In this era of global financial instability finding the best ways to make passive income is not easy. People are always looking for ways to build up passive income sources. With the advent of technology, generating passive income streams has become very easy.
However, this does not mean that you would be handed success on a silver platter. You have to work hard to develop the source of your passive income.
How many times have you clicked on a YouTube video to first have to wait for an ad where someone is telling you that you can earn thousands of dollars in passive income by just following simple steps?
Well, These types of ads are very popular and provide a high CTR (click-through rate). It’s true that some of them might be scams, but many are actually and usually very real.
If you aren’t well informed about ways to earn passive income online, then you might just scroll through articles or ads like “Earn $1000 through passive income” or other similar information.
This is one of the mistakes that many people make these days as they don’t give the internet the fair chance it deserves.
The world is changing. But the traditional 9 to 5 job system is so embedded in our culture that anything else is seen as out of the ordinary.
In the 21st Century, remote working and passive income streams are very possible and really popular. These passive income sources can even help you earn more than your regular 9 to 5 job in many cases.
Today some of the highest-paid bloggers and vloggers are making more money than the president of the united states of America.
Around 70 million working Americans say that they have a passive income source. That is a large number, and it gives you an idea about the total number of people earning through side hustlers globally.
People from all age groups can have a passive income source; however, millennials are known to take the lead on this one and are heavily involved in generating passive income sources.
Who needs passive income?
Well, the answer to the above question is simple; “Everybody”. Who doesn’t like to earn a large amount of extra cash by doing the least amount of work?
Many people believe that passive income is all about making money by doing nothing. Now that is true in some cases, but you still have to work hard to maintain your passive income stream and work even harder to develop the online business idea that will later provide you with the passive income.
From people holding blue-collar job positions to high-level executives, everyone wants a piece of the action.
A large percentage of the global population is involved in some type of passive income generation. Even celebrities have built their own passive income streams.
You’d find many actors branded in many products and businesses run by other people using the celebrity’s name attached to the business to help build a stronger brand. The celebrity doesn’t have to do anything yet gets a passive share of the profit.
Of course, not anybody can be as famous as George Clooney, but in fact, everybody can actually build an online passive income without the need of being a superstar celebrity.
Let’s take Ryan’s World as an example. the little kid has an estimated net worth of $120 million earned from his Youtube channel. With around 80 brands licensed so far, the little kid and his family have built an empire through basically, their Youtube channel.
Best ways to make passive income
Many people need this extra passive income to make ends meet, while others just want to save money by building and maintaining passive income streams.
No matter the reasons, having an additional income source in the current world isn’t just important; it’s necessary.
They say that an average millionaire has seven sources of income. So if you are still below 7, you need to do some work.
If you are someone who is looking for ways to earn passive income in this grueling and fast-moving world, then you have come to the right place.
Let’s take a look at the 13 best passive income ideas that can help you earn a passive income in 2022.
1. Put your property up for rent
One of the most traditional ways of earning passive income is through investing in buying properties and rent them out in exchange for a monthly passive income.
Also, if you have a property that no one uses, then it’s better to put it up for rent rather than letting it stay uninhabited.
If you don’t yet have the capability to buy properties, renting out one portion of your property can be a good start. Some people even rent out single rooms in their houses to save money for larger future investments.
2. Invest in promising stocks that pay out dividends
If you ask Warren Buffet, he would tell you that you can become a billionaire by investing in stocks if you play your cards right.
Investing in stocks that pay out dividends can be a great source of passive income. But before jumping into the world of stock investment, make sure to learn to read the market and more importantly, invest in a range of different stocks to secure stable growth.
Try investing in stocks that look promising. Over time, your stock value will increase, and you can earn a fortune by selling back those stocks. This way, you’re not only be generating passive income, but you’ll also build up your wealth.
Fortunately, Investing in stocks is much easier today than a couple of years ago as there are many great apps that can help you buy, sell and monitor the growth of your investment, live, and without the intervention of any stockbroker. Hereabouts a couple of recommended investment apps.
3. Earn interest on a savings account
If you are more of a “playing it safe” type of person, and have some money saved for rainy days, opening a savings bank account that offers a high-interest rate on your deposited money can also be a great way to earn a passive income.
