In the wake of adverse effects of COVID on every aspect of human life, it is not surprising that the number of job losses and redundancies globally have created a hole in common man’s pocket. There is a substantial loss of income for people world-wide, which naturally is leading to search for alternate sources of income.
I came across the ideas of passive income, while joining the Webinar of John Lee the Chinese millionaire from England who isthe co-founder and CEO of Wealth Dragons Group PLC. He is also the founder of Wealth Dragons Online which is set to become one of the largest E-learning platforms for business entrepreneurs across the globe.
His caption “do you want to make money while you sleep?”, is too catchy a phrase to be missed. The ideas which he put forth in the webinar made me research the topic to find out about the ideas of passive income.
His ideas of passive income emerged from the job losses and related social stigma. He enumerated that the idea of income has become deeply entwined with working 9 to 5, which is an off shoot of industrial revolution and the growth of global economy where time has become equal to money. However lately with the notions of globalization going kaput in the wake of COVID, alternate mode of income generation has become a reality.
Although entrepreneurs have indulged in ideas of passive income generation through investments into high yielding stocks and other such ventures for long, but that normally requires investment of high amount to pull in more income. In case of John Lee he set up his venture Wealth Dragons after he had lost his job. In his recent book ‘The Wealth Dragon way’, he challenges the traditional notions of wealth creation. During the webinar he made simple suggestions which seemed more relevant to the current context.
Among the ideas for creating passive income which Lee mentioned in the webinar were:
- Launching you tube channel
- Money raised from rental of property
- Writing Blogs
- Becoming Amazon Associate
- Using creativity with the help of technology to set up unique ventures
- Through affiliate marketing
- Rent the space online
- Content Writing
It is quite obvious that these ventures may not offer an immediate yield but they can definitely provide some of the answers to the prevailing mayhem caused by the pandemic.
For generating passive income we need to do some soul searching to find our calling, our passions. We need to think, to talk to like-minded people, gather knowledge about the field of work and finally have a plan of action to work things out.