From time to time, everyone has to stop and ask themselves what they’re doing with their life. For some people, the answer includes more hours of work at a full-time job or starting an extra part-time job on top of that; for others, it involves thinking about ways to create passive income streams so they can have more free time when they get home from work. If you’re in the latter group, here are ten top passive income ideas to help you earn extra cash flow in 2022!
1. Invest in dividend stocks
With dividend stocks, your goal is to generate as much passive income as possible while avoiding it slipping away via taxes. By investing mostly in dividend-paying blue chips, you can minimize your tax burden while still earning some extra cash flow. Over time, these investments should pay off — and you’ll be rewarded with a steady stream of dividends.
2. Sell NFTs
Non-fungible tokens are a new class of crypto assets that could easily provide passive income on any number of e-commerce platforms, games, and blockchain projects. Some popular examples include CryptoKitties and their kitty collectibles, CryptoPunks – which is like CryptoKitties but with celebrity icons and legendary wrestlers instead of cats – or non-fungible ERC721 collectibles.
Each NFT is unique to another on its public blockchain, meaning buyers can purchase digital versions of anything from anywhere in the world.
3. Invest in real estate
Real estate investing has been a well-established method for building wealth for almost as long as real estate has existed! Real estate investing was once a tricky venture to undertake – requiring a lot of time, effort, and expertise. However, real estate investment apps have now removed many complications and made it easy and assessable to become a real estate mogul from the comfort of your couch.
4. Sell Designs Online
As we build out more and more sites, a lot of what we’re doing is design. Design can be worth some extra cash flow. If you’re into graphic design, chances are that as you’ve been working on your writing over time, you’ve built up a little bit of experience with different platforms like Photoshop and Illustrator.
And while there’s nothing wrong with creating something beautiful (and potentially profitable) just to help a friend or family member out, if that’s not how you want to spend your time—or if those opportunities aren’t presenting themselves enough—it might be worthwhile to try selling some designs online.
5. Write an E-Book
Writing an e-book can be an intelligent way to take advantage of the low cost of publication and even use Amazon’s global reach to have your book viewed by possibly millions of prospective purchasers. E-books can be pretty short, approximately 30–50 pages, and reasonably inexpensive to produce because they rely on your skills.
6. YouTube Channel
It’s not too late to start a YouTube channel. A whopping 74% of adults in the US use YouTube. That’s a lot of eyeballs to capture for passive income. The catch? It’s a lot of upfront work for little to no return in the beginning.
Yet, if you’re a long-term thinker and don’t mind frontloading your efforts, the income potential of a successful YouTube channel is high. Affiliate sales, sponsorships, branded integrations, and ad income can all add up passively as you accumulate content, clicks, and views and grow your audience.
7. Create an Online Course
This may be an especially smart idea if you’re looking to create passive income, but aren’t sure where to start. With just a few products on your course, you can easily earn a six-figure income from teaching alone. However, building a course takes time and effort, so make sure that if you decide to take it on, you have all of your ducks lined up in a row before you begin creating content and designing lessons.
If what you want is to build your own education-based business, then there are certainly plenty of ways to do so—and it can be done by using tools like SurveyMonkey Audience.
8. Sell ad space on your vehicle
If you regularly drive for work or even leisure, you might be able to monetize your daily commute by selling ad space on the side of your car, van, or truck. While it might not always be super stylish to drive a mobile billboard, you can make a few hundred dollars a month just to add some stickers to your vehicle and use your car as usual.
There are three major sites you can use to connect you with brands looking for ad space, these are:
9. Affiliate Marketing
Affiliate marketing is a strong way to gain extra cash flow from an audience you already have. What’s more, affiliate marketing turns all those one-time visitors into recurring customers who’ll spend even more money with you in future sales.
For example, if someone purchases a pair of running shoes on your site via an affiliate link and has a great experience, they’re more likely to buy another pair of shoes later. Here are several ways you can grow your business through affiliate marketing.
10. Rent Out Your Home
If you’re planning to move or renovate your home, it might be a smart idea to let someone else foot some of the bill. If you rent out a spare room to a house guest, for example, you might make $100 per night. If you rent out an entire bedroom, that number could go up as high as $300 per night. It’s unlikely anyone will want to stay at your place long-term (unless they love it so much they decide to buy it), but short-term rentals can provide extra cash flow.