5 Passive income ideas to make money and build wealth in 2023

The concept of passive income ideas as a vehicle to make money and build wealth is becoming increasingly popular, as more people are leaning towards side hustles as alternative tool for prosperity.

Passive incomes typically are derived from investments, or assets or any financial activities that require minimal ongoing efforts once set up.

Let’s delve into some of the ways many people are making money in this new side hustle economy.

• Rent out your spare room

Earning passive income by renting out your spare room in your home could be a lucrative way to earn extra money.

Airbnb inc is one of the most well-known platforms for renting out spare rooms and sometimes entire homes for intrepid travellers.

There are also local renting platforms in your locality that you can work with.

• Create a mobile App

This could be a potential source of passive income; you can either create the app yourself or hire a developer to build it for you.

It is key that the app is efficient, user friendly, well designed and functions smoothly.

• Start an e-commerce store

This is one of the most popular passive income ideas out there today.

The 2020 covid 19 pandemic has boosted online shopping and passive income seekers are seeking to make the best of this money trend.

• Investing in bonds and Treasury bills

This type of investment is straight forward and can be relatively a low risk way to generate passive income.

To invest in bonds and treasury bills, income seekers can buy directly from the issuers or in the secondary market through brokerage accounts.

This investment approach minimizes interest rate risk.  Investors will receive regular interest payments until maturity. Interest payments can be used as a source of passive income by the investor.

• Start a blog or youtube channel

Starting a blog and or youtube channel is one of the best passive income ideas out there today.

Income seekers can seek to create quality content according to their own interest, subject or expertise.

You may then monetize your content through paths like display ads, affiliate marketing, selling digital products or courses.

Takeaway

There are many ways to generate passive income out there, what you need to do is skill up or retool your competence and go into the marketplace and do it.

It is possible, the opportunities exist and you can do it, regardless of any situation you find yourself.

Age, income size, level of education etc. is not a barrier to entry. What you need is motivation, courage and passion.