Passive income is money that most smart people earn while working full time. In recent decades, opportunities for passive income have grown and more and more people are looking for new sources of income to meet their financial needs.
Over the years, automation and developing technologies have made things quite unpredictable in some employment sectors. As a result, people are looking for contingency plans in the form of more passive sources of income.
Are you also looking for passive income sources to strengthen your bank balance in 2021? Whether you are studying or retiring, you can always rely on passive income streams to provide you with a steady cash flow, even if you lose your day job.
Passive income ideas 2021
1. Dividend shares
According to Investopedia, dividend stocks are shares offered by reputable companies that pay regular dividends.
These companies usually have a good track record of distributing profits to shareholders. If you don’t want to take the risk but still want to earn passive income, dividend stocks are the right choice for you.
The key is to create an impressive portfolio by investing in the right platform. There are many apps and websites that offer the opportunity to buy dividend stocks.
2. Invest in the stock market
When it comes to passive income, the stock market is the traditional thing that comes to mind. There are success stories and there are also failure stories. In short, it’s a bit risky, but the rewards or returns can be substantial.
That’s why many millennials and adults want to understand how the stock market works so they can invest wisely and make big profits.
Before you invest, you need to have the right knowledge and risk assessment. Start slowly at first and invest a small amount of money to gain knowledge. Then you can invest as much as you like and make huge profits.
3. Make an application
Making an app is also a good option. there are millions of apps in both the App Store and Play Store. This is a great option for programmers or anyone who can write code.
But don’t worry if you can’t write code, there are websites that allow you to make apps without writing code.
4. Invest in a business
If you’re serious, investing in a business is a great option. There are thousands of start-ups that need funding and if you have available capital, you can be their first investor.
This way, you can own some shares or a part of the company. In the future, if the startup starts to grow, your money will multiply accordingly. There are people who invest exclusively in start-ups who are known as angel investors.
However, this passive source of income is only useful if you have enough money to invest and enough brains to invest in the most lucrative ventures.
5. Build a course online or write a book
This is the best option for retirees or those with an in-depth knowledge of a subject. These days it’s not difficult to create an online course thanks to platforms like Udemy and Skillshare.
Topics such as marketing and technology are very popular and many students want to learn something new online. If you have good knowledge in these areas or any other topic you think students might be interested in, it’s best to earn passive income.
It takes hard work and preparation at first, but once you’ve mastered it, all you have to do is look after the marketing and update the course material from time to time.
You can promote the course online and share it with your friends and colleagues. This is a great way to make money and once you have enough followers, you can produce more related courses that bring in more income.
Similarly, you can write a book/e-book to share your knowledge and experience with people. Writing a book can also be lucrative if the content is interesting or professional enough.
The introduction of self-publishing has made it easier for writers to publish their work without having to seek a publisher. If you have the right knowledge and approach, you can write an e-book and sell it online.
6. Affiliate marketing
Affiliate marketing may not sound like a good option for those who want to make money without investing a lot of time. But, realistically, it is a great option for people with basic or general marketing skills. For affiliate marketing, you need a blog or a reliable social media network.
You can sign up for an affiliate marketing programme or join an affiliate marketing network that is relevant to your niche. To be compensated, you can promote these links in your blog or dedicated media profiles. Once you have completed the basic steps, you should wait for people to buy things through these affiliate links.
If affiliate marketing is done correctly, it can help you make thousands or even millions of dollars. However, this huge amount of money does not come without effort. In the initial stages, you will need to invest some time and even money to promote your blog/social media accounts.
7. Design T-shirts
Are you a designer at heart? If so, you could try designing T-shirts and selling them for money. There are several websites that accept T-shirt designs and pay a fee after each sale. Even Amazon offers a service called Merch by Amazon that lets you submit your design and it takes care of the printing and shipping.
8. Rent a room on Airbnb
Thanks to Airbnb, having a place where you don’t have to spend a lot of time can be a great source of side income. All you have to do is fill in the necessary information and list your home on Airbnb.
This is great for people who own multiple homes or travel a lot from home. Here, you make money from the properties you already own, so there is no such investment.
9. Internet marketing
Network marketing has been growing for decades and has become a steady source of income for people all over the world. The best thing about these network marketing businesses is that you don’t need to work hard, you can do it smartly and avoid hard work. In return, you can earn money and sometimes free goodies.
10. CD-Ladders
Building a CD or certificate of deposit ladder is another great opportunity to get a better return on your money. Banks offer CDs for those who want to take less risk and invest less in the early stages. it is a long process and requires you to be patient.
Conclusion
Having a passive source of income at every stage of your life will give you more freedom and a secure future. In a world of opportunity, it is difficult to predict the future, so it is best to be prepared to try new sources of income to gain better knowledge and of course a steady flow of money.
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