The Best Passive Income Ideas for 2021
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We all want to get rich, but it’s pretty much a fact that you won’t be able to pull that off just by working alone. You need to have some sort of method of turning money into more money, or otherwise you’ll just end up being financially average. While that isn’t necessarily a bad thing, society is making it easier and easier to make a living passively. Heck, you could even replace your job with one of these methods altogether and earn your money without putting in the hard work.
Let’s take a look at some things you could do in 2021 to generate more money passively.
Buying houses, renovating them and selling them again is still a surefire way to gain income. If you’re somewhat handy and can do most of the work yourself, the markup on a renovated house can easily be enough to make sure you don’t need to work for an entire year. Since you’ll have to buy and renovate a house first though, it does require a bit of starting cash.
The Stock Market
While the stock market used to be a thing for the select few, most banks these days actually have different options if you want to start dabbling in the world of stock investment. It won’t be as lucrative as learning to do it yourself, but it takes almost no time, and it’s a lot safer.
Become an Influencer
Granted, there’s some luck involved in this, but if you can somehow get some original and fun content out on social media on a relatively frequent basis, the money and sponsorship deals will roll in eventually. All you really have to do is stay true to your content concept and be patient.
Create An Online Store
Print on demand stores have become the quickest way for starting designers to get their products out there without having to do too much of a financial investment up front. If you don’t get sales, nothing gets produced. It’s a relatively safe avenue of approach that can be the perfect stepping store to creating a full-fledged store once your brand is big enough.
Rent Out a Spare Room
By far the easiest way to make money without having to do much for it, is renting out a property. You’ll get a nice sum of money each month, and once the mortgage is over that money will translate to a 100% income boost. Heck, you could even Airbnb it, which is even more lucrative.
The world of affiliate marketing has changed a lot due to social media, so selling products through the internet isn’t too hard. The only real downside to this plan is that your income will be entirely dependent on the actual sales, meaning this is no method to create a steady income.
Most small businesses or self-employed people started building their websites back in the 90’s when Comic Sans was the go-to font. Once they ticket the website off their list of “to do” things, they completely ignored the evolutions the internet has gone through since then. Learning to build websites can teach you a skillset that’ll allow you to capitalize on that mistake and flip websites for a decent amount of cash.
Sell Your Old Stuff
There’s dozens of apps for this. And we both know you have at least half a room of stuff you’re probably not going to look at for the next decade. Might as well sell it, doesn’t have to be at a decent price either. It’s not making you any money collecting dust on your attic, now is it?