Passive income streams make it easier to keep up with expenses, they help you reach your financial goals, and they can take a little stress out of life. However, the key to passive income is finding an idea or concept that works for your lifestyle.
Do you have a special skill?
A lot of knowledge in a particular area?
Or are you simply smart enough to know that passive income could be your golden ticket to financial freedom?
Here are 5 passive income ideas you wish you knew about sooner!
Start An Affiliate Blog
Is it too late to start a blog in 2023? Absolutely not.
In fact, with recent Google changes and a more precise direction as to what ranks and what doesn’t, 2023 could be the perfect time to start a blog.
A few of the critical features of a successful blog include picking a topic you are passionate about and deciding on how you will monetize the blog before you start.
When you choose a topic you understand, it’s much cheaper to create content for your blog.
Remember that when working on an affiliate blog, you don’t have to make it all perfect right from the start. Get some traffic to your website, and then start making it look pretty. For now, the basics are fine.
Create A YouTube Channel
If you are comfortable in front of a camera, YouTube is a great passive income idea in 2023.
With YouTube getting more and more attention and improved search capabilities throughout the platform, now is your chance to grow your YouTube followers.
Pair your YouTube channel with social media accounts and a blog for a really powerful combination. Grabbing traffic and attention from three different angles will ultimately mean more dollars for you.
Also, video editing tools are becoming more affordable and user-friendly.
With Interest Rates Up Look For High Yield Saving Accounts
Have you seen some of the interest rates on savings accounts? Basic savings accounts at your local bank may only be offering 1%, but if you do a little research, you can find savings account options for 4% or more.
If you are looking for quick money and a lot of it at once, the interest rates are not THAT high. Still, why put money in a spot where it’s earning less money than it can?
Write an E-Book or Create an Online Course
Does anybody ever come to you for advice? Have you been through an experience that could help educate other people?
Simply put, if you wrote a book, would you even want to read it?
If the answer is yes, writing an E-Book or creating an online course is a great option. I’ve written a book using the Amazon self-publishing system, which is incredibly easy. The investment is minimal, and becoming an “author” is a pretty powerful statement.
Amazon self-publishing also saves you the process of finding a publisher and selling your book idea to them. You can do that if you want, but the process can be more difficult.
You may find that your first book is not exactly the product you wanted, but there is no limit to the number of books you can publish. Remember that whole freedom of speech thing?
Rent Out Your Home or Land
Are you going out of town for an extended period and thinking you could trust someone to live in your house? Real estate has so many avenues for passive income, and they only sometimes require you to purchase a new property.
Leverage the property you already have!
Don’t want somebody sleeping in your bed? How about renting out part of your yard for someone to use as a garden? Could you give up one side of the driveway and park a boat there for a friend?
Try to be creative about using your property to make a few extra dollars. It may be all the money you need to invest in your first real estate rental property.
Final Thoughts
I know you wish you knew about these passive income ideas a bit sooner, but it’s not too late. Remember, one of the essential parts of creating multiple income streams (some of them passive) is just to get started. Lots of people are thinking about these concepts. Don’t stay stuck as a thinker; become a doer.
