Many people dream of having a reliable source of passive income that can help provide financial stability. The idea of passive income is attractive as you get paid for little to no active involvement or effort regularly. With so many online and real-life options, you can make money passively in many ways. But do you know the best ways to earn passive income in 2023?
These passive income ideas are used by many successful individuals who make a primary income or extra income from these forms of passive income.
“Get rich quick” schemes on the internet never work, the only way to earn passive income, much like active income, is to create something of value, which always requires upfront work and varying degrees of ongoing work.
YouTube Automation and Faceless Channels
YouTube automation is an option for anyone, not just Gen Z or millennials. You don’t need to create content or show your face to earn money. All you have to do is research and find hot topics. You can do this by using social media apps or YouTube itself.
You’ll then have to write a script related to the content and record the audio for the script. You can do this using your own voice, voice AI systems, or hire a voice artist. You’ll have to edit your video by adding visuals related to your chosen topic and designing an interesting thumbnail to attract more people to your video.
There are many creators on YouTube, with over a million subscribers with content based on Youtube automation. They run their channels anonymously and discuss topics such as religion, entertainment, pop culture, magazines, money, or TV shows.
Depending on the niche, YouTube pays between $3-$5 per 1000 views on average, so you can earn $5000 if you can generate 1 million views. Once you have uploaded your content, you can update it occasionally and keep earning from new and old videos.
Selling a Digital Product
If you have a skill like graphic designing or content writing or want to earn by teaching your skills, this is the idea for you. It does take a bit of work initially, but once you’re done with your digital product, you can put it on the internet and earn passively.
If you know a thing or two about graphic design, you can start producing digital products today. For instance, you can design an icon pack for iOS as people are into customizing their iPhone themes due to Apple’s new customization features. Similarly, you can work on iOS widgets and sell these icon packs and widgets for a fixed price.
You can also design themes for websites like Tumblr or design templates for PowerPoint, Canva, and other similar services. You can charge for these themes and templates and earn passively, as creating them and setting them up will be a one-time thing.
Another similar thing you can do is write e-books on different topics and put them for sale on your website or through third-party options like Amazon and Google play. Price your product according to the value you’re providing; otherwise, it might sell poorly. This doesn’t always mean pricing your product cheap. Sometimes, charging more might work better.
Lastly, if you have a skill you can share with others, you can design online courses and put them on third-party websites like Skillshare or YouTube for free and earn through monetization. Once your course is up on the internet, you’ll get paid whenever someone views it.
The amount you’ll get paid depends on your idea and its scale. There is no cost associated with this passive income idea. You can produce countless things using your skills or learning new skills and use them to earn passively.
Creating Websites and Apps
This is another skill-based passive income idea. Even if you don’t know how to create a website or an app, you can learn these skills quickly and in no time. Many courses are available on YouTube for free, uploaded by people earning passively.
Websites and apps can be used to earn revenue through ads, and you can even rent websites, although most people like to own their websites nowadays. If you plan on developing an app, you can earn through in-app purchases and ads.
Again, the running theme here is that whatever you’re selling should be of value, and its price should be set accordingly. On average, app developers make up to $100,000 on average.
Renting Out Properties
Do you have a property or an spare room? You can rent it using traditional means or services like Airbnb to rent it out to people using the internet.
This passive income idea can sometimes earn you a significant amount of income if implemented correctly. You can even grow it to a larger scale if you’re willing to.
Many people nowadays buy cheap properties, renovate them within a fixed budget, and then rent them out to people at a considerable price. You can also rent out your empty garage or even a single room you own, whether attached to your residence or elsewhere. People are willing to pay if they find the accommodation comfortable and convenient.
This does require a lot of setup work initially, but once done, it can earn a good return for less work than most forms of income. However, this is a route worth considering if you have free cash.
The Bottom Line
Nowadays, there are many ways to earn passive income, especially using technology to your benefit. But creating something of value is essential; otherwise, it won’t sell. The idea of passive income is often confused with earning money without working. In reality, you have to do a lot of work before earning any income.
These ideas will help you earn passively, and if they’re implemented correctly and simultaneously, you might not even have to do a full-time job because your passive income will be more than enough to pay your bills.
Josh is a financial expert with over 15 years of experience on Wall Street as a senior market strategist and trader. His career has spanned from working on the New York Stock Exchange floor to investment management and portfolio trading at Citibank, Chicago Trading Company, and Flow Traders.
Josh graduated from Cornell University with a degree from the Dyson School of Applied Economics & Management at the SC Johnson College of Business. He has held multiple professional licenses during his career, including FINRA Series 3, 7, 24, 55, Nasdaq OMX, Xetra & Eurex (German), and SIX (Swiss) trading licenses. Josh served as a senior trader and strategist, business partner, and head of futures in his former roles on Wall Street.
Josh's work and authoritative advice have appeared in major publications like Nasdaq, Forbes, The Sun, Yahoo! Finance, CBS News, Fortune, The Street, MSN Money, and Go Banking Rates. Josh currently holds areas of expertise in investing, wealth management, capital markets, taxes, real estate, cryptocurrencies, and personal finance.
Josh currently runs a wealth management business and investment firm. Additionally, he is the founder and CEO of Top Dollar, where he teaches others how to build 6-figure passive income with smart money strategies that he uses professionally.