Passive incomes are those that you can earn money even while you are at sleep. This is one of the most significant factors in becoming rich. So in 2021, start investing your time into creating multiple streams of income.
A millionaire in the USA is said to have seven streams of income. Most millionaires have figured out additional income streams to make their lives more non-volatile in the time of crisis rather than squandering over.
Invest into a crowdfunded real-estate project
With only $500, you can invest in real estate via a Starter Portfolio from Fundrise.
This will make you take advantage of a real estate financial instrument called REIT (real estate investment trust) with more flexibility and potentially high returns.
Performance of these REIT’s will get returns of 12.25% on your initial investment.
Invest into high dividend stocks
Investing in stocks that pay quarterly dividends is the oldest and one of the best ways to generate passive income.
Let’s say you buy shares of Apple (APPL). With such investment, it is a sure way to say that the price will increase over time. You will get paid for each share of stock you own.
Over the past seven years, Colgate-Palmolive has paid between $0.34 and $0.68 each quarter for every single share owned by stockholders.
If you’re trying to develop a long-term investment strategy, you might want to reinvest those dividends, but if you’re strictly looking for passive income, you do well to cash those dividends.
Make your car work for you
Another daily activity you can turn into passive income is driving.
If you’re already driving around to run errands, why not pick up a passenger or two? Driving your car with Uber will help you make money by driving people to their assigned destination.
You can also place advertisements on your car to earn money while you’re driving around.
Rent a portion of your house
Renting a portion of your house to a college student or renting only one room in the entire house to a friend is an easy second income.
If you have the privilege of buying or owning your own house will make you share your financial burdens with other persons.
Letting the other people in your house live on your premises is said to be living free in this economy. Free is good.
Garage sales are the most lucrative passive incomes that you can have right now. One man’s trash is another man’s treasure.
You might not know what others need from you. What is obvious to you will not soo obvious to others.
So, make way and arrange some garage sales, post it on social media, and sell the items on eBay and craigslist. It will earn you more than what you would have hoped for.