend, family member, colleague, or neighbour to consider a personal loan between ₹20,000 between ₹40 lakhs. Help them with the process and get your share of the money in the bank account.Use it to serve multiple financial purposes.

2.     Freelancing

You can pick freelancing jobs in the fields of writing, graphic designing, web development, consultations, social media management, photography and editing. Know that you will have to spend significant time and some basicset-up investments to start. This is unlike being a loan agent who can also manage their primary jobs simultaneously.

3.     Renting Out

You may consider renting out your residential or commercial property. But keep in mind that you are responsible for tenant screening, rent collection, and maintenance. This could take up a considerable amount of time and might be stressful at times. A refer and earn program requires you to spare just a few hours everyday without inter interactions.

4.     Mutual Funds

This is one of the most popular passive income ideas in India. You can earn via capital gains. While they might bring you great returns, it is not 100% guaranteed. Also, it is critical to remember that mutual funds involve market risks. Further, you will have to pay fund manager fees and taxes as well.

5.     Selling Old Products

List your second-hand items like clothes, furniture, books, and utensils online. You may start getting leads on the same day. But be alert about fraudsters who can trick and dupe you of your money.

With the IDFC FIRST Bank MyFIRST Partner App, you may collect more than ₹50,000 per month and live a comfortable life.

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