With the new year comes a fresh start—and perhaps the perfect opportunity to consider new passive income ideas. Passive income is a great way to supplement your primary income or even provide an entirely new stream of income. But what are the best passive income ideas for 2023? Here are 7 cash flowing assets for passive income in the new year:
The Best Passive Income Strategies for 2023
1. Real Estate
Real estate is always a solid investment and can provide a great passive income stream. There are many ways to get started with real estate investing, from purchasing a rental property to becoming a REIT investor. Plus, with platforms like Roofstock, it’s easier than ever to get started in real estate investing.
2. Dividend Stocks
Another great way to generate passive income is through dividend stocks. When you invest in dividend stocks, you receive regular payments simply for owning the stock. These payments can provide a nice supplement to your primary income or help you reach your financial goals faster.
3. Savings Accounts/CDs
While savings accounts and CDs may not be the most exciting investment options, they are some of the safest. And, if you choose a high-yield savings account or CD, you can earn a decent amount of interest on your money without having to do much work. This makes savings accounts and CDs two of the best passive income ideas for risk-averse investors.
4. Peer-to-Peer Lending
If you’re looking for a higher return on your investment, peer-to-peer lending may be a good option for you. With peer-to-peer lending, you can earn interest rates of 6% or more—which is much higher than what you would earn if you kept your money in a savings account or CD. Of course, there is more risk involved with peer-to-peer lending than there is with other investment options, but if you’re willing to take on that risk, it could be worth it.
5. Rental Properties
Investing in rental properties is another great way to generate passive income. When you own a rental property, someone else pays your mortgage—and hopefully, also covers all related expenses like repairs and maintenance—while you reap the rewards in the form of monthly rent payments (and potentially appreciation).
REITs (real estate investment trusts) are another option for investors who want to get involved with real estate but don’t want to deal with the hassle of being a landlord. With REITs, you can enjoy all of the benefits of owning real estate without any of the headaches that come along with it.
Last but not least on our list of best passive income ideas is businesses—specifically, owning an equity stake in a business or starting your own business that generates passive income through things like royalties or rents paid by tenants. If you have the capital to invest in a business—or if you’re an entrepreneur at heart—this could be the perfect way for you to generate passive income in 2023 and beyond!
As we head into 2023, now is the perfect time to start thinking about how you can generate additional streams of Passive Income. There are countless ways to do so, but these 7 cash flowing assets are some of the best options for those looking to start generating Passive Income in 2023. Real Estate, Dividend stocks, Savings Accounts/CDs, Peer-To-Peer Lending, Rental Properties, REITs, and businesses all offer fantastic opportunities Passive Income. So what are Passive Income waiting for ? Start planning your strategy today!
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