6 Best Ways To Make Passive Income 2023
“Best ways to make passive income 2023”
Over the past few years, passive income has become more and more popular. Who wouldn’t want to make more money quickly? It makes sense why everyone wants!
In reality, the U.S. estimates that about 20% of American households presently generate passive income via dividends, interest, or rental properties according to the U.S Census Bureau. But experts say there are other ways to earn additional income passively, particularly if you’re ready to work hard in the start of your business.
Proven Ways To Earn $100,000 Per Year
Below are a few of the best ways to make passive income in 2023, according to business owners, investors, and financial experts, to generate $100,000 in passive income each year.
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6 Best Ways To Make Passive income 2023
1. Start a Niche Blog
One of the best ways to make passive income 2023 is to start a Niche Blog. Starting a niche blog takes a lot of work up front, according to Chelsea Clarke, the creator of HerPaperRoute. But if you do it correctly, it can eventually turn into a worthwhile source of passive income.
Blogging is a great method to generate passive income from a variety of sources, including affiliate links, your own digital items or courses, and ad revenue.
Remember that creating a blog entails investing in a domain name, hosting, and maybe a website template. Along with publishing regular blog entries, you’ll also need to optimize them for search engines, spread the word about your work on social media, and expand your email list.
This approach might be more challenging for certain people than it appears. After all, a 2022 Ecommerce CEO poll found that only 29% of bloggers earned $52,000 or more through their blogs.
2. Create And Sell a Course
By offering a course for sale, many bloggers may decide to increase their blogging income. To produce and promote the course, as well as to develop an audience beforehand, involves considerable upfront work.
But once you’ve got those things in place, you can keep making money from your course for years to come. It’s a scalable income stream, therefore the amount you may make from your course is unrestricted. Starting a course is considered one of the best ways to make passive income 2023, and it’s worth considering.
Furthermore, you don’t need an advanced degree or to be really well known in order to establish a course. You probably have a specialty, whether it be preparing family dinners on a budget or building furniture from scratch.
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3. Consider Investing in Certificate of Deposits
Looking for the best ways to make passive income 2023? Consider investing in CD’s. If the thought of doing upfront labor doesn’t appeal to you, you might want to look at more conventional passive income opportunities. One of the best ways to generate passive income in 2023, According to experts, might be through a certificate of deposit (CD).
Due to the recent increases in interest rates, some online banks are offering investors rates on CDs of 4%, 5%, 6%, or even 7%. Your money is protected by the U.S. government up to $250,000 assuming the bank is an FDIC member.
4. Consider Buying Stocks
Dividend-paying equities are another reasonably easy way to increase your income passively, especially if you rely on a financial advisor. Many stocks provide double-digit dividend yields. There are many equities to pick from, but dividends aren’t guaranteed and stocks can lose value.
5. Consider Bonds
Undoubtedly, one of the best ways to make passive income 2023 is to look into bonds. Bonds for fixed-income securities are another option to think about.
Individual corporate bonds that offer a yield of 4% to 7% for investment-grade bonds are available for investors to buy.
High-yield bonds may offer higher rates of return for investors seeking an even higher yield and who are willing to assume additional risk. Any further change in price is of no consequence to investors holding those bonds to maturity.
6. Invest In Real Estate
One of the best ways to make passive income 2023 may be real estate. After all, figures from the census show that about 70% of rental properties are owned by individual investors.
It may be possible to make this investment more passive by hiring a property manager who can handle routine maintenance and tenant interaction. However, you’ll probably still need to put in the time to look for profitable properties.
However, it can be challenging to fast increase your income through real estate. For instance, according to Alex Capozzolo, co-founder of Brotherly Love Real Estate, it took him 15 years to expand his portfolio to 20 houses, which now brings in about $100,000 annually for him.
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