“If you don’t find a way to make money while you sleep, you will work until you die.”
This quote by Warren Buffet, the sixth wealthiest man in the world, perfectly summarizes the significance of having a steady source, or sources, of passive income. For example, a side business that requires minimal input from your end and still generates a constant income stream. Taking into account our current economic conditions, having multiple sources of income has become a necessity for those who don’t want to “work until they die.” I have compiled a short list of what I find to be some of the best ideas to earn passively in the year 2023.
5 Passive Income Ideas 2023
Passive income from rental properties
This is a practice that has been tried and tested for many, many years. I swear, rental property always finds its way into a portfolio one way or another. As with any other investment, buying rental property comes with its fair share of risks. The main concern for investors is bad tenants who evade rent and/or cause damage to their property. Usually, rental income is steady and reliable, but if you were to have the misfortune of being a landlord to a lousy tenant, then your investment could take a hit. We’ve got some more real estate information for you right here.
Passive income from affiliate marketing
As its name would suggest, affiliate marketing is where people earn money by promoting products through various affiliate links. When people click on those links and buy the promoted product, the publisher gets a small share of the profit made from each sale. Affiliate marketing is usually practiced by people who already have a platform where they publish their content, but there is still plenty of room for newcomers. Affiliate marketers could include website owners, bloggers, and all other content creators. More information on affiliate marketing can be found here.
Passive income from starting and monetizing a blog
Writing a blog about something you are passionate about is never a chore. Whether you are a cooking expert or love to travel and explore the world, blogging can be an excellent way to monetize your passions. You can profit from using affiliate links and writing about sponsored products. One thing to keep in mind is that whether or not you gain a following entirely depends on how engaging your content is and how optimized your blog is for SEO. More information on blogging can be found here.
Passive income from investing in REITs
A boring, but stable option would be a REIT. They allow investors to buy shares just like stocks and profit from them. Like any other dividend stock, REITs are available for purchase on the stock market. Since the top REITs typically increase their dividend every year, you can quickly accumulate a growing stream of income over time. You will earn whatever the REIT pays you as a dividend. The only caveat to this is in order to see big returns that make it less boring is to start with a big chunk of change. That being said, if you’re risk tolerance is low, this is a good option to get you started.
Passive income from self publishing
While the idea of writing a book seems tedious because you think it has to be several hundred pages long, you are mistaken. In the world of self publishing, there are a handful of different paths you could take. You can publish low content books, medium content books, high content books, non-fiction, fiction, and even make them audiobooks. Plenty of options when it comes to self publishing. And if you have the budget for it, you can outsource just about all the work it takes to put a book together. You can find more information about the self publishing business model right here.
Conclusion
The importance of passive income in today’s market cannot be overstated. The lack of job security, uncontrolled inflation, and price hikes have encouraged many people to find ways to increase their income streams. If you can develop a reliable passive income source, you can take a little time off from your main job without worrying about any losses. For more information, check out some of these books as well as the other articles on the site.
