In the wake of the COVID-19 pandemic, many people are looking for ways to supplement their income and secure their financial future. One popular way to accomplish this is by pursuing passive income side hustles. These side hustles not only provide an additional stream of income, but they also require minimal effort once they are set up, allowing individuals to earn money while focusing on their full-time jobs, family, or other commitments.
Here are the top 10 passive income side hustles to try in 2021:
1. Rental properties: Investing in real estate and renting out properties can be a lucrative way to generate passive income. With platforms like Airbnb and VRBO, individuals can rent out their properties for short-term stays, allowing them to earn money while also providing travelers with a place to stay.
2. Dividend stocks: Investing in dividend-paying stocks allows individuals to earn a steady stream of passive income through quarterly dividend payments. By carefully selecting high-quality dividend stocks, individuals can build a diversified portfolio that generates passive income.
3. High-yield savings accounts: Putting money into a high-yield savings account allows individuals to earn passive income through interest payments. While the returns may not be as high as other investments, high-yield savings accounts are low-risk and provide a guaranteed return.
4. Peer-to-peer lending: Platforms like Lending Club and Prosper allow individuals to lend money to others in exchange for interest payments. By diversifying their loans across multiple borrowers, individuals can earn passive income while also helping others access the funds they need.
5. Create an online course: If you have expertise in a particular subject, creating and selling an online course can be a great way to earn passive income. Once the course is created, individuals can continue to earn money from sales without having to actively teach or update the content.
6. Affiliate marketing: By partnering with companies and promoting their products or services, individuals can earn passive income through affiliate marketing. This can be done through blog posts, social media, or email marketing, allowing individuals to earn a commission on sales generated through their referral links.
7. Create and sell digital products: Whether it’s e-books, printables, or stock photos, creating and selling digital products can be a great way to earn passive income. Once the products are created and listed for sale, individuals can continue to earn money from each sale without having to actively manage inventory or shipping.
8. Start a blog or YouTube channel: By creating content on a blog or YouTube channel, individuals can earn passive income through advertising revenue, sponsorships, and affiliate marketing. While it may take time to build an audience and generate income, the potential for passive income is significant.
9. Create a mobile app: With the rise of smartphones and mobile technology, creating a mobile app can be a great way to earn passive income. Once the app is developed and listed in the app store, individuals can continue to earn money from downloads and in-app purchases.
10. Rent out unused space: Whether it’s a spare room in their home, a parking space, or storage space, individuals can earn passive income by renting out unused space to others. Platforms like Airbnb, Spacer, and Neighbor provide opportunities to earn money from underutilized space.
In conclusion, pursuing passive income side hustles can provide individuals with a way to earn extra money while also diversifying their income streams. By trying one or more of these top 10 passive income side hustles in 2021, individuals can work toward securing their financial future and achieving their long-term financial goals.