While real wage growth (including bonuses) continued to rise incrementally amongst employees in the three months between September and November 2020, households are still struggling to bank earnings that keep pace with long-term inflation.
This situation could get worse if inflation spikes this summer, exacerbating long-term issues of inequity and the struggles facing the average household on these shores.
With this in mind, creating an additional income stream from home may represent a viable option in 2021. But what are the best methods at your disposal?
While blogging may not be as viable or lucrative as it was during its halcyon days of the early noughties, it still represents an excellent way of creating passive income in the digital age.
This is particularly true if you have a marketable passion or skillset, which can be shared through a publicly available blog and monetised to accrue a steady stream of income.
For example, you can begin to seek out commercial partnerships and sell lucrative advertising space on your blog over time, with a focus on hosting relevant ads that can generate incremental revenues.
You can also sell guest posts on your blog to similarly qualified voices, in a bid to diversify your content and make additional income in the process.
- Trading the Markets
Arguably, the most obvious source of passive income is through investment in the financial marketplace, which is home to various asset classes and vehicles that suit variable risk outlooks.
This is ideal for anyone who’s analytically minded, while your precise level of numerical and mathematical skills may also influence which asset class you target.
For example, skilled analysts may well target the forex market, through which international currency pairs are traded as derivative assets. You can begin forex trading online with a broker, which enables you to speculate successfully in real-time and leverage volatility within this space.
You can also invest directly in stocks through this type of brokerage site, with this affording a more secure store of tangible wealth. You may also want to trade indices, which afford you access to a broad range of stocks and instantly diversifies your portfolio.
- Become a Freelance Content Writer
We close with a slightly more niche option, which is similar to blogging in that it enables you leverage an existing and marketable skill.
This also represents one of the most in-demand roles in the gig economy in 2021, as brands look to partner with expert copywriters who can help articulate their value propositions.
However, this type of money making endeavour isn’t passive, so you’ll need to commit time and energy to ensure that you’re successful.
This means creating a viable working schedule, while networking successfully online to take the hassle out of identifying and winning potential contracts.