The thought of having passive income is particularly fascinating. This is because motivational speakers have over the years preached hard work as the price to pay to be rich. While hard work has its role in success, passive income sources exist to ensure that the money keeps coming without working a 9-5 job or any form of hard labour. Passive income sources refer to the extra cash received without any extra effort. And yes, It is the unploughed farmland you need to plow in 2023. This is very important for those who intend to accumulate wealth for a business idea, building project, or wedding.
Over the years, people believe that popular passive income sources usually require a lot of money to get started. While that is true, there are several passive income sources that can help you be in control of your finances in the new year.
These passive income sources, which may not be entirely new to you, possess weapons that will help you generate income for you, while you sleep. They include:
Known as a free video-sharing platform that allows you to watch, like, and share videos online, YouTube is a potent passive income source. This is because it allows you to create and share your own videos to share with others. Users can generate passive income by creating content that educates, enlightens, and inform their audience.
Earning passively from YouTube requires that you first join the YouTube Partner Programme. Also, you must have 1,000 subscribers and 4,000 watch hours in the last year. This should not be a bring problem for you, as generating income from this source will depend on the content you put on the platform.
This passive income source is one that has changed the lives of several persons, and it can change your finances too. If you doubt it, check the story of Fisayo Fosudo, an amazing YouTuber, who won the Tech Influencer of the year award in 2022. Fisayo who shares content that cuts across different spheres of life guides newbies on how to grow on Youtube. Youtube, is one of those passive income sources that will rule in 2023, seize the opportunity now before it is too late.
Also, it’s important to state that users can also post videos on TikTok, Instagram Reels, and Facebook, as passive income can also be generated from these platforms.
Another credible way of making a passive income source is through investing in shares. This is because time and energy are not needed in generating the income they bring. This is because when you purchase a company’s stocks, you are eligible to earn dividends periodically. Once you own a share in any company, you will keep generating income every time the company pays dividends. Companies usually put out adverts when they sell stocks. Also, you can buy stocks on Bamboo, an investment platform. Bamboo affords you the opportunity of buying any amount of stock, the small, big, and the mighty. Some jump on it this year!
Real estate Investment
Real estate is one of those passive income sources that will rule in 2023. You may ask how? This is because real estate is one of the safest investments you can make. Investopedia gives us the five best ways to earn a passive income from real estate. They include: owning rental properties, house flipping, owning an online real estate platform, exploring real estate investment trusts, and visiting real estate investment groups.
For those who have a strong following and brand on social media, sponsored posts can be a great passive income tool for you. With your great profile on TikTok, Instagram, or Facebook, brands can use your influence to publicise their products. All you need do is network with these brands and establish a partnership that can consistently generate income for you. It is however pertinent to state that, to sustain this partnership, you will need to continually grow your reach and engage your followers.
Own a blog
Building a blog is another wonderful way to generate passive income. All you need to do is to identify your niche. What are you passionate about? Do you love traveling, cooking, dancing, and fashion? Identifying your passion will help you create a comfortable niche. Drawing an audience and exploring Google AdSense could fetch you a great income.
On a final note, you can use AI tools to create and sell digital products such as ebooks, courses, or reports. Once these products are created they can keep generating cool income for you.
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