Passive income is a goal for a lots of people (everyone I know has one). Who hasn’t dreamed of doing what you like, and still has some income coming in to help you pay your bills? Here, you can read about passive income ideas, and you can choose the one wich suits you the most.
As a freelancer, you know that the gig economy offers serious advantages for people who like to diversify their skill sets and do a lot of different things for money. But you also know that in order to save for retirement, you need to take advantage of all the options available to you. Passive income can be a great way to help you generate money even when you’re not working or when work is scarce — which as a successful freelancer, you know is a possibility.
Let’s take a look at several ways a freelancer can work on creating a passive income flow — even as you’re advocating for that full-time freelance job — in 2021.
Passive income ideas
Create an app
Have you ever wanted to learn how to code? Now is your chance! Creating a smartphone application that you can turn around and sell on the app store of your choice is one easy way to build not only a product that people will want and use but one that will generate you money in the background once the main chunk of work is complete. Generating ad revenue from these kinds of apps has helped developers make a lot of money, sometimes upward of $5,000 per month depending on which app store you launch from.
Start your own business
Freelancing is hard work, but when you love writing and providing essential services to businesses, you know it’s worth the challenge. As a freelancer, you should start your own business and declare your services a part of a limited liability company (LLC) — this way, you can improve your chances of snagging exciting, higher-paying clients while at the same time protecting yourself against being sued and enjoying several tax benefits along the way.
Once you get your new business off the ground, you’ll need to generate leads and get your name out there — and influencer marketing services are a great way to do that. You can find influencer marketing professionals by searching online job platforms — but don’t forget to weigh reviews, the time it takes various professionals to deliver the job you want, and what they charge before choosing a marketing partner for this endeavor.
Investing-another passive income idea
If you want to take just a little bit of your hard-earned cash and watch it grow, investing in things like Bitcoin or even bigger companies like Apple and Tesla. You can buy shares (or fractions of shares) and just watch whatever money you put into these stocks grow over time.
The other good news about investing is that there are several easy smartphone apps you can use to get the most out of this kind of strategy. For instance, Stash is one of the applications you can use to create a reasonable cash flow. You only need $1! After you put $5 into your personal portfolio, Stash will give you $5.
Start a YouTube channel
Do you have a unique perspective on a current topic? Or do you like to play video games? Maybe you want to write and film skits to be enjoyed by many online. Whatever it is, you can make money on YouTube by following the guidelines for monetizing your videos. Become a YouTube partner, make sure you’re providing relevant content for the demographic you most want to attract, and sell merchandise (or “merch”) with your personal branding. It’s fun and it generates income at the same time.
Rent your extra bedroom
Airbnb isn’t just for folks who have a summer home in Hawaii. If you have an extra bedroom, you can have extra income. By placing an ad on the popular travel accommodations site, you have the opportunity to meet people from all around the world while at the same time making a little money on the side. Around 2.9 million people around the world have rented out their homes or parts of their homes using this popular app. Make sure you read all of the guidelines around renting out your extra bedroom before beginning.
Invest in real estate
Real estate is one of the easiest ways to make money, whether you flip properties or rent out a property for long-term living. If you have a second home, it might be a good way to turn a profit in the months you don’t live there. Be aware that while this method is technically passive, you may need to invest significant time and resources into the management of property.
There are also services that allow investors to entrust capital in the hopes that the company puts their cash to good use. Similar to Stash and other investment sites, real estate investment income is based on an upfront expenditure that can make you money in the long run.
Six ways of passive income ideas
Once your passive income game is set, you just have to watch it come in. A lot of upfront work means you can make more in the long run, and these will keep returning profits for you.
For more informational content geared toward freelancers and making the most out of our gig-based situations, visit the Freelancer Inn. We’ve curated the best in freelance-based content and website lists and want to help you create the best contracting business possible!