Inflation in India was 4.7% in April 2023, according to the Consumer Price Index (CPI). However, this only takes into account a limited number of goods and services and does not reflect all the expenses people have. For example, rents in urban areas are increasing rapidly. If your income is not likely to keep up with this inflation, you should consider other sources of income.
In this article, we will discuss 14 side income ideas and sources to earn extra money with examples.
Passive income is money earned without actively working. Generally speaking, it leverages existing skills and requires minimal investment. It offers financial freedom and flexibility, supplementing or replacing regular income.
Research and choose the right opportunity. It takes time and effort but can be rewarding financially and personally.
Moonlighting, or working a side gig or extra job while keeping your regular employment, gained attention last year with CEOs taking sides for or against it. While it can be a great way to earn more money or pursue passions, it's important to ensure it doesn't clash with your main job or violate any agreements. Check your company's official stance on moonlighting before starting.
Some examples of moonlighting could be:
If you commute every day, you can earn extra money by picking up passengers on your route with ride-sharing. Apps like Quick Ride generally manage these services. However, if you're a woman, you may want to consider alternative options for earning extra income due to safety concerns. Being alone in a car with a stranger can be risky, so keep personal safety in mind.
To start a home business, consider organic farming, catering, making handmade products, or freelance writing. Choose something you enjoy and are good at, and can do from home. It may take effort to get started, but with dedication, a home business can provide passive income.
Offering tuition in India is a good way to earn extra money. You can teach subjects such as English, Math, Science, or the Arts. You can also become a certified instructor in Yoga, fitness, or swimming. This can lead to a career in those areas. Teaching allows you to share your knowledge and passion while earning extra income.
If you have extra space that you aren't using, renting it out on Airbnb can be a popular way to supplement your income. It's important to note that this only works if you have your property or if your landlord allows you to sublet their space.
Writing a book can be life-changing! You can share your wisdom and experiences with a wider audience, boost your credibility and expertise, and open doors to exciting opportunities and collaborations. Plus, book sales and royalties can provide passive income for years to come.
Selling online is another option if you have access to inventory. You can do it through platforms like Amazon, Flipkart, or Meesho - they make it super easy to list your products and manage everything from payments to shipping.
Google AdSense is a free program that pays you for displaying ads on your website or blog, or YouTube channel. You earn a commission when someone clicks on an ad. The amount you earn varies depending on the ad type, clicks, and visitor location. To use AdSense, create an account and add the code to your website. You can control the ads that appear and hide them on certain pages. However, AdSense works best when you have an established website or blog, which takes 1-2 years to grow.
To become an influencer or content creator, choose your niche and create awesome content consistently. Engage with your audience, collaborate with other influencers, promote your content across platforms, and use relevant hashtags to reach more people. This is easier said than done, but if you enjoy creating unique, original content, then this is an option worth considering.
Now, read this one with a pinch of salt. Trading on the stock market is a popular side income idea. To start, educate yourself by studying the basics of investing through books, videos, and reliable financial news sources. Learn key terms and concepts, such as stocks, bonds, and diversification. Once you feel comfortable, open a brokerage account to buy and sell stocks. Start with small investments and gradually increase your portfolio. Stay informed, do your research, and be prepared for market fluctuations as investing carries risks.
Once you’re ready, leverage Fi Money—a platform that enables investing in top US companies with industry-best forex rates, zero brokerage fees, and a user-friendly interface.
To create a successful blog that earns revenue from site traffic, follow these steps: Choose a topic you enjoy, research popular keywords, and create high-quality content. Optimise your blog with the right titles, headings, etc. Promote your blog on social media and interact with your audience. Keep an eye on your SEO strategy, adjust as needed, and watch your blog grow while you earn money.
Here are some ideas for blogs across different interest areas to get you started:
Don't be overwhelmed by the work ahead. Use AI tools such as ChatGPT or Google Bard for support with topic ideas and coding. Keep the content original and useful.
Platforms like Udemy, Coursera, and Skillshare offer masterclasses on a variety of topics, from legal advice and coding to analytics, copywriting, and graphic design. Professionals can create online courses and earn passive income by sharing their expertise. Consider giving it a try if you have specialised skills to share and want to make money while helping others improve.
Dividend-yielding stocks and mutual funds can earn you money through regular dividend payments. Companies distribute a portion of their profits to shareholders as dividends, and mutual funds pass on the dividends earned by the securities they hold. You can receive dividends as cash or reinvest them to buy more shares, but keep in mind that dividends are not guaranteed and can vary. Choose your investments wisely based on your goals and risk tolerance.
Check out this list of 10 Highest Dividend Paying Stocks in India.
You could make music and share it on platforms like Spotify or YouTube. Alternatively, you could create simple apps like a habit tracker or a ChatGPT-based text editing tool. These apps could have a free version with ads or a paid subscription option.
Read this detailed blog about managing your income and finances when you have multiple streams of income.
Fi enables you to invest in top US companies — at industry-best forex rates. So you can own shares in Apple, Tesla, Microsoft, and so on! With an intuitive user interface, Fi simplifies the world of US Stocks alongside their FINRA-regulated broker partner, Alpaca Securities. Besides in-app explainers, novice investors can use Curated Collections (like All-Time Favourites) to make decisions. Seasoned investors can dive deeper, apply many filters (like Stock Price) & pick from a wide range of international options. What's more, on Fi, there are zero withdrawal charges for US Stocks.
Many of the tips in this article are easier said than done and take years to cultivate and grow to a point of success where you can earn money from them. However, passive income is meant to supplement your main income. If you sow the seeds early on, you can have enough passive income to cover you later in life. This blog was meant to provide you with an overview of various side income ideas and sources and is not intended to be taken as a professional career or financial advice. Enjoy what you do, and the money should flow in over time.
Users can find several investment options on the Fi app. Be it short-term or long-term — it's easy to invest with a simple swipe of your phone's screen. Fi also offers a Peer-to-Peer investment feature called Jump! Jump can help you earn up to 9% p.a on your investment. But if you want to save up for a short-term goal & earn interest on it, select our super-flexible Smart Deposit. If you're looking for higher/stable returns, opt for a Fixed Deposit.
One of the best sources of income in India is rental property. However this can depend on the city, the location of the property, and the size and amenities associated with the property.
Some of the most profitable streams of passive income include rental income, trades made on the stock market, being an influencer on social media, and using Google AdSense.
