What would you like to do with an extra $1,000 income every month? For most individuals, it could be a significant life-changer in several ways. With the monthly inflow of this extra cash from passive income, you can eventually end up going on your dream vacation, ensuring home repairs, or taking a step to scale your career.
Recent studies report revealed that only 4 in 10 Americans could pay for an emergency expense of $1,000. You can build up a significant amount of emergency funds with extra income on the rounds every month. Let us tell you how!
Unless you win the lottery or receive a handsome amount in inheritance, earning $1,000 per month is not going to appear out of nowhere. You have to work hard to earn it. The first thought that might come into your mind is taking up a second job or searching for alternative ways to fund your income. So, what can you effectively rely on to earn extra monthly passive income?
What is Passive Income?
Passive income is a source of additional income that allows you to earn extra money without putting in much effort. As a matter of fact, it is about applying minimal efforts to make that extra cash that you need to improve your lifestyle. It is like earning money as you are sleeping. However, there are some common myth that needs to be debunked.
Most individuals feel that earning passive income is relatively easy and only needs a few hours to a day to get started. It would be best if you put in a little effort at the beginning to develop your listing, landing page, or website, which will quickly get you started.
After that, it’s pretty much straightforward, and you can sit back and wait for the money to keep rolling in directly to your bank accounts. This doesn’t mean you do absolutely nothing after your initial setup, you still need to put in a little effort during the early stages of business development or revenue generation.
Passive income can significantly improve the overall quality of your life. If it is something that appeals to you, go through our list of top ideas to earn passive income easily in 2022.
A Guide to Making Passive Income
When you hear people talking about ‘making money while sleeping,’ it is the passive income they are talking about. Conventionally, you would earn passive income only through reliable financial investments. However, in the modern era, several creative and functional passive income streams have come up that allow you to earn extra income lucratively -right from the comfort of your home.
When you start earning passive income, some essential aspects to consider are:
What upfront investments can you make -in terms of efforts, time, and money?
Do I have relevant expertise or knowledge in the given field?
Based on the source of passive income you choose, there are several things you can do to increase your short-term earnings.
For instance, those who opt to sell digital products or services can use relevant marketing strategies online to allow more customers to come across the products or services. It will eventually lead to more sales after a specific period of time.
Top Passive Income Ideas 2022
The first step towards earning reliable and sustained income is to choose the source of passive income that will make the most sense for you. Whether you wish to launch a new business or ensure financial investments to earn passive income, you should be dedicated to the idea of earning maximum profits. Some top ideas for your passive income generation are:
Rent Your Garage or Driveway for Storage
Do you have an extra space in your home, attic, basement, garage, or driveway? If you are using a big chunk of space in your house or property, you can think of renting it out as a self-storage unit. To top it all, when you do so, you can also make a few extra bucks in the process.
For those living in urban areas, housing or living space tends to be limited. As such, storage is a significant problem for most homeowners -especially when it comes to storing seasonal belongings.
You can easily rent it out online on leading peer-to-peer storage marketplaces if you have extra space in your house -like the parking lot, the garage area, or the attic. It’s estimated that you can easily manage to make the least amount of $500 every month by renting out your vacant space as a storage area.
If you are searching for an online peer-to-peer storage marketplace to display information about your rental space, one such leading option is PeerStorage.
PeerStorage is a dedicated peer-to-peer self-storage marketplace that ensures interactions between those who have vacant rental spaces and those who wish to leverage the space for storage. Depending on the location and size of the rental storage space, people will use any size space that will pretty much be used to store anything ranging from a few boxes to even vehicles.
Depending on the type of space you’re listing, you can earn around $200 – $1,000 on a monthly basis. The best part is that you do not have to do anything as you will be making money right from the comfort of your own home.
Rent a Room on Airbnb
Did you know homeowners across America are making as much as $10,000 every month by renting their homes or spaces on Airbnb? Isn’t it an impressive idea?
The best part is that you do not have to spend too much time or effort building this passive income source. Therefore, if you have a vacant home, property, or room to rent, you can leverage the same to your advantage.
The rental services by Airbnb are becoming increasingly popular amongst travelers of the world. Modern travelers prefer enjoying the comfortable homestay environment rather than hotels as they tour across different places of the world. Passive income can be made successful with the help of Airbnb as you automate and outsource the rental process.
Airbnb allows you to rent your unused or vacant property to guests. You can look forward to earning a good amount of money off the room or house by renting it out on Airbnb. It is an excellent source of passive income in the modern era.
Rent Your Bedroom or Garage Space as a Workspace
When you have vacant, unused garage space or bedroom, it can be creatively transformed into something functional. One of the best ways to use unused space is by renting it out as a workspace.
