The Best Ways To Earn Passive Income in 2023

As fall begins and 2023 starts to draw to a close, more and more people are thinking about what their financial goals will be for 2024. For many of these people looking to earn more money, getting a second or even a third job just isn’t on the table. Fortunately, that’s where passive income comes in. If you’re looking for ways to make more money before the year is out, let’s take a look at the best ways to earn passive income in 2023.

Rental Property Income

At first glance, the idea of being a landlord and the responsibility that comes with it may not seem like the best way to make a passive income. However, there are plenty of ways you can streamline your rental property business and make money without having to do much. By hiring a property management company, you don’t have to worry about the day-to-day responsibilities of being a landlord. Just sit back and watch the money roll in. You don’t have to spend hundreds of hours flipping a property either—you can easily turn your home into a rental property or invest in a turnkey. 

Peer-To-Peer Lending

Peer-to-peer lending (P2P) lets individuals obtain a loan directly from another individual, usually through an online service that matches a borrower with a lender. How does loan borrowing allow you to earn passive income? In this case, you would be the lender. As the borrower repairs their loan, you make money on the transaction fees and interest. That being said, to make a solid passive income, you have to have a portfolio of P2P loans to continuously collect.

REIT Investing

If investing in a physical property on your own makes you a little nervous, there are much easier and more accessible ways to invest in real estate. A real estate investment trust (REIT) is a company that operates, finances, and or owns income-producing real estate. All you have to do is purchase a share of the company, then, once the company collects the rent, they’ll distribute it to their shareholders. Not only is this an incredibly safe way to earn passive income, but it also lets you easily diversify your portfolio so you’re not reliant on just one investment. This way, should market conditions change, and one investment go under, you have other forms of passive income to turn to.

Affiliate Sales

Do you have an online business you’re looking to advance with a decent amount of followers or loyal customers? If you want to make money doing so, you can use a passive income tactic known as affiliate marketing. Essentially, all you have to do is partner up with a company looking to sell a product, and you recommend that product to your followers. Then, as your followers buy that product, you earn a commission. Now, while you don’t need to invest much money to get started, it does require you to have a decent-sized following or client to start making a solid passive income.

The good news is that these are just a few of the best ways to earn passive income in 2023. There are so many other creative ways out there to help you make more money. All you have to do is put yourself out there as an investor and be open to the opportunities that come your way.