Passive Income is the ultimate life hack – make money while you are doing other things (like sleeping or having fun). There are many ways to earn extra cash passively. Most streams of passive income require investments in either your time or money. But once they are up and running, you can simply check in on them regularly and watch your accounts grow!
Here are 10 of our favorite passive income ideas you can start in 2021
Real Estate Rentals
Rent out your apartment or rental property. This requires either an extra living space or money to invest in one. People need places to stay and real estate value (and rental costs) are always going up!
Real Estate Crowd Funding
Own real estate without the hassle of being a landlord by investing in a company like Fundrise or a REIT. With as little as $1000 you can join forces with other investors to own property and the company you invest with takes care of the rest. You will earn monthly or quarterly payments for your shares.
Invest in the Stock Market
Own shares of publicly traded companies like Apple, Facebook, and Amazon. Hold on to the shares as the company grows and expands its business. As the company grows, so will its share price. Sell the shares for a profit OR collect a dividend (monthly or quarterly payment) for being a loyal shareholder.
Write a Book
If you enjoy writing, creating, or sharing information consider writing a book. There are many self-publishing websites that will help you create and publish your own book or ebook. Creating the book will be a lot of work initially, but once you get published online you can sit back and collect the income and royalties.
Create an online course
If you are an expert of anything – create an online course to teach others. Use Udemy or Teachable to create and sell your course. Create once, sell many times. Social media sites like twitter, facebook and LinkedIn are great places to share your knowledge.
Start a blog
Blogging is a great way to share information and collect income from the things your recommend and ad space on your website. It takes time and marketing efforts to get your blog started and find readers, but if you share enough good information google and search engines will send you viewers. Sell ad space and join affiliate programs to earn income from your blog.
Rent space in home
AirBnb allows you to rent out your space to others when you are away. If you live in a popular city or travel destination you can collect $100-200 a day while you are away!
If you have some extra cash sitting around use a site like LendingClub to loan money to others. This helps other people realize their projects and businesses and you receive 5-7% in a monthly payments.
Become an Influencer
If you have a loyal following on social media, you can be paid to promote products and services to your audience. Reach out to brands that you share a audience with and ask about influencer and affiliate opportunities. This is a great way to earn extra money (and free stuff) simply by sharing.
Build an App
Everyone has a mobile-phone with a handful of helpful apps. If you are somewhat tech-savvy, create an app to solve a problem, provide education or entertainment. You can earn money though app sales or in-app purchases.