The bank rates may increase or decrease over time, but you are bound to get some financial return on your investment.
Make sure to search for the best banks with the best interest rates by searching for both local and international banks. Also, make sure the bank you go for is well trusted and secure.
The best part about depositing money in a savings account is that you can withdraw it anytime you want. So as long as you don’t need the money, you can use it to earn a favorable amount of interest. Your income in such a case also depends on the amount of money you deposit in the bank.
3. Become an Airbnb host
Airbnb boasts a remarkable user base of around 150 million users. Up till now, more than 260 million have booked accommodation through Airbnb. This shows the true potential of Airbnb.
If you have a property or a room in a particular region that you do not use, you can list it on Airbnb. Make sure the property is clean and furnished. You can earn quite a decent amount of income by listing your property on Airbnb.
4. Put your car up for rent
If you are someone who happens to have more than one vehicle at home, you can rent out the extra vehicle. There are many great applications that help you do just that. The only effort you have to put in is putting the car rental publication online and then dealing with the clients.
Other than that, there is literally no effort. If you run a proper car rental service, you might need to fill a lot of paperwork; however, if you are renting out your own car as an individual, you can skip many formalities.
To make your work more secure and paperless, it is best to rent out your extra car to trusted people. Make sure they are reliable and that they would pay you on time.
5. Earn through referral programs
Many companies and businesses online offer referral programs where you can refer to the related company or business to your community, friends, or family members.
If the person you refer carries out a transaction with the related business, you earn a specific percentage from that transaction.
You may not earn a lot through referrals, but it can help you get some extra cash. You just have to make sure that you refer the right person to the right company, and as I always say, be trustworthy and honest with your recommendations. Honesty is a virtuous worth contract.
Develop an app and launch it
If you have the skills and knowledge to develop an app, then you are in luck. You can create an app and earn a reasonable amount of income from it.
You have to create an innovative app that has the potential to be successful. Once you complete and launch the app on platforms like Playstore and App Store, the only thing you have to do is market your app and wait for people to start downloading and buying it.
It’s not an easy process and it will require an innovative idea and time to develop it properly. But when done correctly, this will create a serious long term passive income stream for you.
Create an Udemy course
People can find a wide range of courses on Udemy. It can help people learn a lot of different things from the very comfort of your coach at home.
Experts such as Rand Fishkin, the former founder of MOZ are using the application to provide digital marketing courses in exchange for passive revenue from the application.
The top 10 Udemy instructors by earnings for only one single course (many of these instructors have multiple courses running at Udemy)
- Jose Portilla – high-income: $4.7m – course: Complete Python Bootcamp
- Ryan Kroonen-burg – high-income: $3.5m – course: AWS Certified Solutions Architect
- Colt Steele – high-income: $3.7m – course: The Web Developer Bootcamp
- Kirill Eremenko – high-income: $3.6m – course: Machine Learning A-Z™
- Buchalka – high-income: $2.8m- course: Java Programming Masterclass
- Ben Tristem – high-income: $2.7m – course: Complete C# Unity Developer 2D
- Ermin Kreponic – high-income: $2.5m – course: The Complete Ethical Hacking
- Jaysen Batchelor – high-income: $2.1m – course: The Ultimate Drawing Course
- Maximilian Schwarz-müller – high-income: $2.2m – course: Angular 7
- Rob Percival – high-income: $2.2m – course: The Complete Digital Marketing
Even thought the above mentioned instructors are the very top of the scale, a typical Udemy instructor is cited to earn between $265 to $1K per month.
So, If you have any particular skill or knowledge that can help others in their work or personal lives, then you should create an Udemy course for that. If people find it helpful, they will definitely love to attend your course. Like developing an app, this can also create a long term passive income stream.
Build a business blog
A few years back, earning through blogs was a huge thing. And even though many believe that the days of blogging are passed, truth be told, starting a blog the right way can be a significant passive income source.
Running a blog requires, like any other business, the right approach, and strategies. The internet has changed considerably since 10 years ago. What worked back then doesn’t necessarily work today.
