These are uncertain times; 2021, and the nightmare of Covid, showed us that stable income can be fragile and unpredictable. It’s never a bad idea to have an extra source of incoming money. Here’s a look at many ways you can start to earn a passive income; pick one or more that work for you, from this list of the 20 best passive income ideas for 2022.
What is Passive Income?
A passive income is an income that doesn’t require your active involvement, such as going to and from a workplace or working a typical job. Properly done, a passive income can earn you steady money indefinitely. It can be a fantastic way to top up your bank account regularly and help ensure your financial stability.
You are limited only by your imagination in finding a suitable passive income source. See what your friends and acquaintances do for extra money. Check online for opportunities as well. Your specific skill set and personal interests will likely play a significant role in identifying the right money-earning activity. Today’s digitized world has opened up tons of new, innovative sources of passive income for you to consider; pick one that fits with you, your abilities, and your schedule.
Importance of Passive Income
A passive income source can add an important layer of financial security for you and your family. Whether the extra money is for covering bills, or saving for some future purchase, it can take on an important significance in your life. We are living in challenging times, with no guarantees. Should your primary source of income falter, a passive income could be a lifesaver.
How much you earn from your passive income depends on your personal goals, passion for achievement, ability to identify opportunities, skillset, and proper planning. Be patient, keep your eyes open for the right passive money-maker that’s right for you, and stay abreast of the latest developments and trends in our fast-moving world.
Best Passive Income Ideas for 2022
Here are some of the very best ideas which could provide you with a good source of passive income. Read through them to see if one or more fits with what you have to offer.
Passive Income through Stock Investment
We’ve all seen the stock market rise, with profits reaching all-time highs in some sectors. If you have some financial smarts, and some extra cash to invest in, investing in the markets could be a great source of passive income. Do your homework; learn the markets, and don’t take unnecessary risks. There are so many great stock opportunities, and new ones appear all the time, particularly in the tech sector. Put your financial savvy to work, and earn passive income from the stock market.
Car Renting and Car Share
You can earn a passive income from your car. If you find that it spends a lot of time just parked, as so many cars do, there are many popular car-sharing platforms in Canada, including the RideAlike website also with their app, android, and IOS. Theirs is a very easy-to-use vehicle sharing system, which you can access from a laptop or through their app. Sign-up is simple; in no time, you’ll be on your way to listing your vehicle(s) and start earning from your rentals – up to $750 a month.
You’ll be earning extra money while the public can access your car, SUV, truck, or van for a few hours, or a few days. This innovative platform is committed to transforming your biggest depreciating asset – your car – into a value-generating revenue driver.
Invest in Real Estate
Real estate continues to boom just about everywhere. There is definitely income to be earned in this area, as there appears to be no let-up in rising house prices across the country. Of course, there is upfront funding required, in the form of down payment and mortgage. If you have access to such funding, you are almost certain to end up making money when you sell; the market is basically rising month to month. There is also the opportunity of acquiring residential property and renting it out, covering all your expenses, including financing costs, and a tidy passive income every month from rent.
Selling Stock Photos Online
Photographers, professional or amateur, can start to earn a nice passive income by selling stock photos online. Take your collection of great images, and make them available to the world, and get paid for it. You can search relevant websites and find the right one for you, to sell your stock photos. Some popular platforms for sharing and selling photos:
- SmugMug Pro
- iStock Photo
Fulfillment By Amazon has become very popular; in fact, it’s become one of the largest marketplaces in the world. You can become a seller of your products, on Amazon’s website. Your products are stored at an Amazon warehouse. They handle all the shipping when an order comes in. You set the pricing, post them on Amazon’s website as the seller; when a sale happens, Amazon processes the order and ships it, and you get paid.
Earning Passive Income as Silent Business Partner
Find a business that is looking for investors; if you think it could generate profit and a passive income for you, sign on as a silent partner. Be careful about all the specifics, legal, financial, and otherwise, before you take the leap. Properly done, silent business partners can earn significant passive income, while others handle the day-to-day, week to week, and month to month responsibilities of the business operation.
Start a Blog & Monetize It
Capable writers can earn passive income from their blogs. Attracting readers to your blog, and carrying advertising on it could result in excellent passive income. You can also sell premium memberships for special access to member-only areas of your blog. You will need to have some expertise at monetization, to ensure your written work generates income.
Everyone knows e-commerce has exploded in recent years. E-marketers are constantly on the lookout for additional sites to carry their advertising. For example, that blog we just discussed could be an excellent spot for you to carry affiliate advertising. Readers of your blog, who click on affiliate ads you carry, or even mention in your blog posts, are recorded by the advertiser. You get a cut of sales that result. There are also affiliate programs that reward you monetarily for leads, or free-trial users. Talk about passive income. All you’re doing is running your blog, and earning income from it which you couldn’t have before, through your third-party advertisers.
The need for new content online seems to be insatiable. Anyone with writing skills, who is working on new material, or already has books written, can earn money through selling them, either to a publisher or via e-book publishing. Capable writing is a tremendously valuable skill. You could be earning passive income from your writing skills, whether in fiction, non-fiction, how-to, biography, or just about any other topic. Turn your writing hobby into a moneymaker.
Selling Online Courses
Virtual education and learning are becoming ever more popular, especially in the wake of the pandemic. People enjoy learning remotely, for its convenience factor, and also the personal touch of a one-on-one instructor. Online courses which you develop can be sold online to those seeking instruction in your skillset. You can upload them to a website you run, or on someone else’s platform. It could be excellent, recurring passive income for you.
Start a YouTube Channel
YouTube revolutionized how many of us access video content. Come up with your own idea for a YouTube channel, on whatever topic you can effectively communicate – the possibilities are endless – and chances are, if it’s good, it will find an audience. Instruction, comedy, storytelling, vlogging, travel – make it interesting, with decent quality video equipment, and turn views into passive income. Google/YouTube will pay after a certain number of views.
You can be a host on Airbnb, the online lodging service. Turn those free rooms in your house into a passive income earner. Sign up with Airbnb, follow their process and you’ll be on your way to making some extra money.
Bonds are a safer, more predictable alternative to the stock market. Time-tested, and proven, they pay interest, albeit at a lower rate than riskier stocks might. You’ll have to learn the ropes of dealing in the bond market, but it’s out there, and could be a passive income generator for you, if you have some money to invest.
Instagram is another great platform where you can be a host of your product, or sell other entrepreneurs’ offerings. Popular post topics include travel, fashion, beauty, home decor, or even more peculiar topics – get imaginative. Quality content sells; it hat to be good to gain an audience; your Instagram bio should include your email and product links.
One secret to Instagram’s success is to be very consistent with the kind of content you publish. Stick to one topic or specialty, so that people who love your stuff can depend on you to deliver more content just like that.
A podcast is a digitally recorded audio series that users can download and listen to on an audio player. You can earn income through the download of your podcasts. There is also the opportunity of affiliate sales from third-party advertisers linked to your podcast. You’ll need to have both good quality content and audio equipment in order to create a podcast people will enjoy and come back to again and again.
Passive Income Opportunities are Out There
Think of your personal skillset and the things you enjoy doing. Some or many of them may fit with the ideas we’ve just described. Keep in mind, it’s is not just about the money. It should also be what’s best for you, your lifestyle, and your family. Remember also, that it doesn’t have to be big, or expensive to start. In fact, it’s probably better to think small, test the waters, and see if the passive income you’re looking for is viable for you. The ideas we’ve listed have been proven to work, but use your imagination, and come up with your own particular passive income generating scheme.