Passive Income Ideas in 2021
Did you lose your primary source of income because of COVID and have no source of passive income? Well, don’t worry. Because here we talk about 5 different passive income ideas that can you make some good money on the side.
Savings Account
Banks understand that people these days are interested in earning passive income. Therefore, a lot of banks offer a tempting rate of interest so that people can make a decent amount of money on the side.
An excellent example of this can be Varo Bank. Varo Bank is providing its customers with a 0.81% APY. Although this will not make you extremely rich.
But it’s practically free money, and no monthly fee is charged. So, why not make the most out of this opportunity?
Rent out your house
A great way of making a passive income is by renting out a place that is not in use. Renting out your place on Airbnb can make you some serious cash.
Therefore, when you’re out of town or on a vacation, try renting out your place for some extra income.
In case you were wondering, “what if the renter damaged my property?”. Well, no need to worry. Airbnb offers an insurance policy of up to $1 million. So in case something happens to your property, you will be duly compensated for it.
Invest in Dividends
The good ol’ fashion investment in stocks is still a great idea for making passive income. Although it takes a lot of time and research to find good stocks.
But with enough time and investment, you can build an outstanding portfolio that might generate a lot of income for you.
Sell an ebook or a course
Another way of making passive income is by publishing an ebook on Amazon or eBay. If your book is successful, you can make a lot of cash through royalties.
These days publishing a book has been made so easy that anyone can publish it. Chances are that many books that you might have brought in recent times were published by authors themselves.
If you have a mastery over a particular subject, why not make it a source of income?
Websites like Udemy, Skillshare, Pluralsight Skills, LinkedIn Learning, etc are a great source of creating full-length courses that can help students learn more about a subject and make you money as well.
Rent out your car
Similar to renting your place, renting out your car can also be great for making passive income. Car renting companies such as Turo, RentWorks, TSD RENTAL, Yo Rent, and Navotar are all offering good payment for your car.
Advertising products on your car can also be an excellent source of income. Automotive advertising agencies can evaluate your driving habits (such as how much you drive, where you drive).
If it fits according to their criteria, they’ll be more than happy to pay you some serious cash for your service.
Conclusion
In certain situations, passive income can be a lifesaver, COVID-19 pandemic is the prime example of this. So, to spend your life at ease, it is important to have a few external sources of income. So when unexpected situations arise, it does not threaten your wellbeing.
