Editorial IndependenceWe want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.
Extra income is good. Extra income without having to lift a finger is even better.
Passive income is money that goes into your bank account without you having to do much — or any — active work. Residual streams of income can be a great way to accumulate wealth, particularly if your earning potential is stunted at your day job. But the most popular passive income streams, such as dividends, investment interest, and rental income, usually require a lot of money upfront to get started.
Fortunately, it’s also possible to engineer a passive income stream from scratch. If you know you want extra money in a hands-off way, you can reverse-engineer a side hustle or small business idea accordingly to ensure it pays you while you sleep.
Here are 5 passive income ideas to consider in 2023.
5 Passive Income Ideas to Make You Money in 2023
- Publish a book on Kindle.
- Become a creator.
- Leverage affiliate links.
- Build a membership site.
- Create an online course.
No. 1: Publish a Book on Kindle
Writing and publishing an ebook can make you passive income online, and platforms like Amazon’s Kindle Direct Publishing (KDP) and Medium’s Partner Program make it easy for authors and writers to make residual income or royalties from their content.
“It took me 3 days and less than $500 to get everything set up to launch my first e-book on KDP,” says Mark LaCoursiere, who packaged and published his project management expertise into an e-book. LaCoursiere put his e-book up for sale on Amazon in November 2022, and makes an average of $1.50 a day in royalties currently.
No. 2: Become a Creator