8 passive income ideas for 2023
8 passive income ideas for 2023
90% of passive income ideas on YouTube are not doable for people like you and me. Because these are ideas in which either you spend a lot or you have to work very actively. They are not passive ideas. But in this video, I will tell you the 8 best passive income ideas that you can start with minimum investment and minimum effort. And I am earning money directly or indirectly through these eight out of four passive ideas. But before discussing the following ideas, let's understand what passive income is. Well, basically, passive income is an income source from which you do not have to make any effort. So, if you do not do any work but are earning money from something, then that is your passive income source.
For example, if you are working for a company, you will keep getting paid as long as you keep doing that job. But as soon as you stop working, your salary will stop, and you will stop getting income from there. So, it is not your passive income source. On the other hand, let's say that you have invested in a local restaurant business in your area, and that restaurant is run by someone else. Someone else manages. So, even though you are not involved in the day-to-day operations of that restaurant, you are not doing any active work. Still, because you are an investor in that restaurant, whatever profit that restaurant will earn, you will get a portion of it, and you will have an income source.
So, this is passive income for you because, without doing any work or putting in extra effort, you are earning money from it. And do you know? How many sources of passive income are there for an average millionaire? not one, not two, not three, four, five, six, and seven sources of passive income for the average millionaire. That's why it is important to have multiple sources of passive income, so let's go without wasting time. Let's talk about the eight best passive income sources for 2023. So, the first idea on this list is an idea for which you have to put only one-time effort in. And for this one-time effort, you can also earn crores of rupees every month over the years. This idea is basically selling digital products on Etsy.com.
Basically, Etsy.com is a marketplace that is very popular for buying and selling vintage products and handicraft items, but very few people know that on Etsy.com you can also buy and sell digital products and templates, and digital products are basically digital templates or designs that any user can download and use. For example, resume templates, digital planners, social media templates, business cards, restaurant menus, and many more And the best part about digital products is that you only need to make them once, and you can sell them for life without any extra effort. For example, if I give you an example of this email signature template, you can see that this is a very basic email signature template.
which you can buy for 677 rupees, and this template has been bought nearly 90,000 times, so this creator made this template this one time and has earned more than 1 crore rupees for this one single digital template. So now, naturally, a question may be coming into your mind: where will these digital templates come from? Either you can make them by yourself, completely from scratch, using any design software, or you can do it using platforms like Canva, where there are already many templates available. You can customize those templates by adding your own creativity and styling.
And one can create their own digital template and sell it on a website like Etsy. And once again, this will be your one-time effort; you will not have to work repeatedly. And for this one-time effort, you can keep earning money for the rest of your life. So, this is a great idea for passive income in 2023 and beyond. So, moving on, which is the second idea? I am going to give you a mix of two different passive income ideas. People talk about these two ideas differently. But I think that if you mix these two, the synergy will be there. that will be much stronger. And this idea is basically using blogging and affiliate marketing together, and blogging is also We all know that passive income is a great idea or money-making source, but very few people are able to succeed in earning a lot of money.
Because those people mostly rely on Google Ads or do rely on sponsorship, it is very difficult to get that amount of traffic that you can earn a good source of income from there through simply advertising, and that's where we will use affiliate marketing in our blogs. We talk about products and services that our viewers and readers are interested in buying or using, and whenever you talk about those products and services in your blog post, you should also attach your affiliate marketing link there. So that whenever your readers click on that link and buy that product or service, you will get a commission for that purchase. And this commission can vary anywhere between 5 and 20%, and it can even go up to 50%. So, basically, whenever your readers buy something by clicking your link, you will get 5 to 20% of the money they spend. For example, you can write blogs on the best trading apps in India, the best crypto apps in India, fashion ideas for college students, and the top mobile phones under 10 thousand rupees.
