Our world is going through a really tough time. People are locked behind their doors, they don’t have any income source, businesses are closed, many countries are facing economic crisis or slowdown, and all because of Covid-19 Pandemic situation that is again hurting us so badly.
In this situation people understand the importance of having a secondary source of income, it not only supports their financial condition but also provides them better chances of survival. This secondary income or extra income is sometimes called Passive Income.
Basically Passive income is extra income over your regular income. This income doesn’t require that much effort as compared to regular income, but it is sometimes risky and not permanent or stable. But in this costly and fast-paced world, passive income is godsend.
Today we are here with top 5 passive income ideas 2021 these will help you to survive in this uncertain time and also give you financial freedom in the long run.
5 Fail-Proof Passive Income ideas 2021
Here I would like to mention one important thing: success of these ideas depends on your condition, your situation, group, skill, interest, circumstances and many more things thus think about it before choosing a passive income source.
Invest in Cryptocurrency
People were busy between real estate and Gold to make an investment in the last few years, but in between all most of us missed the opportunity existing in the cryptocurrency. In these 5-6 years, cryptocurrency became one of the most profitable fields to invest in.
The price of Bitcoin from a few bucks reached to 55,471.90 United States Dollar in just 8 thus most of us missed the opportunity. But we still have time to correct our mistakes, there are a few new cryptocurrencies out there, full of opportunities, full of scope, we just have to find them and invest in them, So when their prices go up, we do not regret that we did not make an investment in them.
One of such cryptocurrency is PKoin. It is a stable coin backed by Power Corp, a Finance 3.0 company that is bringing revolution in the financial services. Their price is starting to rise, so it is the best time to invest in Power Coins.
When a website owners, social media influencers, or bloggers promote a third-party product by including a link to the product on their site or social media account, they receive a commission on every sale taking place through their link.
The commission can range from 3 to 12 percent, so it will take significant traffic to generate serious income through your site or profile. But if you can increase your following or find a more attractive niche, you may be able to make some serious passive income.
However, it takes time and effort to build a customer or visitor base. In fact, if you haven’t attracted readers to your site to click on a link and buy something, you can’t earn anything.
Become a Vlogger
After the introduction of 4G a large percentage of internet users started preferring videos or visual content over writer content because of faster internet. So whether you are a traveller, game player, dancer, or anything, if you have unique skill or talent or you are comfortable with cameras, you can be a vlogger or a video creator.
Just make sure that your content is good and engaging and you are frequent. That’s it with better engagement, and views you will generate a good amount of passive income.
Find a popular topic, passion or even a small niche, and become an expert on it. Then turn your passion into a blog or YouTube channel, use advertisements or sponsors to generate your income. First you have to create a suite of content and attract an audience, but it can create a steady income stream over time, but it all depends on how engaging your content is.
Rent out useful household items
Start small, even with other household items that people may need, but it can accumulate dust in your garage. Power tools, Lawnmowers, Mechanic’s tools, tool box, Tents and/or large coolers you can start with anything.
Then move on to the high-value item that people need for a short period of time and where it may not make sense of the item for anyone. Then give customers a way to discover your inventory and a way for them to pay for it.
In some cases, you may be able to retrieve the value of the item after a few uses. Renting out useful household items is a great way to generate passive income.
Investing in rental properties is a very effective and trusted way to generate regular passive income. But it often requires more work than people expect. It also has a risk factor that if you don’t take the time to learn how to make it a profitable venture, you can lose your investment. And the epidemic has also created new challenges.
Because of the economic downturn, you may suddenly have tenants who can’t pay their rent now, while you may still have your own mortgage to pay.
Or you may not be able to rent out of the house for as much as you expected before. And house prices are rising quickly due to low mortgage rates, so your rents may not be able to cover your expenses. So you want to weigh these risks and have contingency plans to protect yourself.
Thus at the end of this post we would like to say that Investing in Cryptocurrency is the best way to generate long-term passive income. It is growing at a rapid pace, and soon everyone will recognise its power and benefits thus it is the best time to invest in Cryptocurrency.
However, Power Corp is organizing a BOUNTY Program, where the Power Corp team is giving away 5,000 PKOIN worth $35,000 to the participants of the bounty program. The program has already started from 10th May 2021 and will end on 31st May 2021. So don’t miss this one in a lifetime opportunity and invest in PKoin today to create a stable passive income source.