Top passive income ideas for 2023

As 2022 comes to a close a lot of people are concerned about the coming recession. Some people are scared that they will lose their job while others who are more risk tolerant are looking to invest in new opportunities.

This guide is going to show you a few different ways that you can create passive income streams for yourself, so that if things do get bad you will have other ways to make money.

Create an online course

If you have special knowledge or skills why not create a course? The first step is to decide what your course should cover - it could be about anything from baking to photography! Once you have the content sorted out, ebook creation services like IBIBO can help you whip up your ebook with ease. Additionally, if you want to include a video component, why not get creative and shoot some lessons yourself on YouTube? With the right equipment and enthusiasm, you can create an engaging course that your viewers will love.

Sell products online

Selling products online is a great way to monetize content and utilize the digital marketplace. If you've got some particularly special pieces of content or digital products, why not sell them to benefit yourself? Whether it's stock music, stock photos or other digital products, put your items up for sale online! With the potential to reach audiences across the globe, reaching buyers from everywhere can bring big rewards. Selling products online gives you an opportunity to make money from your creations – don't let it go to waste.

Write a book

Writing a book may sound intimidating, but it's actually a surprisingly manageable endeavor. Unlike traditional publishing, ebook publishing gives authors the freedom to create the book in their own unique way. Once you hone your ideas and write them out into an ebook format, you will be ready to get your work out into the world. Take some chances with your ebook and make sure that it captures who you are as an author. Writing a book is bound to be an enjoyable experience that allows you to express yourself and become part of a larger story in the literary realm. Unleash your creativity and have some fun with it!

Invest in stocks or mutual funds

Stocks and mutual funds can be great investment options to diversify your portfolio and make a profit. Stash App, in particular, allows you to easily invest with as little as $5. Stash pioneers in the stock market's slow and steady approach, giving small investors the confidence they need to break into markets they were once intimidated to enter. Stash makes it easy to explore options without taking on too much risk, plus its diversification guidance takes the worry out of learning how to build an ideal portfolio for yourself. Stash also gives you access to tax-optimized ETFs, so you get the maximum benefit when it comes time for filing returns. Investing should feel like a no-brainer: Stash has made it effortless!

Invest in a rental property

For those looking for a different kind of investment that brings returns and is safe from market fluctuations, crowdfunding for rental property could be the perfect solution. There are plenty of platforms out there, like Fundrise, that match crowdfunding investors with promising commercial real estate projects. This way, you can buy into your ideal rental property effortlessly and enjoy the rewards later on! With crowdfunding cutting out the middleman and saving you time as well as money, investing in a rental property has never been easier.

Start a blog

Starting a blog can be a great way to express yourself and share your passions, while also potentially making you money. Blogs are an easy way to build an online portfolio and direct traffic towards anything you’re trying to promote. As well as potential ad revenue, blogging can help you earn through affiliate marketing. The possibilities are endless when it comes to blogging -- contribute regularly, promote your work and watch your audience grow! Put simply, success in blogging is all about quality content that readers can engage with!.

Conclusion

If you want to make extra money in 2023 without trading time for money, it’s time to create a passive income stream.There are a number of ways to do this, but some of the best include investing in a rental property, creating an online course, selling products online, writing a book, or investing in stocks or mutual funds. Making money online has never been easier but you take action. So what passive income stream are you going to start today? Let me know in the comments!

Isaac is a Billboard-charting saxophonists, lawyer, and music-gear freak. He is the owner of the website, https://obsessedwithgear.com.