10 Ways to Generate Extra Income Online 2023
Are you seriously planning to work this year on the full-time 9-5 job that you hate the most?
Generating extra income is a great way to build a strong investment portfolio if you are planning to achieve financial security in your 30s or having problems with budgeting, finding a job, or reducing debt are the most typical causes.
And If you’re a student, preparing and managing your budget can be extremely difficult without relying on any student discounts. Today, I am going to help you to choose the 10 best options to generate extra income online this year and do what you love the most.
What is Passive Money?
Earning Money without working is called Passive Money but there is a catch. You can passive money from rental property, interests or dividends which clearly means that you need to invest beforehand to get the money in future.
So, in order to generate money without working in future you must start working from today. Lets dive into different form of passive money making way.
10 Ways To generate Extra Money
1. Buy an Investment Property
Real Estate is one of the oldest ways to invest and this is what our parents did as well to generate wealth for themselves.
If you have enough money then go and buy a property as soon as possible and rent it out. But what if don’t have a lot of money then I recommend you start working on your credit history now so that you can create a good Cibil score which will help you to get a loan from a bank.
Also Read: 7 Ways To Invest In Real Estate
But again you are facing issue as you are not currently earning then request your parent to be a co-applicant for your loan;)
Now if you don’t want to take help from anyone then I suggest you start investing in the REIT platform. REITs are a bunch of investors who put money in a single property and the profit generated from that property is divided with all the shareholders as per their stake in the overall property.
The best part about these platforms is you can start investing with as low as $500 and here you don’t have to rely on anyone plus your money is absolutely safe.
Also Read: How To Invest In Gold?
2. Rent a Room
If you are living in an apartment or house and there is an extra space or room then put that area on rent. You can use different platforms like Airbnb or any motel service where they pay you a good sum of money depending on the property’s location.
For example, if you have your own apartment in downtown then the pay will be much more higher as compared to any place 20-30km away from the city.
The only reason for high income is the access to the overall city within walking distance such as grocery, transit and shopping centres.
It will help you to generate a side income also called Passive Income but if you don’t have your own property then you can take a place on rent where you are allowed the option to sublet the property. But you need to consult with your property owner if you are renting a place to rent out again.
Also Read: 6 Common Myths About Rental’s Insurance
3. Start Dropshipping
Dropshipping is something similar to having your own business with a reduced budget as it doesn’t need a warehouse or office. You can start working from home using your laptop, Wifi and some investment.
It is actually a brain game where you have to utilize your brain to do research on what is happening in the current market and what are the things that people are demanding from all around the world.
Here you don’t even have to care about the packaging as well because all these things are handled by the manufacturer. You don’t even have to pay anything in advance to the manufacturer as everything is totally dependent on the orders you are getting.
There are multiple platforms which you can use to do research about the current trending product. After doing the research, you have to stick to a particular niche and choose a location where you want to fulfill the demands of the people.
It is important to choose a location and countries like the USA, Canada, and Australia are highly recommended because you want to sell these products to people who are ready to pay.
4. Start your Print on Demand Business
POD also known as Print on Demand business is a little similar to Dropshipping. Here you will be selling T-shirts, pens, notebooks and many more printed items that your customers want to buy.
You have to do the research on current trending designs and make a different one which must look more approaching to your selected customers.
I suggest you not to use any Marvel characters or actors’ pictures as they might sue you for using their work to generate money without their permission.
You can check various websites that are currently selling designed products and then make a different one through someone on fiverr or hire a designer if your budget allows.
Here you must have some knowledge about social media marketing on platforms like Facebook or Instagram as these are highly used platforms by people all around the world.
Also Read: How To Sell Clothes Online – Platform, Camera, Marketing In 2023
5. Buy and Sell Websites
Buy and Sell Website also known as Flip Website where you are buying someone’s website and designing it as per the niche and selling at a better price.
Here, you require designing skills if you seriously want to make something out of it.
If you have great designing skills then go and create websites or stores as many people want to open their E-commerce store but are confused about what and how to design. People are making thousands just by buying and selling websites.
After creating and designing a website, you can use Exchange’s Marketplaces to sell your work at a great value. On this platform, you can easily sell your newly built website or an old six-seven-figure website.
6. Buy and Sell Domains
There are several ways to buy and sell domain names. Many big companies like GoDaddy are offering their platform for people to try this business model. In Buying and Selling domain business, you have a buy a good valued and high demandable domain name and then resale it at a good price.
