Earning Methods – Part 1 Traditional employment.Gig work.Selling products or services.Passive incomeSide Hustles.Traditional employmentFull time / 9-5: Full time employees work typically 9-5 in a workplace like an office and get paid monthly a fixed salary. They are provided with employee benefits like health insurance, ESOPs, certain eligible allowances, etc. These guys pay somewhere between 15-30% on income tax depending on their income.Part Time Method: People who work part time typically work for 3-5 hours during the same time of the day. Examples include guys in xerox shops where they are open from a particular time to a particular time. These people also get paid on an hourly basis depending upon the type of work. Housekeeping is a common example of a part time job where a person can finish his/her job in a few hours and be paid hourly wage.Freelancing: In freelancing, people work on either contract or per project basis usually from different locations. Usually it takes some time to get initial clients because you’re new to the game and you have no trust. So it may take some time, but once they build a reputation they get paid more money compared to part time employees and even full time employees because of the skills required to complete the job. The client once obtained can be on a retainer model for months which gives monthly cash flow from wherever you are that you can put into your other projects.Internships: Companies hire people after getting them trained through internships and many students have it in their curriculum to intern during their vocation at any company. Internships are great because first, you’re trying something. Next, you gain real world skills and experiences right at the workplace which makes you smart during interviews when answering questions. Internships are often not paid, but companies also offer paid programs as well. You can easily apply for internships for companies either on their website or through a job portal like indeed.com.
2. Gig work. Apps & platforms, completing small tasks, commision based earnings, airbnb, threads bonuses (not in india yet i guess).Pay per task: Delivery services, Uber, ride sharing services are perfect examples of these. Apps and platforms provide all the essentials you need to start this type of gig work.Completing small tasks: This is similar to the above one. One example that immediately comes to my mind is Swiggy genie 😛 where if you forgot something, you can get it directly at wherever you are without moving, which is great.Commission based earnings: This is similar to a full time, part time job but it’s also a gig type of work because the work timings are flexible but you are an employee who is outside trying to get sales or clients. An example is the UPI app platforms send their employees to convince shop owners to set up their QR code. For each successful onboarding, the employee receives commission in addition to their base pay. Another example is AirBnB, where you get a commision of the rental fees from tenants.Bonuses: I know what you are thinking, THREADS BONUS, right? Not your fault. Threads bonus is also a great example of the gig work where people reach certain milestones and get paid for each achievement.
Selling products or services. Small businesses.Small businesses are the ones that sell products and services at a small scale. For example, car washing, you can offer car washing services in your area. Tutoring, reselling items for profit, dropshipping, any services that you can provide to an individual basis mostly would come under this list. Small businesses should involve low upfront cost and light operations. You can also create courses on online platforms like skillshare, Udemy and earn passive income. Another small business is just selling B2B within the low upfront cost range. You can provide designing, marketing, social media management services online and these involve skills and less upfront cost.Passive income methodsWelcome to one of the most interesting earning methods on the planet: Passive income. Passive income essentially is income from anything where you are not actively involved in day to day operations. This method requires substantial initial setup in terms of labor and money to get to a point of having run by itself without much day to day involvement.Lets see what are the modern methods of passive income. Mostly all online business related methods except JOBS can be made passive. Investing in stocks, Making youtube content, affiliate marketing,digital products, dropshipping all these are once it’s set up and running and taken to a point it needs no further involvement and the algorithm takes care of it.There are also offline passive income methods like real estate where you get passive income through rental income. Though it requires maintenance, it’s mostly passive once it’s up.Renting out stuff is another typical example of passive income like renting out vehicles, places, tools, etc.Regarding pricing, you can check your competitors’ or area’s pricing and then fix it accordingly.
Side HustleSide hustle means you’re hustling on the side (which is after your regular income method) to generate extra income, more than income it can become a profitable timepass, you will learn many things. Classic and easy ways of side hustling are writing online, freelancing, selling stuff online, taking part time jobs in your area, or it could just be a passion project where you are not concerned about the money.There are many types of side hustles. If you want to get started right away, then you should avoid the ones that require others’ approval, like for example Google Adsense or Amazon Affiliate. You can join local delivery boy services where you can start making cash immediately. If you have a skill and like to wait, you can find freelance work from clients gradually, even in a monthly retainer model. The possibilities are limitless here. If you like to take full control of your side hustle, then more control means more patience and more work to be done and also requires some capital. But the rewards are very much worth it. Examples include creating a blog and writing for SEO, growing your social media following, etc. No Cost side hustles include working part time, providing services online and tutoring. More than money, like I said earlier side hustles are great for time pass and knowledge development, it’s cool, you know. You should give it a try.
