Before we get into checking the best passive income ideas that will suit your present lifestyle and bring you closer to your financial goals, let’s establish what passive income means.
Passive income (P.I) is basically money you earn without the need to put in too many resources like time and effort.
P.I is not some magic money-making or get-rich-quick endeavor that will usher in
wealth to your life without any work on your part. This is FALSE. Rather, think of it as a way of maximizing returns so that you can decrease working hard as time goes on.
In other words, at the beginning stage, you’ll be most probably doing lots of work to figure it out, but over time, effort goes down and profit goes up.
Sounds cool, right?
My favorite quote about money is from Warren Buffet, He’s considered to be one of the greatest investors of all time.
He said, “If you don’t find a way to make money while you sleep, you will
work until you die”.
We’re deep in the internet age. At this point, everyone in the world is
connected. Opportunities abound. People all over the world are discovering creative ways to earn, sell, invest and increase their income. And all this is possible through a computer or phone screen.
Some of the ideas that’ll be listed require a lot of effort, others don’t. but the bottom line is to get started taking advantage of these opportunities and start earning passive income.
10 ways to earn passive income in 2022
1. Remote jobs
Remote work will provide individuals access to work from outside of a traditional office environment.
It’s based on the idea that work does not need to be in a specific location to be
executed successfully. All that is required for a remote job is your online presence, a good computer, a good internet connection, and a decent working environment like your home.
The computer science and information technology field offer lots of remote jobs presently, so if you’re a professional or skilled in any tech field, you could benefit by working part-time, full-time or a contract-based job from any location in the world.
There’s a demand for Programmers or developers, web designers, UI designers, security experts, data analysts, customer support, and
And you could earn between $15,000-$100,000 yearly if you can land a remote job.
Some Remote Job Sites to Check.
Starting a blog in 2022 is still worth it even if it can be quite a challenging venture. It’s a passive income stream to consider.
Wait. Before you dismiss this idea — you don’t need to have design or coding skills or build your website from scratch.
Nowadays, starting a blog is hassle-free. To a large extent.
There are CMS (Content Management System) platforms like WordPress, where you can set your blog or website up easily for a low amount of money.
Just buy a domain name (your website name) for about $3-$5 on Bluehost,
Select a niche you want to write about, create quality content, promote your content through social media platforms.
Thereafter, build your audience big enough to monetize your blog.
You can earn income from blogging through:
- Selling Your Personal products/services
- Sponsored posts
- Running ads
- Affiliate marketing.
If you’re unsure about starting a blog from scratch, you can also buy an Existing Blog or Website
and benefit from its already established cash flow and traffic.
3. Sell NFTs
Artists and creators can earn online through this medium. NFTs or Non-fungible tokens are unique items representing real-world objects that are stored on a blockchain.
The NFT market is a new industry but has seen sales of over $10 billion already. You can create NFTs for Art/Paintings, Music, Games, Videos, Gifs, Virtual avatars, and all sorts of digital designs.
The good thing about NFTs is that they can become valuable assets bought and sold in NFT marketplaces like Open sea and Sol sea.
But, you will have to pay fees, to mint your NFTs. These fees can be high
or low depending on the network you use.
People all over the world are looking for skilled workers who can solve problems or help them with certain services and pay them an amount agreed upon when the job is completed.
You don’t have to know or meet the person for this service to be exchanged between both parties.
As a freelancer, you get to render your service at your convenience. You also decide who you want to work with and how much you want for the solutions you’ll provide. Starting as a freelancer can be difficult in the beginning, but it gets easier with time as you gain experience and understand your customers’ needs.
Here are some common skills you can sell as a freelancer:
- Writing articles or website content
- Logo design
- Photoshop design
- Video editor
- Sound engineer
- App developer
- Content creator and so on.
Websites to find freelancing jobs
5. Virtual assistant
Virtual Assistants will be tasked with doing things like:
- Social media management
- Internet research
- Responding to phone calls and emails
- Booking travels
- Content creating
- Updating websites and so on.
If you are skilled in organizing and performing tasks, this might work for you. And, you get to work from Home. You can check the freelancing sites provided above for virtual assistant opportunities.
6. Create an app
Irrespective of your background or knowledge about computers or programming, You can create a basic to an advanced mobile application that will be available on Playstore and Applestore.
Without any coding skill required. There are a few no-code platforms that will help you achieve this.
Mobile apps that were created without the owners coding it got over $218 billion downloads in the year 2020 alone.
You just must decide what type of app you want to create, the niche and service
your app will provide. Then monetize your apps through Ads, pay to download and subscriptions.
You can get/create your apps on these platforms for a relatively small amount of money.
Gone are the days when you must attend events or wait for your clients to come to your studio before you can make money with photography.
These days, whether you’re a professional photographer or a hobbyist, you can earn from this visual skill by selling your photos online, you simply upload your pictures to specific websites and people will pay to own or use them.
You don’t need to have a fancy camera for this. A phone with great visual abilities is enough to make this happen.
You as a digital creator or artist also get to earn royalties from these images. these sites below will pay you for your pictures:
- Shutterstock: Between 15-40% royalties.
- iStock: 15-40% royalties.
- 500px Prime: Mostly used by artists, 60% in royalties.
- Dreamtime: about 25-60% in royalties.
- Foap: 50% royalties.
8. Online Surveys
Countless companies will pay you to get your opinions about their products or service. They do this to know more about the preferences and motivations of their clients.
It can take you from 10-30 minutes to complete a survey and you can be paid up to $10 per hour or more depending on
the company. Online surveys will not make you rich, but you’ll be able to earn some money.
Online Survey Sites To Earn.
9. Stake cryptocurrencies
The cryptocurrency market is very volatile and comes with risks and rewards for traders and investors.
You’ll have to be very experienced to trade crypto assets successfully. But there’s
something else, ‘Staking’.
Staking is simply earning interest on your cryptocurrencies. You can think of it as saving your money in a bank. But the difference is you get high returns depending on the crypto asset and crypto exchange(CEX) you choose.
You’ll earn from 5-10% or more by staking.
CEXs like Binance, Coinbase, Kucoin and provide crypto-staking options.
Take not that staking is not risk-free. You must first educate yourself about how cryptocurrencies that use the “Proof-of-stake” work. This will help in the long run.
10. Courier business
Nowadays, people don’t have to visit physical stores or malls for their daily needs. People now shop online from the comfort of their homes.
This has increased the demand for delivery services, and it’s growing daily.
You can fill up this gap by offering your courier services to individuals and businesses that will need their products or items to be sent from one location to another.
You can start by:
- Finding a means of transport
- Market your services online and in local shops near you, Then
- Determine how much you will charge per delivery.
OTHER PASSIVE INCOME IDEAS.
- Selling online courses (Udemy, Skillshare)
- Virtual Teacher (Chegg, Cambly, Tutor)
- Investing in the Financial Markets.
- Starting a YouTube channel/Podcast.
Starting an online business that’ll generate passive income isn’t as complicated as you may imagine.
If you enjoy working for yourself and you’re excited about building a brand, presence,
offering service online, then you should consider giving at least one of the ideas listed above a try.
Passive income-earning will require some time, effort, and money in the beginning, but again, pick one (1) idea, Create a plan and focus on making it work till you see results.
About the author.
Sam Ovayioza is the senior editor at Sampedia, He has a B.sc in Software Engineering from the University of East London(UEL) and is also a Trader and Analyst in the financial market. He’s passionate about trading and investing and providing, teaching people honest strategies and information to profit from the market.