Financial freedom…
Earning money while you sleep…
It’s the ultimate dream, right?
You may feel as though side hustles and passive income are only for influencers or those with a social media presence, but that simply isn’t the case. Anyone can obtain passive income, especially if you work from home and have the time to dedicate to your hustle.
Let’s explore some realistic, easy ways to earn passive income in 2022.
1. Renting Out Your Space Or Car
Do you have extra space in your home that you’re not using? From spare bedrooms and attics to storage spaces and garages, renting out these unused spaces has serious potential to make a substantial amount of passive income.
And it doesn’t have to be for just housing, either. You can even rent out your car to others if you don’t drive regularly.
Options to consider:
- Airbnb — Transform your unused space into a vacation rental using platforms like Airbnb. It’s a respected service and hosts can make up to an average of $924 a month.
- PeerSpace — Use PeerSpace to rent out your unused space as an affordable venue for those in need of a location for workshops, meetings, or parties.
- HyreCar — This is a rental platform that markets your car for Uber and Lift drivers to use. Sit back and watch as your car makes up to $1200 for you per month.
2. Freelancing With Your Skills
Freelancing your skills in the digital age has never been easier — or more profitable. Whether you have a knack for writing or are a graphic designer by trade, there are several opportunities for you to showcase your skills and turn your side hustle into your main hustle.
There are several platforms to choose from but by far the most popular and straightforward option is Fiverr, the online marketplace for freelancers to sell their services. Simply sign up and follow the step-by-step procedures. Once your account is live, create a gig under the service of your choice and start promoting your side hustle to draw in new clients.
Moreover, the income cap is virtually limitless as you can work as little or as much as you want. And if you maintain positive feedback from clients, the number of your orders will continue to grow.
3. Sell Digital Products
Selling digital products is growing in popularity as you only have to create a product once to generate substantial passive income.
So, what can you create? Here are some options to draw inspiration from:
- Templates — Use platforms like Canva, an online graphic design tool, to create templates for planners, calendars, graphics, or websites and sell on Etsy.
- NFTs — Turn your artwork into an NFT (non-fungible token), i.e., digital artwork backed by crypto. You may not make millions, but this is a trend that isn’t going anywhere anytime soon, and selling your NFTs has the potential to make a good amount of passive income.
- E-Books — Aside from the writing itself, all you have to do is take a document, format it nicely, and convert it into an E-book. But if writing is too daunting of a task, you can always hire a ghostwriter to write the book for you.
4. Flip Products
Flipping products doesn’t require a lot of skill to get started, and as you gain experience you’ll become more profitable once you establish a niche and become familiar with the best products to flip.
From thrift stores and flea markets to Craig’s list and Facebook Marketplace, there are several ways to find flippable products in your area. The easiest things to flip are:
- Wooden furniture
- Picture frames
- Clothes
- Shoes and sneakers
- Antiques
- Clearance items
5. Give Your Opinion
Did you know that companies like Microsoft, Toyota, and Blue Apron need your opinion and will pay you to give it?
This is called a focus group, i.e., a small group of people invited to share their opinions, either in person or online, and receive compensation for their time. Normally, focus groups are used to help brands with their products, services, and marketing, but they can also be used for political campaigns and medical research.
Focus groups may not be your first choice for passive income, but you can make anywhere from $50-$150 per discussion. Online focus groups worth exploring are:
- User Interviews
- Respondent.IO
- Recruit and Field
- Survey Feeds