Passive income ideas for 2021 are particularly important these days because the crisis our world is in. We realize however, that it’s difficult do create smart passive income while we’re working our full-time job. You’re time is limited but your dreams for financial freedom are BIG!
There’s a lot of people asking this question right now, “How can I make extra money in 2021?” That’s a great question and I bet you’re of the mindset that you want to know what the best sources to earn money right now are.
It’s my mission in this blog to help as many people as possible become entrepreneurs and make money online and with this blog post, I’ll share what I think are the best passive income ideas. This is a different kind of list than what you might see elsewhere online because it’s absolutely geared towards people who see the world for what it is. There’s no doubt that we in fact are living in the digital age and a digital world.
You have a TON of passive income ideas ranging from using your home as an Airbnb, owning a laundry mat, vending machine business or even selling your plasma but that’s not the way my mind works. If you’re interested in some different and what I think are smart passive income ideas, then let’s just dive right in but first we have to address the elephant in the room.
Passive Income: Is it “Really” Passive?
Actually, it rarely is. Let’s just get this out of the way. I know you want passive income especially ideas to make your 2021 more profitable in these tough times but understand that in most cases, you’ll have to learn something new or you’ll have to invest a certain amount of time and energy upfront to make it passive at some point.
As I go through these passive income ideas, you’ll see too that with each of them, there will be specific time and energy requirements from you to make it happen.
Smart Passive Income Ideas For 2021 That ARE WILDLY Profitable
Let’s just make this a list to make things easy. I’ll describe what it takes for you to get the ball rolling.
At the top of MY list is Bitcoin. The reason is because you don’t need too much knowledge, effort or energy to sink some cash into and watch your money grow over the long-term. I personally have made a TON of money in Bitcoin and other cyrpto-currency like Ethereum. In the beginning, I really didn’t know what I was doing so I was cautious and started with $100.00. I can’t say I made a lot of money but I definitely did.
Yes, there were’ drops along the way, just like stocks. What I learned was-hold it. Once I learned that and simply let it sit in my portfolio, I watched the price of Bitcoin soar! I bought in at $28K and as of writing this, it’s at $59K! Insane!!
You can buy it easily through Coinbase. They have an app where you can buy, sell and even get news related to crypto-currency.
Of course my mind thinks about online ventures, I’m an online business geek! If you’ve been reading my blogs for any length of time then you know, I’m all about creating income online as a way to help me live my dreams of having more time with my kiddos. I have at least 5 different income streams for my online business so my mind is always thinking about how I can expand.
Starting your own e-commerce business is a great passive income idea especially for 2021 and moving forward BECAUSE of the crisis that went down last year. People are buying what they need online more than E-VER! I mean, people are even buying their groceries online too more in 2021 than in previous years.
I wrote an article about why now is the right time to start an online business that goes into more detail and you can read it here.
Initially, an ecommerce business is far from being a passive income business because even with your T-shirt shop, you’ll have to create designs but once you get it in a marketing funnel, it WILL feed you consistently and passively.
Drop-shipping is another great passive income idea within the ecommerce strategy. Again, this is not passive in the beginning because you’ll need to learn a few things about choosing the right niche, the right product and how to promote your products but this IS an idea that is set-it-and-forget-it. Having your own Amazon store for example, if you get into the FBA aspect is truly passive except for needing to watch for when you need to replenish your products. To make an FBA store truly passive, you’ll have to locate an agency that does it all for you.
Write A Book
This idea is super easy. Even if you don’t have any writing skills, you can hire a ghost writer. It doesn’t get any easier than that. A book is evergreen especially when you’re writing on topics that are more of a trend vs a topic that’s a fad. Writing about fads are great while the topic is hot but these tend to cool down.
With our world the way that it is, people are into “escapism”. This means that a works of fiction is great because it offers the reader a way of escaping reality.
Once you add your book to the marketplace like Amazon for example, it’s truly passive. You don’t have to lift a finger. I will say though that this isn’t as profitable for some topics and this is where if you’re serious, you’ll have to invest time upfront into finding the right niche.
