Looking to grow your savings or bring in some additional income in 2022 to beat the rising cost of living? This post has got you covered with five easy ways to make passive income in 2022. From starting your own blog to investing in crypto or property – passive income is a great way to boost your bank balance without having to work super hard for it. Sounds like a dream, doesn’t it?
What is passive income
Passive income is a source of revenue that continues even after the work is complete. Although there might be a considerable amount of work at the beginning – eg by setting up a blog or by writing a book – once the work is complete, the money will (hopefully) continue to roll in for a long time to come, with zero input needed from you!
How to make passive income in 2022
There are lots of different ways to make passive income, but these are my five favourite ones:
- Start a blog
- Invest in cryptocurrency
- Try matched betting
- Write an e-book
- Buy and rent out a property
Let take a look at each in turn and discover how it can work to boost your bank balance.
Start a blog
First on the list has to be blogging – how could it not when I am successfully using blogging to passively earn thousands of pounds every year.
To those of you who think blogging is dead – think again. Thousands of us are making a full time income from blogging and if I can get my head around it – so you can you!
Although you won’t start making money immediately, once you start understanding SEO and how to create blog posts that rank well on Google and Pinterest, you’ll start driving traffic to your website. Once you reach 10,000 or more sessions a month you can start approaching ad networks and that’s when the passive income really kicks up a notch!
Since joining up with Mediavine in 2020, my monthly income has doubled and continues to grow every single month. Blogging is definitely not dead and the earning potential is massive!
Find out how to start a blog in my handy step by step guide.
Invest in cryptocurrency
Cryptocurrencies such as Bitcoin and Ethereum have become more common during the past few years, but how can you earn a passive income from investing in them?
Cryptocurrency exchange rates have been rising sharply in recent years, which has meant that investors have seen huge profits. However, just like investing in the stock market, this sort of investment does come with its risks as the exchange rates can be extremely volatile.
Luckily, Sortter have a fantastic guide detailing everything you need to know about investing in crypto. From finding the best crypto to invest in, to detailing how to set up a crypto wallet, they even have a crypto exchange comparison which will help you find the best broker for your needs.
Try matched betting
Matched betting is a fantastic risk free way to make money from the bookies and have fun while you’re at it! I first tried matched betting back in 2017 and managed to make a few thousand pounds before I decided to start focusing on growing my blog instead.
There are lots of great sites including Profit Accumulator that can help guide you along your matched betting journey. You don’t need any special maths skills either (good job – because I definitely don’t!) and once you get cracking you can easily make more than a full time income every month!
Write an ebook
Another fantastic way to make passive income is by writing an e-book and publishing it on Amazon. If you’ve got knowledge about a specialist subject or simply have a knack for creating funny stories that children will love, put all your ideas into an ebook, then publish it for free on Amazon!
Once published, every time someone buys the book, you earn commission and you don’t have to lift a finger – Amazon takes care of everything. Get a few good reviews and you’ll find your ebook rising quickly through the charts which will result in even more sales.
Want to really boost your passive income potential? Get as many e-books as you can on Amazon, sit back and watch the money roll in!
Buy and rent out a property
One very simple way to earn passive income is by buying and renting out property and tons of people have seen great success with this method over the last few years.
Although you need a 25% deposit to purchase a property with a buy-to-let mortgage, you could start small by buying a cheap terrace house or small flat and ensuring you reinvest any money made from the rent.
It may take a few years, but once you’ve been renting out your first property for some time, you’ll soon have built up enough to buy your second and before you know it, you’ll have a portfolio of property under your belt!
Make your money work harder for you in 2022
Earning passive income is such a great way to make your money work harder for you as once you’ve completed the initial work, you won’t need to lift a finger to see the money rolling in month after month.
It’s always a good idea to spread your earning potential as widely as possible and have your fingers in a few pies just in case one of the income streams goes wrong. Back in 2020 when the pandemic hit, travel bloggers saw their ad revenue fall off a cliff and the result for many was hardship. Those bloggers who had invested in other passive income streams didn’t suffer as much and this is an important lesson to bear in mind.
It’s also important to remember that all passive income is subject to tax. This obviously depends on your own personal circumstances and where you live, but in order to avoid being stung by the taxman once the financial year ends, be sure to save at least 20-30% of your passive income
Hopefully this blog post has given you some great ideas for earning passive income in 2022 and I’d love to hear how you get on!