25 Ways to Create Passive Income to Grow Your Wealth in 2021

What does semi passive mean?

When you look up ‘passive income’ it is defined as “income that requires little to no effort to earn and maintain.”. The idea of generating regular income with little to no effort, without having to toil for hours and hours, as entrepreneurs is appealing, right?! But the reality is that the best way you are going to make money regularly and consistently is through multiple semi passive income streams.

Reasons we don’t get started:

Figuring out the idea in the first place
Tech
Fear of failure
Money (chicken and egg)
Time

We first need to understand what “failure” actually means.

Failure is often linked to a sense of shame.

What if…? What if it doesn’t work? What if it isn’t perfect? What if someone says something….

What expectations are you setting? Ask yourself these questions:

Are you subconsciously afraid of success?
Who’s fear does this belong to?
Who’s judgement really matters?

Then take some time to look at the worst case scenario.

This is all going on at an unconscious level. Allow yourself to feel the feelings, acknowledge them, talk them out, dance them out, and finally – build your support team!

Key Considerations

What is the best return on investment?

What is the best return on your time? For me this was investing £2k to grow my business.

What is the best return on your freedom? Personally, this was investing in a mentor to teach me the strategy to grow my recurring revenue.

When I got started with implementing my passive income streams, I started by launching my first semi passive income stream, my Money Circle membership. Very quickly we grew to 200 members generating over £2000pm.

Next I launched my Inner Circle Mastermind generating £1200pm, meaning I now had a recurring revenue of £3200 per month.

25 Passive Income Ideas to Grow Your Wealth in 2021

Create online courses/memberships
Write an Ebook
All content is an asset.

What are you great at? What do you teach your clients, what do your audience come to you for, and how do you help them? Is there one thing that you teach all of your clients, or a process that you always take people through? And can you deliver this through an eBook?

Be an affiliate for someone else
We normally support 6 other businesses or entrepreneurs per year as an affiliate or ambassador, and this is a great way to bring in semi passive income. A good ambassador programme will usually provide you with almost everything you need to support successfully, often including images, email and social media copy.

Things to consider when choosing a brand to support

Do they align with your brand values and personal values?
Do they have a shared audience?

Develop an affiliate programme for your own services/products
Your raving fans will promote and sell your services and products for you, and they will in turn earn a semi passive income for their efforts! Our ambassador programme for The Money Circle membership rewards our members for every new member who joins through their link, and they don’t just get paid once but every month or year for as long as the person they referred remains a member. At our current monthly membership, members only have to refer 4 other members into the incredible community to make their membership fee almost entirely free!

Buy and sell or rent property

Create a YouTube channel and monetise it
Sell assets (e.g. sell stock photos/audio etc)
Take and sell stock images
Sell your skills.
Websites such as Upwork or Fiverr are a great place to promote and sell your services.

Utilise cashback sites for purchases you would be making anyway.
My personal favourite is TopCashback. To date I have earnt over £4k in cashback making purchases I would be making anyway. I use TopCashback for most purchases, in particular travel, hotels, clothing, insurances, and digital TV services.

Podcasting
Podcasting is a great way to secure semi passive income through sponsorship and ad placements with brands and businesses.

Blogging
We actually have the fabulous Mrs Mummypenny coming into The Money Circle later in 2021 to share exactly how to do this with us. When I first started The Money Panel, I started by creating blogs which answered questions that people were asking. Think about the burning questions your audience have, or the questions you get asked regularly. It’s highly likely that people are Googling those questions!

Some examples of articles we have written which answer a burning question from my audience and create passive income for us are:
- Starling vs Monzo: The Best Bank Account Ever?
  - This article answers a big question for my audience: which challenger bank is better, Starling or Monzo? On the surface, they seem fairly similar, but there are some subtle differences between the two. This article provides a clear comparison between the two and helps people decide which bank will suit them best based on their needs.
    
    We generate income from this article through referral fees. For anyone who chooses to open an account with either bank through one of the links we provide, we receive a small commission on at no extra cost to the customer.
    