And in all these blog posts, you can also put the link to your affiliate marketing program because people who will read these blogs will also be interested in purchasing these products and services, and whenever someone buys them through your link, you will also get commission. And the more popular this blog becomes, the higher the price it will command, the more commission you will get, and the less traffic you will need. In creating a decent passive income source, And once again, remember: This will be your one-time effort. You will not have to write that blog every day; you will write a good blog once, so that blog will keep giving you passive income for years through affiliate income. So, moving on, what is the next idea on this list? This is an idea in which you will not have to put any effort in. However, you must invest some of your money, and this concept is essentially about earning dividend income from stocks and mutual funds. People who are unfamiliar with dividend stocks, which are stocks that pay high dividends to their investors, may be surprised to learn that
And dividends are simply a portion of a company's profit. 10,000any10,00..any WhenRs. 1purchase stock inou companyase a stock, you become an investcompany. at compaThai stor in thaYou become your own company for what tends up beingm thee theof.he end . f tdisbursessthetprofits toiinvestors,s investors and this is the profit that you get as anThatrcall, whatatcacan hat we ca. Assume you purchased a stock for $10,000 in the year in which the company declared a d$10,000. of $10divid ced a divi you SogegetouSogegegeget aou will get 5% dividend on your investment of Rs.10,000 5% of 10,000 is 500 rupees, so you will get Rs. 500 as dividends. And remember that you will get these dividends every year, and the value of your investment will keep increasing. By the way, the value of your dividend income will also keep increasing, and you did not have to put in any extra effort to earn this income. You just had to make a one-time investment, and it will become passive income for you if you do not have that much knowledge of the stock market. If you do not know how to identify good stocks, you can also invest in dividend mutual funds. And dividend mutual funds are basically such funds that invest in dividend stocks.
So even by investing in such mutual funds, you can earn dividend income without having to pick up stocks on your own. And to give you an idea of how powerful dividend investing would be, if you had invested Rs 10,000 in the Infosys IPO in 1970, in 2017 the value of your investment would have been around Rs 27 crore, and in 2017 alone you would have gotten dividends of Rs 1.4 crore on your investment. It is so much more powerful to invest in dividend stocks. So, moving on, what is the next idea on this list? This is very good for those who have already invested money in cryptocurrencies.
And now they want to make even more money in the form of passive income without investing more money, and this is where Binance Earn comes into the picture. Binance Earn is basically a portfolio of cryptocurrency products. Now, I know this portfolio of crypto products must sound very heavy. But basically, what Binance Earn does is help you make passive income using your own cryptos, so you can earn really passive income through Binance Earn from your own cryptocurrency, and I have also put a link in the description of Binance Earn. In which you can see and find 10 different ways to make money, including passive income using Binance Earn and cryptocurrencies,
For example, if we talk about flexible savings or fixed savings, then it is like your FDs, in which you can lock your cryptocurrencies and earn interest on them. You will get a little less interest in flexible savings. Because there is no locking period in this, you will get more interest in fixed, more passive income. But this will keep your cryptocurrencies locked in for a period of time, and I know this is probably a doubt coming to your mind. That crypto market is so volatile, you never understand when it is up, when it is down, and at what time one should invest. And this is a fair concern. For this reason, Binance gives you the feature of auto invest, which is basically an automated SIP plan. So, you can simply go to your Binance app and click on this auto-invest button to start your SIP, and Binance gives you a lot of options for this auto-invest. You can invest in BNB, Bitcoin, Solana, Ethereum, and Polka Dot. There are many other major cryptocurrency options. And how often do you have to make this auto investment? You can also do it on a daily, weekly, or monthly basis. For example, let's say I subscribe to Bitcoin Auto Invest for $1 per month and select the Daily option.
So, every day, on a daily basis, my $1 will be investing in bitcoin, so if you are a crypto investor, I think this Binance auto-invest feature is a must-have function. If you want to protect yourself from market volatility, And the best part about auto-invest is that it is very, very easy to use, as you can see. It reduces your risk a lot, and you get a very high A.P.Y. in the long term. And you people don't know that Binance is the largest crypto trading platform globally, on which you can buy and sell more than 350 cryptocurrencies. And Binance is also our partner for this video. And there is also a festive discount running on Binance at the moment where you can enjoy a 10 BUSD sign-up bonus and trading rewards worth 30,000 dollars. If you also want to create an account on Binance to earn passive income through Binance Earn and want to earn up to $300 in rewards, I have put a link in the description, and from there, you can create your account on Binance. So, moving on, I'm going to tell you about the concept of passive income.
