The pandemic has led to a surge in unemployment, making people understand the importance of earning passive income better than ever. Making extra money on the side, you’ll be one step closer to achieving financial independence and greater wealth. It allows you to make money even while you sleep, and this is undoubtedly the dream for most individuals.
But what are some of the best ways to earn passive income? If you want to know more about this, here’s a guide meant for you.
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Create YouTube Videos
When you think about how you can make money online, one of the first things that come to mind is YouTube. This platform is a great place to share your expertise with a worldwide audience, and there are numerous lucrative niches. You should explore different categories, from tech tutorials to beauty hacks and travel vlogs, to find which one interests you. With countless ideas out there, make sure you take time to find the best one for you.
It takes a lot of time, passion, and work to create that perfect video, show off your skills and get noticed by millions. In addition, it isn’t easy to get a list of subscribers and monetize your videos.
There are different requirements you must meet to monetize your YouTube channel, including:
- 1,000+ subscribers
- 4,000+ minutes of watch time within the last 12 months
Attaining these requirements takes time, but you can use certain tools that can guide you to find gaps in your niche that you can then exploit and boost your channel’s viewership.
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Peer-to-Peer Lending
Peer-to-peer lending, also known as P2P lending, refers to a form of investment. You’d be lending money to individuals or business entities, who then have to pay the loan back with interest. Peer-to-peer lending is a great way to earn passive income – however, since the amounts you’re lending are typically small, the rate of return from this form of the venture is also low.
Examples of peer-to-peer lending websites include Prosper and Lending Club. Using them, you can lend your money to other people who want to take out loans.
Peer-to-peer lending is preferred by many persons seeking a loan because of its lower interest rate. And as a lender, how much money you earn depends on your wish, but it’s best not to exceed $25,000 to avoid exposing yourself to considerable risks.
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Money-Making Apps
Another great way you can earn passive income is by installing money-making apps, with a popular choice among many being the Honeygain app. This app can be installed either on your smartphone or computer thanks to its compatibility with iOS, Android, Windows, macOS, and Linux operating systems.
To earn money using this app, you only need to share your unused internet bandwidth. For every 10GB of traffic, you’ll earn 3,000 credits and earn $3. This is true passive earning – you don’t need to do anything, as long as the app is running! You can boost your income by taking advantage of the Lucky Pot lottery, Content Delivery, and referral program, but it’s not a requirement.
If you want to withdraw your earnings, the payout options available include Bitcoin, JumpToken, and PayPal. You’ll need to reach the minimum payout of $20 before withdrawing the funds, but this doesn’t apply if you’re using the new JumpTask mode.
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Rental Properties
For decades, rental properties have been considered as one of the best ways to invest in real estate. Investing in rental properties can be very profitable if done right, and you can expect to earn an annual return of anywhere between 4% and 10% on your investment, which is superb.
With that said, earning passive income via rental properties requires you to understand that there’ll be some work involved. As a landlord, you need to make sure that your property is well-maintained, and the tenants you pick are reliable and pay their rent on time.
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Invest in Dividend-Paying Stocks
Another great way to earn passive income is by investing in dividend stocks. With this type of investment, you’ll receive a payment every quarter, which is a share of the profits. This is also called residual or recurring income because you’ll get paid every year.
The biggest advantage of this type of investment is that you don’t have to trade your time for money. This means it works while you’re sleeping, and even when on holiday on the other side of the world – moreover, it can last for as long as you want. You can keep the stocks for as long as you like, so it is entirely up to you how long your passive income streams will be active.
Takeaway
Having multiple lucrative passive income streams is the ultimate dream for many of us since they allow you to make money while you sleep. If you want to make passive income in 2022, this article has broken down the top ways to go about doing this. The best thing about these income streams is they require little to no effort to maintain, and this is certainly quite pleasing.
