15 Passive Income Ideas to Help You Make Money in 2023

Today we are going to discuss 15 passive income ideas that can help you build real wealth.

Passive income – does this term ring a bell in your mind when you hear this word? Well, it’s exactly what it says – income you can earn that requires minimal or no effort.

It sounds fantastic, doesn’t it? Earning money while doing other tasks of your life, isn’t it great? I mean, who hates money, right? The only problem everyone faces is that most ‘passive’ income ideas aren’t passive at all.

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Since you’re already working or studying, which takes up most of your time, you won’t invest in something you don’t have time for. What comes to the second point; most passive ideas require a lot of time.

So this is what you need to achieve a successful passive income ie time, money, and work. Apart from this whole thing, the question that remains is why one needs a passive income. Well, the answer is that this passive income can be your life career. It is also called progressive passive income as your small efforts can grow your income, and cash flow for you.

Before you jump on this much sought-after, you need to know what it takes to receive passive income.

How can you earn passive income?

Passive income is usually the cash you receive from your controlled assets. (Assets are simply items that other individuals value; money, real estate, physical goods, etc.). The only downside to passive income is that the assets in question generally take a long time to build up. If you fail to do so, its output may not always be positive. You can suffer huge losses for the same. It will affect you not only financially but also mentally. When you don’t get what you wanted from your efforts, you lose faith in doing something new.

Therefore, it is necessary to take corrective measures and invest your time, money and work in something productive. There are four types of passive income that will further help you know about your passive income interest.

  1. Purchase of Cash-Flowing Assets –  This type of passive income is when you make money with money. You invest in different stocks, mutual funds, etc. And get money in return. It also includes real estate, business loans, dividend investing and much more. So basically you have to invest money to make money in return.
  2. Building Assets – Another type of passive income is building your assets. The word asset here means that you own your website or digital product, etc. can create This will enable you to earn from advertising. Although in this type, popularity is the main key. Without people knowing your asset, they won’t see it, and you might not attract advertisers either.
  3. Share or sell your assets –  To generate a passive income, you also have the option to share or sell your assets. For example, if you have extra space in your house, you can always invite PG seeking students. There are also things available at your house, which are of no use to you and only accumulate dust; you can offer them a sale.
  4. Reverse Passive Income –  Reverse passive income means starting to develop the habit of saving. This type is only concerned with cutting your extra expenses like trying to save on your utility bills. Look for alternatives that are cheap but effective enough to meet your needs. Try making payments online, which will help you get cashback. That’s why you save your money, while also earning so much.

15 Passive Income Ideas to Help You Make Money 24/7

#1 Start a Blog

One of the crucial methods of earning a passive income stream is by starting a blog. Blogs can generate a huge amount of money, but it doesn’t happen overnight.

One has to work on it by investing time and working dedicatedly to earn a good amount of income from it. If you know SEO, and social media marketing and can write some high quality content, you will be earning income in no time.

Once it becomes popular, you will earn money by placing ads on your blog or by marketing suitable products and services to your visitors.

Here are some steps you should take when starting your own blog page/website:

  1. The first thing is to know what subject you are comfortable with. The world is a big place and has many subjects to choose from. You have to search for yourself the perfect topic that you want other people to know. Also, the topic you have chosen should be able to enlighten you from others on the same topic.
  2. The next step will be to create your account, i.e. your website or blog page. These days, there are many online websites available that allow you to make your blog page and/or website in no time.
  3. After this you need to claim your domain name. The domain name should tell the readers what your blog is about. Then you must register your domain name, which must be different and unique from other domain names in the entire Internet world.
  4. Then comes the design part where you have to design your page/website, which will attract the viewers. You can adjust and change your designs again and again whenever you want.
  5. Then you have to show your magic and write or upload your first content. Remember to make it unique and impressive as the first impression is the last one.
  6. One of the most important steps after this is that you should publish your work as much as possible. You can do this by posting on social media. You can help your friends and family members for it.
  7. Once it becomes popular, you will earn money by placing ads on your blog or by marketing suitable products and services to your visitors.

#2 Publish an eBook

If you have good knowledge about certain things or any specific thing that can educate the public, you should write a book about it (non-fiction) and publish it as an e-book .

