Jonah JacobsNo matter your station in life, it’s possible to make a passive income, even with little capital. There are a few uncharacteristic ways, ways you may have never considered, to make passive income despite the unprecedented times we find ourselves in.
Here are 3 ways to generate passive income in the era of Covid-19.
Be Assertive About Investments
Despite the negative impact Covid has had on the economy, right now is an incredible time to consider investing in the stock market. While this is by no means financial advice or a recommendation of a particular equity or investment, one of the worst things you can do with your money is just let it sit and collect dust, so to speak.
Look into passive investment strategies that harness the power of compound interest to be a force multiplier for your capital. Whether it’s stocks, money market accounts, CDs, or even mutual funds, there is an investment strategy out there that is perfect for your income and your stage in life.
Instead of continuing to put investments off, really take the time to educate yourself and do what it takes to truly develop a passive income strategy by leveraging the power of investments.
Get in on the Gig Economy
If you’re reading this, you could be one of the many millions of folks who have unfortunately lost their job or steady income stream due to Covid. Right now, more than ever, a lot of folks are without a steady stream of income, let alone a passive stream.
But luckily, there is a benefit to the rapid integration of technology into our day-to-day life: the rise of the gig economy.
The so-called gig economy refers to the rise of, well, you guessed it, gigs. Ride shares, food delivery, shopping, furniture moving— saying ”there’s an app for that” has gone from meta humor mantra to a frank assessment of reality.
Whether it’s doing food delivery a few times a week, finding an app that offers odd jobs, or some other form of passive income, you’ll be able to supplement whatever you already make, or in some cases, replace lost income with your new gig.
Even as the economy stabilizes, you can still retain your gig into the future, and it very well could become a passive income strategy for the long haul.
Look Into Freelancer Websites
A lot of websites on the internet these days have made a name for themselves as offering opportunities for freelance writers, artists, voice actors, and performers of all stations to fulfill remote jobs or gigs.
Forget apps, just fire up your laptop and make a freelancer account.
The beauty of remote freelance work is the flexibility and autonomy it affords. Want to work a lot this week? You can. Looking to chill out and take a break? You can do that, too.
Even when things normalize, you can still retain your account and use it to supplement your eventual full-time income stream.
Mark Luigi Dacumos
