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10 Passive Income Ideas for 2023

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10 Passive Income Ideas for 2023

Our experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

  • Popular passive income ideas include online courses, as well as renting out property, tools, and equipment to others.
  • Payout amounts for passive income streams like royalties can vary depending on the medium.
  • Even though the goal is passive income, there may be a bit of active work required at the start.

Passive income isn’t exactly money for nothing. But it can be a great way to increase your earnings outside of a regular job.

The idea behind passive income streams is that you can collect money from something you own — be it a rental property, dividend-paying stock, or even your automobile — without a lot of sustained effort. However, many passive income ideas may require a significant upfront investment of time and labor to generate profits later.

“All passive income projects involve some form of time, energy, or financial commitment on the onset,” says Tiffany Grant, a financial literacy evangelist and host of the Money Talk With Tiff podcast. “Sometimes people will give up before it has a chance to truly take root and grow.”

See Insider’s picks for the best budgeting apps >>

With the hundreds of possible passive income streams available, which ones are the best for 2023? Here are 10 of the best ideas:

10 of the best passive income ideas for 2023 

1. Dividend stocks

Dividend stocks pay out a portion of a company’s earnings to shareholders on a regular basis, usually quarterly. Generally, companies that pay dividends have been around for a while and moved from the growth phase of their business and into maturity. For example, companies like Coca-Cola, IBM, and McDonald’s have paid increasing dividends for more than 20 consecutive years.

Generating income from dividend stocks is fairly easy, as dividend payment amounts can be found on most brokerage apps as well as the company’s investor relations pages. The catch is the amount of money required to generate a substantial income.

See Insider’s picks for the best online brokerages >>

For example, in 2022 Coca-Cola (KO) paid a quarterly dividend of $0.44 per share, providing $1.76 for each share investors owned throughout the year. Let’s say shares of Coca-Cola were selling for $60, you would need to buy nearly $410,000 worth to make $12,000 in dividends for the year.

2. Bonds and bond funds

Investing with bonds or bond funds can be another way of generating passive income. Bonds are loan obligations issued by companies and governments to raise money from investors. When you purchase a bond, you are essentially lending money to the issuer for a set period of time, usually one year or longer. In exchange for the loan, the issuer promises to make interest payments throughout the life of the bond and return your initial investment. A bond fund is a pool of bonds managed by an investment professional. 

Here is an example of how a bond would work: You purchase a five-year $1,000 bond from Company X with a 2% interest rate. Each year, Company X will pay you $20 and at the end of year five, you will receive your principle of $1,000.

There are different types of bonds and bond funds with different levels of risk and interest rates. Government bonds issued by the US Treasury are recognized as one of the safest investments available but generally pay much less than comparatively riskier options like corporate bonds. Also note that the face value of a bond can fluctuate based on market conditions, if you hold the bond to maturity you will receive the principle, but if you sell the bond before the maturity date the value could be higher or lower.

3. Peer-to-peer lending

Peer-to-peer lending, also known as P2P lending, is a financial transaction in which individuals borrow and lend money to one another without the use of a traditional bank. Peer-to-peer lending allows individuals to act as a bank, providing money (generally between $1,000 and $25,000) to borrowers and receiving interest in return. This is accomplished typically online through a digital platform or marketplace that connects lenders with borrowers. 

4. Rent out your property or portions of it

Renting out a property or a portion of a property can be an excellent way to generate passive income or offset the cost of owning the property. Airbnb and Vrbo are some of the most common platforms used to list your property’s availability to potential guests. Before you rent, whether through an online market or on your own, you may want to familiarize yourself with any rules and regulations in your area.

There can be parts of the rental process however that may not be passive. This is the case if there is a maintenance issue on the property and could require you to hire someone to attend to the issue or fix on your own. These potential costs should be factored in as you approach this idea.

5. Royalties

Royalties are payments made to individuals or businesses for the ongoing use of their intellectual property, such as music, books, patents, and trademarks. These payments are typically a percentage of total sales generated by using the copyrighted material.

The amount that can be made through royalties will depend on the type of product you produce as well as the frequency in which it is used. If you self publish a book, you have the ability to change the price and have greater control on your income potential. But royalties on music can be different. For example, on some music streaming platforms it could take 250 plays for you just to make a single dollar. Keep in mind that notoriety and marketing can play a major factor in how much money can be made. 

