It is finally 2023.
After a tumultuous series of unfortunate events, i.e., Russia invading Ukraine, skyrocketing inflation, and scarcity of energy and fuel all around the world (not to mention acceleratingly dangerous climate changes), and if you are reading this, we are all still alive, kicking and ready for a new year ahead.
Yet, the year of the rabbit lies gloomy ahead with the International Monetary Fund projecting that this year will be a slow year for the global economy – from 3.4% in 2022 to a projected 2.9% in 2023.
Hence, there is no better time to start thinking of how to increase your passive income and, create safety nets for your financial capital this year.
Generating passive income also acts as a hedge against inflation and other recessionary risks.
Passive income is a great way to help you bring in extra cash flow, whether you’re trying to generate it as a side hustle or doing it full-time.
Making passive income can be on a weekly or monthly basis.
The best part about passive income is the income is generated on a consistent basis, even when you are asleep.
Passive income can help you earn during good times and tide you over during bad times, i.e., if you become suddenly unemployed, voluntarily take time off from work, or if inflation continues to erode your purchasing power.
The 9cv9 Research Team has strived to increase employment and also the quality of life for all our users.
Therefore, we have analyzed and researched some of the best passive income ideas and come up with the 5 top ideas to help you make passive money in 2023.
Top 5 Ideas for Generating a Passive Income in 2023
- Create and Market an Online Course
- Purchase Rental Property
- Create and Sell Ebooks
- Affiliate Marketing
- Stock, Bond, Cryptocurrency, and Mutual fund investments
What is Passive Income?
Before we venture to share the top 5 ideas to earn Passive Income, we like to share what is a typical definition of “Passive Income”.
Our definition of “Passive Income” is income that requires little or no effort to earn it.
Typically, you need to put in man-hours or time to earn an income – think like working at a convenience store for 8 hours a day and getting a monthly wage for the total amount of work you have put in.
Or to work as a freelance graphic designer, whereby you quote a certain amount of money for your graphic designing skills (based on your portfolio) and thereafter receive the payment after the completion of the graphic design project.
Both examples above require you to put in effort, hours, and energy to earn an income.
On the other hand, with passive income, you can earn an income even if you do not put in the time or hours.
Even when you are incapacitated or have gotten into an unlikely accident resulting in a temporary layoff from your employment, you can still receive an income stream from the passive income sources.
Regular earnings from a source aside from an employer or contractor are considered passive income.
Passive income is not a job per se, although one can make it into a professional job and way of life.
Passive income is the creation of a consistent stream of income without having to put in hours for it.
Why is Passive Income important?
One of the most desired situations that an individual cherishes is freedom.
And passive income will provide you with that liberty.
This is one of the reasons why passive income is so valuable.
Unlike a traditional 9-5 job, you can choose when, where, what, and how you work.
2. It enables you to do what you enjoy.
This is yet another reason why having a passive income in 2023 is critical.
There must be something you are passionate about and enjoy, whether it is art, music, or travel.
If you have enough passive income to cover your living expenses, you may be able to focus on hobbies, travel, or other personal interests without the pressure of having to work for financial reasons.
Additionally, by having a diverse portfolio of passive income streams, you may have the flexibility to pursue work that you find fulfilling, rather than working solely for financial gain.
3. You can work and live from any location.
When you have a passive income, you don’t really need to care about where you will be working at (in fact, you don’t even need to work if you want to).
You are not required to visit a single office or relocate to your workplace.
With passive income, you can work and live from wherever you want.
Having a passive income can provide more flexibility in terms of work options.
With passive income streams in place, one can choose to work less, take time off, or pursue other opportunities without as much concern for losing a steady source of income.
This increased flexibility can lead to a better work-life balance, as well as the freedom to pursue work that is more fulfilling or meaningful.
4. It ensures financial security and growth.
Everyone understands that financial independence and stability are the foundations of survival in today’s world. And you can’t be financially stable if you only have one source of income.
Most financially stable people have multiple sources of income, one of which is passive income.
However, do note that having passive income does not necessarily bring about financial freedom.
Financial freedom typically involves having enough passive income to cover one’s living expenses without having to rely on active work, but it also involves having a strong overall financial plan and making wise financial decisions.
