Since the hit of the COVID-19 pandemic, over 100 million people have lost their jobs and there is no knowledge of how long this level of unemployment will last as many businesses are still staggering on their way to balance or a total shutdown.
However, there are still many others who are thankfully still receiving paychecks that may or may not have been slashed in half.
If you belong in this group, there are a number of money-moves you can make as COVID has created uncertainty around when things will be back to normal and the world economy can get off its knees.
5 Passive Income Ideas
These five passive income ideas can be adapted to not only make up for the slash in your paycheck but also to help with a fallback plan for whatever else the world has hidden under its sleeves.
Selling Online Courses:
If you have expertise on any subject, creating an online course may guarantee you a stream of passive income for several years. It is undeniably demanding in the beginning while putting the course together but after that one time, it’s a breeze…and totally worth it!
Start a YouTube Channel:
Joining the YouTube Partner program gives you the ability to earn money through YouTube. YouTube channels can be monetized whether or not you have millions of subscribers as that isn’t the only determinant. The number of views, the engagement you generate, the niche you cater to, and the revenue channels you explore are major determinants. You can make passive income on YouTube through Advertising revenue, Channel memberships, YouTube premium revenue, and much more. So, put on your best smile and get on that “Lights, Camera, Action!” boat.
Airbnb That Extra Room:
One thing that will never go out of demand as long as the human race exists is shelter. If you are open to having another person in your space, you can make good money off that extra room in your apartment. There are a good number of international students, business ex-pats, and even locals looking to rent spaces for short terms. This is great because you don’t need to do much else apart from taking nice pictures of the spare room and put it on platforms like Airbnb, Expedia, Booking, e.t.c.
Sell Digital Products on Etsy:
If you are good at creating digital products like emojis, stickers, posters, you can put them up for sale on Etsy. Like online courses, only a one-time effort is required as these are downloadable as many times as they can be sold.
Invest in Agriculture:
Farming may not seem like the sexiest thing to do but food is essential, and it is guaranteed to sell no matter how bad the economy gets. You can get ROIs as high as 25% on Agritech investment platforms like Agropartnerships, FarmTogether, e.t.c.
Don’t say I never did anything for you now. Share this post with your friends, you never know who you may be helping.
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