You can directly purchase these domains from GoDaddy, NameCheap or any other platform and then put them on auction. The business model is great but it also carries risks too because the domain you have purchased at a high price is not very demanded or it’s way too expensive.
I highly recommend you make a budget before stepping into this business model as you be prepared to lose a certain amount of money if this business model doesn’t work for you.
Also Read: How To Make Money Flipping Domain?
7. Lend on Peer-to-Peer Landing Platform
Do you have extra money which is not working for you? Why don’t you try Peer-to-Peer(P2P) lending which gives you around 5 to 6 percent or more depending on your risk capability?
Peer-to-Peer(P2P) loan is a personal loan made between you and a borrower through a third-party intermediary. To make the lending process easy, you have to signup to websites like LendingClub, Prosper (for individuals) and Worthy (for businesses).
These lending platforms evaluate the risk before lending the money plus they check the borrower’s history which minimizes the risk of loss. Even after minimizing every risk, you do need to look at your portfolio and the best way to safeguard your money is to diversify the portfolio.
This is not entirely passive as you have to be active in between and to make a good return, you just need to reinvest the earnings you are getting as interest. If you are from Canada then you can use Lending Loop to invest your extra money and generate a good return.
8. Affiliate Marketing
Affiliate Marketing is earning a commission by selling or referring someone’s product or service through social media or directly. The commission rate ranges from as low as 2 percent to as high as 70 percent depending upon the company that you are working for.
It is also the fastest growing platform and the statistics have estimated it to reach $8+ billion this year. Many Online entrepreneurs have shifted towards Affiliate Marketing because it contains less risk, is easy to execute and easily scalable.
One of the most famous and known brands is Amazon where the commission rate ranges between 1 percent to 11 percent but they do have a lot of rules and regulations that you need to follow. You can easily withdraw your money if you cross the $10 threshold.
But if you have knowledge about websites then I highly suggest you create a website which is Amazon friendly and put the products on this website and tries to rank it by SEO or Advertisement.
Also Read: 7 Ways To Make Money From Affiliate Marketing
9. Invest in Startups
In the 21st century, a huge number of young entrepreneurs are rising and making a good valued company. It is risky to invest in any young businessman but it is the best way of investment as well. Because when we invest money in any business, we will most probably check their accounts, current P&L and the other business statistics plus the current demand.
So, YES it is risky but with proper research, investment in startups can be one of the best way to build income producing assets. The returns from business vary depending on the niche they are working but it is estimated that you will generate a return of 10 percent to 25 percent. There are several platforms which can also help you to invest in a business with low risk and a decent return.
Here, you don’t have to actively look into the business and take care of any logistics etc. They will sort out everything for you at a commission which is generally very small. So, if you want to invest in startups then you can use platforms like Wefunder, SeedInvest and Start Engine.
Also Read: How Does One Make Money From An Android Widget?
10. Start a Blog
Do you love writing about different Travelling locations or Cooking foods? Why don’t you start a Blog to share your knowledge with others?
A blog is a website or webpage which is run by an individual and is the best business model to generate good passive money. The good part of a Blog is you don’t require fancy design or coding skills to earn money from Blogging. You can use WordPress, Blogger or any other platform to publish your blog.
After creating your blog, it is time to put the maximum effort into publishing articles, videos, images or infographics. Try to keep your blog updated and post at least one article per week or more if you can. You can use different websites to monetize your blog such as Google AdSense, Sponsorship, Affiliate Marketing, Sell ads Placement, shoutouts and many more.
Blogging is a patient game which requires both smart and hard work during the first few months. You need to invest time in writing content, building your SEO marketing strategy and promoting it on different networks but the reward will be worth investing. There are bloggers who make $15000 – $50000 every month.
Also Read: How To Start A Blog – Beginner’s Guide
Conclusion
After going through all the 7+ ways to Make Passive Money Online? You must have decided what will be the best option for you to work. But if you genuinely want to leave a 9-5 job and have a tension-free life then start working now or wait for your retirement.
I know it may sound harsh but this is the truth as getting into a schedule is the most difficult part of our life. And if we talk about investment habits then we never actively invested or even try to gain financial knowledge as well.
And in the 21st century, everyone wants to be a millionaire (Don’t lie. I know you want to be a millionaire;) and it’s natural for me too. So, in this scenario, I highly suggest you start working on any of these things immediately.
