Many financial experts advise that true freedom comes when a person manages to attain financial freedom. However, the journey towards financial freedom is a long and winding one with many lessons to learn, opportunities to unlearn and relearn beliefs about money. To be at the point where you are truly free requires proper planning, understanding of money and the sutures and regulations concerning it, and making the sacrifices to reach your financial goals.
One of the opportunities presented to people seeking financial freedom is passive income. This refers to recurring revenue that requires little to no effort or time to maintain. Passive income is not a get-rich-quick scheme as it requires time and investment and perhaps even sacrifices upfront for a certain period. The rewards of this upfront effort can be eternally rewarding if well maintained.
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Living a life dependant on your monthly paychecks could lead you into financial trouble if you’re not careful. However, some options can help you navigate through the uncertainty that life presents to us each day. Passive income is only but one strategy towards achieving financial freedom.
In this article, we look at some passive income ideas that anyone can start in 2022.
Online Opportunities
The digital world presents us with numerous opportunities to have passive income. Due to the pandemic, the workplace has changed and people are now more flexible to work from anywhere in the world. There are several ways you can earn passive income online and each of these requires little upfront investment but have the potential to bring a great number of returns in the long run.
Some of these ideas are:
- Blogging
- Starting a YouTube channel
- Investing in Dividend Stocks
- Dropshipping
- Selling digital items online such as stock photos or videos, online courses, website themes and plugins, design templates and elements, ebooks, and guides.
- Affiliate revenue, ad revenue ad digital product sales
Offline Opportunities
Most offline investment opportunities come with high risk and higher upfront investment amounts. These typically involve high long-term investments so it may be wise to invest in a mentor or a more experienced professional before venturing out into them.
These include:
- Renting out your real estate
- Dividends from investing in stocks
- Royalty repayments from intellectual property.
Studies have shown that 95% of people who try out passive income ideas fail. This doesn’t happen because they aren’t passionate or their idea isn’t viable but because they underestimate the amount of work required. Passive income requires investment and sacrifices, in the beginning, to reap benefits in the future. However, once you get set up, it is easy for you to sit back and enjoy income without putting in too much work.
If financial freedom is your Long-term goal, passive income could be the first step you take. These passive income ideas are a great place to start your journey.
