Passive income ideas 2023: 5 ways to start earning thousands a month – Business Insider
- Jen Glantz is an entrepreneur with seven income streams that help her earn six figures a year.
- In addition to her two businesses, she’s rented out her apartment and monetized her social media.
- In 2023, she’s considering peer-to-peer lending and investing in crowdfunded real estate.
In 2015, after being laid off from my full-time job at a tech startup, I was overwhelmed with stress and confusion. 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. I decided that I wanted to do whatever I could to make sure I was never in that position again.
Soon after, I learned that self-made millionaires usually have around three to four sources of income. I knew I wanted to eventually be a millionaire — or at least someone who never had to worry about losing a paycheck. 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 currently have more than seven streams of income that help me earn six figures a year.
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.
1. Asset sharing
Asset sharing is the act of sharing things that you already own, at a price. 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.
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. 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. One mom made $5,000 a month renting out the baby items she no longer needed to people who wanted to rent them temporarily.
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. While I …….