3 passive income ideas for 2023
During unpredictable economic times and the looming possibility of a recession in 2023, many Americans are looking for any edge they can get.
Combine this with extra spending during the holiday season and it can quickly become imperative to find another income source. While working longer hours, taking advantage of overtime opportunities and getting a second job are reliable alternatives, many people don't have the time or ability to work much more than they already are.
Enter passive income strategies. While not typically something that will get anyone rich, passive income will do just that: make income passively for you on the side with minimal effort on your behalf.
"Passive activities include trade or business activities in which you don't materially participate. You materially participate in an activity if you're involved in the operation of the activity on a regular, continuous, and substantial basis," the IRS explains on its website.
3 passive income ideas for 2023
Would you benefit from getting some extra cash? Don't have enough time to get another gig? Here are three passive income ideas to explore now.
Paid surveys
This option is exactly what it sounds like: Get paid to take surveys online.
"You won't get rich taking surveys and it's not meant to take the place of a full-time job but it can supplement your income and give you a little extra flexibility in your budget," market research site Survey Junkie explains. "Complete three surveys daily and earn as much as $40 monthly. Share more, earn more and make it worth your while."
"Most Swagbucks members should be able to earn $1 to $5 a day (or $365 to $1,825 a year). There are some offers that pay $50 to $250, but on a typical day, earnings could average out to $1 to $5 a day," Swagbucks, a paid survey company, states on its website.
Will you be able to get a new car or buy a fancy item with the money you make taking paid surveys? That's unlikely. But if the goal is just to make some extra cash to pay down debt or do some minimal shopping, then paid surveys may be a good route to take.
It's easy to start. Set up an account online and start making money now.
Become a virtual assistant
The COVID-19 pandemic changed the way millions of Americans worked, with a huge shift to working online.
It makes sense, then, that remote help is needed.
By becoming a virtual assistant via websites like Indeed (simply search for "Remote Virtual Assistant"), you can work for a business in need from the comfort of your home office. The work needed varies - from social media management to traditional bookkeeping to writing - so search around for something that fits your skills and background. You may be surprised at what you can find, and how much you can get paid for working remotely.
Buy and sell domain names
Consider buying and selling domain names (for the right price, of course). Sites like GoDaddy.com can help complete the sale via an online auction.
You can also buy names you think may be interesting in the future. Think of upcoming entertainment, sports and political events to start. You can then put your contact information on those URLs and offer to sell them to anyone looking to buy.
This option requires very little time or investment but it could pay off if you buy a desirable domain name.
The bottom line
A simple Google search will generate dozens of passive income ideas and strategies for those that are interested in making extra cash. If you're looking to get started now, paid surveys may be an option worth pursuing, especially if you want to start making money fast. Start taking paid surveys now!