Topics can range from social media marketing, DIY business, or maybe something related to coding will sell better as people are hungry for knowledge. This is one of the best passive income ideas that is already followed by a large number of people.

If you are already a well-known author and famous in the community, you can generate even more income by selling fiction books. The reason why e-books are now a growing trend is that they are lower price and comfortable to read. You can increase or decrease the font size, adjust the brightness according to your convenience. And in addition, e-books are available on mobile devices such as laptops with mobile phones, etc. It allows you to read anywhere whenever you want.

E-books are relatively less space-consuming than actual books. Thousands of books can be read without worrying about space to hold real books. E-books also give you the facility to find the meaning of a word yourself. Here are some steps you can follow to start your e-book:

  • Adapting your content will be the first step to publishing an e-book. Most people are good content writers and can write well. But that doesn’t mean everyone will like what you write. Content tuning is concerned with understanding the important part to be placed in your e-book.
  • Some people publish their books with much less content which does not allow people to understand the depth of the story. While writing too much content can also cause the readers to lose interest in your story.
  • It is always recommended to proofread your story at least three to four times before publishing it. Make edits if you feel like it and try to make it more comfortable and interesting to read. You can take the help of your friends, family members and colleagues to know their feedback and make changes accordingly. Additionally, make sure your content is grammatically accurate.
  • Creating a cover page is very important for a writer. Although it is said that you never judge a book by its cover, but it is true for most people, if the cover of the book is not attractive, you can lose many readers before they read the content itself. The cover should be attractive, but make sure it depicts and explains the subject of the book. In other words, the cover should be able to speak to what the story of the book relates to.
  • Picking up the right format will be the next step. You’re probably thinking, why does the format of an e-book matter? Well, it matters and depends on your target market of readers. There are three types of format one can use. They are:
  1. Reflowable eBooks –  This format is used for those who like to resize the content as per their choice and convenience.
  2. Fixed Layout eBooks –  This format is fixed and cannot be changed. This is useful for those who want others to respect your deliberate design decisions.
  3. PDF – This format is also fixed. The only difference is that once this format file can be transferred or sent to your near and dear ones without much effort. These types of format files are quite large and are not suitable for mobile or tablet devices.
  • The next step would be to write  ‘book metadata’.  This means that you include a brief introduction to the book, yourself, etc. must give This is essential as it helps the readers to find your book online. Think of the keywords that will help readers easily search both you and your book.
  • Setting your prices  will be next in line. The production and distribution costs are zero in the case of e-books. This helps you to have a higher profit margin. But don’t get greedy. You should keep the prices as expected by the users. Keeping the price close to the price of other already established books of related subjects is the best choice for beginners.
  • Now, the step you need to take is  to promote your e-book . Om net ‘n boek te skryf is nie genoeg nie. Jy moet dit bevorder, dit publiseer sodat mense van jou boek kan leer ken. Jy kan sosiale media soos WhatsApp, Instagram, Twitter, ens . hiervoor gebruik. 
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So now, if you know that e-books are a great source of passive income, and if you have the talent to write a book and express your opinions, then don’t wait and go for it.

#3 Create an online course

Do you know how to code? Do you have technical skills but don’t know how to use them to make money? Do not worry; you can easily create a course on Udemy, as it is a great way to generate passive income sources. Just like Udemy, there are many online courses available for people to learn online through videos etc. The users mostly have to buy these courses before starting.

Regarding passive income, the role of creating an online course is when you are not the customer or user of these courses. Rather, you are the provider of the videos. For this, you need to be confident and knowledgeable enough to make a video and distribute it. For this you do not need the space and resources required in the traditional teaching system. Here you can also easily reach out to many users worldwide.

Here are the steps you need to take if you want to start your online course.

