How to make money without working daily

By: | Published: November 26, 2017 10:39 AM

Making money in a legitimate way seems quite difficult when you earn it after working approximately 10 hours a day. We bring you two ways through which you can earn decent amount of money on a monthly basis.

Photo for representational purposes only. (Image: Reuters)

Making money in a legitimate way seems quite difficult when you earn it after working approximately 10 hours a day. How about getting a salary without working for someone else. However, there is neither a short cut nor a quick trick to make money. While, in spite of working traditionally everyday, there are several ways through which one can earn decent amount of money. Money is nothing but a piece of paper and it is only useful when you need to buy a good or any service. And since after the massive replacement of 86% of currency in circulation, it is quite evident that people should plan their expenses and periodic liabilities in an organised manner.

About a year ago, on 8 November 2016, Prime Minister Narendra Modi announced a ban on Rs 500 and 1,000 currency notes in a bold move to eliminate black money out of the system. So, if you have some money which you can invest in, then there are good opportunities through which you can make decent amount of money without conventionally involving yourself in a regular job.  

Interest on deposits

If you are willing to earn money as a salaried employee does, then term deposits or fixed deposit with a bank or a financial services provider is a good option for you. With the interest rates on long-term deposits in India is relatively higher as compared to major economies of the world, bank deposits remains a good option. Interestingly, you can withdraw the interest on your deposits as per your own desires. For instance, you have deposited a sum of Rs 50 lakh and on which bank is offering you an interest of 8% per annum. This implies that you will receive Rs 4 lakh as the interest amount over your principle deposited. Now, you can ask your banker to arrange the interest amount accordingly as per your need, it may be monthly or quarterly. If the arrangement is on monthly basis then you will get around Rs 33,000 with your principle amount safeguarded with the bank.

Stock market investment

As far as the Indian stock markets are concerned, right after a couple of dips last year in November and December, followed by the note ban exercise, domestic equities are on an continuous upmove since then with the benchmark indices Sensex and Nifty rallying nearly 30%. Investing in stock market doesn’t necessarily mean junking your money. Within the proper consultation of a wealth manager you can invest your money in such stocks which pay off decent dividends. And also there are a few risk free bonds which even have higher coupon (interest) on them than regular bank deposits.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition