While there are many different ways to make money, passive income is one of the best options because it requires little to no work once you set it up.
Passive income means you make money while you sleep or go about your day-to-day life.
However, you will need to start planning and investing now if you want to reap the benefits in 2023.
Here are some of the best passive income ideas for 2023. Some are fully passive while others require some work upfront but can eventually be mostly passive or part-time.
Best Passive Income Ideas for 2023
- Best Passive Income Ideas for 2023
- 1. Long Term Rental Properties
- 2. Short Term Rental Properties
- 3. Sell Digital Products on Etsy
- 4. Invest In Dividend Stocks
- 5. Publish an E-Book on Amazon Kindle
- 6. Peer-to-Peer Lending
- 7. Affiliate Marketing
- 8. Flip Real Estate
- 9. Savings Account Sign Up Bonuses
- 10. Use a Cashback Credit Card
- 11. Rent Your Car
- 12. Start a Print on Demand Store
- 13. Create an Online Course
- 14. Create an App
- 15. Buy and Sell Web Domains
- 16. Start A YouTube Channel
- 17. Sell Stock Images
- 18. Use Cashback Apps
- 19. Create and Sell Stock Music
- 20. Rent Out Extra Space For Storage
- 21. Real Estate Investment Trusts
- 22. Invest in a Small Business
- 23. Pay Off Your Debt
- 24. Participate in Clinical Trials
- 25. Use Your 401K Match
- 26. Invest in a Vending Machine
- 27. Reduce Your Utilities & Subscriptions
- 28. Invest in Index Funds
- 29. Invest in a Certificate of Deposit
- 30. Rent Everyday Household Items
- 26. Rent Your Clothes
- 27. Earn Ad Income From Your Blog
- 28. Buy a Blog
- 29. Publish Blank Books
- 30. Subleasing Your Home
- 31. Rent Your Tools to Others
- 32. Place Advertisements on Your Car
- 33. Cryptocurrency Arbitrage
- 34. Use Rebate and Discount Sites
- 35. Credit Card Arbitrage
- 36. Use Free Groups on Facebook
- 37. Offer Pet-Sitting Services
- 38. Offer House-Sitting Services
- 39. Try Geoarbitrage
- 40. Buy and Sell Land
- 41. Use a High Yield Savings Account
- 42. Refinance Your Mortgage
- 43. Buy Collectables
- 44. Content Writing Arbitrage
- 45. Create a Software App
- What Are the Easiest Passive Income Ideas?
- What Passive Income Ideas Require No Money?
- Which Passive Income Ideas Earn the Most Money?
- What Are the Best Passive Income Ideas?
- Time To Make Money!
1. Long Term Rental Properties
Rental properties are a form of real estate investing. If you have enough money for a down payment and good credit, you can buy a property and rent it out to tenants.
The rental income will then come in every month without you having to do much work.
Just make sure that you screen your tenants carefully and keep up with maintenance.
Renting a real estate property out for a year or longer provides stability that short-term renting doesn’t have.
Since you know your tenant, you’re less likely to experience a vacancy, and you can develop a good relationship with your tenant.
Of course, this option is only truly passive if you currently have a property or have the means to buy one.
If not, it’s still a viable option but will require some work on your part.
2. Short Term Rental Properties
Another option is to Airbnb your rental property. This will require more work since you’ll need to list the real estate property, manage bookings, and clean between guests.
You’re probably thinking ‘that doesn’t sound passive at all!’ but this work can all be outsourced to a cleaner or manager.
This means it can be a great way to create passive income, especially if you live in a popular tourist destination where you can charge a premium.
A benefit of this option is that you can often charge more for short-term rentals than long-term ones.
You can also be more flexible. For example, if you want to stop renting your unit for a while, you can just take down the listing and start again when you’re ready.
Short-term rentals are also easier to rent out if you actively live in the unit.
You could list it on Airbnb for a few months while you’re on vacation and make some extra money, or even rent out a spare room or finished garage while you’re also living in the home.
3. Sell Digital Products on Etsy
If you’re creative and crafty, you can make money by selling digital products on Etsy.
This could include printables, graphics, templates, and more. Once you create your product, you can just list it for sale and wait for customers to buy it.
This is a great option if you don’t want to deal with the hassle of shipping products or if you live in a country where Etsy is not available.
You can also continue to sell your products even if you’re on vacation or don’t have time to create new products.
Just make sure that you price your digital products appropriately and that you have good customer service policies in place. A happy customer will be more likely to buy from you again.
You will also need to familiarize yourself with SEO to get your products seen by potential customers.
Find keywords that accurately describe your digital products and how they are used. This will help you rank higher in Etsy’s search engine and get more views on your listings.
Some programs can help you to automate some of the work associated with selling digital products on Etsy.
For example, you can use a listing service to create and manage your listings for you.
This can save you time so that you can focus on other aspects of your business.
You will need to make these digital products first, but once you have a few products for sale, the process of selling them will be mostly passive.
4. Invest In Dividend Stocks
If you’re looking for a more hands-off way to earn, investing in dividend stocks is a good option.
This means that you will invest in companies that pay out dividends to shareholders. A dividend is a portion of a company’s profits that is paid to shareholders.
You can reinvest your dividends to buy more shares, or you can cash them out and use the money for other purposes.
This type of investment can be riskier than some of the other options on this list, but it can also be more rewarding.
You will need to do your research before investing in the stock market, but once you have, you can just sit back and wait for the dividends to come in.
5. Publish an E-Book on Amazon Kindle
If you have a knack for writing, you can publish an e-book on Amazon Kindle and earn royalties from your sales.
This is a great option if you want to write about a topic that you’re passionate about.
The process of publishing an e-book is relatively simple. You just need to create your book, format it, and upload it to Amazon. Once it’s published, you can promote it and start earning royalties.
The amount of money you make will depend on the price of your book and the number of sales you get. You can also earn more money by publishing multiple e-books.
This is a passive income stream that can provide you with a steady income.
6. Peer-to-Peer Lending
Peer-to-peer lending (sometimes known as p2p lending)is a way to earn money by lending money to others.
This could be in the form of a personal loan or a business loan.
You will need to do your research to find reputable borrowers, but once you have, you can just sit back and collect the interest on your loans.
This is a great way to boost cash flow, but it can be a risky investment.
You will need to carefully consider the risks before you invest any money. In general, the riskier the loan, the higher earnings you may make.
Conversely, for more stable borrowers, you’re more likely to get your money back but will likely earn a smaller interest percentage.
Upstart is a popular peer-to-peer lending platform that you can use to get started.
They use AI technology to match borrowers with lenders, so you don’t have to spend hours researching loans. Perfect for making this process as passive as possible!
7. Affiliate Marketing
Affiliate marketing is a type of marketing where you promote someone else’s products and earn a commission on each sale.
This is a great way to earn a passive income because you can promote products that you use and love.
You can also promote products that you don’t use, but it’s important to make sure that they are high quality and that you believe in them.
If you promote low-quality products, you will damage your reputation and may lose future affiliate marketing opportunities.
Affiliate marketing is a great way to make money online, and it’s a relatively easy process.
You just need to find a product that you want to promote, create a niche website or blog, and start promoting by adding affiliate links to your content. As your audience grows, so will your commissions.
There are several affiliate marketing programs available, so you will need to do your research to find the right one for you.
Once you have found a program that you’re happy with, you can start promoting products and earning money.
8. Flip Real Estate
Flipping real estate is another form of real estate investing. This involves buying and selling properties for a profit.
You will need to do some research to find the right properties, but once you have, the process can be relatively hands-free.
You will need to manage the property and handle any repairs that may be needed, or you can hire someone else to do this for you.
This is a great way to earn money without having to do any work.
Once the real estate property is sold, you will have made a profit and can then reinvest that income into another property.
This is a great way to build up a passive income stream.
9. Savings Account Sign Up Bonuses
Savings account sign-up bonuses are a great way to make passive income.
This involves signing up for a new savings account and then depositing a certain amount of money into the account.
In most cases, you will need to maintain this balance for a certain period to keep the bonus.
The amount of the bonus will vary from bank to bank, but it’s usually a percentage of the amount that you deposited.
This is a great way to make some extra money without having to do any work.
Just be sure to read the terms and conditions before signing up for a new account so that you know what is required of you.
Since will need to maintain the balance for a certain time, be sure that you can have your money locked up for a while.
When you’ve reached the length of time required, you will have made some extra money without having to do any work.
You can then move on and invest your money in another high yield savings account and earn another bonus.
10. Use a Cashback Credit Card
A cashback credit card can provide a form of passive income.
This involves signing up for a new credit card and then using it to make purchases.
In most cases, you will earn a percentage of the amount that you spend back in the form of cash rewards.
This is a great way to make some extra money without having to do any work.
Just be sure to pay off your credit card balance in full each month so that you don’t incur any interest charges.
There are many cashback credit cards available, so you will need to do your research to find the right one for you.
Once you have found a card that you’re happy with, you can start using it to make purchases and earn rewards.
11. Rent Your Car
Renting your car can provide passive income.
This involves signing up for a new car rental program and then renting out your car when you’re not using it.
In most cases, you will earn a percentage of the amount that you spend on the rental.
This is a great way to make some extra money without having to do any work.
Just be sure to read the terms and conditions of the rental program before signing up so that you know what is required of you.
There are several car rental programs available, so you will need to do your research to find the right one for you.
Turo is one of the most popular with many positive reviews. Once you have found a program that you’re happy with, you can start renting out your car when you’re not using it.
12. Start a Print on Demand Store
Starting a print-on-demand store is a great way to meet your financial goals.
This involves creating designs and then having those designs printed onto products that are then sold.
You will need to create the designs and then upload them to the online print-on-demand site.
The site will produce and ship your product for you, making the process easy and hands-off for you.
This is a neat way to make some extra money without having to do any work after designing the initial product.
You can create additional designs as time goes on and continue to earn money from your store.
Once you have found a site that you’re happy with, you can start uploading your designs and earning money from your store.
If you aren’t a designer yourself, you can outsource the design work to someone else.
This can be a great way to make some extra money and have someone else do all the work for you.
13. Create an Online Course
Creating an online digital course is a great way to make money while you sleep.
To create an online course, you will need to make the course content and then market it to potential students.
This is a great way to make some extra income without having to do much work after the initial course creation.
You can then continue to create additional online courses as time goes on and continue to earn money from your students.
Once you have found a platform that you’re happy with, you can start creating and selling your online courses.
14. Create an App
Creating an app is one of the most lucrative passive income sources. This involves creating an app and then selling it.
To choose something that can be profitable, think of a tool that you can create that can solve other people’s problems.
This could be a customized shopping list app that helps people save time or a productivity tool that helps people get more done.
These days, you can create an app without being a seasoned developer.
There are drag-and-drop app designers you can use, or you can purchase app codes and modify them to create your app.
Once you have created an app, you can market it to potential users and sell it for a profit.
There are several ways to monetize your app. You can charge people for the download, offer in-app purchases, or include ads within your app.
Choose the monetization strategy that makes the most sense for your app and your users.
15. Buy and Sell Web Domains
Buying and selling web domains is a great way to make passive income.
This involves finding domains that are available for sale and then reselling them for a profit.
You can use a tool like GoDaddy Auctions to find domains that are available for sale.
Web domains are a form of digital real estate, and they can be quite valuable.
Once you have found a domain that you’re interested in, you can purchase it and then resell it for a profit.
You will need to create a website or landing page for the domain to sell it.
You can also use this strategy with other digital assets, such as websites, apps, and software.
16. Start A YouTube Channel
This is one of the more active-passive income ideas on this list, but it will make passive income over time, so you can work less on producing content.
Starting a YouTube channel is a great way to share your thoughts, knowledge, and experience with the world.
You can use it to build an audience and then monetize that audience through sponsorships, ads, or product sales.
To start a successful YouTube channel, you will need to create content that is interesting and engaging.
This means that you will need to produce high-quality content regularly. You can also look for ways to grow your audience and increase viewership.
Once you have built an audience, you can start monetizing it through various means. This could include sponsorships from other brands, ads placed within your videos, or product sales.
17. Sell Stock Images
If you’re a photographer, you can make passive income by selling your images to be used as stock photos.
If you have any skills that others would find useful, you can create and sell digital content.
18. Use Cashback Apps
Cashback apps are a great way to receive passive income. This involves downloading an app and then using it to shop at your favorite stores.
The app will track your purchases and give you a percentage of the purchase price back in cash (thus cashback). After the initial signup, there is no effort needed on your end.
There are many different cashback apps available, so you can choose the one that makes the most sense for your shopping habits.
19. Create and Sell Stock Music
If you’re a musician, you can make passive income by creating and selling stock music.
This involves recording music and then selling it to websites or businesses that need it. You can also sell your music through stock music websites, such as AudioJungle.
You can also sell other types of audio content, such as sound effects or voice-overs. Stick to what you’re good at and then find a market for it.
20. Rent Out Extra Space For Storage
If you have extra space in your house, you can rent it out for storage.
This is a great way to make some money without having to do any work.
You can also use this strategy to rent out other spaces, such as parking spots or office space.
Depending on where you live. you may be able to find several people who are looking for extra storage space. This is a great way to make passive income without having to do any work after the initial setup.
21. Real Estate Investment Trusts
Real estate investment trusts (REITs) are a great way to invest in real estate without having to deal with the day-to-day hassles.
A REIT is a company that owns or operates income-producing real estate. This could be anything from apartment complexes to shopping malls.
REITs can be a good passive income source because they pay out regular dividends to shareholders.
And, since the shares are traded on major exchanges, you can easily buy and sell them.
The company Fundrise lets you invest in property with as little as $1000 and allows you to collect the dividends.
22. Invest in a Small Business
If you have a high tolerance for risk or are focusing on diversifying your income streams, investing in a small business can be a great option. This is a way to put your money into something that has the potential to grow and provide you with a return on your investment.
Of course, there is no guarantee that the business will succeed, but if it does, you could see a significant return on your investment. This is a great way to make passive income without having to do any work after the initial investment.
A good platform to get started with is Mainvest. They offer a number of different options for small businesses that you can invest in and pay a target 10%-25% return quarterly.
23. Pay Off Your Debt
Paying off your debt may not seem like a form of income, but it actually works exactly the same as other options on this list where you earn a percentage of money.
When you pay your debt off early, you reduce the amount of compounding interest you owe. This, in turn, saves you money.
So, if you have a lot of debt, focus on paying it off as quickly as possible. You’ll save yourself money in the long run and will be able to use that extra cash flow to invest or save for other things.
Additionally, when you pay off extra amounts on your student loans, you will receive a tax break on the interest paid. This is a great way to reduce your taxable income and save yourself some money come tax time.
24. Participate in Clinical Trials
If you’re willing to take on some risk, you can participate in clinical trials.
These are research studies that need human subjects. They can be for new drugs or medical devices.
The compensation for these trials varies, but it can be a great way to boost cash flow.
Keep in mind that there is always a risk associated with clinical trials. You may not receive the compensation you expect or you could experience side effects from the drug or device you’re testing.
However, if you’re comfortable with this risk, participating in clinical trials can be a great way to make money.
25. Use Your 401K Match
If you have a 401k through your employer, they may offer a match.
This is basically free money that you can use to grow your retirement savings.
For example, if they offer a 50% match up to $2000, you can contribute $2000 and they will contribute an additional $1000.
This is a great way to earn some extra income without putting in any extra effort.
This money will be invested into a retirement account, which means it will grow over time.
You can then use this money to supplement your income in retirement.
The sooner you invest in these types of accounts, the better off you’ll be in the long run.
26. Invest in a Vending Machine
If you’re looking for a way to make some passive income with low risk, investing in a vending machine can be a great option.
This is an easy business to start and doesn’t require much capital.
You simply need to find a good location for your machine and then stock it with the appropriate items.
Once the machine is up and running, you can sit back and watch the money come in.
This is a great option if you’re looking for something that doesn’t require a lot of work on your part.
First, you’ll want to think about what product you want to sell. Wil your machine vend food, drinks, or specialty items?
Next, you’ll want to decide where to put the machine. You will need to find a high-traffic area with plenty of potential customers.
Finally, you’ll need to stock the machine with the appropriate items.
Once you’ve done all of this, you can sit back and watch the passive income streams come in.
A vending machine can be purchased for $1,200 to $3,500 for a used machine and can cost up to $10,000 for a new machine, depending on its features and size.
27. Reduce Your Utilities & Subscriptions
A passive way to save or earn small amounts of money is to reduce your utilities and subscriptions.
This can be as simple as turning off the lights when you’re not in the room or unsubscribing from services that you don’t use often.
For example, if you have cable TV, are you watching all of those channels?
Chances are, there are a few that you could live without. Ditch those channels and you’ll save yourself $50 or more a month.
You can also reduce your utilities by making some small changes to your habits.
For example, make sure you’re not leaving appliances on standby mode and turning off the water while you’re brushing your teeth.
These simple changes can add up to big savings in the long run.
By reducing your utilities and subscriptions, you can easily save $100 or more each month.
This money can be used to pay down debt or saved for a rainy day.
There are sites like Trim that can help you reduce your expenses by automating some of these personal finance tasks for you.
28. Invest in Index Funds
The stock market is one of the most traditional ways to create passive income.
You can open several types of accounts that will allow you to invest in stocks and other securities. Some common examples are ROTH IRAs, SEP-IRAs, and 401ks.
Starting a ROTH IRA is one of the best ways to earn money through the stock market because you can take your money out tax-free once you retire.
You can also reinvest the money you make back into the account, which will help it grow even faster.
Which Index fund should you invest in? The most popular Index funds are the S&P 500 and the Dow Jones Industrial Average.
The great thing about investing in Index funds is that you don’t have to worry about picking individual stocks.
Instead, you can just invest in the overall market which keeps fees lower and helps you on your way to financial independence.
This is a great way to accumulate passive income with little effort on your end and a fair interest rate of earnings.
29. Invest in a Certificate of Deposit
A certificate of deposit, also known as a CD, is a type of savings account that offers a fixed interest rate.
This means that you will know exactly how much money you will make on your investment each year.
Certificates of deposit are a great option for people who want to earn passive income without taking too many risks.
The interest rates tend to be higher than traditional savings accounts, but you will not be able to access your money until the CD reaches maturity.
You can find CDs at most banks and credit unions. The interest rates will vary depending on the amount of money you invest and the length of time you want to commit to the investment.
You can invest your money in a CD for different lengths of time, but the most common are six-month, one-year, and five-year CDs.
A CD ladder is a great way to take advantage of higher interest rates. This is when you invest in several CDs with different maturity dates.
This will allow you to have some money available sooner while still earning a higher interest rate on your longer-term investments, overall increasing the amount of passive income you can earn.
30. Rent Everyday Household Items
This is a great way to have access to the things you need without having to buy them outright. It can also be a great way to save money on your monthly expenses.
26. Rent Your Clothes
If you have a closet full of clothes that you never wear, you can rent them out and make some extra cash.
You can also choose which days you want your items to be available for rent.
While this won’t produce huge amounts of passive income, it’s a great side hustle for those who have lots of high-quality clothes that they don’t wear regularly.
It doesn’t take too much time and effort if you’re organized and you can make a decent amount of money each month.
27. Earn Ad Income From Your Blog
We mentioned above that you could start a blog and place affiliate links on it, earning a small commission when you recommend products.
However, this isn’t the only way to earn passive income from your blog.
You can also allow companies to place ads on your blog in exchange for a monthly fee.
The amount of money you can earn from this will vary depending on the size and popularity of your blog, but it can be a great way to generate income each month.
You will need to have a minimum amount of visitors to your website to qualify for many ad networks, so focus on writing SEO-optimized articles that will attract attention and offer your readers value.
If you consistently work on your blog for a year, writing an informative article every day, you can easily qualify for one of these networks.
28. Buy a Blog
If spending a year (or longer) building a blog sounds like way too much work for you, there is good news, you can purchase an established blog with a large following.
This will allow you to start making money right away, without having to do any of the work yourself.
The price for a blog varies depending on its size and popularity, but it can be a great way to start generating passive income right away.
This is one of those passive income ideas that are best for someone who already has a good amount of capital to invest.
To purchase a blog that is already earning money, your minimum investment will need to spend thousands of dollars to tens of thousands of dollars.
Blogs generally sell for between 30 and 45 times their monthly profit.
Furthermore, you will need to make sure that you improve the website and add to it regularly so that its earnings will increase over time.
Still, this is much less work than starting a blog from scratch and can be a great way to get started with an income passive from the outset.
29. Publish Blank Books
Did you know that you can make money by publishing blank books?
This passive income idea is perfect for those who don’t want to spend weeks or months developing a product.
Blank books sell well because people use them as journals, list books, or notebooks. You can find a publisher who will print your book for you, or you can self-publish it and sell it on Amazon.
The most important element of your blank book is its cover. You will want to create something eye-catching and unique that will attract attention.
Other than that, all you need to do is get your book published and start selling it and generating income.
30. Subleasing Your Home
If you own a home or an apartment, you can earn income money by subleasing it.
This is a great way to create passive income if you live in an area with high rent prices.
To do this, you will need to find someone willing to pay the rent for your property. You may be renting out a room, a finished garage, or a whole apartment.
You may also rent out your entire unit if you plan on traveling or are going to be away from home for an extended period.
Be sure to screen your tenants carefully and make sure that they are reliable people who will pay their rent on time.
Then let your landlord know that you will be subleasing your property and start generating income.
This option is a great alternative to renting your space on Airbnb or VRBO if your landlord isn’t comfortable with you doing that.
31. Rent Your Tools to Others
One of the lower investment passive income ideas is to rent your tools to others.
This could include anything from power tools to camping gear.
The best way to do this is through a website or app such as SpareToolz that allows you to list your items for rent.
You can set the price and availability, and people will be able to find what they need without having to go from store to store.
This option is great for those who have a lot of tools that they don’t use very often.
Don’t forget about other popular items such as ladders, lawnmowers, and pressure washers. These can be rented for top dollar!
32. Place Advertisements on Your Car
If you have a car, you can place advertisements on it and earn money every time you drive.
This is a great way to generate passive income if you are already driving around town for errands or your job.
For most companies, you will need to drive at least 30 miles a day and have a car that is less than ten years old.
This is a great way to create a passive income stream while you are already out and about.
All you need to do is sign up, place the advertisements, and start driving.
33. Cryptocurrency Arbitrage
Cryptocurrency arbitrage is the process of buying and selling cryptocurrencies on different exchanges to take advantage of price differences.
This is a great addition to your passive income streams if you are familiar with the cryptocurrency market.
To do this, you will need to have accounts on multiple exchanges so that you can buy and sell cryptocurrencies as quickly as possible.
You also need to be familiar with the different currencies and their prices.
This option can be a little risky, but it is a great way to earn money if you are familiar with the market.
Be sure to do your research before getting started so that you don’t lose money in the process.
34. Use Rebate and Discount Sites
Many websites offer rebates and discounts on various items. You can use these sites to get cash back or save money on your purchases.
Since you will already be shopping for these items, it doesn’t take any extra time, making it one of the best passive income ideas.
You are either provided with a coupon that lets you purchase an item at a discount, or you pay the full price and receive a rebate in 1 to 3 months.
Discounts range from 10% to 100% off, making this a major money-saving opportunity.
35. Credit Card Arbitrage
Arbitrage involves taking advantage of differences in interest rates between credit card companies.
Investing money borrowed from a credit card with a low or zero interest rate to generate a higher return is known as debt financing. Your profit is the difference.
Investing is never without risk. It revolves around time, which makes arbitrage risks unique.
You will pay a higher interest rate before the 0% rate expires if you fail to make minimum monthly payments on a credit card borrowed at a 0% intro rate.
Additionally, many companies charge late fees on top of the higher interest rates.
Any profit you might make elsewhere would be dramatically diminished.
Companies that offer credit cards want you to make mistakes so they can profit from you. For a change, let’s profit from them.
36. Use Free Groups on Facebook
Almost every town has a buy, sell, or trade group on Facebook.
You can use these groups to find deals on items you need or want.
For example, you can often find good deals on furniture, baby clothes, and more.
You can also use these groups to get rid of items you no longer need or want.
This is a great way to declutter your home and earn some extra income. Just be sure to meet in a public place for safety reasons.
In addition to buy and sell groups, look for groups that only offer items for free.
These are great for when you’re moving into a new home, have a new baby, or any other special event in your life.
You can save hundreds if not thousands of dollars with minimal effort.
Make sure to be a good member of your community and give away a few free items as well, if anything is laying around your house that you don’t use anymore.
37. Offer Pet-Sitting Services
Do you love animals? If so, you can make money by pet-sitting.
This is a great way to generate passive income if you love animals and don’t mind taking care of them.
You can find clients by posting on social media, online classifieds websites, or through word of mouth.
Be sure to have a portfolio of photos of your previous work and be prepared to answer any questions potential clients may have.
Owning your own pet is usually enough of a qualifier for catsitting and dogsitting.
38. Offer House-Sitting Services
If you don’t mind living in someone else’s home for a short period, you can make money by offering house-sitting services.
This is a great way to generate passive income if you’re looking for a short-term gig.
You can also find clients by posting on social media or online classified websites.
Once you’ve found a client, be sure to sign a contract specifying the terms of your agreement and get paid in advance.
Be prepared to answer any questions potential clients may have, such as whether or not you’re comfortable with pets, what your availability is, and how much you charge.
39. Try Geoarbitrage
Geo arbitrage is the practice of taking advantage of price differences between two or more towns, states, or countries.
This can by relocating, usually with a remote job, to a place where the cost of living is cheaper.
Since you will have the same amount of income, but your expenses will be lower, you will effectively be earning more money.
For example, let’s say you live in New York City and earn $100,000 per year.
You could move to a smaller town in upstate New York, where the cost of living is much cheaper.
If you can find a job that pays the same income or retain a remote job, you could save tens of thousands of dollars each year by paying less rent money.
Another common form of geo arbitrage is to move to a state where there is no state tax.
This can be a smart way to keep more of your income. Some states that don’t charge state income tax include Texas, Florida, Nevada, and Washington.
40. Buy and Sell Land
If you have the money, buying and selling land can generate passive income.
You can buy undeveloped land for a relatively low price and then sell it for a higher price later on.
You can also lease the land out for agricultural or other purposes. This is a great way to make money if you own large tracts of land.
Just be sure to do your research before buying or leasing any land, and consult with a real estate attorney to make sure you are getting a good deal.
41. Use a High Yield Savings Account
A high yield savings account is a great way to generate passive income.
This is because you can earn interest on the money that you have deposited into the account.
The interest rate on these accounts is usually higher than the rate on a regular savings account, so you will earn more money over time.
This is a great idea for those who have an emergency fund that they don’t want to put into the stock market.
It’s a truly passive income stream since you don’t have to do anything once you’ve deposited your money into the account.
42. Refinance Your Mortgage
If you have a mortgage, you can save money by refinancing your loan. This is because interest rates on mortgages are often very low.
By refinancing, you can get a lower interest rate and save money each month – which is the same as earning passive income each month.
You can also choose to refinance your mortgage for a longer-term.
This will lower your monthly payments, but you will end up paying more interest over the life of the loan.
Be sure to consult with a financial advisor before refinancing your mortgage.
43. Buy Collectables
Another great way to generate passive income is to buy collectibles. These can be anything from stamps to coins to antiques.
The key is to find items that are in demand but not too common. This way, you can get a good price for your items when you sell them.
You can find collectibles at garage sales, flea markets, and online.
Just be sure to do your research before buying anything. A great place to both research and sell collectibles is eBay.
44. Content Writing Arbitrage
Content writing arbitrage is one of the best passive income ideas for those who want to be able to scale their earnings.
This works by finding high-paying clients who need content. This could be blog posts, articles, or even social media posts.
You can then outsource the work to a lower-paid content writer. This will allow you to keep a larger percentage of the earnings for yourself.
To find high-paying clients, you can search online job boards or contact companies directly.
Once you have found a client, be sure to deliver high-quality work to ensure that they are happy with the end product.
45. Create a Software App
If you have an idea for a software application, you can create it and then sell it.
You can create an app for your use or to sell to others. If you choose to sell your app, you can do so through the App Store or Google Play. You can also sell it independently through your own website.
Creating a software app is a great way to receive truly passive income, but it does require some upfront work.
You will also need to update the software, so make sure to hire someone to do this if you don’t have the time or skills yourself.
What Are the Easiest Passive Income Ideas?
The easiest passive income idea is to cut your expenses. This doesn’t require any skill and immediately starts saving you money.
You can call your utility companies to ask if they will lower your monthly bills. You can also pay down interest-bearing debt, or reduce your grocery bill by clipping coupons.
This may not be the most exciting form of passive income, but it is the easiest.
What Passive Income Ideas Require No Money?
When you’re offering a service, you usually won’t need an income stream to get started.
Some examples of this include placing ads on your car, dog sitting or house sitting, and renting your car, home, clothing, or tools to other people.
Once you earn some money from these passive income ideas, you can save your earnings to use for other investments.
For example, you can use your earnings to buy a rental property or to start a passive business for additional income.
If you’re looking for ideas that require no money, these are some great options to get started.
Which Passive Income Ideas Earn the Most Money?
The passive income ideas that tend to earn the most money are those that require upfront work but then produce continuous earnings.
This could include starting a blog, creating an online course, or investing in real estate to rent out.
These types of passive income streams can be more difficult to set up, but they often provide the highest returns over time.
If you’re looking for a high-earning passive income idea, these are the ones to consider.
What Are the Best Passive Income Ideas?
The best passive income ideas are those that fit your lifestyle and goals. You will need to ask yourself the following questions:
- What are my goals?
- Do I want to make money while I sleep?
- Am I okay with semi-passive income?
- What type of work am I willing to do?
- How much risk am I willing to take?
- How much money or time am I willing to invest?
- What areas of expertise do I have?
Answering these questions will help you find the best passive income ideas for you. There is no one-size-fits-all answer, so it’s important to find an idea that works for you.
Time To Make Money!
Now that you are familiar with the best passive income ideas for 2023, it’s time to start earning some extra money!
Remember, passive income doesn’t happen overnight. It takes time and effort to set up a passive income stream, but it is worth it in the long run.