    This particular article appears as the first result on Google for a number of search terms, and has actually led to other paid work for us with Starling Bank. It’s no secret that I absolutely love Starling Bank and use them myself. That shows when you recommend a brand and helps to build a genuine relationship with them, which in turn can lead to further paid work.
  - How to Use the Profit First Method in Your Small Business
    - This article is another written from pure passion. The Profit First Method transformed my own business, and I wouldn’t handle my business finances any other way now.
      
      Again, this passion has led to the development of a good working relationship with Profit First’s author Mike Michalowicz, and an article which is in the top 5 results for a Google search and generates income through affiliate links an driving leads into our business.

Speaking
If you have a topic or specialism you are passionate about, you could consider giving keynotes and trainings. Speakers can command fees in the thousands!

Peer to peer lending
Peer to peer lending can be a great way to earn passive income. Some things to consider are:
- - With any lending you run the risk that the lendee might not be able to pay it back,
  - You need to have the capital available
  - Your capital is at risk

Invest in businesses
My mentor Nick Bradley has a great free guide on this here.

Sell physical products
Some examples could include:
- Candles
- Sourcing products that compliment your business such as stationery or prints
- Offer VIP gifts for clients

Dropshipping
Dropshipping is an excellent way to sell physical products without having to invest upfront in stock. You create the design for your product, upload it to a site such as RedBubble, and start promoting your products. There are lots of businesses which offer dropshipping opportunities, but in essence all of them will handle the stock, design printing, and shipping and fulfilment. You choose your desired profit margin and receive income when your products sell.

Stocks & shares
Investing is a pretty passive income stream, but with the intention that this becomes future revenue for yourself not immediate revenue.

Franchising
A franchise is a business in which independent entrepreneurs use the rights to a larger company’s business name, logo, and products to operate an individual location. The franchiser is the owner of the larger company who sells the rights to license their business, and the franchisee is the third-party owner and operator of the business locations.

You can profit from the franchiser’s recognizable brand while essentially running your own operation. You could even create your own franchise business such as Helen McCue’s Moments Candles.

Airbnb
Rent out your house, garage, or other space on AirBnB. You could even consider simply doing this when you plan a holiday to offset some or all of the cost of your holiday!

Mystery shopping
There are lots of mystery shopping companies you can sign up with and get started mystery shopping immediately. You choose which jobs you want to take, follow the shopping instructions, and then submit your review, pictures, and receipt. You will usually receive the cost of your purchase back plus a fee.
Cost Per Click (CPC) ads
If you have a website that you are willing to display ads on, CPC ads can be a great way to drive passive income. CPC means you get paid every time someone simply clicks on one of the ads on your site, even if they don’t go on to make a purchase.

Influencer marketing
Brands will work with influencers to improve brand recognition. If you have an existing social media presence or following, you can become the go to person of influence within your niche. If this appeals to you I highly recommend reading Daniel Priestley’s ‘Key Person of Influence’.

Buy and sell domains/websites (flipping)
Think of domains and websites as real estate on the internet. This can be a really lucrative way to make semi passive income. Sites like GoDaddy make it even easier by providing domain auction services, but there are lost of other ways to resell domains you own.
1. List them on ebay
2. Create a Landing Page
  When people navigate to the domain, a basic webpage will explain that the domain name is for sale and provide a way for people to contact you if they’re interested in acquiring the domain name.
3. GoDaddy auctions

Google Adsense
Google Adsense is similar to CPS ads in that you can generate a revenue from ads placed on your website. The key difference is that with Google Adsense you don’t get full control over the ads that people will see. Ads are based on the user’s behaviour rather than chosen by you.
Sponsored blogs/paid guest articles on your website
Again, if you have a website you can make a good amount of semi passive income by posting articles from other businesses and brands on your own blog.
A simple mindset shift
Working on your mindset to improve your confidence that you do deserve to grow your wealth. You are not a fraud.