Having a diverse portfolio of passive income streams, managing expenses, reducing debt, and having a solid emergency fund are also important steps toward financial freedom.
Thus, passive income can be an important tool in achieving financial freedom, but it is not a guarantee on its own.
With those reasons above, now is the time for us to reveal the top 5 ideas for passive income generation for 2023.
Top 5 Ideas for Generating a Passive Income in 2023
- Create and Market an Online Course
- Purchase Rental Property
- Create and Sell Ebooks
- Affiliate Marketing
- Stock, Bond, Cryptocurrency, and Mutual fund investments
There are numerous passive income ideas you can pursue, but in this article, we’ll look at the Top 5 Passive Income Ideas in 2023.
Idea 1: Create and market an online course
How much can one make from selling online courses?
According to Learnworlds, successful course creators can make around $1k – $10k per month on average. Top course creators can make more than $1m per year.
How to create and market an online course?
People want to learn, and learning is a continuous process.
It could be anything from starting an online business to writing and cooking.
Expertise is always in high demand.
People are willing to pay to obtain this information.
When you’re good at something, the best way to share it is with an online course because you’ll only have to create it once and sell it for years.
This is one of the best passive income opportunities for 2023.
Creating and marketing an online course can be in written, audio, or visual forms, and it can be sold on any educational platform.
The following are simple steps for creating an online course:
Step 1: Select the appropriate topic.
This step entails deciding what you want to teach and what your audience wants to learn. This is the first step toward developing an online course.
There are many factors to consider when deciding on the appropriate topic.
For one, you need to have passion for the topic.
We have seen so many aspiring entrepreneurs who did not persist long enough in their online teaching ventures because of a lack of interest or passion for the topic. If you do not have sufficient passion for the topic, how would your students be interested to listen or learn from you?
The next factor is there must be sufficient interest or demand in the topic that you are teaching.
For example, while you are passionate about building Christmas trees, it wouldn’t make sense to start teaching that topic in January since there would hardly be any demand for that topic.
The more niche your topic is, the more likely the demand will be smaller.
In that case, try to widen your topic.
In the previous example about Christmas trees, perhaps you can do an online course on making trees in general.
Try and analyze what you can do best, and what people from your circles and network come to you for advice on.
Choosing the right topic is perhaps the most significant to your passive income from online teaching.
Step 2: Try out your ideas
It can take some time to create an online course. So you must put your ideas to the test in order to validate the online business idea as one that will pay for itself in the long run.
First, you need to understand who your target audiences are.
This can be done by asking your family, neighbors, friends, and also your schoolmates or colleagues.
Test it out by using several online survey forms such as Google Forms or Typeform.
You can also make a short video about the primers of your topic and post it on Youtube to try and see the performance.
Step 3: Conduct thorough research on your topic.
There is already a wealth of information on the Internet so what makes it valuable to your students is that they will be paying money to learn from you.
The extensive and intensive curriculum that one will receive upon signing up for your online courses.
And this can be achieved only if you are an expert in your field and in your topic.
So, before you begin creating and marketing your online course, conduct thorough research on the topic.
Step 4: Create an outline for your course.
The next step in developing an online course is to create a course outline.
Make a list of the various lessons you intend to teach online on a piece of paper.
Break each lesson down into the main topics you want to cover.
To ensure a smooth and frictionless learning process, go in a logical order and try to make your ideas evolve naturally from one to the other.
Step 5: Create the course content
You can now create the actual content for your online course based on the materials you’ve gathered, as well as your outline and research from the previous steps.
This is the most important part of your online course, so be clear and precise when writing so that those who want to learn from the course understand.
Step 6: Make your course available online, market it, and sell it.
After you have completed the preceding steps, the next step is to publish your course online and advertise it so that you can sell it, as this is the primary reason for creating the online course in the first place.
There are several places where you can publish your online course:
- Build your own website: You can buy a domain name and host it at a web hosting site such as Siteground, Bluehost, etc. Thereafter, build your website on WordPress or on any other web builder such as Wix, Squarespace, etc. Do note you will definitely need a business email provider as well and the good news, we have written the top 5 best email providers you can consider for your online teaching business.
- Learning platforms such as Udemy, Skillshare, Teachable, Thinkific, Kajabi, etc. provide you with all the tools needed to quickly set up and market your online teaching course.
