Last Updated on November 4, 2023 by BFSLTeam BFSLTeam
In the digital age that we live in, there are several ways to earn supplementary incomes. You can even earn an income, as Warren Buffet says, “In your sleep…” in a way. A passive income source is something you can explore if you wish to boost your regular income source or have some assets you can monetise. You have probably guessed by now that your job isn’t the only way to earn money, and you can create lucrative cash streams. Setting up this kind of process may take you some time and effort, but once you are established, a passive income source takes very little or almost no time to keep itself going. Let’s read on to get 6 Passive Income Ideas for 2023
Your Road to Financial Freedom
You may be tired of the grind you go through every day from 9 to 5. Do you ever dream of having the freedom to start your day when you want, take breaks and short holidays, and shop when the fancy takes you? The concept of passive income is attractive to many people as it requires very little or no effort once the income starts to be generated. Typically, a passive income arises out of a source automatically and you don’t have to lift a finger to run it unless you choose to.
Passive incomes refer to those incomes that, once created, are able to be generated without much labour. So rent earned from a home could be counted as a passive income. Under the category of a passive income, you could also include such work that is counted as a side-job, or a way to earn a supplementary income. Say, if you have a skill, you may turn that into an income earner to boost your full-time employment income. In 2023, with digital devices at your fingertips, there is a lot you can do to earn more than your regular income and achieve the financial freedom you desire.
6 Passive Income Ideas for 2023
Some people in the financial world tend to refer to passive income as unearned income. There are many ways to earn a passive income, the most obvious of which is by being a “sleeping partner” in a company through which you earn a share of company profits or revenue. As you do not actively participate in the operations of the company, you have a way to still earn an income from it. Anyway, if you want to know how you can earn a passive income in 2023, here are 6 ways that can get you started:
- Passive Income Through Investing
In the current age, investing is at its peak, with new ways to allocate your capital and make money while you don’t have to lift a finger. One way to earn a passive income through investment instruments is to buy stocks of large companies that pay regular and timely dividends. You may find this lucrative, and though your initial investment may be high, in the long run, you potentially earn rewards. You get the chance to earn regular dividends without actively participating in the operations of the company.
Dividend amounts may not be large, but you get an inflow of cash that you can possibly use or reinvest.
- Passive Income Through Renting a Property
If you have another property, you can rent or lease it out and earn an income from here. This creates a stable income stream as rentals are established through time-bound contracts. This is true for a commercial property or a residential property. In case you don’t want to lease your home, you can establish an Airbnb. This may be especially lucrative if you have a property located at a tourist destination or a business metro.
- Passive Income Through Creating and Selling Digital Products
A great way to earn a passive income is to make and sell digital products online if you possess any design or organisational skills. For instance, you can write e-books on your area of expertise. Another example of an income idea is to use some software like Canva or Notion to create customised templates and sell them online. If you are a design professional, you can make your own templates and sell them too.
- Passive Income Through Tutoring Online or Creating Courses Online
If you have the ability to teach, you can design courses in your field of knowledge and teach online. Online learning is all the rage right now, and you could capitalise on such opportunities. Perhaps, you can even sell your courses through platforms online, such as LinkedIn or Facebook.
- Passive Income Through Affiliate Marketing
A powerful passive income source, here, you can promote or advertise another person or business’ products and services and earn a commission. It is possible to generate leads via referrals and create sales.
- Passive Income Through Videography/Stock Photography
If you have a passion for photography and making videos, you can engage in this and make sales of videos and photos on stock photography platforms.
Relax and Earn
Having passive income ideas can be an effective way to enhance your finances and earn some cash on the side. It is important to note that passive income is not your main income, although if you do well, it could be at some point in the future. The idea is to generate a passive income source while you still earn a regular income so that you have some stability in your earnings.
