July 11, 2024
20 Ideas to Build Wealth

Whether you’re just starting out in the workforce or looking to supplement your existing income, there are plenty of ways to make money without actively working at it every day. In fact, some of the most popular types of passive income don’t even require you to have a job at all! While traditional forms of income still hold value, diversifying your sources of income is important as well. For that reason, here are 20 passive income ideas to build wealth in 2022 and beyond.

20 Ideas to Build Wealth

When you have passive income coming in, you don’t have to worry about working extra hours at the office or doing freelancing gigs on nights and weekends to pay the bills. Instead, your time can be spent doing what you love most – hanging out with friends and family, pursuing your hobbies, cooking delicious meals, traveling, or anything else that brings you joy. Achieving financial independence isn’t easy, but these eight ideas can help put you on the right path in 2022.

There are hundreds of ways to make money in the world today, but if you’re looking to build wealth, passive income can be an important part of your plan. While there’s no magic bullet to make money online, these eight ideas can help you build a nest egg while you sleep, giving you one less thing to worry about as the future arrives.

Passive Income Ideas to Build Wealth

Being rich isn’t just about what you earn, but also about what you save and invest. Even if you’re earning $250,000 per year and saving 50% of it, you’ll still be in the same financial situation as someone who makes $40,000 and saves 80% of their income every year. The only way to get out of that situation is to start generating passive income streams that allow you to make money while you sleep, rather than working hard at your regular job all day long. Here are some ways to do that in 2022.

1. Create a Course

Selling online courses is one of the best passive income ideas for 2022. That’s because we’re still seeing massive sales growth for course creators. Whether you decide to sell a course on your own website or on a platform like Udemy, you’ll find customers who want to learn your insider tips and tricks.

If you’ve followed tip number two and built your own audience, selling your course on your website can help you control how much passive income you earn. Finding your customers is up to you. That will be a bit easier if you sell on course platforms like Udemy, but your course may be heavily discounted during certain periods. This will affect how much passive income you earn.

2. Sumit Bansal earns passive income

Sumit Bansal, Founder of Trump Excel: “I started a blog about Excel Spreadsheets in 2013. I did it as I was learning a lot about spreadsheets and thought it would be a good way to share my knowledge with others. It slowly started getting traction in two years, it was getting 100K+ page views a month.

I decided to create an online course and see if it would fly, and it did. I made a good side income for a few months and then decided to do this full-time and launch more courses. Since then, the blog has grown a lot and I have been featured on many prominent sites and publications such as Problogger, YourStory, GlassDoor, CEO Magazine, etc.”

3. Instagram Sponsored Posts

If you love Instagram as much as I do, you might want to turn your scrolling time into posting time to help you skyrocket your passive income.  The best thing about Instagram is that you can literally create fan pages for absolutely anything. Whether you love to travel, fashion, beauty, home decor, or something really peculiar like outrageous dog grooming…

… you’ll find a committed audience.

The secret to getting a ton of Instagram followers is to be super consistent with the type of content you post. So be sure to stick to one niche so that people who follow you can count on you to deliver more content just like that.

In your Instagram bio, be sure to add your email address. As your account starts to grow, so will sponsor post requests, allowing you to make money on Instagram. The more Instagram engagement your posts get, the more people will reach out to you so be sure to create engaging content.

4. Create a Print on Demand Online Store

With eCommerce being one of the most popular ways to make passive income online, it only makes sense to give a shout-out to print on demand. Print on demand allows you to sell your custom graphics on products like t-shirts, clothing, mugs, canvases, phone cases, bags, and more. The best thing about this is that you can build your own branded products.

The only downside is that you need to be savvy at graphic design because the margins are often too thin to outsource the designs affordably. However, if you create that unique winning design, your sales will take off. Plus, it won’t hurt sales since you won’t be competing with anyone but yourself. Don’t hesitate to start right away with Shopify! How profitable is print on demand? Find out the answer in our collaboration with Wholesale Ted, where we compare dropshipping with print on demand.

5. Veronica Wong’s passive income ideas

Veronica Wong, the founder of Boba Love, shares how her love of bubble tea helped her earn passive income: “I’ve been drinking bubble tea for as long as I can remember, so combining my love for boba with my love for design seemed like a perfect fit. I started designing and selling bubble tea apparel and accessories last year and the journey has been incredible.

With Printful handling the production, fulfillment, and shipping, I can focus on marketing and building my brand. I’ve connected with boba lovers all over the world and recently reached 10k followers on Instagram. I’m just starting my journey to earning more passive income, but Shopify and Printful make it very easy and I am very optimistic!”

6. Create an App

We might only be on the sixth passive income idea on this list, but you probably noticed a trend: Creating stuff tends to lead to passive income. If you’re a developer or programmer, you might want to try creating apps as a passive income stream.

