BEST PASSIVE INCOME IDEAS TO BUILD WEALTH (2023)

It's great that you receive a consistent paycheck from your 9 to 5 work. But you know deep down that you've always desired more. More cash. more liberties. more adaptability. You consequently determine that it is time to finally raise your existing income.

Creating a passive income stream is one of the finest methods to increase your income with minimum effort. This article explores 23 strategies for earning passive income while maintaining a full-time job. Consequently, you can ultimately earn more than you could have imagined.

What is passive income?

You can generate money that doesn't require you to put in a lot of "active" work if you have passive income. In essence, to make money, you can do the most of the work up front and add some extra labor later.

For instance, to continue making money from an online course you only need to update its content.

Most likely, you've heard the phrase "make money while you sleep." The main incentive for people to generate passive income is that.

Even when you're not working, you can produce anything (a blog, course, e-book, videos, or an internet store) that brings in money. Alternatively, you might invest in assets like stocks or real estate that provide passive income.

Active income vs. passive Income: Which is best for me?

In theory, all of your income sources carry similar weight. But when it comes to achieving financial freedom, passive income leaves active income in the dust.

You see, active income is the money generated from all those efforts you’re currently making. And you need to keep working if you want to continue making a living. If you quit, you don’t get paid. Your time literally equals money.

And then you have passive income. An income that doesn’t require you to work actively. And the money continues to flow in for years and years. If you’re looking to design a dream life where you are financially free, it might be better for you to focus on passive income.

Just remember, while you might be able to build a passive income stream with a small investment, you’re not making any less of a commitment than someone investing their time. Making passive income comparable to income earned from active efforts requires a good amount of work upfront.

23 passive income ideas to help you make money in 2023

1. Start a dropshipping store

Dropshipping is one of the most profitable passive income sources. With dropshipping, you can find trending products on marketplaces like AliExpress to sell to customers around the globe. You can fill your online store with items from various dropshipping niches, such as fashion, home décor, or beauty.

The magic of dropshipping is that you build your own business and decide how much you charge for the products. In fact, from all the passive income ideas on this list, dropshipping is the one where you have the most control over your margins.

2. Build and monetize a blog

Blogging is the source of yet another well-liked passive income source. Numerous business owners have used blogging to generate passive income through products, courses, sponsored articles, affiliate links, book deals, etc.

Building a successful blog can in fact require a lot of early work. However, developing an email list or generating organic and social traffic is one of the best long-term ways to grow an audience. The primary benefit of having a blog is that it can be used to generate multiple streams of revenue from just one asset.

So, if you’re looking for an easy passive income idea, blogging might be the perfect option for you.

3. Publish Instagram sponsored posts

You might want to try your hand at producing sponsored content if you have Instagram followers. Instagram sponsored posts are articles that promote a certain good or service (often one that the sponsoring party owns). Publishers are paid by sponsors for producing and disseminating content that advertises their company.

Increasing your Instagram following is the key to landing sponsorships. Additionally, you should post content consistently so that sponsors know what to anticipate. Additionally, make sure to stick to a single market—brands value content producers that can provide high-caliber material on a given subject.

When it comes to your Instagram bio, be sure to add your email address. As your account grows, you can hire virtual assistants to create sponsored posts on your behalf. The more sponsored post requests you get, the more passive income you will be able to generate.

4. Invest in stocks

When analyzing the income sources of the world’s richest people, it’s pretty safe to say that stocks have played a big role in their deep, endless bank accounts.

While the act of investing in stocks is pretty passive, the research that goes into it is active. Warren Buffett reads 500 pages a day, but he’s not reading your average mystery book. Nope. He reads business’s annual reports. By doing this he better understands whether or not a business is performing well, which helps him improve his ability to invest in stocks.

Stock investments can help you earn passive income that stretches far beyond what your value at your 9-to-5 job is worth. So, consider this passive income idea if you’re up-to-date on various markets and industry movements.

5. Become an affiliate marketer

affiliate marketing! It's a fascinating world where individuals and businesses can make some sweet cash by promoting products and services. Imagine this: you find a cool product or service that you think others would love, so you sign up as an affiliate. They give you a unique link, and you start spreading it like wildfire. Whenever someone clicks on your link and makes a purchase, you earn some dough. It's like being a virtual salesperson, but with the power of the internet and a potentially massive audience.

You can promote these affiliate links on your website, social media, or even send them directly to your friends and family. The more people who buy through your link, the more money you make. It's a win-win situation. So, if you're interested in diving into the world of affiliate marketing, grab your digital megaphone and start promoting those links like a pro! Cha-ching!

6. Use passive income apps

Installing them on your smartphone and taking a few simple steps to make money is how passive income applications function. The deeds can be as simple as watching movies or as complex as turning a tiny financial investment into a passive income source. There are several apps available to help you start using your mobile device and time more effectively. Here are some excellent examples:

• Fundrise. Fundrise lets you invest in real estate projects with an initial minimum investment of $1,000. It comes with the option to take quarterly dividends, which serve as your passive income.
• InboxDollars. InboxDollars offers cashback for doing activities that you’re likely to do anyway, such as shopping, watching TV, and searching the web. The cashback and the $5 bonus for signing up are your passive income.
• Dosh. Dosh gives you the option to link your debit and credit cards to its system. When you pay for something using these cards, you earn passive income in the form of cashback.

Strengthen your financial future with these passive income ideas

Passive income can really help elevate your earnings and fill in the gaps that your 9-to-5 job can’t fill on its own. If you’re looking to create an additional income stream so you can strengthen your financial future, the ideas on this list can help you do that.

And it’s OK if you like your full-time gig too. The work that goes into earning passive income tends to be manageable when paired with a 9-to-5. So, yup, you can do both.

Whether you’re looking to start a dropshipping store, start your own agency, or create profitable content, you’ll find that there’s money to be made in all these areas. All you need to do is get started.

inspiration : oberlo