5 ways to make passive income in 2022.
It’s July and we’d just like to ask, how are you doing with the financial goals you made in January? Are you where you want to be financially? If you are not, that’s fine too. The middle of the year is the perfect time to reflect on those goals and re-strategize if necessary and we’d love to help. We will be sharing ways you can make passive income this year.
Sometimes it isn’t your saving or spending habit that is holding you back from being wealthy but rather the fact that your income is insufficient. This is where passive income comes in. Passive income is a type of unearned income that is got automatically with minimal labour to earn or maintain. It can be a great way to help you generate extra cash flow if done right.
Here are some ways you can generate passive income:
1. Dividend from investments
By purchasing dividend-yielding stocks in a company you receive a payment at regular intervals from the company. Companies pay cash dividends on a set basis out of their profits, and all you need to do to partake in the dividend is own the stock. It is important to note that dividends are paid per share of stock, so the more shares you own, the higher your payout. It’s perfectly fine to start small too.
2. Create a no-code app
If you have a smartphone, chances are that you use apps every day. Do you know that you can create your own app? The best part is that you can do this without learning how to code. So if you have ever had an amazing idea for an app, this could be a passive income stream for you. You can create an app on a no-code platform such as Appy Pie or Bubble and put it on the App store for users to download it to begin generating income.
An example of this is with the app Wordle which was created in a weekend, shared with his friends and family — and then was acquired by the New York Times.
3. Selling Stock Photos
If you enjoy photography and taking pictures you can submit your photos to stock photo sites and receive a commission every time someone purchases one of them.
4. Dropshipping
This is one way to start earning, even if you don’t have plenty of cash flow. However, it takes some upfront investment of time. With dropshipping you can create an ecommerce store where customers browse and buy products. Your supplier handles everything from manufacturing to packaging to fulfilment. And since you don’t need to send money to your supplier until your customers pay, there’s limited cash risk.
5. Create a course
One popular strategy for passive income is creating an audio or video course. If you consider yourself extremely knowledgeable on a topic, you can create a digital course on it and earn income from the sale of your product. Courses can be distributed and sold through sites such as Udemy, SkillShare and Coursera.