Passive income simply means earning income without being actively involved, and you can earn this while vacationing or doing your hobby. The internet created a new way to generate passive income without having to invest a large sum of money, as reported by MSN News.
The following are some ways you can earn passive income in 2023:
Open a savings account
- Anyone can open a savings account and earn passive income through compound interest. They may not earn much like stocks, but they don’t have high risk since they’re FDIC insured. According to the FDIC, the average interest rate on a savings account is 0.30%.
Sign up for cashback sites
- You can use sites like Swagbucks or Rakuten when buying items or grocery shopping. These sites give rewards, points, gift cards, and even cash, which you can use for future purchases or save in the bank.
Utilize the internet to generate your passive income. (Photo: modephone)
Use your car for advertising companies
- There are sites that will pay big bucks to turn cars into moving billboards. Sites like Wrapify pair drivers with major companies for advertisement purposes. Just make sure there are no prior damages or rock chips.
Sell your photos
- If you enjoy taking and editing photographs, you can make money by selling them online. You can sell it on Shutterstock, Alamy, and other major photo distributors, but make sure to follow all the guidelines.
With the increasing inflation and uncertainty of the future, it is important to think of other ways to generate income. The more passive income streams you have, the more money you will earn.