Step 7: Establish a learning community
Online education is primarily a pursuit in groups.
People find it more motivating to learn with their peers or like-minded people.
As a result, creating a learning community around your course will greatly improve their experience, contributing to the overall success of your course.
Idea 2: Purchase Rental Property
How much can one make from renting out properties?
According to CNBC, one example of a real estate investor shows that he makes around $6,000 per month in passive income from renting out his properties.
How to start purchasing and renting out your properties?
Investing in rental property is another top passive income idea that will thrive in 2023.
This is a good way to generate passive income. For property investment, typically there are two ways to earn from it.
Either a capital appreciation on the property value or from constant monthly rental payment from the tenant.
For passive income, we will focus on the monthly rental payment.
Do note that on the flip side, you will need to pay the housing loan, or the mortgage to the bank for the property.
As long as the rental income from the tenant is more than the mortgage, you will reap a passive income.
However, it frequently necessitates more effort than people anticipate.
In 2023, you can invest in rental properties for passive income in the following steps:
Step 1: Determine your investment goals and budget
Consider factors such as your financial situation, the type of property you want to buy, and the location you are interested in.
Step 2: Conduct research
Before you consider investing in or purchasing a rental property, you should conduct adequate research in your local area. This will provide you with guidance on how to set rent charges when you acquire a rental property.
Look into local real estate trends and determine which areas are likely to provide the best return on investment.
Step 3: Choose a property
After conducting research in your area, once you’ve found the perfect property, sit down and calculate how much rent you’ll need to charge to make a profit so that your purchase will turn into a good investment.
It is also a good idea to find a real estate agent or broker.
A professional can help you find properties that meet your investment goals and assist with negotiations and paperwork.
Thereafter, use online resources and attend open houses to find properties that meet your criteria.
Do note to be deliberate and careful in evaluating the property.
Hire a home inspector to assess the property’s condition and identify any potential issues.
Step 4: Obtain A Mortgage
If you do not intend to pay for your rental property in cash, you must obtain a mortgage.
A government-backed loan cannot be used to purchase a rental property.
Instead, you must meet the requirements of your lender for a conventional investment property loan.
These loans may be more difficult to obtain, particularly if you have never handled a rental property before.
Once you obtain your mortgage or are pre-approved for a mortgage, work with your real estate agent to make an offer that is in line with the market value of the property.
Step 5: Market your space and find a tenant
After you’ve obtained your rental property, it’s time to begin advertising and renting it out so you can start earning money on a weekly, monthly, or yearly basis.
Idea 3: Create and sell Ebooks
How much can one make from selling EBooks?
According to Visme, one can earn around $1,000 a month by selling ebooks on Amazon.
How to start selling EBooks?
A book or an e-book is not the same as an online course.
An online course can be in video or audio format, but writing a book is usually done on writing.
To write a book, you do not need to be a Content Writer or a Copywriter.
You can sell your ideas or knowledge by writing an ebook.
This is one of the top 5 passive income ideas for 2023 that will help you make extra money.
The steps to writing an ebook are as follows:
Step 1: Choose a topic
Select a subject that you are knowledgeable and passionate about, and that has a potential audience.
Step 2: Research the market
Analyze the competition and determine what kind of ebooks are selling well in your niche.
Step 3: Outline your ebook
Plan the structure and content of your ebook, including chapters, sections, and subheadings.
Step 4: Write your ebook
Create engaging, well-researched content that provides value to your target audience.
Step 5: Edit and proofread
Ensure that your ebook is error-free and easy to read. Consider hiring an editor or proofreader if necessary.
Step 6: Format and design your ebook
Choose a professional-looking format that is compatible with popular ebook readers and platforms.
Step 7: Choose a platform to sell your ebook
Consider online marketplaces such as Amazon Kindle Direct Publishing, Barnes & Noble Nook Press, and Kobo Writing Life.
Step 8: Price your ebook
Determine a fair price based on market research and the value you are offering.
Step 9: Promote your ebook
Use social media, email marketing, and other tactics to reach your target audience and generate sales.
Monitor sales and adjust as necessary: Track your sales data and make changes to your marketing strategies as needed to optimize your sales.
Idea 4: Affiliate Marketing
How much can one make from affiliate marketing?
According to Ahrefs, one can earn around $60,000 a year on average from affiliate marketing.
