How to become a millionaire with these easy passive income side hustles in 2023

To become a millionaire by the next year, you have to start today because there is no better time than now. You are having a regular job and you are earning a steady income from your 9-to-5 job and its OKAY. But deep down, you know you’ve always wanted more. More money. More freedom. More flexibility. And so, you decide it’s finally time to increase your current income.

One of the best ways to earn more with little effort is to build a passive income stream. This article breaks down several ideas for how to generate passive income while keeping your full-time gig. So you can finally make more than you’ve ever dreamed of.

What is passive income?

Passive income is money you earn that doesn’t require you to do a lot of “active” work to continue making it. In essence, you can do most of the work upfront and put in some additional effort along the way to earn an income.
For example, if you create an online course, you just need to update its content to keep the money flowing. You’ve probably heard the expression “make money while you sleep.” That’s the biggest draw that entices people to earn passive income.

Passive income ideas to help you become a millionaire in 2023

1. Start a dropshipping store

Dropshipping is one of the most profitable passive income sources. With dropshipping, you can find trending products on various marketplaces and sell those to customers around the globe. You can fill your online store with items from various dropshipping niches, such as fashion, home décor, or beauty. The magic of dropshipping is that you build your own business and decide how much you charge for the products. In fact, from all the passive income ideas on this list, dropshipping is the one where you have the most control over your profit margins. One of the most trending and low competitive platforms is Facebook marketplace and Facebook Shops. The competition on these platforms is very low as compared to giant stores like Amazon or EBay. And the best thing would be to use these giant platforms and sell on your Facebook marketplace and Facebook Shops. To give you a head start in the game, you can install the MarketplaceFlow extension which is the best tool and can automate your business to a great extent. You can check more on marketplaceflow.io.

2. Build and monetize a blog

Another popular passive income stream originates from blogging. Blogging has helped countless entrepreneurs earn passively through affiliate links, courses, sponsored posts, products, book deals, etc. It can indeed take quite a bit of upfront work to build a successful blog. However, it’s one of the most sustainable ways to generate an audience through organic and social traffic or building an email list. The biggest perk of having a blog is that you can turn that one asset into several different streams of income. So, if you’re looking for an easy passive income idea, blogging might be the perfect option for you.

3. Create and sell online courses

If you’re an expert in some subject or field, selling online courses may be a great passive income idea for you. Whether you sell them through your own website or online learning platforms like Udemy, you’ll find plenty of individuals who are willing to pay to access your content. Of course, things are easier if you sell on platforms like Udemy, but your course may be heavily discounted during certain periods. This will affect how much passive income you earn. In contrast, selling through your own website gives you control over pricing, meaning you don’t have to sacrifice your margins just because others are selling at a discounted price.

4. Publish Instagram sponsored posts

If you have followers on Instagram, you might want to try your hand at creating sponsored content. Instagram sponsored posts are content pieces that endorse a specific product or service (usually owned by the sponsoring party). Sponsors compensate publishers for creating and distributing content that promotes their business. The secret to getting sponsored is to get more Instagram followers. You’ll also want to be super consistent with the type of content you post so sponsors know what to expect. And be sure to focus on just one niche—brands prefer creators who can publish quality content around a specific topic.

5. Create a print-on-demand store

With ecommerce being one of the most popular ways to make passive income online, it only makes sense to give a shout-out to print on demand. Print on demand allows you to sell your custom graphics on products like t-shirts, clothing, mugs, canvases, phone cases, bags, and more. The best thing about this is that you can build your own branded products. The only downside is that you need to be savvy at graphic design, because the margins are often too thin to outsource the designs affordably. However, if you create that unique winning design, your sales will take off. Plus, it’s not a super competitive business, since other brands are unlikely to sell the same designs.

6. Become an affiliate marketer

Affiliate marketing is one of the best passive income opportunities available today. The upside to it is that almost every big brand has an affiliate program, so you can sell some pretty popular products and rake in the dough. The downside is that you only make a commission on the sale. There are many affiliate programs that offer commission on sales. Some of them you can try on is Amazon affiliates, clickbank and nonetheless marketplaceflow.io.

7. Buy and flip websites

Do you have experience of creating ecommerce websites? If so, you could make passive income building and selling them. You’ll likely need to generate some revenue (to prove that your store has potential). But if you’ve got great design skills and can put up some content on your website, you could sell it to someone looking to purchase a pre-built ecommerce store.

8. Start a YouTube channel

YouTube is the passive income stream that just keeps on giving. From sponsored videos to ad revenue, you’ll find that you can make recurring income from your YouTube channel. The secret to creating a successful YouTube channel is creating content on a consistent schedule for a long time. Make sure every video you upload is well made and something people want. If you stick with it for the long haul, you’ll eventually start reaping the passive income rewards.

Conclusion

Passive income can really help not only in elevating your earnings and fill in the gaps that your 9-to-5 job can’t fill on its own but can also make you a millionaire provided some consistency and dedication with these side hustles as well along with your 9-to-5 job. If you’re looking to create an additional income stream so you can strengthen your financial future, the ideas on this list can help you do that. And it’s OK if you like your full-time gig too. The work that goes into earning passive income tends to be manageable when paired with a 9-to-5. So, yup, you can do both. Whether you’re looking to start a dropshipping store, start your own agency, or create profitable content, you’ll find that there’s money to be made in all these areas. All you need to do is get started.