Top Examples Of Passive Income You Can Adopt In 2021 For Extra Income Sources
Passive income ideas was a trending topic few years back. Though the waves were dying down a bit, it regained momentum in recent years. The fact has never changed that ever than before people are constantly seeking out ways to increase their earning and enjoy financial independence. In this article I am going to share the top examples of passive income that made waves in recent years and how you find passive income opportunities in those ideas. But first, if you are new to the topic, your first question would be what passive income is?
What Is Passive Income?
Passive income simply means residual income, that is money that comes to you over time from a work you have done in the past or something you are doing now that doesn’t require much of your time and effort. Put in another way, passive income is money you earn from a part-time job. It is different from active income, which is the money you earn from your job – salary.
Can You Live Off Your Passive Income?
The big question people often ask is whether one can live off their passive income earnings. If you work your passive income sources and build streams of residual income, you can get to the point where your passive income may equal what you are earning on your day job. And that is the goal, to build multiple streams of passive income so that it eventually equals or surpass what you are earning on your day job, at that point you may have been said to reach financial independence because then you have control of your time, your money is coming in to pay the bills even if you quit your main job and the system runs automatically, you just manage it.
Examples Of Passive Income You Must Check Out Now
I guess the question in your mind now is whether there is something you can do part time that will earn you almost a full-time income. Yes, there is, a matter of fact there are! Here we go with the top passive income ideas.
Affiliate marketing provides a fantastic opportunity for people who do not have a product of their own to take another person’s good product and promote it at a profit on every sale they make. This is one of the easiest ways to start earning passive income.
If you have an idea that can solve a specific problem, kindle publishing provides an easy way to put it in book form and publish it. Book publishing has never been so easy. A lot of persons have been asking if there is a business you can start with no money. This is one. Everything is free, if you can write your book, edit it, create an appealing cover and write a good description for your book, you can start earning money right away.
Network marketing or multi-level marketing is one of the oldest businesses around, a system where you start at the bottom and work your way to the top. Though the talk about multi-level marketing may not sound like a buzzword yet big companies have been using it to get hot products into the market and individuals have been using it to rise to great heights and earning both passive and massive income for themselves.
You have probably heard of websites like up work, fiver, elance and so on, where people go to get various kinds of digital work done for them. You too can start earning money right away if you have one of the skills that are required on daily basis from these websites e.g. writing articles, editing articles, book cover design, website development etc
Yes people are still earning from blogging even though the market seems to be saturated. There are more tools that make it easy for anybody to create a blog and take it to prominence. Blogging is a good way to start earning passive income but it’s not the quickest way to build passive income. that being said, it is also important to note that it is one of the surest ways to build a reputation and a longer-lasting stream of residual income if you do it right.
This used to be for big companies but today anyone can set up an e-commerce shop and start selling digital products online with WordPress and woocommerce plugins.
This has to do with selling physical products through well-established e-commerce platforms like Aliexpress and Amazon. You don’t have to do any difficult work, just research the top-selling products and promote them on your custom built e-commerce shop that is linked to the main platform and have the product delivered by the company while you pick the profit.
YouTube is now the second most popular website in the world. If you have flair for video, then there is an opportunity here for you to earn passive income. YouTube with its AdSense program and partners program allow creators of video content to earn on the platform.
These are the top ten passive income ideas that trended in recent years. If you want to start earning passive income in 2021 then you may want to consider one of these as a starting point to build your residual income streams. But if you are already earning passive income online, I will like to know how many of these passive income ideas you have tried or are earning from.