Looking for a way to make some extra cash, but don’t have the time for another job? Passive income is a great way to have a side hustle that doesn’t require much time. With the uncertainty of the timeline we’re living in, it’s always good to have a backup plan. Let’s look at what passive income is and 10 ways to make your own in 2022.
To start, passive income is exactly what it sounds like. It’s income you earn from something you’re not actively employed or contracted for. Having a second job doesn’t count, because you’re actively employed, Traditional forms of passive income include rental property and stocks, but there are so many other choices in 2022 like print on demand
Before we go any further, it’s important to go over dropshipping. Print-on-demand is a form of dropshipping, and it’s an easy way for eCommerce stores to sell products without maintaining an inventory. Essentially, it’s a third-party source that will print and ship your products for you.
When something is ordered from your site, you purchase it from the print-on-demand company and they take care of the rest. Easy, right?
Blogging is an excellent way to earn passive income. No, we’re not talking about sharing your thoughts and feelings in an online journal. Blogging has come a long way and helps many people make passive income through ads and affiliate links.
If you’re into tech, you can create an app to earn passive income. There are a couple ways to do this. You can change people to use your app, or you can make your app free and use ads to create passive income.
There are also no-code platforms that allow people to make apps, so you don’t need to be a developer to make money off of an app anymore.
Investing stocks is one of the oldest passive income tricks in the book. While having stocks is passive, it’s important to do your research to ensure you’re making sound investments. Investing in stocks is always going to be a gamble, so only invest what you’re not afraid to lose. But, if you do it right stocks are a great way to make passive income with very little effort.
You don’t have to be a real estate agent to make money off of properties. In fact, there are even ways to do it if you can’t afford to by an entire home yourself. Not to mention all of the maintenance that comes with owning a home.
Crowdfunded real estate is a trending way to earn passive income without investing your life savings. When you invest in this type of real estate, a team picks out the property, and you choose whether to invest or not. Typically, you pay a feed to the platform you use that can be as little or as much as you want.
Renting out a room in your house is a really easy way to earn passive income, as long as you don’t mind guests. If you travel a lot, you can even rent out your place while you’re gone. It’s important to remember to check with your landlord and look through your lease if you rent to make sure it doesn’t violate any terms.
You can pair affiliate marketing with that blog you’re going to start. When you join an affiliate program, you’ll earn a percentage of each purchase from the company that you’re partnered with. This works well if you have a big social media following.
Dropshipping is changing the game in how online shopping businesses are run. When you use dropshipping, your products are coming from a third party, so you don’t have to have the money or inventory upfront. It also saves you time, because the company doing the dropshipping will take care of the shipping, too.
You’ve got the skills, now use them to make money! Creating an online video course is an excellent way to earn some passive income. You can record videos and create downloadable content that you can charge for so people can learn from your expertise.
If you have a car, but live in an area where you don’t use it much you could rent it out for some extra cash. Websites like Turo work like Airbnb, but for vehicles. All you need to do is sign up on their website and create a listing.