How to start doing affiliate marketing?
Affiliate marketing has become one of the most profitable passive income ideas in recent years.
And it will still be profitable in 2023.
Affiliate marketing is simply selling other people’s products in exchange for a commission. It does not require any capital or money to get started.
It is completely free to begin.
All you have to do is find a product to advertise and sell to earn a commission on it.
Quick steps to Start Affiliate Marketing in 2023
Step 1: Choose a niche
Select a topic or industry that you are knowledgeable and passionate about.
Choose a niche that you are passionate about and have expertise in, as this will make it easier to create engaging and informative content.
Research the market demand for products or services in your chosen niche, and look for niches that have a large and growing audience.
Do note to consider the level of competition in your niche, and look for niches that are not too crowded but still have enough demand for products or services.
Look for niches that offer a wide variety of products or services, as this will provide you with more opportunities to promote and earn commissions.
Finally, choose a niche that is relevant and has longevity, as this will help ensure that you can continue to earn income over the long term.
Step 2: Research affiliate programs
Look for affiliate programs that offer products or services related to your niche and that have a reputation for providing good commissions.
You can always start with online marketplaces.
Begin by searching for affiliate programs on online marketplaces, such as Amazon Associates, ClickBank, and Commission Junction.
You can also contact the affiliate program.
Reach out to the affiliate program to ask questions about their program and commission rates, and to get a better understanding of the opportunities available.
Consider the commission rate by comparing the commission rates offered by different affiliate programs to determine which programs offer the best payouts for your efforts.
Evaluate the payment and reporting systems by looking for affiliate programs that have a reliable payment and reporting system, as this will ensure that you receive timely and accurate payments for your efforts.
Step 3: Sign up for affiliate programs
Apply to become an affiliate for the programs you have selected, and wait for their approvals.
Step 3: Get your affiliate link
Once you are approved, you will receive a unique affiliate link that you can use to promote products or services.
Step 4: Create content
Develop content, such as blog posts, videos, or social media posts, that showcase the products or services you are promoting.
Step 5: Include your affiliate link
Make sure to include your affiliate link in your content so that you can earn commissions for any sales made through your link.
Step 6: Promote your content
Use social media, email marketing, or other tactics to reach your target audience and generate traffic to your content.
Step 7: Monitor your earnings
Keep track of your sales and commissions, and adjust your marketing strategies as needed to maximize your earnings.
Idea 5: Stock, Bond, Cryptocurrency, and Mutual fund investments
How much can one make from investing in stocks, bonds, and other financial instruments?
The amount of money one can make from investing in stocks, bonds, and other financial instruments depends on several factors, including the type of investment, the amount invested, the length of time the investment is held, and market conditions.
For example, stocks and bonds can provide returns in the form of dividends and interest payments, respectively. The stock market can be volatile and can result in large gains or losses depending on market conditions, company performance, and other factors.
Bonds are generally considered to be a safer investment, as they typically provide a fixed rate of return, although the amount of return may be lower compared to stocks.
Investing in other financial instruments, such as mutual funds, real estate, and commodities, can also provide a return, but they can also come with a higher degree of risk.
How to start investing in stocks, bonds, and other financial instruments?
Some people have used this type of passive income to save their lives over the years.
This is another Passive Income idea to consider in 2023.
When you invest in stocks or mutual funds, you expect to earn a certain amount of money on each investment over time.
This type of investment gives you something to rely on and can provide you with enough extra income.
All you have to do is learn how the market works, select a stock or coin you believe will generate income for you, and invest in it.
Passive income is one of the easiest ways to build wealth and prepare for the unexpected.
However, it is not only about making money.
Passive income allows you to do whatever you want with your time, which is a valuable commodity in today’s world.
It can be used for travel, spending time with family, or taking a break from work.
The options are limitless.
Because of the current economic situation, passive income will be critical for survival in 2023.
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We at 9cv9 Research Team strive to bring the latest and most meaningful data, guide, and statistics to your doorstep.
People also ask
Can I use passive income as my primary source of income?
It is up to you whether you want to make it your primary source of income. It’s a good idea to have more than one source of income. Passive income should be a source of income in addition to your primary job.
Is passive income a good investment?
As demonstrated in this article, passive income can be profitable and will help in financial stability.