10 Ingenious Passive Income Ideas for 2023
Updated · Mar 06, 2023
Passive income. It's the dream, isn't it?
The ability to generate revenue without having to put in the hard work.
Unfortunately, it's not quite that simple. But passive income is still a very real thing. Plus, it’s something that every ambitious individual and aspiring business owner should be striving for.
In this blog post, we discuss what passive income is and how you can start generating it.
Here’s a list of our top passive income ideas for 2022 to get you started:
- Create an online course
- Write a book and sell it online
- Join Airbnb to sublet rooms in your house
- Use affiliate marketing on your website or social media
- Sell advertising space on your car
Read on for more.
What Is Passive Income?
Passive income is money you earn regularly with little effort.
Unlike active or portfolio income, it is generated regardless of your level of involvement.
There are a number of ways to make passive income, including investing in real estate, owning a business, and earning royalties from intellectual property.
Passive income can be a great way to supplement your regular income and provide you with financial security in retirement.
Below, we discuss a few ways you can generate passive income.
Create a Course
Creating a learning course can be a great way to generate passive income.
You only need to put in the effort once to create the content. Simply find a topic you’re passionate and knowledgeable about.
Then, make it available online, so you can earn money from people who sign up to take it. There are many ways to sell your course online.
For one thing, you can use an online course platform for a small fee. If you have a blog or website, you can put it up there. And if you have other ideas you want to popularize (and eventually monetize), you can build a website.
Alternatively, you can upload it in a video format for free on YouTube. Monetization on the platform is hard but not impossible.
Although the monthly sum will vary greatly, you can rely on it over time. As people keep signing up for it, you’ll continue to make easy passive income.
Write a Book or an eBook
If you’re a bit more old-school, writing a book (or ebook) is one of the best ways to increase your income.
Not only can you make a lot of money from your work, but you can also continue to generate profit from it over time.
With the proper content marketing strategy, you can earn passive income from royalties from your books for years.
Invest In Real Estate
One of the most popular (and reliable) methods to generate passive income is investing in real estate.
Best-case scenario, you own properties that you don’t live in. Whether they’re part of your generational wealth or you saved up and bought them, renting them out is the way to go.
Sure, you might need to invest in it first to add a bit of flair to it. You might even be tempted to sell it and use the money to travel the world or invest in your dream business.
But we assure you, the benefits of earning passive income with little effort after the initial investment are huge.
Even if you don’t own a property, you can rent out your garage or storage space or even a room in your home.
Airbnb is a web-based platform where people can find rooms to rent from other people. It was founded in 2008 and is headquartered in San Francisco, California.
People who use Airbnb can build a passive income business by renting out a room in their house or an entire apartment.
The platform takes care of everything. You can even hire Airbnb’s cleaning services. All you have to do is sit back and collect your checks.
Affiliate marketing can provide a number of passive income streams.
The most common method is commission-based sales. You can become an affiliate and promote goods and services on your website or social media.
When a customer clicks on your link, you earn a commission on their purchase.
This commission is determined by the vendor. It can be Pay-Per-Click (PPC), Cost-Per-Acquisition (CPA), or Cost-Per-Lead (CPL).
Better yet, affiliate marketing provides diverse opportunities. You don’t have to choose only one product.
There are many different brands and services you can promote. And there are numerous ways to promote them, so be creative!
Selling photos is another awesome way to generate passive income online.
You can set up a photography website and advertise your art through it. That way, you can make a commission on each sale.
The earnings will add up over time, making your portfolio a great source of passive income.
Additionally, you can use online marketplaces like Shutterstock or iStock to sell your work.
Create an App
Apps can be a great way to generate passive income.
If you have the skills (or time to watch YouTube tutorials), all you need is a creative idea. If the app is successful, you’ll continue to earn money from it long after you’ve launched it.
Of course, that’s easier said than done.
But there are a few things you can do to increase your chances of creating an app that becomes a passive income stream.
A good starting point is to think of a product that fills a need that isn't met yet. Second, make sure your app is easy to use and navigate.
Finally, you need to market your app effectively. Make sure it's available in the App Store or Google Play and people know about it.
Create Sponsored Posts
Sponsored posts on social media are one of the best ways to create passive income.
By partnering with brands, you can post about their products or services in exchange for a payment.
If you’re already active on social media, this is a great way to make money without tons of extra work. Plus, it allows you to build relationships with brands you admire.
Sell Advertising Space on Your Car
If you have a car, you can sell advertising space on it.
All you need to do is put the advertiser's information on your car and drive around town.
The easiest way to find companies willing to pay for this service is through platforms like Carvertise or Wrapify.
You can apply for their programs and get monthly or weekly payments for, well… driving around. Just note that there are a few requirements you need to meet.
Sell Advertising Space on… Yourself
Yes, you can even sell advertising space on your body! It’s one of the stranger ways to generate passive income.
Some companies will actually pay you to have their logo tattooed on a visible part of your body.
How can you do that?
Well, if you’re bold enough, you can auction your body for skinvertising on eBay. Granted, you can only do this so many times, so it’s not exactly a continuous income stream.
That said, there are tamer forms where the tattoo is only temporary.
Alternatively, you could look at selling advertising space on the clothing you wear. It’s still unorthodox, but at least it doesn’t involve inking yourself.
Passive income is a great way to make money while you sleep, travel, or spend time with your friends and family. In this article, we outlined the basics of it and provided 10 passive income ideas.
From selling your artwork to investing in real estate, there are plenty of ways to build passive income streams.
We hope this article has inspired you to take control of your financial future and start now.
With an eye for research, Aleksandra is determined to always get to the bottom of things. If there’s a glitch in the system, she’ll find it and make sure you know about it.