Last month my family embarked on a road trip and during our Airbnb stay, we came across a board game, Cash Flow. This is a game related to financial strategies, created by Robert Kiyosaki, the renowned author behind the bestseller, Rich Dad Poor Dad. Simplistically, the game’s main objective is to effectively exercise financial strategies that could generate passive income, enabling players to escape the monotonous 9-5 grind. It also challenges players to accumulate enough wealth to transform their most ambitious dreams into reality, whether that be jetting off to a secluded island or making substantial contributions to their favorite charitable organization.
Honestly, the game sparked in me an interest to probe deeper into lucrative passive income opportunities. Doesn’t everyone dream of making money while they sleep, thus reclaiming their precious time? Generating passive income, though attractive, never comes easy. It needs proper planning, innovative ideas, and patience.
For those similarly intrigued about forging a passive income stream, I’ve compiled some searing hot ideas for 2021:
1. E-BOOKS:
The power of e-books is unassailable. Do you have unique stories or useful tips that could benefit readers? Writing e-books on subjects you’re passionate or expert in could be your ticket to passive income. You create the product once but sell it repeatedly. A friend of mine who writes romance novels under a pseudonym has consistently seen her e-book sales bringing in monthly passive income for her.
2. PRINTABLES:
Creating and selling printables on platforms like Etsy is another trendy idea for passive income in 2021. Printables are easily downloadable, often aimed at helping people with their organizational needs, goal setting, event planning, etc. From calendars to event tickets to wine bottle covers, the possibilities are endless.
3. CROWDFUNDED REAL ESTATE:
If an active rental income seems daunting or unachievable due to available capital, you can still consider real estate investing through crowdfunding. It involves pooling money with other investors to buy residential or commercial properties or to fund real estate loans. Platforms like Fundrise make it painless to begin your real estate investment journey.
4. CUSTOM T-SHIRT LINE:
People often underestimate the power of a catchy design or quote on a t-shirt. Websites like TeeSpring and Spreadshirt make your journey of launching a custom t-shirt line seamless, handling everything from order fulfillment to shipping and customer service.
5. STOCK MARKET INVESTING:
Investing in the stock market is a tried-and-tested method of creating long-term passive income. It can be a worthy prospect to augment your savings and secure your retirement. The key is being educated about how stock trading works and being prudent about the risks involved.
Being able to generate a passive income can be truly liberating, providing you with much needed freedom and flexibility. It may demand upfront work and perseverance in the face of possible setbacks, but the fruits of your effort can be markedly rewarding. With time, experience, and the right strategies, you’ll soon discover what works best for you. Remember, every route to passive income that might have worked for others may not suit you, and that’s absolutely fine.
Got a unique idea for passive income we didn’t list above? Do tell!
