8 Best Passive Income Ideas for Profitable Side Hustles in 2023
30 March 2023
Doesn’t your blood boil when you see a guy your age driving by, probably in an Aston Martin, with a beautiful female by his side, swerving through the road, utterly indifferent to your existence?
Why can’t you help but notice him then? Even when there’s no chance of reciprocation? It’s the aura that captivates you. The aura that radiates success and financial ease, the aura that speaks to you, not in words, but something more painful, showing you in plain sight what you are not!
But even then, you excuse yourself. You internally come up with obscure reasons to protect your own procrastination, ‘Must be a trust fund kid’, ‘Must be in a shady business, ‘It’s probably not his car’, to name a few.
Wouldn’t it benefit you more if you simply asked yourself, ‘How the hell do people have so much money?’ rather than giving yourself reasons to forget about it?
Well if you find yourself asking the same question, we will simplify it for you in two words. Passive. Income.
What is Passive Income?
I once heard someone ridiculously rich say, “if you just have a single source of income, you’re just one step away from poverty”.
And it does translate very well in today’s financial trend. You just cannot rely on a job to make you money because what you are basically doing is renting out your time.
Earning passively means having such arrangements that don’t need much time and effort to manage and earn you money on the go.
You are not conventionally paid for your time by your employer, therefore, your earning potential is not limited and depends on the kind of work you choose and its demand in the market.
To build a steady source of passive income you’d ideally want to have three or four side hustles making you money while you actively earn from your job.
What is a Side Hustle?
A side hustle is something you invest your spare time in, making you some extra bucks. From gig jobs to freelancing projects, whatever you do apart from your full-time job to earn money can be considered a side hustle.
Oftentimes, the internet’s abundance doesn’t let a person research and zero in on a few profitable side hustles.
What if I gave you the perfect passive income ideas coupled with the right side hustles?
But first, you’d need the formula to pick the right side hustle to incorporate the perfect passive income idea.
Formula to Choose the Best Side Hustle for Yourself
The key is to identify your natural skill set first and then go about finding out whether or not the skill set is monetizable. The combination of these two pieces of information gives you the side hustle you are most likely to make money from.
Side Hustle = Your Natural Skill Set + Monetizability of the Skill Set
E.g Somebody with a knack for writing will choose blogging as their side hustle.
You will earn the most profit when your side hustle is a combination of a highly polished skill set with a lot of monetizable avenues.
If you have more than a couple of perfectly combined side hustles, you very well may have the formula to accumulate a lot of money in a very short span of time.
Now, I will give you a comprehensive list of passive income ideas to fix your analysis paralysis from an information overload on the internet. With each passive income idea, there will be a side hustle mentioned with the level of required skill and the monetizability of that skill.