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Create A Digital Course
As I mentioned before, I’m trying to help you make money online as an online entrepreneur because as “Rich Dad Poor Dad” Robert Kyosaki says, if you want to be wealthy, you’ll need to have a business. Why not create an sell your own course?!
Now, is this passive income, really? Not in the beginning but it ABSOLUTELY is after you create it and turn on your marketing funnel. You might already have a specific skill or a passion that people need a solution for and a digital course is the way to go to reach the masses and make an impact. The best part is, you’ll make money on the back-end after all your hard work is done creating it.
There are several ways to do this. You can host it on sites like Teachable, MemberVault or even on Udemy. The cool thing about Udemy is, they do the marketing for you but the downside is, you don’t make much money. Their pricing structure is pretty low. This is where using the other sites are better. You get to set your own prices. I do a mix of using those sites as well as hosting it here on my own website.
You can easily create passive income for ever with this idea when you choose a topic in an evergreen niche. This is where doing your research and really being smart about what you’re putting together that it solves a timeless problem.
How To Create Passive Income While You’re Working Your Full-time gig
It’s one thing to have some great passive income idea that you’re all excited to implement but how does it fit in your life as you’ve designed it? You’re working a 9-5 job and you’re wanting to increase your income or just get out altogether. So how do you manage this?
Learning to balance work and other activities is important. It’s especially difficult to put in a full day at your regular job and then go home and work some more. But if you want to create passive income, it will require some additional effort.
Creating passive income can greatly enhance your financial well-being.
If you have any desire to break free of your full-time job, it will require you to put in some quality time at home getting those passive income projects up and running.
Consider these ideas for creating passive income when you’re working full-time:
Think about the best times to work
Maybe waking up earlier each morning is a viable option. Perhaps you can work through your lunch break. Are evenings best? Would you rather work all weekend and have your evenings free?
There isn’t a perfect strategy, but you need a starting point if you want to achieve success.
Set a schedule
A common misstep is thinking that you can work on passive income streams whenever you have free time. But “free” time is hard to come by. Therefore, it’s helpful to create a specific schedule and stick to it.
Treat your pursuit of passive income sources as you would any other regular job.
We all have our ways of distracting ourselves, whether it’s with TV, the computer, or food. Others get sleepy when faced with work they’d prefer to avoid. Do whatever is necessary to stay focused on the work at hand.
Make a list
Before you go to bed each night, make a list of the things you want to accomplish the following day. When it’s time for those tasks, avoid working on anything else. Keep working until you’ve completed all the items on your daily list.
Take advantage of breaks in your day
Ideally, you’ll have some things you can do when you have a few extra minutes. Maybe you can make a few phone calls or respond to emails.
Avoid working on your passive income activities at work
It can be tempting to spend some of your regular work hours on your passive income projects, but avoid doing so. Many companies monitor internet usage and emails.
Be cautious and avoid jeopardizing your job.
Get involved with smaller passive income projects
It may be difficult to find a good 200 unit apartment complex for a great price, get commercial financing, hire management, and oversee the project when you’re already working 40+ hours a week. Start small and build from there.
Take planned breaks
Every few weeks, consider taking a week off from your passive income activities, even though it might seem like you’re losing ground. Your productivity will be about the same, but you’ll be less overwhelmed and much happier.
Studies have shown that marathon runners will finish a race faster if they walk for one mile after running four. It’s the same idea.
Keep your projects to yourself
You might want to refrain from discussing your other passive income activities at your full-time place of employment.
Many bosses take exception to the idea of you earning extra money outside of your regular job, thinking your free time ought to be spent working harder for them.
Learn to meditate
Meditation is a great way to give your mind a break. It’s one of the few times your brain gets to rest. As long as you’re thinking, your mind is still working. Learn to relax and focus.
It’s challenging to manage a full-time job along with other activities. Limit yourself to the most important tasks and use your time wisely. Passive income takes some time and effort to create. Ensure you’re giving yourself adequate time to manage it all.
Once you have all of the passive income ideas that you’re interested in implementing in 2021, the next step is clear. Simply do your research and schedule the necessary actions to make it all come together.
Here’s a video that you might find interesting to help you on your entrepreneur journey.