For well over a year now, most of the world has been under threat of the COVID-19 pandemic.
While the COVID-19 virus has been life-threatening for those with underlying risk factors and poor health, for those who still have their health intact, the social and economic effects of the pandemic have been no less dire.
People everywhere are currently under stay-at-home orders, preventing them from going to work, attending school, and even visiting family and friends.
This has put a severe strain on global economies and our mental well-being.
That said, many people are looking for new and innovative ways to earn money while away from work or school.
Therefore, in the following article, we’re going over some of the best ways to generate passive income during stay-at-home orders.
Sell Affiliate Products Or Services
If you’re looking to earn a passive income during the ongoing COVID-19 pandemic, then affiliate marketing is likely the best option for you.
With affiliate marketing, you can promote and sell other people’s products or services rather than owning your own products and inventory.
One of the best examples of an affiliate program is Amazon Associates.
With Amazon Associates, you can place links to virtually any product listed on Amazon directly on your website, blog or social media. Then, when an internet user clicks the link, browses Amazon, and makes a purchase within a given amount of time, you’ll earn a small commission on the sale!
However, there are hundreds of affiliate programs that you can sign up for to start marketing, selling, and earning affiliate commission. You can usually check the bottom of the website of your favorite brands to see if they have an affiliate program.
Start Investing
COVID-19 or not, investing is one of the absolute best ways to generate a passive income without lifting a finger.
From RRSPs and high-interest savings accounts through mutual funds, stocks, cryptocurrency and more, there are tons of financial products and services you can invest in today!
That said, different financial products are going to offer varying levels of risk and investment requirements.
For instance, while you can usually get started investing in cryptocurrencies with very little capital, these types of investments are generally riskier and as easy as it is to earn money; you can just as quickly lose your money.
On the other hand, RRSPs and mutual funds are generally more secure investments.
However, they usually offer lower returns on your investment and take much longer to grow.
Launch A Freelance Business
Freelancing isn’t necessarily a way to earn passive income since it requires some investment to get started.
However, as you invest time and grow your freelance business, you can hire an increasing number of people to help you with the workload to earn money while having more time to do the things you love.
Additionally, there are hundreds of different ways you can start a freelance business depending on the existing knowledge and skills you have.
Even for those with limited digital skills, thanks to the vast number of online tools and services available, it’s still possible to launch into freelance writing, graphic design, business consulting, and more.
For instance, LogoCreator is an entirely free tool that individuals can use to create and offer custom logos and graphics to their future business clients.
Earning Passive Income 2021
These are only a few simple ways you can start generating passive income during stay-at-home orders.
The idea, however, is to get creative and put the existing skills and knowledge you have into practice.
Maybe you’re good at building websites; if so, selling affiliate products or services is a great way to earn passive income. Or, perhaps you’re good at managing your money; in that case, investing could be a great idea.
Either way, there’s plenty to do, so get creative, use your skills, and you’ll be generating your passive income in no time!
This article was provided by Lana Ferguson.
Cheers,
Emily
