Making Passive Income in 2022
Alt-Text: A pair of hands holding one hundred dollar bills.
Are you looking to make money on the side? Do you already have passive income streams, but want more? Listed below are three awesome passive income ideas to generate wealth for you in 2022. The list below contains several key ideas with minimal barriers to entry that can help you hit the ground running in building your passive income streams.
If you want a six figure salary from multiple sources, then you’ve come to the right place. In order for you to get the most out of these passive income ideas, you’d have to do your own research. Ask yourself, what are you passionate about and find out what’s best suited for your life goals, skills, and work styles.
Investing
One great passive income idea is to pool your money in different investment products. Stocks, bonds, or index funds are some examples of financial products that you can purchase through a stockbroker or bank. Investing is a tool that you can use to achieve long-term financial security.
Firstly, you want to determine your risk appetite. Do you like to take it slow and steady? Or are you the type of person that likes to go all-in? Once you’ve determined your risk appetite you can then align your investing goals with the financial products that you can invest in.
Below are some examples of investment products that are tailored for different risk appetites.
Investment Product | Risk Appetite |
Corporate and Government Bonds | Low-Risk |
Index and Mutual Funds | Mid-Risk |
Stock Market | High-Risk |
Stock Photos
Stock images could be a great source of passive income if you have a habit of taking pictures. You can sell your images as an independent photographer on a variety of stock photography websites. ShutterStock and other stock photo websites pay photographers royalties for the photos they’ve uploaded.
You want to build a sizable portfolio that you can put on different stock photo websites. These images can range from sceneries, food, flat-lays, or even portraits. Also, you’d want to build a network to make sure your photos are getting featured on various sites. This could be an excellent passive income idea for professional photographers and hobbyists.
Moreover, there’s a positive forecast in the employment for photographers. According to the Bureau of Labor Statistics (BLS), the job outlook for photographers is estimated to grow
by 17 percent between 2020 and 2030. There’s also a projection of about 12,700 job openings each year over the course of the decade.
Fulfillment by Amazon (FBA)
If you’re interested in selling products to customers then you can check out FBA. Amazon has dedicated warehouses for small to medium sellers to help them in their logistical processes. Signing up for FBA guarantees that your products are eligible for two-day shipping for their Amazon Prime users.
Amazon is a giant online marketplace that sells a large catalog of consumer products. They have a massive customer base due to their low prices and quick shipping times.
Selling in the Amazon platform grants you access to a large number of online shoppers. Find a niche and look for suppliers to help you jumpstart your Amazon store. It’ll also help you hone your customer service skills. This could be an excellent and lucrative form of generating passive income.
Conclusion
Before investing your time, money, and efforts in order to generate passive income, you must make a plan and strategize your steps to fulfill your goals. Weigh the options you have and what would be best for you. There are a ton of great passive income ideas to generate wealth in 2022. Do your research and figure out something that will most certainly generate wealth for you.