Passive income is money you earn without having to work for it regularly actively. It can be a great way to supplement your steady income or even replace it entirely. Here are 25 passive income ideas you can consider to help you make money in 2023:
- Rental properties: Rent a room in your home, or purchase and rent a property.
- Dividend-paying stocks: Invest in stocks that pay dividends.
- Peer-to-peer lending: Lend money to individuals or small businesses through a platform.
- Royalties from creative work: Earn royalties from creative work such as writing a book or creating music.
- Create an online course: Create a course in your area of expertise and sell it online.
- Rent out your car: Rent your car through a car-sharing service such as Turo.
- Invest in real estate investment trusts (REITs): Invest in REITs, companies that own and operate real estate.
- Invest in a dividend-paying mutual fund or exchange-traded fund (ETF).
- Create an app: Create an app that generates revenue through ads or in-app purchases.
- Buy and hold cryptocurrencies: Invest in cryptocurrencies that have the potential to increase in value over time.
- Participate in affiliate marketing: Promote products or services and earn sales commissions.
- Create a blog: Create a blog and generate revenue through advertising and affiliate marketing.
- Create an online store: Create an online store and sell products.
- Rent out your space: Rent out your home, office, or storage space through a platform such as Airbnb or Storefront.
- Create an ebook: Write and sell it on Amazon or other platforms.
- Buy and hold dividend-paying bonds.
- Invest in a high-yield savings account.
- Purchase and rent out vending machines or coin-operated laundry machines.
- Buy and hold gold or other precious metals.
- Invest in a master limited partnership (MLP), a publicly traded partnership taxed like a partnership but traded like a stock.
- Invest in a business as a silent partner.
- Invest in a franchise or purchase an existing business.
- Create a YouTube channel: Create a YouTube channel and generate revenue through ads and sponsorships.
- Write for revenue-sharing sites: Write articles for such sites as HubPages or Medium.
- Participate in stock options trading.
Remember that some passive income ideas require significant upfront investment and may not generate income immediately. It’s important to research and assesses the risks and potential rewards before investing your money.
