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How to Make Passive Income to Build Wealth In 2021

Although some up-front time/money/skills are required, once established, passive income could eventually build a considerable wealth that doesn’t eat up your time to enjoy life.

What is Passive Income?

“Make money while you sleep.” You’ve probably heard of this slogan. Sounds really seductive, right? It seems that you could “get something for nothing”. But the truth is, building a passive income usually isn’t passive at first. It still involves work. You just give the work upfront.

Although some up-front time/money/skills are required, once established, passive income could eventually build a considerable wealth that doesn’t eat up your time to enjoy life.

Whats the Difference Between Active Income & Passive Income?

Most of us are familiar with active income. This is income that is earned in exchange for performing a service, for example, hourly wages, salaries, commissions, and tips. In earning active income, your time literally equals money. If you stop working, then you stop earning. So traditional side business and odd jobs are also included in active income.

On the contrary, passive income is money earned with minimal activity through any venture that requires little daily effort or upkeep on the individual’s part.

For example, you might spend some time putting together a website with affiliate advertising. At first, it seems you’ve devoted much upfront time and effort just like (or even more than) earning an active income. But eventually, the money will low in with very little continued effort and oversight on your part.

Passive Income Ideas in 2021

By finding the right passive income strategy for you, you can develop passive income streams that allow you more flexibility and freedom. In this digital age when more and more passive income ideas and streams are springing up, it is even easier for beginners to make extra money.

So why wait? Get started by checking the latest passive income ideas in 2021!

1. Start a Dropshipping Store

When it comes to selling goods, one of the biggest hurdles for a seller is acquiring and stocking products. But with dropshipping, you are able to sell products online without managing any physical inventory. 

By connecting your online store to a supplier’s warehouse, they can fulfill your orders and ship them out to customers directly. Your job will only include: select and promote your products online and generate sales.

To start generating passive income from Dropshipping, you could sign up for Shopify. Once you create an online store, you could partner with a manufacturer, a wholesaler, or a drop ship distributor. They will be the ones to ship products directly to your customers. For beginners, drop ship distributor is recommended since it will save you a lot more time and effort.

Here are some dropshipping distributors that will help you start your business: CJdropshippingOberloAliDropship.

the dropshipping model (source: BSS Commerce)

2. Run a Blog

Take your passion for a subject and turn it into a blog. You could choose a platform like WordPress and creating interesting, funny, useful, or otherwise compelling content so that your blog can generate cash through revenue streams like ad sales or subscriptions.

At first, you’ll have to build out a suite of content and draw an audience, but it can create a steady income stream over time, as you become known for your engaging content.

As you post to your blog, more and more, your site will start bringing in traffic whether you put in any additional time or not.

3. Affiliate Marketing

If you already have a blog or website that has abundant traffic, besides earning money from ad sales or subscriptions, you could also try affiliate marketing.

With affiliate marketing, you promote a third party’s product by including a link to the product on your social media account. If your audience clicks and buys the product, you will receive a few percent of every sale as a commission. This is one of the best passive income ideas for those social media accounts consistently about a topic for which they can recommend related products.

Amazon might be the best-known affiliate partner, but eBay, Awin, and ShareASale are among the larger names, too. And Instagram and TikTok have become huge platforms for those looking to grow a following and promote products.

The affiliate marketing model (Source: Stashlr)

4. Create a Youtube Channel

Around the globe, five billion YouTube videos are watched every day. YouTube is as popular as ever with users spending an average of 40 minutes per YouTube session.

Making money on YouTube is no longer exclusive to a select few platinum musicians or huge influencers. There are plenty of opportunities for ordinary people to make money from YouTube.

And to monetize your YouTube channel, you don’t need to have millions of subscribers. Your earning potential isn’t determined solely by the number of subscribers and views you have, but also by the level of engagement you generate, the niche you cater to, and the revenue channels you explore.  

You could also increase your revenue by partnering with different brands that are looking to target specific audiences.

5. Podcasting

A podcast is an episodic series of spoken word digital audio files that a user can download to a personal device for easy listening. Podcasting doesn’t make any money until people choose to watch you.

