5 Passive Income Opportunities to Check Out in 2021
If you’re looking for passive income opportunities, we have the top five options for 2021. Click here to learn more about increasing your wealth.
There used to be a time when having more than one income stream was challenging to pull off. These days, though, having multiple income streams is the norm, especially for individuals interested in wealth-building.
The advantages are, of course, many. Not only do you get to make more money, but you also don’t have to worry too much if one income stream dries up. Having other income sources also helps you avoid boredom at work, and with passive income, you can get rich or richer without doing much.
That said, let’s talk about the best passive income opportunities to take advantage of right now or as soon as possible.
1. Hobby-Based Passive Income Sources
Who says earning passive income has to be unrelated to what you like? One of the best ways to build passive wealth is to think about your hobbies, passion, and talent and earn from them.
If you like writing, you can start blogging and monetize it with display ads, affiliate marketing, and digital product sales. You can also write e-books, or if your passion is teaching, you can create digital courses.
Another way to make money off your hobby is by selling photos. If you’re someone who takes lots of pictures during your travels, you can sell them to stock photography sites.
Are you a savvy online shopper? If yes, have you ever thought about managing an online retail store?
The fantastic thing about dropshipping is you don’t have to worry about stocking or owning inventory. All of that will be handled by a third-party supplier. You only need to buy products when customers place orders.
Another advantage is you don’t need a custom website to get started. You can use a website builder such as Wix or Shopify, and you’re ready to start selling.
3. P2P Lending
Growing passive income is also possible with peer-to-peer lending. As a lender, you’ll make money when borrowers pay their loans with interest.
Now, there is some risk here as some borrowers could default on their loans. To minimize that risk, be sure to choose the right lending platform that can vet prospective borrowers thoroughly.
A real estate investment trust (REIT) is a company that owns and manages properties. REITs are available on the stock market, and they’re one of the best passive investments for those already familiar with dividend stocks.
They’re highly liquid and good for diversifying your portfolio, but the downside is REITs are subject to market risk. You can consult a financial advisor to help you pick REITs.
You don’t need to look very hard for passive investment opportunities. However, intelligent investors also know which ones to let go of and which ones to grab.
Passive storage investing is hot right now for many reasons. The number of Americans in temporary living spaces is growing, increasing the demand for self-storage solutions.
Businesses are also downsizing. They’re looking for places to store their goods and office equipment while searching for new office space. Add to that the rise in remote work, and you’ll see why investing in self-storage is an opportunity you can’t pass up.
Ready to Grow Your Wealth With Passive Income Ideas?
Now that you know more about the top passive income opportunities for this year and beyond, are you looking forward to building your wealth?
If yes, that’s great. We’d love to help you become more prosperous by helping you invest in real estate syndications. You can also contact us if you want to know more about storage investing opportunities.