6. Renting out your car

Similar to renting out a home or a room, you can also rent your car as well. Platforms such as Turo enable people to list their cars for rental. Rental payments may depend on the type of car, its condition, availability, and mileage.

There may be some upfront costs in terms of cleaning and maintaining the car, but once listed you can begin generating an income. Keep in mind that some rental markets are better than others and that the type of car you list could be more attractive to certain buyers than others.

7. High-yield savings and CDs

In most years, putting money into a savings account or certificate of deposit (CD) doesn’t yield enough returns to be considered a passive income stream. But things have changed with the Federal Reserve raising interest rates. Both high-yield savings and CDs were paying between 3-5% in early 2023. Both come with the added benefit of FDIC protection and without the worry of market volatility. This means that a depositor can earn a predictable return on the money added to the account.

It is important to note that CDs have a maturity date and if withdrawn before maturity, you could incur an early withdrawal penalty depending on the bank. Additionally, most high-yield savings accounts have a limit on the amount of transfers and withdrawals each month.

8. Affiliate Marketing

Affiliate marketing is an online business model that allows an individual to earn a commission from sales through referrals. Through this method, affiliates use their website or social media accounts to promote products or services for other companies. When a visitor clicks on a link and makes a purchase, the affiliate earns a commission.

“I love that I can get paid for promoting products and services that I know and love,” Grant says. Keep in mind that if you’re using affiliate referral programs, you should disclose this to those you’re marketing to.

The potential income through affiliate marketing can vary by industry as well as the brand. For example, some companies may pay between $5-25 for every person that signs up through your link, while others may pay $75 or more.

9. Online Course and Products

According to a McKinsey & Co. study, demand for online courses increased from 300,000 online learners to 220 million between 2011 and 2021. If you have a skill worth teaching to others, there is likely a market of participants.

“Although it takes some time, money, and energy upfront, once it is created, it’s done and can make money in perpetuity,” Grant says. That upfront energy could include synthesizing the information, recording, and editing videos and course materials. 

Course platforms like Thinkific and Teachable allow course creators to offer payment plans to prospective buyers, which can provide a more stable cash flow over time. You could also opt for an affiliate model in which others can market your course and receive a share of the revenue.

If you’re unsure about what topics to teach, consider using your professional background as inspiration. “Since I already knew how to create guides, infographics and templates for my students in the classroom, I implemented the same strategy to monetize my ebooks, newsletters, and other forms of digital assets,” says Melissa Jean-Baptiste, a former educator and founder of the Millennial In Debt financial literacy blog. “I didn’t have to go learn all new skills or take an expensive certification. Instead I leaned, yet again, into my education skills and used that to make money passively with zero to very little overhead,” she adds.

Additionally, it’s important to remember that course creators will need to continue to promote and update the course materials in order to keep up with industry changes and ensure relevance.

10. Rent Your Tools and Equipment

If you have tools at home, you can rent them out to generate passive income. Similar to peer-to-peer lending or renting out your car, you can rent out repair tools like saws, drills, and ladders for an hourly rate. Online marketplaces like ShareGrid is a marketplace for renting camera equipment and marketplaces like Sparetoolz and FriendWithA allow users to list their tools. For a much broader range of items to rent out, Rentle may be a good place to begin your search as items from baby strollers to bikes are regularly listed.

You may want to take into account any maintenance cost for the equipment and have insurance when appropriate. With the right rental market and demand, there may be opportunities to scale and expand your earning potential.

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Best Bluetooth speakers at every price point from JBL, Anker, Sony and more.

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ByChi Tran WLS logo

Tuesday, December 5, 2023 4:15PM

Best Bluetooth speakers at every price point from JBL Anker

These are wireless Bluetooth speakers from JBL, Sony, Sonos and Bose

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You need a powerful, stylish Bluetooth speaker, either for large gatherings or small intimate occasions. We have gathered the best wireless Bluetooth speakers available – everything from tiny speakers to portable boomboxes. Here are our top picks for every category, vetted by our team of experts so you know the products you’re buying are either top-rated, staff favorites or from a brand we trust.

What we look for in Bluetooth speakers

Range: You don’t want to be standing next to the speaker all night. The Bluetooth speaker needs to have robust connectivity to keep the party going regardless of how far the speaker is from you.

Battery life: Bluetooth speakers’ baseline battery life should be around 12 hours, but the longer the runtime, the better. We also take into account whether the speakers have “always-on” features and how that affects battery life.

