Passive income is money earned without actively trading time for it. This is a type of income that requires little to no ongoing effort to maintain, and it often comes from investments, rental properties, or businesses that are designed to operate without requiring continuous attention from the owner.
You can try these 7 passive income ideas
1. Create and sell digital services/products
2. Sell products through dropshipping
3. Earn through affiliate marketing
4. Rent out your extra space
5.Start a blog or YouTube channel
6. Invest in stocks and real estate
7.Create an online course
1. Create and sell digital services/products: If you have any creative skills such as graphic design, photography, writing or coding you can create digital products like ebooks, wallpapers, softwares and sell them on online marketplaces like Etsy or even attract investors. This is one of the best way create a passive income in 2023 How to create and sell digital services/products-https://www.youtube.com/watch?v=lGZlGr5mEds.
2. Sell products through dropshipping: Although dropshipping is not easy, it is not hard as a business which manage an inventory. Because in dropshipping you can sell products online without holding inventory. You can create an online store with an ecommerce platform like Shopify or Woocomerce, and then partner with a supplier who will handle the shipping and delivery. how to sell products through dropshipping-https://www.youtube.com/watch?v=TpNAdGlrEUc.
3. Earn through affiliate marketing: You can sign up as an affiliate for companies like AliExpress, Amazon and promote their products to your audience. When someone makes a purchase through your affiliate link, you earn a commission. If you don’t have an audience, then build it. How to Earn through affiliate marketing-https://www.youtube.com/watch?v=mOWXI6VKGpg.
4. Rent out your extra space: If you have a spare room or parking space, you can rent it out on platforms like Airbnb or Booking.com. Also if you know someone who has a spare room you can act as a broker and get a commission. How to rent out your extra space-https://www.youtube.com/watch?v=KTi4bhRHWlc.
5.Start a blog or YouTube channel: If you have a passion or interest that you can write or make videos about, you can start a blog or YouTube channel and earn money through ads, sponsorships, and affiliate marketing. If you don’t know how to make a blog site you can build a blog site with Blogger.com or WordPress.com without coding. How to start a blog- https://www.youtube.com/watch?v=IrYwLttQ5Fw.
How to start a Youtube channel- https://www.youtube.com/watch?v=JwlgWW84tEw.
6. Invest in stocks and real estate: While investing requires some initial capital, it can provide long-term passive income. You can gain knowledge and start investing in stocks through a low-cost platform like Robinhood or in real estate through a real estate investment trust (REIT). But dont invest all of your money to this as investing is a high risk business. How to invest- https://www.youtube.com/watch?v=pDuIvrirPPc.
7. Create an online course: But don’t be a fake guru who don’t know anything and try to sell their course. If you have expertise in a particular field, you can create an online course and sell it on platforms like Udemy or Teachable.
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