It’s no secret that inflation has been putting a squeeze on people’s wallets for well over a year now and since it remains stubbornly high, many are now looking for ways to bring in a little extra cash. An income that may have been enough to pay the bills just two years ago may no longer cover them, but that doesn’t mean you need or want a second job. Passive income can be perfect for those looking to make a little extra money but who don’t want to make a big career change. Passive income means you’re making money without actively having to go out there and work for it.
If passive income sounds like something you could benefit from, here are four ideas that you could use in 2023.
Blogging Is Perfect for Wordsmiths
While this idea is considered passive income, there is work involved on your part. Blogging is perfect for those with a flair for words as you can earn money through affiliate links, ads, sponsored posts, building courses, or even writing an ebook inspired by your blogs.
Typically, this passive income stream takes a while to build in the initial stages. It can be hard to grab the attention of people and then keep them coming back for more. Once established, however, it should require less work on your part and that passive income can start to flow. A good tip is to build an email list so you can send your blog as an e-newsletter. This will start building brand loyalty.
License Photos and Music – Ideal for the Creative Types
Maybe you’re the creative type who is always snapping fabulous photos or making music. Have you ever thought of how you could turn this passion and hobby into a passive income? You can license your creations to music and stock image sites. Content creators often rely on these sites for multimedia.
Consider Dipping Your Toes in the Stock Market
The stock market is another example of potential passive income. The difference here is that this isn’t guaranteed income, since there is some risk involved. To cut down on the risk to you financially you may want to look at low-valuation public companies and penny stocks. This requires little capital from you and can be a safer way to enter the stock market. Once you feel more secure in the way things work, then maybe you want to invest more money.
As you enter the stock market, remember to only invest what you’re comfortable losing. Also, do your research on the companies and market trends before investing, and make sure you’re willing to track and monitor how your stocks are doing.
Invest in Real Estate – Watch the Value Grow
This tip is meant for those who don’t need to make quick money and who also have a sizable amount to invest. When you invest in real estate there is an understanding that it can take a while for it to appreciate. The real estate market in general is quite volatile right now and there are deals to be had, which means it can be a good time to snap up an investment property. When choosing the ideal investment property make sure you view it in terms of a tenant. Focus on the location, size, rent affordability, and whether it’s turn-key or needs repairs and updates.
Getting a second job isn’t something that most people want to do, but having a little extra money coming in is always useful. These passive income ideas can be the perfect solution to your money woes.
