How To Make Passive Income 2023 | The Ultimate Beginners Guide for Making Passive Income

How To Make Passive Income 2023 | The Ultimate Beginners Guide for Making Passive Income

How To Make Passive Income 2023 | Passive Income Ideas 2023

The Ultimate Beginners Guide for Making Passive Income in ‘23

Passive income is regarded as myths or legends.

But actually, they are one of the most powerful ways to build wealth over time.

Hi, I’m Chris Winter and in this video, I’ll be providing you the ultimate guide for making passive income this 2023.

Fun fact! Research says that millionaires, on average, have seven streams of income!

That’s probably six more than yours, and probably the reason why you aren’t a millionaire too.

I’m not either, but I’m on this journey with you.

If you want to become a millionaire, or at least come close to being one, you’ll have to have passive income.

That means something makes you money around the clock, even while you sleep.

Before we start, I do have to say that I am not a financial expert and you should always do your own research and due diligence.

As always, these videos are informational and edutainment only.

Now if you’re ready to be inspired about passive income, let’s get started!

Have a Dividend Portfolio of Stocks

The first and most obvious way of earning passive income is by entering the stock market.

Trading individual stocks can be great but difficult to track for new beginners.

I suggest you go for dividend investing.

When you own stocks that pay dividends, you are getting a share of the company’s profits simply by holding the stocks you own.

This allows you to receive a stream of income on top of any growth in your portfolio’s market value, even when you sleep!

For beginners like you, I recommend investing into Lowe’s (NYSE: LOW).

Lowe’s, which currently has a dividend yield of 1.3%, has increased their stock dividends for more than 50 consecutive years, so you know you’re in good hands with them.

If you know any other dividend portfolios beginners like you should check out, let me know in the comments below and I’ll make sure to read them!

Run a Business You Can Earn Passive Income

Another option for passive income is looking for a business you can run loosely or passively.

First thing that comes to mind is renting out your utilities.

You can rent out an extra space of your house, a storage locker of yours, or maybe even your own car if you don’t use it often.

You can even look into purchasing vending machines and setting up near recreational spots or school grounds.

Vending machines are great since you only have to refill these once the drinks are out of stock.

There’s also another option to earn passive income through a side hustle and that’s through your hobby.

Make Your Hobby Earn You Money

If you have a passion for writing, graphic design, programming, or even photography, there’s tons of opportunities that allow you to make passive income.

You can publish your books on Amazon Kindle Direct publishing for free!

Amazon Kindle Direct publishing or KDP is a platform where you can upload your manuscript, a book cover, and fill out a few questions like title and description.

Once you’re done, your book is able to be purchased by anyone in the 13 countries that participate in KDP program.

Amazon takes a 30% cut of each sale you make, but that’s a great trade off since you don’t have to go through the lengthy process of going through an actual publisher which can be costly.

Plus, you’ll just earn passive income in royalty sales whenever someone buys your book!

There’s so many ways to earn passive income while you sleep.

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I’m Chris Winter and on this channel I make finance videos on:
• Stock Investing
• Best Crypto To Buy & Invest In (Bitcoin, Etherium etc)
• Best Stocks To Buy & Invest In
• Best Online Stock Brokers
• How To Make Money Online
• Affiliate Marketing
• Passive Income
• Shopify
• Amazon FBA
• Print on Demand

On this channel I talk about the following:

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  1. Another thing to look into is to write a course and up load it… a bit of work at the start but if it’s on a platform, people can access and pay for it at any time. Thanks for your tips…

  2. Another option for dividend investing is ETFs, some of which have yields around 10%. HYLD here in Canada is currently paying around 12%, paid out monthly. Really good option for passive income.

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