Passive income is the money most intelligent people make while working on a full-time job. In the past few decades, passive income options have boomed and more people have started looking for new income streams to bolster their financial demands.
Over the years, automation and developing technology has made things quite unpredictable for certain employment sectors. Therefore, people are looking for backup plans in the form of multiple passive income streams.
Are you also looking for passive income streams in 2021 to empower your bank balance? No matter, if you are a student or a retired person, you can always rely on passive income streams to get a constant cash flow even after losing your day job.
Passive Income Ideas in 2021
1. Dividend Stocks
According to Investopedia, dividend stocks are stocks provided by reputable companies that pay out at regular intervals.
These companies usually have a trustworthy image of distributing profits to the shareholders. If you are a bit intimidated by risks but still want to make passive income, dividend stock is the right thing for you.
The main thing here is making an impressive portfolio by investing in the right platform. There are many apps and websites that provide an opportunity to buy dividend stocks.
2. Investing in the stock market
The stock market is the conventional thing that comes to mind when someone speaks of passive income. These are success stories and failure stories as well. In a nutshell, it is somewhat risky, but the returns or profits are noteworthy.
This is why many millennials and adults are keen to learn how the stock market works so that they can invest intelligently to make huge profits.
Before investing, you should have the right knowledge and risk assessments. In the beginning, start slowly and invest in little amounts to gain knowledge. Afterward, you can invest as much as you want to get huge profits too.
3. Make an app
Creating an app is also another great option. There are millions of apps on the App Store and Play Store as well. This is a good option for programmers or anyone who knows how to write codes.
However, don’t worry if you don’t know how to code, because these are websites that let you make apps without writing a single code.
4. Invest in a business
Investing in a business is a good option if taken seriously. There are thousands of budding startups that need funding, and if you have some money to spare, you can become their initial investor.
By doing this, you can own some shares or part of the venture. In the future, if the startup takes off, your money would also multiply accordingly. There are people who specifically invest in startups called Angel Investors.
However, this particular passive income stream is good for you only if you have enough money to invest and the smartness to invest in the most profitable venture.
5. Create a course or write a book
Topics like marketing, technology, etc., are very popular and lots of students want to learn new things online. If you have decent expertise in any of these fields, or any other topic that you think might interest students, it is the best thing to make and earn a passive income.
In the beginning, it would require some hard work and preparation, but once you upload it, you only have to take care of the marketing and updating the course material occasionally.
You can promote the course online and share it with your friends and colleagues. It is a great way to earn, and once you garner enough following, you can do more relevant courses that earn more money.
Similarly, you can also write a book/e-book to share your knowledge and experience with people. Writing a book is also profitable if the content is interesting or knowledgeable enough.
Due to the introduction of self-publishing, it has become quite easy for writers to put up their work without looking for a publishing house. If you have the right knowledge and approach, you should also write an eBook and sell it online.
6. Affiliate marketing
Affiliate marketing might not sound like a great option for people who want to make money without investing much time. But, to be true, it is a great option for anyone who has basic to average marketing skills. For affiliate marketing, you need a blog or a trustworthy social media following.
You can sign up for affiliate marketing programs or join affiliate marketing networks related to your niche. To earn compensation, you can promote those links on your blog or special media profile. After doing the basics, you have to wait for people to purchase things from those affiliate links.
If affiliate marketing is done the right way, it can help you earn thousands or even millions of dollars. But this huge amount of money doesn’t come without hard work. In the initial stages, you have to invest some time and even money to promote your blog/social media account.
7. T-Shirt Designing
Are you a designer at your heart? If yes, then you can try your hands at designing T-shirts and sell them to make profits. There are several websites that accept T-shirt designs and pay compensation after each sale. Even Amazon has a service called Merch by Amazon that lets you submit your design and it takes care of the printing and shipping.
8. Airbnb renting
Having a place where you don’t spend much time can also be a great source of side income, thanks to Airbnb. You just have to fill in the necessary details and list your property on Airbnb.
It is great for people who own multiple places or who travel away from home a lot. Here, you make money on a property you already own, therefore, there is no investment as such.
9. Network marketing
Over the decades, Network Marketing has risen and has become a consistent income source for people around the globe. The best thing about these network marketing companies is that you don’t have to work a lot, you can do it intelligently and avoid hard work. And in return, you will earn money for that, or sometimes, even free goodies.
10. CD Ladder
CD, or certificates of deposits, ladder building is another great option for getting better returns on your money. Banks offer CDs to those who want lesser risks and low investments in the initial stages. It is a long process and requires patience from your side.
Having passive income streams at every stage of life gives more freedom and a secure future. It is hard to predict the future in this world of randomness, therefore, it is best to be prepared and experiment with new income streams for better knowledge, and obviously, a constant influx of money.