9 Passive Income Ideas For You To Build Long-Term Wealth In 2022
Having passive income is always a good idea. After all, why have less when you can have more? Think about it, when times are good, you’ll have a little extra to spare and when times are bad, you’ll have that side-gig to get you through. Plus, at any time that you feel like you need to take a break from work, you can always depend on your passive income.
Once you’ve established your passive income streams, you’ll quickly realize that your savings will grow much faster and you won’t have to worry about not being able to save up enough for your retirement.
Don’t quit your day job just yet. Simply explore and find out how you can build a strong stream of passive income. There are many good passive income ideas proven to have worked, you might feel a bit iffy about certain methods but keep exploring until you find your niche. The following are 9 passive income ideas that will be the most popular in 2022:
A cash flowing rental property is a fantastic way to bring in a monthly income. The internet has made investing in rental properties easier than ever before. There are many ways you can invest in rental properties depending on your goals and interests, renting out your house, apartment or even a single room can be a stellar way to earn passively.
Are there specific brands or products that you are passionate about? Are you active on social media, have a blog or website with some traffic? If so, affiliate marketing could be the perfect passive income opportunity for you. When you join a company’s affiliate marketing program, you will have access to links, banner ads and more that you can publish and share on your website, blog, email newsletter and social media accounts.
Find something you’re passionate about, then find a reliable affiliate program, and start promoting. For instance, if you’re into sports or slot games, and have a good number of followers on your blog, you can consider joining an affiliate program with that type of products and services, such as BK8 Affiliate. BK8 is a licensed, world-class online entertainment platform that offers live casino games, sports betting, online poker and more. This brand has been around for years and is known to be one of the best online platforms in terms of security, reliability, and game options.
By joining the affiliate program of a reputable brand, it’s almost guaranteed that you’ll be able to make a stable passive income just by being diligent about posting and promoting the product or service on your website.
Dividend stocks are a tried-and-true way to earn passive income. Before jumping into the market to find high dividend stocks, you should consider using some of the top stock research and analysis apps to filter for several different characteristics likely to sustain those dividends. Nevertheless, if you consistently invest money into dividend stocks, you can amass a nice residual income over time.
For any of these investment opportunities, make sure you open an account with the best online brokerage, and get rewards while doing it. Again, as a reminder, the one risk about dividend stocks is choosing the right ones through stock picking before investing a significant amount of money and hoping to receive large dividend checks.
4.Create an App
Creating and inventing something can lead to a passive income, so if you are a developer or a programmer, you might want to consider creating apps as a passive income stream. You can go about it in 2 ways – you can sell your app by imposing a purchasing fee, or you can build a free app and make money from advertisers. If you are interested, ask yourself a few questions first:
- What do you want your app to do?
- How do you make the app attractive to users?
- What problems can you solve with it?
- How can your app improve users’ lifestyle?
- How are you going to market your app?
5.Invest in REIT (Real Estate Investment Trust)
REITs, or Real Estate Investment Trusts, allow individuals to invest in income-generating real estate without having to physically buy, manage, or finance any properties themselves. Some examples of income-generating real estate that you can invest in through REITs are apartments, office spaces, and shopping malls.
If you feel uncertain about investing in REITs, think about how REITs can help you achieve your short-term needs and long-term financial goals. In the short term, REITs can supplement income. And in the medium and long term, they provide diversification, balance risk, and minimize volatility in your portfolio in times of inflation and growth.
However, if you’re concerned about it, note that these are investment vehicles that hold properties within them – and you, as the owner get to benefit from the gains, refinances, sale, income (or loss) on the property.
6.Advertise on Your Car
If you’re not familiar with the concept, there are advertising agencies that will pay you to display advertisements on your car. You make money simply by driving around, running errands, and commuting to work. While you may feel a little foolish at first, this is arguably one of the best sources of passive income. You’re going to drive anyway; why not earn money to offset at least the amount you spend on gas? Once you get through the hassle of getting approval from one of the vehicle-wrapping companies — and it can be a process — it’s passive income all the way.
To make passive income while advertising on your car, you’ll probably have to contact an advertising agency that first analyses your typical driving patterns. Once the agency has a better understanding of your routes, you will likely be provided with customized advice on how to increase your chances of successful advertising. You are paid by the mile, but you will likely have to get out and drive a little extra to fulfil the terms of your contract, if necessary.
7.Create a YouTube Channel
Content creation is one of the most rapidly growing online income you can tap into. Blogging or vlogging are just two ways to begin to gather audiences, first by making yourself an established creator, expert, or leader in a specific niche, especially in an area where you already know there is a high demand for advice or special interest. While some of the top creators across platforms have salaries in the millions, you must be committed to the process if you want to see lucrative growth.
YouTube channels can be monetized even if they don’t have millions of subscribers. Your earning potential isn’t determined solely by the number of subscribers and views you have, but also by the level of engagement you generate, the niche you cater to, and the revenue channels you explore.
Well known YouTubers like The Try Guys and Jeffree Star, build their audiences in the millions and then launch their own merchandise. Some YouTubers also partner with different brands that are looking to target specific audiences. Brands are now spending their typically large advertising budgets on influencers who’ve already won the loyalty of their audiences. This creates a massive opportunity for you as a creator if you can negotiate the right deals.
Meanwhile, you can make passive income on YouTube through the following features, such as advertising revenue, channel memberships, merchandise shelf, super chat and YouTube Premium revenue.
8.Sell Designs Online
If you have a knack for creating anything from baked goods to intricate art designs, you can profit from your talent. Have you ever designed T-shirts online just for fun or out of boredom? Now, what if you can finally make money off those designs.
Selling artwork to earn passive income in the form of digital products or resources is a growing attraction for many designers and artists. It’s not a new concept though. Royalty free image libraries for example, have been going for decades. But things have changed since then. Dramatically. Now artists have more control over their work and how they sell it.
9.Create an Online Course
A study shows that digital learning takes up to 60% less time than traditional classroom. Some research shows that on average, students retain 25-60% more material when learning online compared to only 8-10% in a classroom. Hence, by creating an online course, you are establishing yourself as an expert in your industry. If you create helpful and quality resources for your customers or clients, they will come to you when they need help again.
Furthermore, now more than ever, people are online, they’re working online, meeting online, shopping, playing, and learning. They already know the value of online learning, so you don’t have to convince them. So, next what you need to do is to create a course with a demand, something that will help them solve a problem, or make their lives easier. Then they will buy it!
Not only is it a way for you to create a parallel income, but also, it’s a way to build your profile and reputation as a pundit in the filed who is happy to help others.
Passive income always requires two things up front: time or money. However, the idea that it becomes passive after you do the work is what’s alluring about it. For example, if you are on your mobile phone all the time, leverage your time on the BK8 Affiliate Program and make some extra money! All you have to do is find creative ways of sharing a link to the website, and you’ll get rewarded up to 45% commission. Click the below image to find out more!