The need to have an extra bit of money is required, as bills keep piling up with the increasing rate of inflation and instability of the economy and just one stream of income can’t meet up with these bills.
Passive income is a source of income that requires little to no effort to maintain. In passive income, you do not need to work as much as you will with an active income.
It involves creating goods or services that generate cash for you or even just getting your money to work for you.
Here are 10 ways to make a passive income in 2022:
Selling online courses
Technology has made learning easier, as you can learn from your comfort zone and several online platforms have made this possible.
You can upload courses on topics and crafts you’re knowledgeable on.
This would require you to create a framework for the course either using videos or writing it, whatever you do create value and get paid for it.
Educating on the net requires some forthright interest on schedule. You’ll have to diagram your course, record it, and make downloadable resources like formats for students to leave with.
For example, many online beauticians teach online. It is the easiest way to generate passive income.
Blogging
Blogging is a very lucrative source of income because there are several other ways to make money from blogging itself although it requires a good amount of time and effort.
You can either create a niche you want to blog about or just blog about the news. With blogging, you can sell digital products, run sponsored ads, do affiliate marketing, sell backlinks, get donations and even sell the website and start another.
Cryptocurrency trading
Many artists and collectors have spotted this huge possibility as a result of the recent surge in digital money. However, some people are still unsure whether this is a trustworthy source of income. However, there has lately been no drop in the number of chances associated with cryptocurrencies, and new apps are being developed especially for NFT trading, such as Meta Profit. Platforms such as meta profit are easy to use. You just need to create the account and get started. They often come with all the information a layman requires.
Ride-hailing/Airbnb
You can use assets such as your house and car to generate income by signing up with a ride-hailing app such as Uber or Taxify, and an extra room in your house for Airbnb. During the festive season, these services are usually in high demand.
Proofreading
This skill is in high demand as a result of the explosion of social media, a lot of written content is posted on a day to day basis.
Academic papers, books, articles, medical transcripts, emails, blog posts, magazines, advertisements, and a variety of other publications can all be proofread. To summarize, anyone who publishes anything requires the services of a good proofreader in order to eliminate errors.
It is really lucrative and a good side hustle.
Read also: Here are five reasons why cryptocurrency is rising
Makeup
If you work a 9-5, this is a very good side hustle you can try out as It demand is mostly on weekends. It is easy to learn and can easily be done alongside your job.
Event planning
This is where you turn your passion into another stream of income, if you love planning birthdays, hangouts, parties generally this might be a good fit for you.
The best way to get good at something is to constantly educate yourself and to practice. That means you have to take risks, you have to try it.
You can build a portfolio by planning free events for friends, family even the company you currently work with,
Master of ceremonies
If you enjoy public speaking, hosting events, anchoring weddings, you can start this as a side hustle. It is very easy to combine with your job as your services will be needed mostly on weekends or public holidays.
You can make as much as N50,000 in an event and two hundred thousand a month. That’s cool extra cash.
Content writing
If you are very good at writing, you can try content writing for business online, for blogs, for tech companies. As a freelancer, you can write for multiple companies and still do other jobs.
Investment
Investing gives room for your money to work for you. You can do this by putting money into stocks, mutual funds, EFTs, T Bills, REITs to return on investment. To do this you have to educate yourself on it or get investment managers to manage your investment.
Investment has also been made easy with the help of fintech apps like Bamboo, Piggyvest, Ladda and the likes. It is wise to invest according to your risk appetite.
