24 Passive Income Ideas to Build Wealth in 2023

Earning money while you're sleeping is incredibly appealing. But just what exactly is passive income? 

What is Passive Income?

With passive income, there is still an investment made (either in time, money, or both), but the work gets done initially, and then that investment starts working for you with little to no effort moving forward. 

What is the difference between Active and Passive Income?

Active income is money earned in exchange for time or service performed. While Passive income is money earned when completing the work upfront or with some initial investment but then continues to make money with minimal effort in the future.   

How to Start Earning Passive Income

Create an Online Course Having knowledge or skills about a specific topic, sites like Udemy or Skillshare make it incredibly easy to create, host, and sell your knowledge.

How to Start Earning Passive Income

Start a Youtube Channel Enjoy making video content? Consider starting a youtube channel. You can earn passive money via video display ads once you meet the threshold of viewers and watch time.

How to Start Earning Passive Income

Rent out a Spare Room or Home with Airbnb If you have a home or even just a room in your home, you can list your space available for rent on Airbnb.

How to Start Earning Passive Income

Advertise on your car Car advertising agencies have requirements about the types and years of vehicles they'll use.