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Most people work a nine to five job. At work, you trade time for a steady paycheck – it’s a form of active income where you earn money for the time you’ve actively spent doing something. You may earn a steady paycheck that covers all of your basic expenses, but perhaps you’re looking for more.
Passive income is the opposite of active income. It involves investing time and effort into something that can earn you money while not actively working on it. For example, rental income on a property you own is earned without constantly spending time on it. Moreover, passive income can supplement a salary, giving you more financial freedom. There are many ways to have a passive income – one is through gaming.
Here’s how gaming and five other streams can help you to earn passive income in 2022.
- Gaming
Gaming has become a viable way to create passive income. Whether you like creating or playing games, you can transform your skills into an income stream.
Game developers may be interested in creating and monetizing games or building game assets. If you build something that people enjoy playing, there’s a potential for passive income from purchases and ad revenue.
Gamers can earn money by testing games, selling characters or game assets, creating guides, making gaming videos and streaming their plays. The introduction of blockchain technology into games has brought forth a new strategy for earning passively by gaming. Such games allow players to earn non-fungible tokens (NFTs), which let you monetize your gaming time.
- Selling E-Books
It may come as a surprise that e-books are capable of generating passive income – selling e-books on sites is a great way to do so.
You spend time creating an e-book or audiobook and list it for sale on an e-commerce site. Once you’ve uploaded your product, you don’t need to do much more. Without much effort, you’ll earn passive income whenever someone purchases your e-book (and that marketing angle can be the hard part).
That said, creating successful e-books and audiobooks requires some study. Courses like Audio Income Academy teach the required skills to anyone looking to start this passive income stream. If it interests you, you can check out these audio income academy reviews for more information.
- Start An Online Business
Much like the other passive income strategies on this list, starting an online business doesn’t come without effort. Luckily, online businesses come in different flavours and can be started by anyone.
Dropshipping, print-on-demand stores, stock photos, and earning money through residual payments are examples of online businesses. If you don’t know how to get started, resources are widely available through social media and courses.
An online business isn’t entirely passive. It takes time and planning to start and market. Furthermore, there’ll be some level of maintenance needed along the way. Still, online businesses can earn money while you aren’t working on them (especially if you’re an owner with a team), which is the key to earning passively.
- Affiliate Marketing
Affiliate marketing is another great way to generate passive income. You’ve probably seen people do this all over social media. Businesses need exposure if they want to attract customers and earn a profit. Many of these businesses are willing to pay those who’re willing to promote their product or service.
Successful affiliate marketing is best achieved if you already have an online audience. Generally, affiliate marketers gather an online audience through social media or a blog within a certain niche. Your affiliate links are more likely to be successful if you’ve got an audience to present those links to.
Find companies that have affiliate programs, sign up and they’ll give you an affiliate link. Using your affiliate link, market the company and link to their site. If a purchase is made through your link, you earn a commission on the sale.
- Social Media
Social media is undoubtedly one of the best ways to start earning passive income. A stable social media following allows you to earn passive income on your respective platforms.
Attracting a social media following takes patience. However, if you consistently upload quality content and stick to your niche, you’ll begin to attract followers over time. Thus, your social media can be monetized once you’ve got a decent-sized followers.
Think about YouTube channels. YouTube pays channel owners a small amount each time someone watches an ad on their videos. In essence, the video you created once can indefinitely earn passive income. But it can be hard nowadays to create a successful channel from scratch.
Another benefit of social media is that it allows you to promote other things on your platforms, such as affiliate links, online stores, print-on-demand shops, courses and others.
- Dividend Stocks
Dividend stocks are one of the most passive income streams.
They are portions of a company’s profit paid out to investors. By investing in dividend stocks, you’ll be paid a certain amount on an agreed-upon basis. The amount you earn depends on the success of the company and how much stock you own.
Most of the time, dividend stocks earn small payouts. Still, it’s money you wouldn’t have otherwise made. It’s even possible to live on dividends if you’re smart about your investing (please note, this article does not constitute financial advice).
Conclusion
Whether you want to earn some side cash or quit your job altogether, creating passive income can be a great way to achieve financial freedom. There are so many different ways to earn passive income and the options may be overwhelming.
That said, the six strategies listed here are a great stepping stone for anyone getting started. Remember that to earn passively successfully takes hard work upfront. Put in the effort, and you could be on your way to creating solid income streams in 2022.
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