You can go about it in two ways. First, you can charge a fee for people who want to buy your app. Second, you can make your app free and monetize with ads. My fiance did this a few years ago and still makes a side income from his app to this day.

He bought the code from CodeCanyon. Then, he used a tool called Eclipse and installed the Android Development SDK to make modifications to the code to create his own unique app. You can monetize your app in a number of ways, including running in-app advertising, offering paywalled content, and charging for premium features.

7. Invest in Stocks

When you look at the world’s richest people, it’s pretty safe to say that stocks have played a big role in their deep, endless bank accounts. While the act of investing in stocks is pretty passive, the research that goes into it is active. Warren Buffett reads 500 pages a day, but he’s not reading your average mystery book. Nope. He reads business’ annual reports.

By reading annual reports each day, he better understands whether or not a business is performing well, which helps him improve his ability to invest in stocks. Stock investments can help you earn passive income that stretches far beyond what your value at your 9 to 5 job is worth. So, consider this passive income idea if you like reading about the performance of various businesses.

8. Buy Property

Depending on where you buy and when the real estate can be a good way to make passive income. In popular cities like Toronto, there has been a steady increase in property value – 9.36% during 2020, the highest growth in Canada since 2016.

By buying pre-construction condos, you may find some lower-cost properties that’ll increase in value by the time it’s finally built, allowing you to sell the property once it’s complete for a profit. As with all investments, it can be risky, so it’s best to speak with a real estate agent if you’re new to the game to help you buy the right investment property.

9. Shawn Breyer’s passive income ideas

Shawn Breyer, Owner of Breyer Home Buyers, shares: “My girlfriend, now wife, graduated law school with $173,000 of school debt and we set the duration of the loan to be paid over 15 years, which made our monthly payments come out to be $1,459 per month in payments. We wanted to use rental property cash flow to cover our monthly law school debt. Our first decision was to buy a duplex and live on one side while we rented out the other side. This alone saved us the $1,350 in housing expenses that we had prior to buying the duplex.

Instead of allocating that money towards extra principal payments on the school debt, we saved that money and bought another duplex two years later. This acquisition added $650 in monthly cash flow, which we snowballed into a third property. The three properties provided us with an extra $2,500 per month in savings and income that we were able to then put towards extra principal payments. The beauty of this approach is that our tenants are paying down our law school debt and if we were to lose our jobs or have a medical emergency, then we can rely solely on the rental income to pay for the school debt for us.”

10. Host Airbnb

If you followed step number eight, you can choose to list your condo or home to rent on Airbnb. What’s interesting is that you don’t actually need to buy a new property to make Airbnb passive income. You can also rent a room in your current home or apartment if you have a spare room.

Also, Airbnb has recently expanded into “Airbnb Experiences,” which allow you to host events, meetups, and tours in your city. You can choose to treat it as a side hustle as well, though it won’t be passive income.

11. Build your Own Website

Building your own website can be a reliable source of passive income.

Some folks create marketing agencies and outsource the work to freelancers. Others, like a couple entrepreneurs on this list, create online courses to share their knowledge and educate others. You can also sell products – digital or physical – online. New to online selling? Here are some ideas for what to sell on the internet.

However, by building your own website, you gain more control over what you sell and how much money you make. It’s one of the best beginner passive income ideas as there are a variety of tools to help you create a website (no coding required). You can then spruce it up by adding a theme, logo, and other UI elements. Ultimately, your success lies in your hands, enabling you to take your brand wherever you want it to go.

12. Milecia McGregor passive income 2022

Software engineer and Flipped Coding Owner Milecia McGregor earn passive income by helping people become web developers. She shares, “I have an online class that people pay for every month and they learn all the front-end development languages and I add new material every month.

My biggest win with this class so far was when one of my students got their first web developer job. They came back and thanked me so much that it gave me a happiness I hadn’t experienced before. I’m planning to get 200 students in my class this year and help them all get that first paying gig.”

13. Affiliate Marketing

Affiliate marketing is one of the best passive income opportunities available today. The upside to it is that almost every big brand has an affiliate program so you can sell some pretty popular products and rake in the dough.

The only real downside is that you only make a commission of the sale. Some programs like Shopify’s affiliate program allow you to earn up to $58 per referral, which is a decent income. Other online companies only give a measly $5-$10 in referral bonus.

So, you’ll want to make sure you do some research into the best affiliate marketing programs before you get started. Blogging tends to be the most cost-effective way to make recurring affiliate commissions without having to spend money on ads.

14. Sireesha Narumanchi

Sireesha Narumanchi, Founder of Crowdworknews.com, shares, “I started my side hustle as a blogger a little over two years ago and this has been the most incredible journey so far. As a content creator, most of my income is from affiliates and it’s totally passive. It wasn’t easy to juggle my job and business but it was totally worth it.

