You know what beats having an extra income? Extra income generated from passive income ideas that grow over time and work while you sleep.
With some initial work, our list of passive income ideas can help you make money while you sit back and relax.
Passive Income Ideas You Can Start Now For 2023
Rent Out Your Room
You could turn your cute apartment, separate property, or spare room into a makeshift Airbnb. Even if you only have one property, renting it out for a few nights a month can really help with some of your expenses. You might be able to stay at friends’ houses or with family members while the place is being rented out.
This is a great way for anyone to execute our passive income ideas without having to invest any additional capital.
Rent Out Your Textbooks
Textbooks are expensive and many students have been renting them instead of purchasing them. This new approach makes a lot of sense as you only need the book for a few months and it is a costly book, so why buy it? We have to buy expensive textbooks for classes.
If you have already bought them in the past, you can easily resell them to make some passive income!
That’s because there are companies like ValoreBooks which will facilitate this so you don’t have to spend any time on it.
Rent Out Your Garage Or Space
If you have the space available, you could set up a storage rental for people looking to store things they don’t need or use on a regular basis. Sites like Neighbor will help you find someone interesting in renting your space and make the transaction for you.
Who knew that renting out your garage, basement, or attic would be one of many ways to earn extra cash from our list of passive income ideas.
If you like renting out a room or your home on Airbnb, Turo is that but for cars.
With Turo, both hosts and renters can log in to find cars available for rent. If you’re hosting, you can advertise availability of your vehicle on the site’s calendar and prices. You’ll then be matched with potential renters that are interested. The platform also offers up to $1 million worth of liability insurance for both renters and hosts.
Turo is a company that offers you up to 85% of the trip price for your car rental. They have a neat Car Calculator which can tell you what your car will be worth when it’s in use. It’s an easy way to make rental costs easier on your wallet. If you need to, they offer financing too
Rent Out Your Pool
Pools are good, but they can also be bad. There’s a lot of upkeep, so if you’re not using it often, you might want to reconsider.
That’s the idea behind Swimply. This online platform lets you make money by renting your pool.
Hosts can advertise their pools by creating listings with pictures and amenities. For example, if they have a hot tub or pool toys. Hosts can also list when they are open for use by posting availability dates.
Swimply takes 15% from all rentals, so if someone rents your pool for 2 hours at the price of $50/hour, Swimply takes $15 and you get $85
Swimply is currently working on a new platform called JoySpace, where homeowners can rent out their tennis court, super cool backyard, basketball court and more.
One warning: if someone has rented your pool and gets hurt, they won’t be covered by our insurance if something happens. Check your policy with your insurance company to see what you’re eligible for.
This is one of our favorite passive income ideas for pool owners to earn extra money as a side hustle.
Write a Book
If you’re an educated or creative person, it’s probably safe to say that a book is a bit of a passion project for you.
To use books for generating passive income, you’ll need to do a lot. There are specific skills that are needed – not just the ability to write the book! Promotion is also important, which you may need help with when starting out.
Submitting work used to be mainly done in person or by mail, but now it has been moved to email. The most common practice is to query agents for representation. You can find more information on submitting a query letter here.
Self-publishing isn’t the best option if you want to make a strictly passive income. Although, it has its perks such as higher profit margins and more opportunity. If you want to be successful at this, publishing requires a lot of dedication and patience while still trying your best to figure out effective marketing strategies that won’t drain your bank account.
Are you looking for a way to make passive income and own your first business? Well, think of all those vending machines placed across the streets with snacks, drinks and junk foods. Imagine owning them and making money on every purchase!
Start a YouTube channel
Making money on YouTube can be a great way to generate revenue. After you’ve got your first audience, you can make advertising income, affiliate income, create sponsored content and even sell branded merchandise as part of partnership agreements.
The top YouTubsers can earn a lot of money. For example, 8-year old Ryan Kaji made close to $26 million in 2019 alone. Obviously these results aren’t typical, but small Youtube channels have potential to earn livable wages.
But even new YouTubers can start a channel and begin to make money. This might be one of the hardest ones but it could be the one that pays off the most as one of the best side hustles to make money.
Starting a YouTube channel is one of the hardest but most rewarding passive income ideas to start. Once you get your content out there with actual viewership, you’ll be able to monetize several different ways.
Start A Blog Or Website
Blogging is a great job for freelancers, entrepreneurs, and even corporate employees who don’t mind working from their computers. You can work whenever you want, monetize your blog in whatever way suits you best, and blog about whatever topics make sense for your audience.
We recommend starting a website or blog on topics that you’re knowledgeable in and topics that interest other people. You want to provide value to people that will have them leaving your website fulfilled.
Blogging is very popular these days, obviously, and for new bloggers on a budget, getting started with WordPress on Bluehost ($2.95 per month) is an excellent option. If you’re feeling overwhelmed at the prospect of setting everything up yourself, take a look at YouTube to get started.
Having a website is one of the best passive income ideas due to the passive nature of traffic and ad revenue that can be generated while you sleep.
Conclusion On Passive Income Ideas
Some of these items are harder than the others, but guess what. Nothing comes easy in life. If you initially put in the work, you can have several channels of revenue from all these passive income ideas.
With 2023 right here, it’s now the time to start growing your passive income ideas to help improve your personal finance.