Make sure that you do the right research before starting a blog. Aim for popular niches that drive traffic and bring money.
Finally, the real secret to success with your business blog today is by creating a scaling backlinks acquisition strategy.
Popular blog niches that drive traffic and make money
- Health and Fitness
- Personal Finance
- Business and Marketing
- Technology and Gaming
Hereabouts a step-by-step guide to creating a successful and profitable blog that really generates passive income. If you have any questions related to blogging, make sure to read our most complete FAQ list to clarify all your queries.
When it comes to the starting costs, it really doesn’t cost much to start a blog, at the beginning of your blogging journey, you might have to hire content creators or web developers who can help maintain your blog if you don’t feel comfortable enough maintaining the technical and content generation aspect of blogging. Hereabouts the essential costs to start a blog.
The good part of having a blog is to be able to scale your copywriting by paying your content writers by reinvesting part of the profit you make from your blog. Here m
The best recommendation I can give you when diving into the world of blogging is to invest some of your time in affiliate marketing and start integrating affiliate programs into your blogging strategy, which is another excellent way to earn a considerable amount of passive income through your blog. Hereabouts a list of how much money the top bloggers are making.
Write and launch a book
Books are trendy again! With the advent of the internet, it seemed that hard copy books would soon become obsolete. However, in reality, that is not the case.
These days more books are being sold than ever before. If you think you have the knowledge of authoring a book, then you should do just that. With the help of the internet today, you can get all types of help using service providing websites such as Fiverr to get your book properly written and published.
Once your book becomes successful, you can earn from the book’s continuous sale, but you can also earn through royalties. If you don’t know how to write a book, you can pay a freelancer to write one for you. You can also get an eBook written and upload it on Kindle and Amazon.
Lend money for profit
If you have some extra cash lying around the house, you can lend it out to your friends and family on interest. while lending money to a friend and family can be done without much hassle, Peer-to-peer lending is the new scalable form of investment.
The concept is very easy and straight forward. You lend your money to borrowers and earn interest as a result. This is a totally legitimate practice or form of lending that is easy and secure.
There are many lending online platforms such as Bondora that will provide you with all the steps necessary to open an account and start making your money work for you.
Ridesharing apps are very popular these days as they let you earn a decent amount of income.
So you only have to lend your car to the registered person and enjoy a certain amount of profit after every few weeks. There is no effort on your part as your partner will be the one driving the car, and you’ll reap the benefits without being involved in the process.
Start Your Own Small Scale e-Commerce Website.
Starting your own eCommerce website can do wonders for you. Even if you don’t have any specific knowledge in the field, you can hire someone else to manage your store.
You might have to put some effort into maintaining your store, but overall if you have someone else working on your store, you can manage it with your traditional 9 to 5 job.
In addition to opening your own eCommerce store, if you are crafty with your hands, you can open a store on Etsy or Amazon and list your items there. Millions of people use Etsy and Amazon each and every day.
Amazon’s gross profit for 2020 is estimated at $139B, so why don’t you take a small piece of that cake as it can be a great source of passive income.
You can also create a dropshipping store where you don’t have to keep any items in stock. You can use services like FBA (Fulfillment by Amazon) to run your dropshipping store.
The dropshipping market is a multibillion-dollar market with lots of growth potential. So if you still haven’t generated a passive income stream through dropshipping, then this is the time to do so.
There are hundreds of other ways through which you can earn a healthy amount of passive income on a daily or monthly basis.
What you need to know is that earning money online is as real as it can be. All you need is to be wise enough to know how to build and maintain such passive income streams.
It should also be kept in mind that you have to work hard to build the process; the relaxing part comes later when your income stream starts to generate money passively.
You can also create a passive income stream by hiring other professionals; however, it is always better to get involved in something you have extensive knowledge about.
When some people hear the words’ passive income’, they feel that it is some sort of a magic income generating scheme that can help you earn thousands of dollars without putting in any effort. This is a misconception and should be avoided, like other mistakes people make while working on their passive income streams.
Some passive income streams may require continuous work and maintenance; otherwise, they may fall out in several months or weeks. So be patient for now and avoid keeping big expectations in check.