From Everything Finance
Last month I went on a road trip with my family and one of the Airbnbs we stayed in had a game called Cash Flow. I heard of this board game before and knew it was created by Robert Kiyosaki, author of the bestselling personal finance book, Rich Dad Poor Dad. The object of the game is to use your cash flow to generate passive income so you can break out of the rat race. Then, each player must accumulate enough wealth to live out their dream whether it’s renting out a private island or making a huge contribution to a charity of their choice. I’m not going to lie, the game really ignited my interest in pursuing the best passive income ideas available to me.
Everyone wants to earn money in their sleep and gain back more of their time. However, earning passive income is not always an easy process. It takes time and a good idea/strategy. If you’re truly interested in making passive income, I’ve compiled a list of the best passive income ideas for 2021 below.
So many people are still reading e-books – myself included. Have an interesting story to share or some tips you think would help people? Writing an e-book on a topic you enjoy or have experience in can be a great way to generate passive income because you can sell this product again and again. I have a friend who writes romance fiction novels under a pen name and earns passive income monthly from the sales.
She decided to create a book series so she could sell several of her books and increase her passive income over time. Another thing my friend does that I like is market her books to an email list and develop an ongoing promotional strategy. E-books don’t have to be super long. You can make up a fiction story or write about something you know a lot about.
Even if you don’t like writing, you can hire someone to write the e-book for you. Fiverr Pro is a great place to look for ghostwriters who have affordable rates.
2. Create Printables to Sell Online
Creating Printables to sell on a site like Etsy is one of the best passive income ideas for 2021. Printables are downloadable documents that can do things like help people get organized, meet a goal, host a party, or do anything really. Some of the most common printable categories include:
- Planner and tracking worksheets
- School worksheets
- Event tickets
- Stickers and labels
- Wine bottle covers
The list goes on and on really. If you have a creative idea and it seems like there’s a market for it, you can likely make money selling your printables online. Just browse through existing stores on Etsy to see how people are creating and how many customers are buying. You don’t need to be a design expert to create printables. Using tools like Canva and PicMonkey can make it super easy.
Your upfront work will involve setting up your shop, designing your digital products, and listing them for sale. Once your shop is set up and people can start placing orders, you’ll earn passive income by selling the things you created once again and again.
Here is a list of the best passive income ideas for 2021.
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Here is a list of the best passive income ideas for 2021.
3. Crowdfunded Real Estate
Want to start investing in real estate but don’t have a ton of upfront cash? Or maybe you just don’t want to be a landlord. There are plenty of ways to start investing in crowdfunded real estate. This is when you pool your money together with other investors to purchase residential and commercial properties or fund real estate loans. As the borrowers pay back the loan or the property’s value increases, you’ll get a return.
If you’re wondering how you’ll find other people to invest in real estate projects with, don’t worry. Sites like Fundrise have you covered. With Fundrise, you can start investing in real estate with just $1,000 and build your real estate portfolio with different properties around the country. Crowdfunded real estate is a long-term passive income venture so you likely won’t see a return in the first month.
4. Create a T-Shirt Line
People don’t realize this, but t-shirts are so easy to sell. If you create a nice design or have some catch quotes, you can create your own TeeSpring store online and sell your products to earn passive income. Sites like TeeSpring and Spreadshirt make it easy to create and sell your own custom t-shirts automatically. They provide tools to take care of order fulfillment, shipping, and even customer service.
On your end, all you’ll need to do is work on marketing and promoting your t-shirt store.
5. Investing in the Stock Market
Investing in the stock market is and will always be one of the best passive income ideas because the market is always providing long-term gains. If you are looking to grow your nest egg and provide future passive income for yourself during retirement, consider investing in your 401(k) or IRA account as well as low-cost index funds and mutual funds.
If you’re looking for quicker, short-term gains you can always get into day trading or use apps like Robinhood. Just make sure you do all your research and learn how stock trading works and what the risks are. It’s best to start slow with a smaller amount or even play around on a trading platform with ‘play money’ before you actually try the real thing.
Using these top passive income ideas to improve your finances could set you up for more freedom and flexibility in the future. While it takes time to generate passive income and a lot of upfront work, the rewards are well worth it. Realize that it’s important to stay the course and keep going even if you experience failure or a setback. Every idea may not be the best option for you but as you work out your strategy and gain more experience, you’ll get closer to narrowing down your best options for passive income.
Do you have a passive income stream we didn’t list?
This post was published on Everything Finance
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