  • For your first step in any online course, you need to find a problem. The problem only leads to the solution, and you provide the solution. This is the idea you want to start your course on.
  • The next step is to confirm your initiative. This is called the Smoke Test. This test is about whether people will be interested in your course or not. Before making the video, you need to analyze the market requirement. Otherwise, it will be a total waste of your time, energy and resources if the end consumers are not ready to spend their money on your course.
  • The next step would be that you don’t need to make your course unique. In this internet world, people will get their information from some of the other sources. You need to step up your game and provide the users with something that only you can provide. The best way to do it is to try to take the already existing information and make it new using your skills and abilities. Your efforts will pay you well.
  • Then comes the most important step, which is your first group of students. This is called a beta test. This will tell you if your course is a success or not. Also, many dos and don’ts are known only through this. If it succeeds, you are going in the right direction. If it doesn’t, it’s an indication that you need to make some changes. The changes can also be in your teaching style, your content or any other things.
  • When you succeed in all these steps, then you are ready to earn some money through it.

However, like any other passive income stream, the front end requires a significant amount of effort. You can choose to teach not only technical skills, but also language skills, art skills, etc. as long as you know deeply about the course.

#4 Make an audiobook

An audiobook is something you can listen to instead of reading it. This facility is used a lot to give information. For example – when you go to a tourist place, you will not need a guidebook or a book to know more about the places. The audiobook is available so you can explore the place yourself. Many people around the world prefer to listen to audiobooks for various reasons, and this is why the audiobook business is growing rapidly .

Many times these books are published to gain knowledge as well. For example – some people like to hear the poetry and preaching of saints through an audio book. Many people around the world prefer to listen to audiobooks for various reasons, which is why the audiobook business is growing rapidly.

If you have the confidence that you have a clear voice and the ability and knowledge that other people will listen to you, then producing an audiobook is the best source for you to earn a passive income. And it’s not like your audiobook will expire or anything. An audiobook, if it becomes popular, can be used for many years. If you want to make your audiobook, here are some steps for you:

  • The most important step will be acquiring the right equipment. The microphones on your phones and your computers are not that good. The audiobook should be clear without any background disturbances. You must have a good microphone, garage band or audacity, and many more devices for that.
  • The next step is to choose the space for your recordings. The recording location must be quiet. Try to use soundproof material around you such as a blanket, carpets, curtains, etc. Cut all the sources of sounds around you. Machines such as dishwashers, washing machines must be switched off. Pets must be kept in other rooms during admission.
  • The next step is related to your vote for the audiobook. Take water when you feel thirsty. Try to record the audiobook at the same time each day as your voice has a different tone throughout the day. Listen to your last recording and try to think about what you are lacking and find a solution for it.
  • The audiobook you recorded should be sent to an audio engineer for editing.
  • After all this, you just need to upload your audiobook on different platforms available online with a cover. Then you have to wait for ACX for further review.
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You don’t even need to record your book. Amazon enables you to interact with skilled storytellers through ACX, the Audiobook Creation Exchange. Some of them will even read and record your book for free, in exchange for a share of royalties.

#5 Create a mobile app

In today’s modern world, where technology is highly respected, if you create a mobile app or software that solves a common problem, you can earn a lot by selling it to unlimited customers.

Now it is known that not everyone can be good at app development as it requires great skill and some money to invest. You can always go for premiums to upgrade your app and issue monthly subscriptions to users to get money back. This will ensure that your app or software stays in the market for a long time.

If creating mobile apps is your niche, you can expect good passive earnings from it. Now it is known that not everyone can be good at app development as it requires great skill and some money to invest. But if you understand how the market and dynamics of mobile apps work, it will definitely earn you some money.

To create a mobile application or software, you need technical knowledge of how to code the application and perform its function. But in layman’s sense, here are some steps that tell you how you can create a mobile application or software.

  • The first step is to identify the problem the app is supposed to solve. An application or software is primarily designed to solve a certain problem or to do work more efficiently and effectively.
  • The next step would be to create the application. This includes everything from choosing a prototype to platforms where it will work to UX/UI emphasis etc. all the technical part should be done in this.
  • Then comes the turn to run a beta test where you have to check whether the users are comfortable using your app or not or you have to make some more changes.
  • After all this, then comes the time where you have to come up with updates to enhance your app or software with new features and much more. It is very necessary as in this competitive world; if your app is not updated regularly, you will lose some of your users.

#6 Put your real estate to work

For a long time, real estate was the source of passive income. Investors and tenants have chosen to rent houses, apartments, suites and office space to generate good monthly income.