If you find your passion for creating audio, you could try podcasting. All you need to do is to pick a trending topic you are interested in and output valuable content for your audience. From there, you can quickly start building your portfolio of tunes. You never know — it might transform into something bigger.

It takes time for listeners to decide you have value. But once you’ve built up your audience base, you will be able to monetize your content.

6. Airbnb Business

Airbnb allows people to travel all around the world and to stay in accommodations that are a lot less expensive than traditional hotels.

So if you have a spare bedroom, you can find a roommate or list the space on AirBnB for travelers. Airbnb charges you 3% on every booking for their services, but you can set the nightly rate at whatever you want. People around the world are making impressive passive incomes through Airbnb.

This is one of the passive income ideas where the risks are quite minimal. All you have to do is put up an advertisement online that such a room is available for rent. You will just have to wait for people to check your spare room and rent it.

7. Sign Up for Cash Back Sites

When you shop through sites like Rakuten and Swagbucks, you can buy the things you would ordinarily purchase at the stores where you normally shop. The difference here is that you earn points, gift cards, and even cash — all of which can be applied to future purchases or just stashed in the bank.

8. Peer to Peer Lending

Peer-to-peer lending, or P2P Lending, is an alternative to traditional bank loans. It matches investors who are willing to lend money with borrowers who are vetted by the platforms for creditworthiness. It’s riskier than putting cash in a high-yield savings account or money market fund, but also potentially can earn more interest — as much as 5% or more.

There are some P2P lending sites, like Lending Club(facilitates personal loans) or Worthy(facilitates business loans), to loan money to others. The lending site collects the payments and provides more leverage when someone is late.

Simply lend money to a variety of people instead of putting all of your money, literally, in one basket. It is a wise strategy if you’re pursuing higher yields that beat stock market returns.

The p2p lending model (Source: Blend.ph)

Conclusion

Passive income is more than a pipe dream. Forbes contributor Brianna Wiest calls it an infinite potential income stream for a reason. The point, she says, is that “there’s always a possibility.”




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Dropshipping Business Earthquake, after one of the dropshipping tools Shopmaster shut down. Oberlo is shutting down too. Dropshippers have to find alternatives.

cjdropship.com/topics/oberlo-is-shutting-down-what-are-the-best-alternatives-to-oberlo/

Oberlo Is Shutting Down – What Are the Best Alternatives to Oberlo?
CJ Dropshipping
May 17, 2022
Oberlo Is Shutting Down – What Are the Best Alternatives to Oberlo?
What should dropshippers do?
What are the best Oberlo alternatives?
1. DSers
2. CJ Dropshipping
3. NicheDropshipping
4. Spocket
5. Printify
Today we got breaking news for dropshippers. Oberlo, one of the most well-known apps on Shopify will officially close its entry on June 15th, 2022.

Oberlo has been a successful dropshipping app. It provides a convenient method for store owners to fulfill orders with AliExpress.

Among all the various dropshipping apps on the market, Orberlo has got a great reputation in the community. It has helped countless people become successful entrepreneurs.

However, the sites will officially shut down on June 15th. For the people who are currently on a paid Oberlo subscription plan, they can cancel it now and get a refund.

What should dropshippers do?
There are many possibilities for Oberlo to make such a decision. And shutting down the Oberlo app doesn’t mean the Oberlo company is going to shut down.

We will talk about this topic in our latest articles and share some insights about the dropshipping industry in the short future.

For now, Oberlo will shut down soon. If you are one of the entrepreneurs who have been using Oberlo, you need to think about what to do next and find a solution for the incoming event as soon as possible.

In this article, we will present some best dropshipping sites as alternatives for Oberlo. If you wish to take this challenge as an opportunity with a new service provider, this is the chance.

If you are not using Oberlo, the event may also lead you to some deep thoughts about the industry. In case your current supplier or service provider got the same situation in the future, preparing in advance is always a good choice.

What are the best Oberlo alternatives?
1. DSers
On the official Oberlo FAQ page, Oberlo has suggested the users migrate to a trusted Shopify partner, DSers.

DSers is a dropshipping app that provides multistore management. You can use it to manage most dropshipping platforms such as Shopify, Wix, and Woocommerce.

Just like Oberlo, DSers allows you to sync orders from your store to AliExpress and then fulfill the orders in a more convenient way.

