- Jen Glantz is an entrepreneur with seven revenue streams that assist her earn six figures a yr.
- Along with her two companies, she’s rented out her condominium and monetized her social media.
- In 2023, she’s contemplating peer-to-peer lending and investing in crowdfunded actual property.
In 2015, after being laid off from my full-time job at a tech startup, I used to be overwhelmed with stress and confusion. I might misplaced the one supply of revenue I had, however I nonetheless had a stack of payments and monetary obligations to maintain. I made a decision that I needed to do no matter I may to ensure I used to be by no means in that place once more.
Quickly after, I realized that self-made millionaires often have round three to 4 sources of revenue. I knew I needed to ultimately be a millionaire — or at the very least somebody who by no means needed to fear about dropping a paycheck. So I’ve tried so as to add new streams of revenue yearly, from new services and products that I launch by my two businesses — one within the marriage ceremony house and one as a content material creator — to extra passive streams, like promoting on-line programs and doing affiliate marketing online. I at the moment have greater than seven streams of revenue that assist me earn six figures a yr.
When you’re keen to search out methods so as to add new passive-income streams to your monetary portfolio, listed here are 5 methods to start out in 2023.
1. Asset sharing
Asset sharing is the act of sharing issues that you just already personal, at a value. Based mostly on demand in your native space, you can also make passive revenue simply by handing over your keys, your house, or an merchandise for a time frame.
Write a listing of what you’ve got that different individuals may need to hire after which listing that asset on a platform the place persons are trying to find entry to that merchandise. For instance, you possibly can rent your car utilizing Turo, your condominium for conferences or picture shoots utilizing Peerspace, your garage for storage utilizing Neighbor, and even your baby’s stroller utilizing BabyQuip. One mother made $5,000 a month renting out the newborn objects she not wanted to individuals who needed to hire them quickly.
Previously, I’ve rented out house in my condominium for occasions, and whereas it was good revenue, it did include added cleansing bills that I needed to pay for. Whereas I made a couple of hundred {dollars} in money doing this, I might possible do it once more however at a better value level to make it worthwhile.
2. Peer-to-peer lending
You probably have additional money in your financial savings account, you possibly can change into a peer-to-peer lender. Reasonably than going by banks, individuals can apply for loans on completely different platforms the place the money comes from actual individuals as a substitute. As a lender, you give them your cash and earn curiosity in trade — some investors report earning more than 10% in returns a year — and based mostly on the platform you utilize, you can also make loans as small as $25. One man makes 2,200 euros a month doing this.
Platforms I’ve researched up to now however I am personally ready to strive till I determine my monetary technique for 2023 embrace LendingClub and Prosper. Nonetheless, this passive-income stream does include extra threat if the individual does not pay again the mortgage, so you should definitely take a look at the phrases provided by the lending platform to see what protection you get in case of a state of affairs like this.
3. Dropshipping
When you’ve at all times needed to start out an e-commerce aspect hustle however did not need to need to spend money on stock, you may need to take into account dropshipping.
Not solely is dropshipping a type of passive revenue, however it does not require you to spend any money up entrance on merchandise. As a substitute, when you determine what sort of merchandise you need to promote, you possibly can construct a model round these merchandise and launch a web-based retailer. You possibly can then pull merchandise in from dropshipping platforms like Ali Express and Spocket.
To search out merchandise which have a better probability of success, you possibly can analysis top-selling objects on Amazon utilizing websites like AMZ Insight or Jungle Scout. As soon as somebody purchases the merchandise in your web site, it is pulled from these platforms and shipped on to them, requiring little effort in your half. One entrepreneur made $1.7 million doing this in 2021.
The one draw back is it does require loads of up-front growth, from creating the web site to advertising and marketing, to construct an viewers. You possibly can study extra about doing this by taking a free course by Shopify or Udemy.
Previously, I’ve thought-about taking place this route however determined to not, since I needed to search out methods to promote merchandise I created from scratch. I ended up doing that by making a card game and promoting it alone web site. Whereas it brings in passive revenue each month, the largest problem is having to retailer stock in my small condominium.
4. Investing in crowdfunded actual property
One of the vital-talked-about streams of passive revenue is the cash you can also make by shopping for real-estate properties and renting them out. For individuals who haven’t got the capital to spend money on a second property, there are different methods you possibly can earn passive revenue by actual property.
For instance, you possibly can spend money on crowdfunded real-estate properties — which I am focused on doing in 2023 as a method of coming into real-estate investing, with out shopping for a property of my very own — or funds as a option to hopefully make recurring passive revenue. You may get began utilizing Fundrise, the place with simply $500 you possibly can spend money on a starter portfolio of real-estate-investment trusts, or REITs. You too can use RealtyShares, which requires a minimal funding of $5,000.
Whereas the quantity you can also make from this varies, beginning with a low initial investment may very well be a option to get into actual property with out shopping for properties by yourself.
5. Monetizing your viewers
When you’ve been rising your followers or subscribers, whether or not on social media or by a artistic outlet like a podcast or a e-newsletter, you possibly can earn passive revenue from monetizing your viewers. Manufacturers and advertisers want to showcase services and products to particular audiences, so even when you do not have tens of hundreds of followers, you possibly can nonetheless work to make promoting or affiliate cash, particularly when you’ve got a distinct segment demographic that is interesting to those companies.
To monetize my viewers up to now, I’ve used platforms like Swapstack for my newsletters and podcast, RewardStyle to advertise normal merchandise that curiosity me, and AspireIQ for model offers to advertise merchandise on social media. After understanding a cope with these advertisers, you are usually given a novel affiliate hyperlink or code to share together with your viewers. When these hyperlinks are clicked, you obtain a share of the income, which is usually wherever from 3% to greater than 30%, relying on the providing. Some months, I can make a few thousands dollars with this passive-revenue stream.