This is a very good idea for school students, college students, or people who have recently prepared for any competitive exam. And this idea is basically about selling your notes on online websites like Studypool, Nexus Notes, and Studia. And basically, all these are online platforms, websites where you can upload your notes and sell them to other people. And all the students who are globally connected can download your notes and use them. And every time someone downloads and uses your notes, you get paid for it. So, if you have written your notes in digital format only or have created a Word document of them, or if you have written your notes in any online format, then you can simply upload them to such websites. But on the other hand, if you also have handwritten notes, you can simply create a PDF by scanning them, compiling them, and uploading that PDF to such websites to sell them. And as I mentioned, every time someone downloads your notes, you get paid for it.
For example, on StudyPool.com, you can get paid up to 10 dollars per download. So that means you can earn up to Rs 800 every time a student uses your own notes. And your notes can be on any subject: business, mathematics, the humanities, science, medical, economics, engineering, and many more categories are available. You can check by visiting their website. Alternatively, if you do not sell your notes on these websites, then you can do one more thing. Once again, you can compile your notes, make a PDF, and make an e-book out of it. You can then sell your e-book on a website like Amazon. So even here you are seeing that you have to make a one-time effort to compile your notes and upload them.
And you will have to be a little patient. And this idea is basically about selling stock photos and videos online. All of you are interested in photography or videography. And I'm not just talking about DSLR photography; people who do mobile photography too can sell their photos online now. And you can sell your photos on websites like Adobe Stock, Shutterstock, and 500px. And what happens is that all over the world, many people come to such websites to download photos and videos. And every time someone downloads your photos or downloads your videos, you get paid for it. This payment can vary anywhere between 5 rupees and 50 rupees per download. Depending on which website you have used, what price you have set, and how strong your photography skills are, And it is not that these people come and download any random photo; they usually need some specific types of photos. Or if you want photos and videos of some specific situations or scenarios, you should also do a little research.
Must read a little online for people who usually download stock photos and videos and use them. What types of photos and which categories of photos and videos do they need? Then you can record photos or videos of that type, or if you already have them, you can upload them directly to such websites. And once again, it will be your one-time effort. Once you have uploaded, you will not have to make any extra effort. And whenever someone downloads your photo or video, you'll get paid for it. This will become a good passive income source. So, moving on now, the idea I am going to tell you about is Ankur Warikoo sir, who earned 7 crore rupees in just one year, and no, I am not talking about content creation or YouTube. This idea is very good for those people who have very good knowledge of a subject or a specific skill and can teach it to other people as well, and this idea is basically selling your courses online. You will need two things to make your online course
No. 1: knowledge; and No. 2: effort It is important to have knowledge and skills in any one subject. If you want someone else to learn that thing, and if you have the knowledge, then you can create a course for it, but you will have to put in some time and effort, and you will have to do some hard work. The good thing about today's time is that you can make your own course while sitting at home. Using your own smartphone, all you need is a decent smartphone with which to record your course, and preferably, you should use a good microphone. You can easily order a microphone for 500 to 1,000 rupees. And a smartphone, a microphone, and your own home setup are more than sufficient to start creating your own course; once you've created your course, you can even sell it on your own website. Or you can also upload and sell this course on a website like Udemy. Alternatively, if you are not comfortable creating video courses but have a passion for writing, you can also write your own ebook and share your knowledge through it with other people. And once again, creating this course or writing this ebook was definitely a huge effort, but it was a one-time effort.
And if you put this effort in well, then it will keep on giving you passive income for years. And finally, last but not least, this is, in my opinion, one of the best side hustles ever and one of the best ways to make passive income, and this was also my first source of passive income. And this idea is basically about creating content online. Content creation is an amazing way to make money, but content creation in itself is not a passive income source because you will have to keep on actively creating new content if you want to earn more money. Creating content on platforms like YouTube, Instagram, and LinkedIn will help you build an audience, a reach, and a network that you can leverage later to build traditional sources of passive income. For example, affiliate marketing and YouTube ad revenue Or sell your own online courses. These are the ideas through which you can generate a very good passive income source. If you do content creation in the long term, in fact, affiliate marketing and YouTube ad revenue have already become good passive income sources for me. And I'm already making thousands of rupees every month because of these two ideas. And the first step to becoming good at content creation is to follow the steps to pick a good niche. The second step is to find a good platform. The third step is to create valuable content. Once you have started creating content and have a good audience, you can reach out to them. So slowly, you will be able to generate different sources of passive income too, and with this, we have also come to the end of this video.
Do must tell me in the comment section which of these passive income ideas you liked best for yourself.