7 PASSIVE INCOME STRATEGIES TO MAKE MONEY IN 2021
After reading books like “Rich Dad Poor Dad” and “Why We Want You to Be Rich,” I got obsessed with making passive income. Passive income saves your time and does away with a shackle of charges, debts, and duties. It lets go of you from 9 to 5 jobs and acts as a gravy train whether you are sleeping. So you are unconfined from worries of financial obligations. We need the initial effort to make a passive income by investing a significant amount of time and creative thinking. Generating passive income helps you to secure your future and have fewer financial worries. Here I will share with you the seven passive income strategies to make money in 2021.
Top 7 Passive Income Strategies For Building Wealth:
Here are seven smart passive income ideas that will help you build wealth in 2021. Try the one first that works best for you but know the associated risks as well.
- Affiliate Marketing:
Affiliate marketing is one of the best starting points to create passive income. It is promoting sales of other people’s products by using affiliate links on your website. When people purchase products via this link, then you get a commission. Your earning success will depend on how many sales it makes through the above link.
In 2017, Pat Flynn made a passive income of about $167,533 in only one month. So, it helps you to make enough passive income. You can work as an affiliate marketer, whether through websites, social media, emails, or podcasts. You can generate affiliate income through many sources such as Amazon, Shopify, Fiverr, Convertkit and SEMRush, Bluehost, and AWeber.
2. High Yield Savings Accounts:
High yield saving accounts are the safest and constant way of making passive income. Whenever you make investments, you will get a return. You can raise your interest rates by maintaining the balance in your account. It’s not the fastest way of growing interest rates, but you can earn money slowly with a lesser risk of losing debt.
CIT Bank is one of the best saving accounts worldwide, giving you a 0.55% profit on the minimum saving of $100. Another option is Vio Bank, which offers about 0.83% on maintaining a $100.00 balance.
3. Creating Online Courses:
Do you have more knowledge than an average person about a particular topic? As an expert in a specific topic, you can convey your knowledge by creating online courses and selling them on different platforms like Udemy, Coursera, and SkillShare. Once you upload the classes, you can sell them repeatedly, which will help you generate pretty much passive income.
In 2016, Udemy generated about $60,000 through selling online courses. Pat Flynn earned about $41,849 in one year through selling only two classes that are 1–2–3 Affiliate marketing and Power-Up podcasting. We can generate online courses marketing, technology, cooking, art, yoga, etc.
Your course should be transformative rather than only educative because free classes and tutorials are abundant on YouTube. When you choose a topic to teach, research its market and the willingness of buyers. Outline the crucial aspects of the subject and proofread your content well.
4. Blogging:
The most extraordinary stream comes from earning through blogs. Blogging is also a wonderful source of generating lucrative income if you know basic knowledge about things. You can create content on the topics of your interest and even about your personal life stories.
If you are a traveler, your content should be SEO-friendly and problem-solving. Initially, running a blog takes a lot of effort, so train yourself through online courses and online blogging events. After the content creation, insert affiliate links, but the links should be relevant to travel.
Once your blog got high traffic, advertise your services through blogging. You can try your skills on Blogger.com as a beginner. I suggest you host a blog on the following best blogging platforms; Bluehost, Medium.com, Wix, Word press, and LinkedIn.
5. Stock Photography:
The demand for photography increases day by day for advertising, marketing, publishing, and blogging. You should go for stock photography as a passive income source if you have an interest in photography.
The stat of 2013 to 2018 shows that the photographers of Denmark earned 37.1 thousand Danish kroner per month. You don’t have to be much experienced, but you can make big bucks per month through stock photography with a bit of effort.
Shutterstock, Adobe Stock, and 500px are some excellent websites for stock photography. Stock photography is not a quick way of getting rich, so you can go for it if you are interested in photography.
6. Selling eBooks:
Selling eBooks is another excellent opportunity for gaining pretty much passive income. Ebooks are inexpensive and flexible in pricing, carrying lots of bulky books within less space. You don’t have to be an ingrain writer for writing ebooks. If you are starting from scratch, then don’t be panic but go ahead slowly towards your goal. You must set a schedule, make, and do creative writing daily.
If you’re a writer, you can earn thousands of dollars by merely selling your ebooks. There are a lot of platforms to publish ebooks, including Amazon, Goodreads, and eBay. Choose a niche for writing because it has less competition with a large audience.
Amazon is an excellent platform for selling ebooks. Promote your ebooks via various social networking platforms like Facebook, Twitter, Instagram, etc. Goodreads is another site to attract potential readers for selling an ebook. You can also offer a free bonus if people access it by giving their email addresses.
7. Freelance Writing:
In this digital age, content creation has become a significant part of the internet world. Freelance writing is creeping day by day, and many people are making a bunch pretty damn through freelance writing. Leah Campbell is a seasoned and ingrained freelance writer who earns about $93 per hour. The static of 2013 showed that 765,790 worked full-time and part-time as writers.
You don’t need to be panicked if you are a shitty writer. No one wants to write badly, but you have to write something daily. It may take hours and hours to practice, and it seems a daunting task, but once you grow, you will see the mystical wonderland, which may be more than the pipe dream. As a freelance writer, you get the opportunity of writing for large websites.
Bottom Line:
If you think that the premise of this article is untrue and passive income doesn’t exist, then it’s just disgraceful. People hit the jackpot by making passive income. Invest your time with family and friends, too; otherwise, it’s not more than a money chase. If you caught up the entire time making a bunch, the primary relations would be pushed to the back burner.
