Passive Income Tips for You to Build in 2022
Let's admit it, you could use some extra cash right now. And these 7 passive income tips for you to build in 2022 will help you make a solid income stream.
Whether you have a 9-to-5 job or run a side hustle, you can always start a stream of passive income. A passive income makes you more financially secure, even tiding you over in case you become unemployed or encounter emergencies. Better yet, passive income streams usually require little effort from you, giving you more freedom and flexibility.
Consider these 7 passive income tips for you to build in 2022:
Rent Out Household Items
Take a closer look at your garage. Are there useful things that you rarely use and could rent out? These may include lawnmowers, tool boxes, power tools, coolers, mechanic tools, and tents, just to mention a few.
Look out for opportunities to rent out these high-value items in your garage. For example, if an event is being held in your town or neighborhood, offer to rent your tents at a discounted price. When you constantly look for where the demand is, you will have more opportunities to rent these items and make more passive income.
Create a Course
If you are an expert in a particular field of work, consider creating a course on the subject. You can either create audio or a video course. Then, distribute your course on sites and platforms, such as Coursera, Udemy, or SkillShare.
While creating an entire course might take time, it provides you with a steady source of passive income. The more you sell your course, the more passive income you will make. Alternatively, create a "freemium model" course that provides limited free content, charging users for access to more detailed information.
Invest in REITs
Like dividend stocks, you can buy REIT stocks from the respective companies. These companies usually pay out profits to shareholders as dividends. And using the best website for stock analysis, you can find good REITs that increase their dividend rates annually, ensuring that you have a constantly growing stream of passive income.
Engage in Affiliate Marketing
Affiliate marketing involves promoting a product by linking it to your social media accounts or websites. When a customer clicks on the link and buys the product, you earn a commission from the site's owner (usually ranging from 3-7%).
