Home Articles 7 Best Ways to Build a Passive Income in 2023

7 Best Ways to Build a Passive Income in 2023

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Passive income is money that’s easy to maintain but isn’t necessarily simple to get started with. After all, you’re going to be growing an audience, perfecting a product, and ensuring user experiences are excellent. Thanks to advances in technology, anyone can start earning passive income with nothing more than a laptop, and here are the best options for 2023.

Invest in Stocks

Investing in stocks can be a lucrative way of making your money work harder, but there’s a steep learning curve to tackle before getting started. The mistake many budding investors make is assuming that stock investing is a short-term money-making game.

The aim of investing in stocks is to diversify your assets to minimize risk. To achieve this, you can invest in high-paying dividend stocks, exchange-traded funds, and mutual funds. Alternatively, after researching the market and making future predictions, you can start investing in penny stocks, which can lead to enormous profits down the line.

Rent a Room

If you’ve got a spare room in your house and a relatively quiet lifestyle, consider renting it out to bring in some cash. There are plenty of ways to welcome trusted guests into your home, but it’s best to partner with the likes of VRBO and Airbnb.

After renting your spare room out for a while, you may earn enough revenue to buy an additional property, which means you can rent out more rooms. There may be plenty of jobs to keep landlords busy, but it’s a great way to earn passive income.

Blogging

Building a website has never been easier – all you need is a laptop, hosting space, and a domain name. Earning passive income through blogging will be challenging, and it will take plenty of patience to build up traffic. However, once you’ve hit certain milestones, you can monetize your blog through AdSense, affiliate marketing, and much more.

Crypto Investing

Cryptocurrencies are a hot topic right now — whether that’s for positive or negative reasons is debatable. However, there’s no avoiding the fact that crypto investing can bring in passive income. Just like stock investments, you’ll have to learn how the market shifts and figure out how to manage risks. Fortunately, there are plenty of resources out there that put everything into simple terms.

Start a YouTube Channel

Even though YouTube has been around since 2005, it’s never too late to join the ranks and start your own channel. According to Pew Research Centre, 81% of all US adults used YouTube in 2021, which is an enormous potential audience for you to reach. However, you will need to put plenty of groundwork in before you start seeing any revenue, which will mean having the available funds.

Selling Digital Products

Thanks to the wonders of the internet, anyone can create and sell digital products, which include PDFs, apps, plug-ins, eBooks, and much more. The great part about selling digital products is the enormous profit potential. After all, you only need to put time into creating the product once.

Sell Stock Photos

If you have a passion for photography, and a high-quality camera, and wish to earn a passive income, you can use services like Shutterstock to sell your photos. Depending on the photo, you can get paid high sums. The best part about selling stock photos is not having to do the marketing, as the company you sell them to will take care of everything.

Earning a passive income is a great way to improve your savings and work/life balance. There’s no end to what you can achieve, so grab your laptop and get ready to launch your next venture.