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If you’re like me, you always look for ways to make more money. In addition to my customer service job, I am always looking for creative ways to bring in some extra cash.
One way I have been able to do this is through passive income streams. Passive income is a great way to build wealth, and it’s something that anyone can achieve with a little bit of effort.
Tips to Generate Passive Income in 2022
Blogging
As a good mediocre writer, I have enjoyed sharing my thoughts and experiences in accounting and bookkeeping with others through my blog. Starting a blog was one of the best moves I have ever made in my financial journey. The best thing about starting a blog is that there are numerous ways to monetize it, such as through affiliate marketing, advertisements, and sponsorships.
Blogging isn’t passive income, though. I’m spending my time writing this article instead of binge-watching BoJack Horseman. However, later tonight, when I’m watching BoJack Horseman, there’s a good chance that someone will click on an article I wrote in the past, and I’ll get a few advertising dollars. That’s passive income.
Online Photography
I love all the beautiful photos on Getty Image, Shutterstock, and other stock photography websites. Anyone can upload their pictures and get paid!
I came to find out the process of earning from photography isn’t complicated. You’ll need approval from the platform you wish to work with to get started. You’ll then need to license your photos so that the site can pay you anytime someone uses your photo. The good thing with this is that you earn continuously from a single photo anytime someone uses it.
With my experience in online business and sales in general, I’d advocate for selling niche-specific photos that appeal to your chosen audience. You should check where the demand is and what sells before uploading anything.
I also learned there are other platforms you can earn from your photos besides stock sites. You can create a physical or digital product using your images and sell it on Etsy or Amazon. If you want to get creative, you could create a photo book! If you think outside the box, there are many ways to make money off your photos.
Online Courses
Over the years, I’ve learned a lot of valuable life tips from numerous online courses that have helped me in different aspects of my life. From accounting courses to cooking classes, there isn’t an introductory life course I haven’t tried in the past few years, especially during the lockdown months.
And you know what? People are always looking for new and exciting courses to take. Consider creating an online course if you have a skill or knowledge from which you think others would benefit. I’ve used platforms like Teachable or Udemy to get started quickly and easily.
This is a great way to generate passive income and to share your knowledge with others as you keep learning.
Dog Boarding
As I’ve written about before, I do dog boarding through Rover.com. It’s very passive for a dog or two, but once you start to coordinate the feeding times of 5 or 6 dogs, it can be significant work.
Renting Out Your Home
This is a great way to generate some extra income if you live in an area with many tourists. You can list your home on sites like Airbnb and VRBO and charge people for staying there. Not only will this give you some extra money, but it’ll also allow you to meet new and exciting people worldwide.
E-Book Writing
I couldn’t end the list without my favorite passive income earner – writing e-books! I’ve written a few e-books on accounting and finance tips over the years, and each one continues to make me money months and even years after I initially published it. The best part is that once you write an e-book, it’s pretty much effortless income. You can sell it repeatedly and make money while you sleep!
Other Ideas
Here are some other ideas to explore.
P2P Lending
I used to be a big fan of P2P lending, but I couldn’t get it to work well for me. I think my money compounds best in diversified stock/bond investments or real estate. However, just because it didn’t work well for me doesn’t mean it won’t work for you. It’s been almost a decade since I seriously looked at Prosper.com. Maybe it works a lot better now.
Sponsored Instagram Content
I’m not an Instagram person, but I’ve talked to a few people who do well on it. If you’ve got a nice following, this can be an easy way to make passive income. You can get paid to post about anything from fashion to food, travel, fitness, and more.
There are two ways to go about this. The first is to work with brands directly. You can reach out to companies you think would be a good fit and see if they’re interested in working with you.
The second way is to work with an influencer marketing agency. These companies will connect you with brands looking for influencers to promote their products. Whichever route you choose, ensure you’re only working with brands you genuinely like and believe in. Otherwise, your followers will see right through it.
Final Verdict
If you’re looking for some extra income in 2022, you might want to look into giving these passive income ideas a try. Hopefully, between all things from rental properties to e-book writing there is something for everyone. With a little bit of effort upfront, you can start generating passive income.