It’s no secret that real estate is an excellent source of automatic income generation, but it also requires significant upfront financing. You can choose to invest in some real estate if you have additional money lying around. You can buy property to rent out to long-term clients or try your hand at finding vacation rentals through places like Airbnb or VRBO.

It’s no secret that real estate is an excellent source of automatic income generation, but it also requires significant upfront financing.

You can choose to invest in some real estate if you have additional money lying around. You can buy property to rent out to long-term clients or try your hand at finding vacation rentals through places like Airbnb or VRBO. Either way, if you have the money lying around, you should check it out, it’s an excellent passive income idea.

Either way, if you have the money lying around, you should look into it; This is an excellent passive income concept.

  • To start with it, you need to make plans about it. You should make your priorities for the same as you want your estate to be used as a residential purpose or for commercial purposes etc.
  • The next will be to promote your work. Without people knowing about your estate, you would be of no use.

Apart from all this, you can always get help from mentors about it. They can help you know the secrets of how to make money while you put your property to work.

#7 Earn commission from Jingles of Audio Records

If you’re into music and practice it or work as a professional, one option to generate some passive income could be to compose jingles or audio songs that you can then license through famous services like Audio Socket, Sound Cloud, or Song Freedom, etc.

Do your studies and work hard to create audio recordings that appeal to a wide audience. Look for other famous songs that are highly licensed and see what they do so you can try to reproduce them in some format while not completely duplicating them.

#8 Sell professional photos online

Another passive income route is to use photo selling sites like iStockPhoto and Shutter Stock to make cash while you sleep. If you want to be successful in the photo sales business, you need to know photography and things like Photoshop.

When you are involved in this job, there is a lot of competition. If you have a passion for photography, it is natural for you to sell your photos in a professional way. Get lots of great photo editing software and discover your niche. Portrait photography or landscape or something else, find it in yourself and stick to it for life.

For this you can also take orders from customers. They will provide you the details for which they want professional photos and you have to click on them and edit them. Many of the newspapers and magazines are also interested in getting pictures of different models, celebrities, etc. Therefore, it can also be a good source of earnings.

Although the step to succeed in this business is based on your skill and publicity, but here are some more steps to give you a helping hand for it.

  • Get equipment to click high quality photos. Suppose you take a photo from your phone, and the same is taken by a DSLR, which one will be better. The DSLR one is the answer. Therefore, it is very important to get the right equipment.
  • Then you need to create a website to showcase your work to the public. Many online website builders are available through which you can effortlessly create an attractive website of your own. The website should contain all the necessary information like your contact details and other facilities provided by you etc.
  • The next would be to get intellectual rights for your photos. If you don’t get it, then someone else will, and your taken photos can be a source of profit for others.
  • Then the last step is to promote your business. You can use social media and other platforms to let people know about your talent. Then only they will buy your photos and your skills.

 

#9 Buy Dividend Stocks

Dividend stocks are an excellent asset for passive income generation. You also don’t have to sell the stock to produce that income. However, to see a good income stream from whichever dividend stock you choose , you will need to buy a significant amount of shares.

Analyze it properly and that too with persistence to find the right dividend stock. You don’t need to start by understanding everything, but to learn and grasp the matter, you need a desire. Start small and accumulate from there while keeping a close eye out for high-income dividend stocks.

As such, no steps are required for a dividend share. It is entirely up to your knowledge and analysis. Make wise decisions while investing so that you don’t have to face the wall of losses.

#10 Invest through peer-to-peer lending platforms

P2P lending is the method of lending cash to borrowers who do not typically qualify for traditional credit. As the lender, you can choose the borrowers and spread your investment to mitigate your risk.

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You just lend your cash , and on that loan you get back the principal and interest. The average cash flow return is 4.1 percent greater than any money industry award you will discover today.

For this lending business, you need to be careful about some points. They are:-

  • Never get too greedy and charge whatever interest rate you feel like. Just like you, many people are willing to borrow money. And if you charge high, no customer will be willing to take a loan from you.
  • Choose your clients wisely. Do not lend your money to someone before you lend, check whether the person is able to return your money or not. If not, then be careful, because then you may not be able to recover the money from the client, and you will lose it all.