Also, you can use DSers to source the products on AliExpress. Instead of sourcing products on your own, using DSers will save you a lot of time to locate the specific product you want among the massive category.

In addition, DSers is also available for data transferring from Oberlo. If you wish to migrate your Oberlo account data to DSers, you can do it directly on the Oberlo admin home page.

What makes DSers unique?
Good Chrome extension
Multiple store order manage
Optimizing sourcing time
Allow data migration from Oberlo
Good chrome extension
Still, DSers is not the best choice if you wish to save your budget and justify the cost. This is because if you want to fully use the functions of DSers to manage more than 3 stores, you will need to subscribe to the paid plan first.

2. CJ Dropshipping
CJ Dropshipping is a one-stop dropshipping platform that provides a complete Dropshipping service.

The service of CJ dropshipping covers sourcing, shipping, order management and even filming ad videos.

CJ Dropshipping has both features of Oberlo and AliExpress, you can find products that come from various international suppliers at cheap prices on the site. By using this sourcing feature, you can easily find better suppliers different from AliExpress.

If you need some information about the recent trendy products or best-selling products, you can also explore the trendy products recommendation columns on the CJ Dropshipping site. Every season there will be brand new innovative products for you to choose from.

Besides, the overall shipping time of CJ Dropshipping is faster than AliExpress suppliers. This is because many suppliers on CJ Dropshipping got their own international warehouses.

Also, if your business volume is big, you can actually have your own private inventory in CJ warehouses. Then your orders can be shipped out within 1 to 2 days.

If you are not only looking for a store integration service provider but also suppliers with better prices, CJ Dropshipping will be a good choice for you. Unlike other paid-to-use platforms, most functions on CJ Dropshipping are completely free to use.

What makes CJ Dropshipping unique?
Free sourcing for better suppliers
Trendy products recommendation
Faster shipping time than AliExpress
International warehouses
Bulk order management
Various extended services (POD, Photography)
3. NicheDropshipping
Niche dropshipping is a site that combines sourcing agents and dropshipping suppliers. You can find various product collections on their site just like searching for products on AliExpress.

When you want to search for any products with better quality or price, you can directly consult the agents of NicheDropshipping to find the product you want.

If some products got higher prices than you expected, you can also negotiate with the agents. Agents of Niche dropship are also professional in getting the best quotation from the suppliers.

Besides, Niche Dropshipping got international warehouses in both China and the USA. So if your market is in the US and you wish to optimize the processing time of the products, you can also choose to bulk purchase the products to stock in their USA warehouse. Once products are stocked in the USA, shipping and processing time can be amazingly fast.

In addition, the photography service is available if you wish to see the actual quality of the products. You can also request photos or videos for advertisement usage. But keep in mind this service is paid, the cost will depend on your request content.

What makes NicheDropshipping unique?
Free product sourcing quote
China & USA warehouses
Automated dropshipping service
Photography service
4. Spocket
Spocket is a high-rated dropshipping platform that allows you to connect with suppliers all over the world.

Most of the suppliers on Spocket are from the USA & the EU. This special feature makes it an excellent tool to search for products within the US and the EU.

The best thing about domestic suppliers is the shipping time. If you buy products from domestic suppliers, shipping will only need takes 2-5 days to deliver. This is why international warehouses are also recommended by other dropshipping platforms

Still, the limitation of domestic suppliers is the product variety. If your wish to expand your business, you will need to explore more international supplier platforms.

If your target market is in the US or in the EU, Spocket is a great choice for you to find the supplier you prefer to work with.

What makes Spocket unique?
Available US & EU suppliers
High-quality products with samples
Winning products recommendation
Support multiple platforms (Shopify, Woocommerce, Wix)
5. Printify
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On Printify, you can source a wide range of customizable products including hoodies, accessories, T-shirts, and so on.

Wish to see the effect picture? You can simply upload the picture to the platform then the editor will automatically generate an example picture.

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So if you are running a general store with various product categories, Printify may not be the best option.

If you are looking for customizable products or wish to brand your products with store logos, you check out Printify to make your own products.

What makes Printify unique?
Specialized in POD products
Wide range of customizable products collection
No extra charges except product and POD fee
Simple editor for designers
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