5 Passive Income Ideas to Help You Achieve Financial Freedom
Passive income or side hustles are the new revenue streams that can help people elevate their financial portfolios. With these additional sets of revenues and streams, one can always have backup and peace of mind without having to worry about savings or rising inflation prices. Side hustles have suddenly gained incredible momentum in 2023 as people are trying to combat inflation or to make ends meet in this trying economic landscape.
We can earn passively from rental properties or from businesses in which we are not actively participating by freelancing or contributing skills and services. Here's a list of the top 5 side income hustles for millennials and Gen Z to explore.
Earnings from rental income
A real estate owner can always rent his or her property for a fixed period of time and derive a decent rent during the tenure. This concept is gradually gaining momentum in 2023 with more and more house owners are renting their homes to those looking for temporary accommodations like students, professionals or travelers.
Affiliate marketing
Affiliate marketing comes with an expansive set of perks. If you're a social media geek with a decent fan following, affiliate marketing can be a great source of income for you. In affiliate marketing, a social media influencer or blogger can help earn money by promoting a third-party product or service on their personal page. Affiliate marketing allows influencers to leverage their fan base to earn commissions and is usually very easy to set up and get running.
Selling photos and images online
With access to smartphones with decent cameras, we are always clicking photos. Selling these photos for a decent price is an actual side hustle in 2023. All a user needs to do is get in touch with leading photography portals such as Getty, Shutterstock, and iStock. The users have to go through a registration process and once approved, they can become a leading photo seller, enabling them to sell their images to other portals, all the while earning extra commissions.
Purchasing fractional real estate
Another lucrative option worth exploring is the practice of investing in fractional real estate, which is quite new and still dubbed eccentric by many. If you are eager to invest in the real estate business but do not possess sufficient funds to explore the sector, you can test the fractional real estate options. This involves purchasing a part of real estate through crowdfunding and paying a minimal maintenance fee for the part you have actively purchased. After going through the procedure, your part of the property used by others will fetch you earn extra income.
Starting and maintaining a blog
Creating content that resonates with the masses by starting a blog and later monetizing the blog's content can help you earn additional income in no time. The blogger can start by assessing the market and picking an in-demand niche that is aligned with their interests or expertise. After that, it's all about maintaining a schedule, posting timely, high-quality content that the readers find value in, and tracking the metrics. As the number of followers increases, the blogger will start earning a steady income from the content.
With businesses increasingly relying on tech, staying updated with new tech tools and skills can help you become more successful in your side hustles. Being dedicated and managing time well are also crucial when exploring these options beyond your primary job or income source.