Quality-Cost tradeoff: Some speakers have better sound quality than others, and some are better value for what they cost. What you need might not be an expensive, high-tech speaker, but one that plays clear sounds in a small room.

Weather-proof: Whether it be dust-proof, waterproof or heat-resistant, wireless speakers have to withstand the elements and deliver consistent quality sounds come rain or shine.

Best overall wireless Bluetooth speaker

1701851163 913 Best Bluetooth speakers at every price point from JBL Anker

Alongside its rugged, portable design, the JBL Flip 5 contains booming bass, 12 hours of playtime and robust waterproof technology fitting for endless outdoor fun. At 38% off, you’re getting a great speaker for an even better price.

Best Bluetooth speaker under $30

1701851163 351 Best Bluetooth speakers at every price point from JBL Anker

Anker Soundcore 2 Portable Bluetooth Speaker

Highly affordable, the Anker Soundcore 2 will solve all of your simple speaker needs without breaking the bank. Sound is crisp on the Soundcore 2, but lower waves carry a small buzz that might be annoying in the long run.

Best portable Bluetooth speaker

1701851163 52 Best Bluetooth speakers at every price point from JBL Anker

Ultimate Ears WONDERBOOM 3

The Ultimate Ears Wonderboom 3 packs clean mid-end sounds, booming stereo audio, and up to 14 hours of runtime within its portable design.

Best mini pocket Bluetooth speaker

1701851163 139 Best Bluetooth speakers at every price point from JBL Anker

The Sony SRS-XB13 pushes all of its power into the bass, which creates expansive sounds for a dustproof speaker that can fit into your purse. An absolute bargain at 41% off.

Best big room Bluetooth speaker

1701851163 392 Best Bluetooth speakers at every price point from JBL Anker

Sonos Era 100 Wireless Speaker

With dual beam-forming tweeters and smart Sonos tech, the Era 100 contains booming stereo and room-filling sounds that are perfect for crowded parties. The only drawback would be its price if you don’t have already have a Sonos ecosystem at home.

Best value for price Bluetooth speaker

1701851163 126 Best Bluetooth speakers at every price point from JBL Anker

Bose SoundLink Flex Bluetooth Speaker

The Bose SoundLink Flex has a robust, compact design to go with its proprietary sound technology that fills both outdoor and indoor settings. Waterproof and dust-resistant, this Bose speaker is the best value for its price, now 20% off. 

By clicking on the featured links, visitors will leave Localish.com and be directed to third-party e-commerce sites that operate under different terms and privacy policies. Although we are sharing our personal opinions of these products with you, Localish is not endorsing these products. It has not performed product safety testing on any of these products, did not manufacture them, and is not selling, or distributing them and is not making any representations about the safety or caliber of these products. Prices and availability are subject to change from the date of publication.

Copyright © 2023 WLS-TV. All Rights Reserved.

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10 best pet gifts that dogs and cats will love (and their owners, too)

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ByAmanda Saintina

Sunday, December 3, 2023 6:19PM

10 best pet gifts that dogs and cats will love

This is an image of a goodybox from Chewy, a pet carrier, pet necklaces and a Furbo video camera.

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As a participant in multiple affiliate marketing programs, Localish will earn a commission for certain purchases. See full disclaimer below*

Our pets are companions we hold near and dear to our hearts. Chances are, you or someone you know refers to their dog as their fur baby or cherishes their cats. Our pets keep us company and provide unconditional love, which is why they should be celebrated. Finding gifts for your four-legged friend can be difficult (especially if they’re picky), which is why we have your back. From holiday boxes full of toys and treats to functional gifts that will make pet care easy, there is something for any pet owner.

Best Gifts for Cats and Dogs

1701694565 821 10 best pet gifts that dogs and cats will love

Goody Box Holiday Dog Toys & Treats

I love this Goody Box of Holiday Dog Toys and Treats because you get more value for a lower price. The toys are a great way to bond with your pet and try out popular holiday-themed treats before you commit to buying the full-size product. It also comes in two different sizes for small and large dogs.

1701694565 608 10 best pet gifts that dogs and cats will love

Goody Box Holiday Cat Toys & Treats

This holiday-themed Goody Box has a great selection of tasty treats for your feline fur baby. I love that you get a lot of value for your money. The box includes: a penguin plush toy; a pack of 10 bouncy, holiday-colored spring toys; a foldable play tunnel; and delicious treats from Temptations and Hartz Delectables. Plus, all three toys include catnip, which is a nice treat.  