Millennials keep looking for remote workspaces to work with smaller teams. Garage spaces or bedrooms can be easily converted into a high-end workspace with essential amenities to improve your source of passive income.
You can set the price for your space depending on its functionality. In your rental contract, you can determine specific guidelines like how renters can access the space and what you will allow them to do in the given space. It would help if you thought of establishing legal liability conditions from the legal Terms and Conditions of the platform you are using to rent out the space.
Rent Your Land for Camping
Do you wish to get more out of your vacant property or backyard? If you have been searching for different income-generating ideas without investing significant effort and time upfront, allowing others to camp on your piece of land can be a lucrative option to boost your monthly income.
One of the most popular peer-to-peer storage sites is HipCamp -a platform wherein private property owners can list RV sites, campsites, yurts, treehouses, and even RV sites for guests to store their camping essentials and rent the area. It will cost nothing to post your property listing on the platform. Your overall earning potential on the portal will depend on specific factors, including:
Quantity and quality of amenities inside
Quality of the listing of the site -including detailed descriptions and photographs
Cost and availability of other campsites in the given area
Number of guests your property can accommodate at a time
Time of the year, weather, and duration of stay
Rent Your Extra Car on GetAround and Turo
If you are searching for creative ways to earn extra passive income, why not convert your vehicle into an income-generating machine? GetAround and Turo are regarded as the Airbnb for cars. It implies that you can rent out your vehicle as you can rent your home. The financial rewards for executing such a business model are quite beneficial.
GetAround is a dedicated marketplace that helps connect those who require a vehicle for a short period and connects them to individuals who own an extra car for rent. With a number of individuals working from home due to the pandemic, there are several unused cars that might be hanging out in the driveway.
If you are one of those individuals or do not drive much, you can think of renting your car and earning passive income almost instantly.
In an affiliate marketing program, you can earn a good amount of income by promoting other people’s products and services. Some of the common ways to promote affiliate programs include displaying ads, banners, content, blogs, and links.
Wondering what a standard affiliate marketing monthly income will be? However, the stats vary. Still, with a reliable affiliate marketing program, you can think of earning several thousand dollars every month. Some of the most successful earners are capable of earning six figures from affiliate programs delivering passive income.
An affiliate income blog is a crucial tool that can help any affiliate marketer. When you execute the same correctly, blog work functions well for generating affiliate income. You are expected to update content for which you will build an audience regularly.
You should possess access to a larger audience -whether through email marketing, paid links, or organic traffic. There is also the option to earn through the famous Amazon Affiliate Program.
Create an Online Course
Somewhere between selling templates, worksheets, creating content, and writing a book, you can decide to pack the resources to complete an online course. Most people think of creating their content with the help of platforms like Teachable or Thinkific. Then, they can host their courses on their own website or Udemy.
Creating a dedicated course on Udemy is a lucrative way to diversify your overall income. Udemy allows you to create interactive courses and classes through our expertise in a particular field. You can also opt for relevant marketing strategies with the help of purchasing ads, serving as a podcast guest, email marketing, or hosting a webinar.
Rent Out Your Stuff
Many people are making decent passive income by renting their things. The overall potential to earn money by renting your things is unparalleled -especially if you have multiple listings.
Some of the top items that you can rent out to earn money include ATV, car, boat, BBQ or grill, Drones, computers or laptops, fishing gear, furniture, golf equipment, and so much more.
FriendWithA offers access to a wide range of rental categories. With facilities across different cities, the platform provides the ease of earning money out of items you no longer use and wish to rent out for its functional properties.
Rent Out Your Power
Are you generating ample power that is surplus for your household consumption? You can rent out extra power generated in your home to those who need it in your neighborhood. You can even rent out power to the government power grids to earn some commission -all while sitting in the comfort of your home.
Rent Out Your Land As a Dog Park
Sniffspot -a leading platform that offers access to private rentals by the hour to convert your vacant land into a dog park. The spots you enlist on the platform are designed by keeping in mind sensitive dogs. While it is an excellent notion for the dogs of the community, it is a great source of passive income for the land owners.
Invest in High Dividend Stocks
Dividends are when organizations pay you a fixed amount of money for owning their shares. For instance, if you own 100 shares of Apple stock, and they pay a dividend of $0.50 per share, then you make $50 for every quarter when they pay out the dividend. Some additional investment sources for high-dividend stocks include NerdWallet, compound interest, and so on.
Financial freedom and stability are the ultimate objectives of generating different passive income streams. Therefore, you should leverage the best passive income ideas 2022 to make the most of your earning capability.