Whats passive income4/18/2023 ![]() ![]() ![]() The one downside is it does require a lot of up-front development, from creating the website to marketing, to build an audience. One entrepreneur made $1.7 million doing this in 2021. Once someone purchases the item on your website, it's pulled from those platforms and shipped directly to them, requiring little effort on your part. To find products that have a higher chance of success, you can research top-selling items on Amazon using sites like AMZ Insight or Jungle Scout. You can then pull products in from dropshipping platforms like Ali Express and Spocket. Instead, once you decide what kind of products you want to sell, you can build a brand around those products and launch an online store. Not only is dropshipping a form of passive income, but it doesn't require you to spend any cash up front on products. If you've always wanted to start an e-commerce side hustle but didn't want to have to invest in inventory, you might want to consider dropshipping. However, this passive-income stream does come with more risk if the person doesn't pay back the loan, so be sure to look at the terms offered by the lending platform to see what coverage you get in case of a situation like this. Platforms I've researched in the past but I'm personally waiting to try until I figure out my financial strategy for 2023 include LendingClub and Prosper. One man makes 2,200 euros a month doing this. As a lender, you give them your money and earn interest in exchange - some investors report earning more than 10% in returns a year - and based on the platform you use, you can make loans as small as $25. Rather than going through banks, people can apply for loans on different platforms where the cash comes from real people instead. If you have extra cash in your savings account, you can become a peer-to-peer lender. While I made a few hundred dollars in cash doing this, I'd likely do it again but at a higher price point to make it worthwhile. In the past, I've rented out space in my apartment for events, and while it was good income, it did come with added cleaning expenses that I had to pay for. One mom made $5,000 a month renting out the baby items she no longer needed to people who wanted to rent them temporarily. For example, you can rent your car using Turo, your apartment for meetings or photo shoots using Peerspace, your garage for storage using Neighbor, and even your baby's stroller using BabyQuip. Write a list of what you have that other people might want to rent and then list that asset on a platform where people are searching for access to that item. Based on demand in your local area, you can make passive income just by handing over your keys, your space, or an item for a period of time. Asset sharingĪsset sharing is the act of sharing things that you already own, at a price. If you're eager to find ways to add new passive-income streams to your financial portfolio, here are five ways to start in 2023. ![]() I currently have more than seven streams of income that help me earn six figures a year. ![]() So I've tried to add new streams of income every year, from new products and services that I launch through my two businesses - one in the wedding space and one as a content creator - to more passive streams, like selling online courses and doing affiliate marketing. I knew I wanted to eventually be a millionaire - or at least someone who never had to worry about losing a paycheck. Soon after, I learned that self-made millionaires usually have around three to four sources of income. I decided that I wanted to do whatever I could to make sure I was never in that position again. I'd lost the only source of income I had, but I still had a stack of bills and financial obligations to take care of. In 2015, after being laid off from my full-time job at a tech startup, I was overwhelmed with stress and confusion. Account icon An icon in the shape of a person's head and shoulders. ![]()
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