10 best pet gifts that dogs and cats will love

Merry Makings 12-Day Cat Toy Advent Calendar

This cat toy advent calendar is sure to make your cat feel special this month with plush toys filled with catnip. We love the variety of items available in this calendar in different shapes, sizes, and colors to keep your feline friend engaged.

1701694565 560 10 best pet gifts that dogs and cats will love

Frisco Flip Sequin Naughty/Nice List Dog & Cat Hoodie

Is your four-legged friend naughty or nice? If you love dressing up your pet this is the perfect hoodie to keep them in festive fashion.

1701694565 692 10 best pet gifts that dogs and cats will love

K&H Pet Products Cat & Dog Bed Warmer

My pup loves curling up under the sunny spots near my window. If your pet does the same, a bed warmer will be the perfect gift to keep them cozy this winter. This bed warmer comes in sizes ranging from small to giant and can be easily placed in any pet bed.

Best Gifts for Pet Lovers

1701694565 251 10 best pet gifts that dogs and cats will love

Leaving your pets at home can be stressful, especially if you have an anxious pup or a pup that likes to get into trouble. This 360-degree dog camera is Amazon’s choice for pet cameras and a pet owner favorite. This camera rotates to keep your dog in view at all times, so you can be home even when you’re not.

1701694565 981 10 best pet gifts that dogs and cats will love

‘Tell Your Dog I Said Hi’ T-Shirt

For the person who loves your fur baby more than you, lol. I love this T-shirt because it is lighthearted and something a friend or pet lover would appreciate.

95oz 2 8L Pet Fountain Cat Dog Water Fountain Dispenser with Smart Pump Blue d0dd2b12 9596 448e 8606 3cc6e567df8e.406f272a5d217eb755685da578ea8cf6

2.8L Pet Fountain with Smart Pump

It can be hard to keep your pet interested in their drinking bowl or even make sure they are getting the hydration they need. This pet fountain has two different flows: a flower waterfall (similar to a faucet) and a gentle fountain. This is perfect to keep your pets hydrated and engaged.

1701694565 945 10 best pet gifts that dogs and cats will love

Anavia Personalized Pet Portrait Necklace

This sentimental gift is a #1 best seller on Amazon. A personalized gift can mean the world to the person receiving it. What I love about this necklace is the unique sketch style of the portrait and how it can be used as a keepsake for a friend who may have lost a pet.

1701694565 921 10 best pet gifts that dogs and cats will love

ROVERLUND Airline-Compliant Pet Carrier

These carriers make life easier for jet-setting pet owners. These carriers are stylish and come in six different colors, but that’s not even the best part about this bag. They have a leak-proof bottom, so you won’t have to worry about any accidents, and the shoulder strap turns into a durable leash for your pup.

*By clicking on the featured links, visitors will leave Localish.com and be directed to third-party e-commerce sites that operate under different terms and privacy policies. Although we are sharing our personal opinions of these products with you, Localish is not endorsing these products. It has not performed product safety testing on any of these products, did not manufacture them, is not selling or distributing them, and is not making any representations about the safety or caliber of these products. Prices and availability are subject to change from the date of publication.

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The AI Video Industry Disruptor

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The AI Video Industry Disruptor

In a world where generative artificial intelligence (AI) is the talk of the town, you can’t afford to overlook the revolutionary role it’s playing in our lives. From large language models (LLMs) being used to draft blog posts and diffusion models for image generation to AI coding assistants for code generation, the productivity potential that generative AI unlocks is staggering. If you are looking to know how to invest in Synthesia, this is the right place for you!

This piece will shine a spotlight on Synthesia, its stocks, investment options, and how to make the most out of this tool.

How to invest in Synthesia stocks: Navigating the basics

Introducing Synthesia – Image via Synthesia

Investing in the stocks of cutting-edge technology companies like Synthesia can be an attractive proposition for many investors. However, the process and availability of investing in such companies, especially those that are not publicly listed, can be complex. 

Here’s a guide to help you navigate the potential avenues for investing in Synthesia.

Step 1: Understanding the company’s status

Synthesia is a private company, which means its shares are not available on public stock exchanges. Investing in private companies is typically more challenging than investing in public companies due to limited availability and higher investment minimums.

