(Photo: The Montley Fool)
Passive income is money you make while not working.
Sources of Passive Income
Here are some tips for earning passive income this year.
1. Open a Savings Account
An opened account can earn through compound interest and passive income on their deposits.
2. Open a Certificate Deposit (CD)
Banks issue CD for terms ranging until 20 years.
3. Earn a Cash Back Credit Card
Cash-back cards pay you to shop and obtain passive income by putting purchases on the card.
4. Sign Up for Cash Back Sites
You can obtain points, gifts, and cash from websites.
5. Rent Out Your Stuff
Rent out some of your stuff to those who need it but want to avoid buying.
6. Wrap Your Car
Earn dollars monthly to pay bills if you’re willing to turn your car into a promotion.
7. Offer Your Bike for Rent
Rent out your bike to people whose in need.
8. Rent Out Your Car
Sign up as a car host if you own a reliable car you rarely use.
9. Rent a Spare Room
Having a spare room can be your ticket to a steady stream of passive income.
10. Buy a Rental Property
Renting your property out is the most profitable passive income.
READ ALSO: How to Get Rich in a Gen Z Era?
(Photo: Petra Mayer Consulting)
11. Sell Your Photos
Sell your Instagram-worthy photos online.
12. Star a Blog
Blogs could lead to a steady stream of passive income.
13. Start a YouTube Channel
If videos are your thing, make an income from them.
14. Publish an E-Book
Several competing companies allow writers to self-publish e-books.
15. Start a Podcast
If you like talking, you can start a podcast.
16. Publish and Sell an Online Course
Develop and publish your online course.
17. Create an App
Creating your App usually comes with ads.
18. Buy Royalties
Buying royalties pays dividends for as long as the public consumes your work.
19. Buy a Vending Machine
Owning a vending machine can also provide a fantastic source of passive income.
20. Flip a Website
Purchase and resell a fully functional e-commerce website.
Try these out to earn passive income this 2023.
READ ALSO: FAST MONEY: Find Ways to Earn Extra Income Straight from Your Home
