4 Ways To Achieve a Passive Income in 2021
Are you ready to invest some time setting up the passive revenue stream and reap its fruits for years to come? If yes, then here are the best ideas for generating passive income with little or no effort.
1. Sell Online Course
Tap into your expertise and monetize it by selling it in the form of an online course. If you have specific know-how, people might be interested in packing it into a series of videos or a set of presentational slides.
Once you fine-tune your content, you can upload it on some of the prominent learning systems such as Moodle, Blackboard, Skillsoft.
Or you can get your course up and running on some of the websites like Skillshare. As you can see, some prior effort is required to create and promote the course.
But that’s all the work you have to do. Once finished, your account balance starts to grow, thanks to the subscriptions. Earning from selling online courses varies a lot since it depends on the course quality and interest people show in the particular subject. It can go up to $50000 per year.
2. Affiliate Marketing program
You might have heard about it or not, but it is among the most popular and the most lucrative passive income ideas.
So, what does it take to make a profit from affiliate marketing? First, let’s see what this passive income comprises. If there are specific companies and brands that you particularly appreciate and you have a blog, the affiliate program is the perfect way for you to reach decent passive income.
You just need to enter the affiliation program with the brand in question and promote its products or services within your blog posts via affiliate links, banner ads.
When people click on the ad or links and buy products, you earn a commission.
Commission range from five to fifty percent depending on the brand and its business terms and conditions.
3. Investing and trading in financial markets
Trading and investing are not only for initiated financial experts. Moreover, in recent years the number of ordinary people joining the club of successful investors is increasing.
The markets you can opt for are cryptocurrency market, foreign exchange market, stocks, futures, and many more.
One of the easiest to grasp rules is the Forex market. Every reliable Forex broker will offer demo account trading and free education for beginners, so you have a good starting point and begin securely and knowledgeably.
For long-term investment, we suggest opting for dividend stocks or growth stocks. Regarding crypto assets, the possibilities are endless, but you need to make sure to invest in cryptos with good prospects and price performance.
Ensure to stay updated with the latest crypto market news with immediate momentum to choose the right crypto asset. You would be surprised how many promising altcoins there are out here besides Bitcoin.
Of course, some fail. But there are serious reasons for that, like bad money management or falling for scammer schemes.
To reach steady passive income, start small, with an investment plan set up and rely on the compound strategy effect: every time you reap the profit, make it grow with another investment.
4. License your work
With the help of a financial advisor and attorney, you can make your already created services, business model training materials work for you once you license them and permit others to use them. In exchange for selling your licensed products and services, they get a royalty fee. Licensing enables you to exploit your creativity and ideas and gain passive income for years.
Whatever idea seems the most appealing to you, be ready to stick to your plan and don’t give up on the first obstacle that may occur.