Most people have to trade time for money. When you have to do something in order to receive income, you’re actively involved in how you make your money. I’m here to tell you, YOUR TIME IS FAR TOO VALUABLE FOR THAT. Passive income can really help alleviate some of the stress of linear (earned) income. It’s a great way to make money without much effort. Below are some of the best passive income ideas for 2021.
Best Passive Income Ideas in 2021
In order to fund your lifestyle, you’ll likely need more than one way to make money. Linear income can really only take you so far. Finding one or more passive income ideas will create financial freedom for you in the long run. Below are some of the best passive income ideas for 2021:
1) Affiliate Marketing
Affiliate marketing has been seen as very lucrative because you can do it from anywhere as long as you have a phone or tablet handy.
What is affiliate marketing?
Affiliate marketing is when you marketing a product for a company that pays you each time someone buys the product AFTER you’ve suggested it. If you currently have your own blog or social following, affiliate marketing should be your next step in order to really start making passive income.
Some of the best affiliate programs include:
- iTunes Affiliate Program
- Amazon Associates
- Target Affiliates
- Wealthy Affiliate Program
That’s just to name a few. You can choose an affiliate program based on a number of different things. Whatever the reason may be, the initial goal should be to boost traffic on your site so people will participate in buying the products you suggest.
You generate more traffic to your site by:
- building a solid social media presence
- purchasing ads
- making sure your site is mobile-friendly
- updating old or expired content
Focusing on generating traffic to your site will get more people engaged in your affiliate links. Hence, making more passive income. It takes a lot of work but it can definitely be done successfully.
2) Publish an E-book
Interested in writing? Well, if you’re not quite ready to get with a publishing company or don’t know how to get yourself out there, start with an e-book. Self-publishing can be a great idea if you’re trying to boost your credentials or enhance your writing career. Even though an ebook can be profitable, it’s very tricky.
The trick to making money with an ebook is to sustain high sales for months. There are tools that can help you monitor and process your sales so you don’t spend so much time on that end and you can focus on building the content for your ebook.
You can use a number of different ebook platforms including:
- Amazon Kindle Direct Publishing
- Kobo Writing Life
- Lulu Publishing
Some are free, even though you may have to pay upfront costs for cover design and editing. But a profitable ebook can definitely be published.
3) Create an Online Course
If you want to teach people about a particular subject that you have a lot of knowledge on, create an online course. It’s a great way to get paid while giving people the knowledge they want. Just depends on what people are willing to pay to learn.
People have created courses on popular topics like:
- Cyber Security
- Meal Planning
- Survival Skills
And so much more! Whatever subject you’re good at, think whether or not you have enough knowledge to put that into a course. You can create one online course or even break it up into a series of different courses. It all depends on what you have to offer.
4) Start a Podcast
Ever wanted to produce some video or audio content? Or maybe you already have some available and not sure what the next step should be. Well, how about starting a podcast? I mean, if you have the content or already know what content you’d want to produce, then logically this should be your next step. You have the potential to make a lot of money with a podcast. However, the first step is to build your audience.
So I’m sure you’re wondering how on earth you can build enough audience to get paid and better yet, how do you get paid?
Well, you can build an audience by producing content that you feel your listeners want to hear. As your popularity grows, your audience grows. Simple enough right?
And, much of your income can come from sponsorships and product mentions, which means there’s no limit to what you can do.
5) Customer Reviews: Become a Brand Ambassador
Writing or producing customer reviews can be another good source of passive income. How does it work? Well, you get the product (free or highly discounted), review it, then you get a commission from any sales that come from the product — with your own hyperlink added on your social media platforms of course.
Providing customer reviews is just the same as becoming a brand ambassador, honestly. You’re paid based on how well the product sells. If you believe in the product and have a good social following, this can be a great way to earn some extra income.
6) Real Estate Crowdfunding
If you’re looking for a way to invest your money in order to build your passive income, try real estate crowdfunding (not Derek’s favorite, but many people believe in it and are earning pretty decent money so far).
It works just like an eREIT. You get to choose from commercial or residential property investments and you would invest as little as $500. Sites like Fundrise and Rich Uncles lets you choose different types of investment properties but the choice is still ultimately yours. (This is why I typically think it’s such a great investment for your money.)
Even though you’re investing $500, it has the potential to become so much more! Definitely worth giving a shot if you want a way to invest and let another company do the heavy lifting while reaping the benefits.
Best Passive Income Ideas – Which Will YOU Choose??
Building a passive income is certainly doable. Plus, all of these suggestions can be done with as little as $500 or less. This is a great way to get extra money flowing into your household so you can start building up your financial freedom. That is the goal, isn’t it??
Using any of these suggestions can help you on your way to building so much passive income that you may even be able to quit your day job! But you have to get started first in order to really make money.
I mean, what’s the harm? Worst-case scenario, you don’t make any money BUT you gain more experience that you can use to do something greater! So either way, you still get a win. Have you started making passive income today?
AUTHOR LaTia Longuemire
My name is LaTia Longuemire. I enjoy writing, singing, and cooking in my spare time. My passion is helping others. At this stage in my lifetime, I'm primarily focused on my children. They are everything that keeps my world spinning.