#11 Amazon Merc

This is a low-overhead, low-investment way to earn some passive income that can generate around $60-200 per month. You upload t-shirt (and now other items) designs to Amazon, and the e-commerce giant does the rest of the work for you. Simple, isn’t it?

They will print it in the chosen size and color when someone requests it, and send it to the customer. You receive the share between the prices you set and the printing costs. If your design has become famous, then you will be able to earn royalties. Through this, you can even get sponsorships from brand companies to design for them as well.

For this you must first have a unique design. Then you have to check whether the customers like your design or not. Will they be willing to buy your design or not. If your designs are a success, don’t stop and try to make new designs as this will increase your popularity among different brands.

#12 Earn money through YouTube advertising

Are you proud to have more than 1000 subscribers? If so, then you qualify for Google’s built-in monetization. Through YouTube ads , you can earn money, but this can only be possible if you can create a large audience base that regularly watches your video and subscribes new people to your channel. This is one of the best passive income ideas that a large number of people are already following and earning money.

Not everyone likes ads on YouTube videos very much. Therefore, you should pay extra attention to it and be careful. The ads on the video should not reduce your followers.

Making a YouTube video means standing out from your competition. So, try to be as creative as possible and be the odd one out. If people prefer only those who showcase something new and different from others.

Remember, this passive income only works if you have a good number of subscribers. So try to have as many subscribers as possible. Make sure you upload new videos and other stuff to keep your subscribers connected to you.

#13 Rent your car

Some people aren’t comfortable lending their room to a stranger, but if you have a spare car in your garage lying around, rent it out to earn extra cash while you stay at home. It can be really passive because once you list your car online, it can make you income even if you’re not the one driving it.

Although it sounds exciting, it is not as easy as you think. You must keep your car in good condition all the time. Also, you may have to go for regular repairs for the damage done, if any. You may also not be willing to give your lovely car to someone.

But apart from all these problems, renting your car can be a great way to keep your car running while also earning money. The most important thing in this business is to promote your business. Let people know that your car is available for rent. And by people it refers to both the ultimate driver or customer and the rental car.

#14 Rent your storage unit

Do you have empty storage units that you are considering selling? Then you should consider renting it out instead of selling, since people who sell goods need storage to store their items. And you will be the one to give them what they need – STORAGE UNIT.

By this you can earn a lot like people because some have storage problems. They don’t want to sell the thing, but lack the storage facility. Here comes the role of your extra space. A loan storage facility in your area can be termed as a healthy source of passive income.

Apart from that, you should be sure of the security of the store. By chance, any theft or damage occurs, your entire reputation will be shattered in seconds, and you may not be able to get it back.

Also, make sure that your storage space is clean enough so that rodents and other flammable substances cannot destroy the goods, because if any damage is done, then you will be liable to pay for the losses.

#15 Refer products to your Instagram followers

Are you an Instagram plus beauty and fashion addict and want to use your knowledge about beauty and fashion products while making a profit from it? Then you’re in luck, because many brands are looking for influencers who have a large number of followers on Instagram.

You can review a product on your account and tag the brand, which you can then pay according to your contract with them while getting some freebies from them. Triple happiness, isn’t it?

Bonus tips

Use credit cards

When, as a passive income, it is suggested to use credit cards, then it means to use them for repayment. To increase their users, many financial institutions offer you many benefits as well as cashback. This money may not make you rich, but it can help you with your day-to-day expenses. It also improves your credit score, which further helps in getting credit facilities at a lower interest rate and thus leads to savings.

Outsourcing your business

While all the above points can be considered as a start-up kind of thing. By outsourcing your business, you can earn passive income while you already own a business.

As said in reverse passive income, the more you save, the more you earn. Therefore, you can outsource some of your work to take advantage of the facility of cheap labor without hiring new staff. It also provides some relaxation to existing employees.\

But for this you need to be careful as you may leak business information to your competitors. The work done may also be inefficient and may incur losses. So be careful when outsourcing your business.

Remember, truly passive income generation requires creativity and some original work to set up well. This is even more true for you if you are someone who is already very busy. But if you can take a moment to learn anything, you can earn a little extra money if you believe you’ll be good at it. Maybe a great extra income.

Set your financial goals and decide how much time, vitality and cash you are willing to spend on your business and thrive from passive income accordingly.

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