As we turn the page into the 2021 new year, I could not help but to notice the various references on social media directed at the end of the 2020 year.
“2020 is in the past”, “So happy 2020 is finally over”, and “Goodbye to 2020, hello to 2021”, etc.
2020 was a year in which mankind will remember for eternity. A global pandemic, social unrest, Antifa protests, black lives matter, socialist reforms, presidential election, and the storming of the US capital.
The rise of the Chinese economy, potential war with Iran, natural resources in the middle east, and a war on drugs brewing in South American countries can also be added to the list.
It saddens me that there is so much divide in our world today.
Unfortunately, I think we have only seen the tip of the iceberg, and to blindly say “So happy 2020 is finally over” is completely unrealistic and irrational.
As if the end of 2020 and the beginning of 2021 will magically make all the bad disappear.
Humanity has been completely stunned and caught off guard by the multitude of worldwide events that happened in the 2020 year. In addition, the long-term consequences personally, emotionally, politically, and economically have not been afforded enough time to fully run their course.
The cool deal about being a rational human being is that we have the power of choice. And, if you are reading this article my guess is that you are a person who is ready to face these facts head on and examine your choices.
Building a passive income stream that generates cashflow regardless of uncertain economic times can be a gamechanger. That’s why I want to introduce you to the best passive income ideas for 2021 so that “Goodbye to 2020, hello to 2021” could have a different meaning altogether.
The Ugly Truth Behind Today’s Jobs Market
The U.S. economy has recovered more than 12 million jobs since the early days of the COVID-19 pandemic but is still a long way away from what the Federal Reserve would deem “peak employment” levels.
There still exists a myriad number of issues facing workers today and the pace of job creation has slowed considerably. Unfavorably, the rule of thumb goes that the longer a person is out of a job, the longer it takes them to find a new one.
Though the unemployment rate has fallen from its 2020 high of 14.8% to currently at 6.3%, nonfarm payrolls increased by a meager 49,000 jobs in January 2021 but fell by an astonishing 227,000 in December 2020. More than 10 million workers are still without jobs today – 4.4 million higher than before the pandemic.
In April 2020 initial jobless claims reached an all-time high of 6.6 million. Since that record high claims have trickled in just under 1 million per week – The highest the weekly jobless claims has ever been was 653k which was set back in 2009.
Misclassification errors have skewed the Labor Department’s numbers since the pandemic began back in March – the unemployment rate today should be much closer to 10%.
Many lives have been negatively affected causing feelings of fear, insecurity, and various unknowns about personal finance as a result in the recent change in the jobs market.
Why You May Be Stressed
According to PwC’s “2016 Employee Financial Wellness Survey”, as reported by U.S. News & World Report, “Among U.S. employees, 52% reported feeling stressed about their jobs and finances… among them, 28% reported that financial stress had impacted their health.”
Why does this happen?
Since we were kids growing up if we did not live in a household that taught financial education we would not even know better. How many of us were taught to go to school, get good grades, go to college, get a high-paying job, etc.?
Does that model really work?
According to the metrics outlined above, being an employee, whether high-paid or not, is a precarious position to be in if you want to build wealth, or even survive in today’s market.
As an employee you may be stressed because you literally have no control over your financial future, even if you feel the company you work for is making the wrong decisions. When you effectively sell your time, you may begin to start forming a money stress depression.
And, If you are not working – or are not able to work – you do not get paid!
This presents a real challenge if you become sick or injured, especially if you have no safety net or different source of income, especially passive income.
I can see the look of panic in people’s eyes when I go about my business during the day.
Best Passive Income Ideas
Passive income can be defined as “income that requires little to no effort to earn and maintain…”
Do not be confused, it’s not easy! There is more effort on the front end, but less on back end.
Initially, it will take a lot of hard work, dedication, and commitment on your part. It will mean sacrificing television, video games, or other leisure activities. I will promise you, however, after you have worked your butt off to create your very first passive income stream that pumps money into your bank account 24/7, you will be hooked.
As a successful entrepreneur I have multiple sources of passive income coming in 24 hours a day 7 days a week! Even if I am spending time with loved ones, surfing, traveling, or sleeping, I am still generating passive income.
That is true financial security, no stress!
In general, income is derived from business, real estate, and the stock market. Passive income is merely utilizing one of these sources to employ a certain strategy that makes it passive in nature.
In business you can build an online marketing business using the power of Google and the world wide web. By choosing a niche, building a website, and attracting visitors, you can build a passive income stream through affiliate marketing.
Learn more about affiliate marketing Click Here
With real estate you can negotiate a long-term lease with 4+ bedroom single family home and sublet individual bedrooms to traveling professionals on Airbnb. This strategy provides a low barrier entry to control a property, design an automated business system, and build a passive income stream through Airbnb arbitrage.
Through the stock market you can invest and trade an industry, country, commodity, etc. in which you are bullish or bearish. With stocks, ETF’s, reverse ETF’s, leveraged ETF’s, and options you can build a passive income stream by investing in the financial markets.
The Future of Business
If the thought of building passive income streams brings forth excitement this article is for you -Start thinking outside of the box!
Today, we are in the Information Age, where information is leveraged by technology and inexpensive resources like silicon that produce wealth. The price of getting wealthy has substantially decreased allowing a new class of super-rich.
In classrooms across the world the internet is readily available, and technology is second nature to most kids. For the first time in history, people can access information and learn about anything regardless of sex, race, religion, socio-economic status, and even geographic location. Information is free and abundant.
The world wide web has opened the door to endless opportunities, especially in business.
With the simple click of a mouse millions of dollars can be moved from one end of the world to the other, while delivery of anything can be made to your doorsteps the very next day.
Thus, it makes sense to align your business with the innovation of these internet technologies – Building an online business is the easy way to do this!
Building an Online Business through Affiliate Marketing
There are many different ways to build an online business, but let me give you a quick tip – Affiliate marketing is the easiest, hands down!
Affiliate marketing is a form of internet marketing in which you get paid a commission for driving buyers to a certain seller’s website to purchase a specific item. It may sound complicated, but it’s really simple.
Choose a niche market, build a website, attract visitors, and earn revenue!
Today, I choose educate myself with financial education that teaches me how to do things such as build an affiliate marketing business. I literally knew nothing about affiliate marketing and have successfully built a passive income stream using a company called Wealthy Affiliate.
If you have no experience in online marketing, building a website, or creating content do not worry. Wealthy Affiliate will walk you through the entire process and explain it to you as a novice beginner. If you are intermediate level to expert range, you will also find this website extremely useful.
Learn more about Wealthy Affiliate Click Here
In conclusion, 2020 was an extremely rough year in which we will all remember, but I do not think we have gotten through free and clear. In fact, I see more choppiness ahead.
But as rational human beings we have choices. As we move into 2021, make the choice to make this a new year of less stress by securing your finances.
Building a passive income stream through affiliate marketing would be a great start.
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To your passive income lifestyle,
Justin Ash, Founder/ Member