I do put in a lot of hours researching, crafting, and working on business strategies, but once my content is done, it generates income passively again and again. The immense pleasure of helping people and showing them that there is a choice of working from home and earning a decent income is my trophy at the end of the day.”

15. Sell your Videos

If you always find yourself in the midst of drama and excitement, you might want to pull out your phone and hit record. Doing that can help you make some passive income. The latest video marketing stats indicate that people are obsessed with video content, so you should be able to find an audience for your films.

Why? Because you can sell that video to a news site. And if the video takes off, you can make some recurring money for weeks, months, and sometimes even years. Of course, the easiest way to get in on the action is to be at public events such as protests, demonstrations, and festivals.

Wherever there’s controversy, you’ll find opportunities for your content to be sold. And if you’re good at producing entertaining content, companies will pay you to create viral videos along with offering a share of overall earnings.

16. Peter Koch

Peter Kock, Owner of Seller at Heart, shares how he made passive income uploading videos to popular websites: “I uploaded a few videos to Newsflare and Rumble. When my content gets bought, 50% of all revenue generated gets wired to my personal account. My videos were featured on MSN, AOL, Yahoo, Daily Mail, The Guardian, etc. With Newsflare, I made over $4,000 so far and still I’m getting royalties for videos uploaded a few years ago.”

17. Flip Websites

Do you love building websites and online stores? If so, you could make passive income selling them. You’ll likely need to get your first few sales (to prove that your store is awesome). But if you’ve got great design skills and build out some of the content on your website, you could find someone who’d be willing to buy your store.

If you’re looking for a place to sell your website, you could try out Shopify’s Exchange Marketplace. On the platform, you can sell your newly built online store or your advanced six- or seven-figure store. It’s the perfect platform for website flipping.

18. Sell Art Online

If you’re an artist, selling art online is a great way to generate passive income while making your work available to a wider audience. Etsy, eBay, and many other websites make it easy for artists to set up virtual storefronts and begin selling right away. The best part about selling online is that your work will be seen by thousands of potential customers instead of just being on display at a gallery or art fair. Selling your artwork isn’t easy, but it can be very rewarding if you set realistic goals and try not to get discouraged. Remember that most successful artists have been creating art for years before they became famous—and usually went through several professional failures before achieving success.

If you’re unsure where to start, setting up an online shop on platforms like Etsy and eBay is a good way to begin making passive income. By creating an account, setting up a profile, filling out your biography and adding photos of your artwork, you can get started right away. If you want more control over sales, taking photos or uploading art manually or handling orders yourself might be more work than it’s worth—but it all depends on how much money you want to make from your artwork. Whichever platform you choose for selling art online, remember that high-quality photos are essential for increasing sales.

19. Master Freelancing

Freelancing is a great way to supplement your income and build passive income. One strategy is creating multiple streams of revenue through freelancing. For example, if you are a freelance writer, you can write for other publications on topics that broaden your appeal or expand your audience.

As another example, if you are a designer, you could design websites for people and then sell their domain names for extra money down the road. If you’re good at what you do, there will always be opportunities to make money from it.

20. Sell Digital Products Section and Start Building Your Email List

Email marketing is still a popular passive income option for two simple reasons: (1) it’s easy to get started since you don’t need any product or inventory, and (2) you can create automated email campaigns that work with little oversight. There are tons of great email marketing providers out there like MailChimp, AWeber, Constant Contact, Infusionsoft (check all list building services here), but one really cool way to sell digital products online is by using Amazon’s platform.

When you do that, not only will your email marketing be more cost-effective and profitable but Amazon sends these emails for you in bulk at a much lower rate than any other provider. When I started selling on Amazon FBA my conversion rates increased dramatically!

In Conclusion

Now that you’ve learned how easy it is to build wealth using passive income, what are you waiting for? Here are 20 simple ways to get started today! Remember, regardless of which action you take, be sure to build a solid foundation first. Invest your time and money into creating valuable products before launching any kind of passive income streams. Do things right from day one and I guarantee that your business will grow with ease and you’ll be on your way towards realizing a life of wealth in 2022!

These are great places to start. Don’t forget that passive income is one of three things that you need to live a life of wealth. The other two, active income and expenses, can be much harder to manage, so if you have time on your hands and you want more money in your bank account, build some passive income streams! Take just a few minutes now and start building. Don’t get overwhelmed by all of your options or spend hours studying every strategy there is. Start with just one simple step and soon enough you’ll be able to say 2o PASSIVE INCOME IDEAS TO BUILD WEALTH IN 2022 as well!

However, if there is anything you think we are missing. Don’t hesitate to inform us by dropping your advice in the comment section. Either way, let me know by leaving a comment below!

Read More: You can find more here https://www.poptalkz.com/.

Hope this was helpful? Yes or No

Leave a Reply

Your email address will not be published. Required fields are marked *