5 Passive Income Streams to Earn an Extra $1100 in 2022

The concept is straightforward: generate money online 24/7, even while you sleep. Some individuals are fortunate enough to make a full-time living purely from passive income.

To be honest, many of the most profitable passive income side hustles do need a large initial commitment of time and, in some cases, money.

That said, here are five side hustles that may earn you $500 a month or more, depending on your time, effort, and financial resources.

1. Invest in high-yield dividend-paying stocks

If you have the money, one of the simplest methods to produce a steady passive income is to invest in established, low-growth firms that provide high dividend rates.

For instance, if you invested $120,000 in a diversified portfolio of dividend companies that offer an average yield of at least 5%, then you’d be able to create $500 a month in passive income through your stock portfolio.

This would be possible if the average yield of the stocks in your portfolio were at least 5%.

Another possibility would be to put $75,000 into a portfolio of dividend-paying equities with a yield of 8%. This would result in a passive income of $500 each month.

Of course, most of us do not have significant quantities of money lying around to make investments.

However, if you are a retiree with a large amount of money saved in a 401(k) or IRA, investing in high-yield dividend stocks may be a fantastic strategy to supplement your Social Security and other retirement income streams.

2. Create and sell an online video course

Selling an online video course is a passive income side hustle option if you have a large amount of knowledge and expertise in an area that people find helpful enough to pay you for your knowledge and experience.

Platforms like Teachable and Udemy, for example, make it simpler than ever for individuals (like you) to quickly build an online lesson and then earn money online when customers buy the program.

Furthermore, since you record all of the classes ahead of time, you don’t have to perform any work when someone buys your course.

Moreover, you may develop online courses on almost any topic you can think of. And, as long as there is a demand for what you teach, you may easily create $500 in passive income every month. I’ve heard of people earning $3,500 per month by selling lessons on Udemy.

3. Create and sell digital products

Over the past decade, digital goods have become very popular, particularly those that assist people in solving problems. As a result, if you have an idea for a digital product that would make someone’s life simpler, you may possibly convert it into a passive source of income by selling it on various online marketplaces such as Gumroad.

It is possible to make $500 or more a month in passive income by selling a high-quality product online.

I believe that eBooks remain the most popular digital commodity that individuals sell. If you are a good developer, you may be able to design and market your own program. If you are artistic, you may be able to create and sell graphic designs.

Some photographers even sell their work on stock picture websites such as Getty Images and Shutterstock.

4. Generate Ad-revenue from YouTube

You can turn on ads and make money from your videos if you have at least 1,000 subscribers and 4,000 watch hours. For example, if your videos have 20,000 views and 2,000 hours of viewing time each month, you may make more than $500 per month in passive income from YouTube.

Many of the most famous YouTube channel owners provide tutorials to educate others on how to accomplish something. For example, if you are an expert in digital marketing, you may make videos on search engine optimization (SEO). If you are an excellent writer, you may produce writing lessons.

And, since we’re on the subject of writing, I’ve heard of YouTubers converting their scripts into faceless videos that make ad income for them.

5. Start your own print-on-demand business.

Lastly, if you want a side business that doesn’t require much of an investment and doesn’t cost much to run, you could sell print-on-demand designs. I’ve even heard of individuals earning hundreds of dollars a month selling their artwork on Merch.

You may also earn money online by selling your t-shirt designs on Amazon and other print-on-demand sites such as Lulu Xpress.

Then, when someone purchases one of your designs, all you have to do is sit back and get a high passive income since you didn’t have to do anything. Also, people are selling their designs on things like coffee mugs, caps, and canvasses, to name a few.