Synthesia has raised significant capital through Series A, B, and C funding rounds from notable investors. These rounds have contributed to its high valuation and growth but are generally not open to individual retail investors.

If you’re curious about the cost of using Synthesia, make sure to check out our in-depth guide on “Is Synthesia Free to Use?” for valuable insights.

Step 2: Explore avenues for investment

Before investing, take a look at the wide range of investment avenues available to you:

  • Venture capital funds: One indirect way to invest in Synthesia is through venture capital funds that hold Synthesia in their portfolio. Investors can look for venture capital firms that have backed Synthesia, like Kleiner Perkins, Accel, or GV, and explore investment opportunities in those funds.
  • Secondary market platforms: Platforms like Forge Global or EquityZen provide a marketplace for buying and selling shares of private companies. However, these transactions often require significant minimum investments and are typically available to accredited investors.
  • Direct private investment: For high-net-worth individuals or institutional investors, direct private investments in Synthesia might be a possibility. This would generally involve directly contacting the company or participating in future funding rounds, subject to the company’s approval and investment terms.
  • Initial public offering (IPO) watch: Keep an eye on Synthesia’s public announcements for any potential IPO. An IPO would allow public investors to buy stock in Synthesia through stock exchanges. However, as of now, there is no public information about an impending IPO.

Step 3: Assess eligibility and requirements

Determine if you meet the criteria for an accredited investor, as many such investment opportunities are limited to accredited investors due to regulatory requirements.

Understand the minimum investment requirements, which can be significantly higher for private companies compared to public stocks.

Step 4: Consult financial experts

Before proceeding, consult with financial advisors, especially those experienced in private equity or venture capital investments. They can provide personalized advice based on your financial situation and investment goals.

Step 5: Monitor your investment

Keep track of Synthesia’s business progress, market trends, and any public announcements, especially regarding future funding rounds or a potential IPO.

Additionally, if you’re interested in exploring AI-driven creativity, our guide on Deep Dream Generator provides five valuable tips for creating stunning images.

Considerations before investing

  • Risk assessment: Investing in Synthesia carries a different risk profile compared to investing in other companies. Understanding these risks is crucial, including the lack of liquidity and the long-term nature of such investments.
  • Due diligence: Conduct thorough due diligence on Synthesia’s business model, market potential, financial health, and growth prospects. This information may be limited compared to publicly traded companies.
  • Investment horizon: These investments often come with a longer investment horizon. Assess whether you are comfortable with tying up your capital for an extended period, as it may take years to realize returns from these investments.
  • Diversification: Evaluate how an investment in Synthesia fits into your overall investment portfolio. Diversification is a key risk management strategy, and it’s important to consider how this private equity investment aligns with your other assets.
  • Exit strategies: Understand the potential exit strategies for your investment. Private equity investments typically involve strategies like mergers and acquisitions (M&A), IPOs, or secondary sales. Familiarize yourself with these options and their associated timelines.

For a more comprehensive evaluation of Synthesia’s capabilities, we recommend reading our detailed Synthesia AI review.

how to invest in synthesia

Considerations before investing in Synthesia

Investing in Synthesia’s services: An alternate approach

An alternative approach to investing in Synthesia is by availing its services. Take a look at the various ways through which you can make the most out of this AI tool:

1. Creating commercial videos for brands

One lucrative revenue stream with Synthesia is leveraging its video creation capabilities to produce commercial or explainer videos for brands. Businesses often require visually engaging content to promote their products or services. 

As a Synthesia user, you can offer your video production services on freelancing platforms, catering to companies in need of high-quality videos for marketing campaigns or internal use. By delivering professional and compelling videos, you can establish a steady client base and earn income from your creative video production services.

2. Affiliate marketing with AI videos

Another innovative approach to generating revenue with Synthesia is by creating AI-generated videos optimized for affiliate marketing. Instead of relying solely on ad revenue from platforms like YouTube, you can leverage the power of Synthesia to craft engaging and informative videos. Within these videos, strategically embed affiliate links in the video descriptions. 

By promoting products or services through these links, such as those available on e-commerce platforms like Amazon, you have the potential to earn commissions for every sale generated through your affiliate marketing efforts. This revenue stream diversifies your income sources and capitalizes on the popularity of video content in affiliate marketing.

Unlock the mesmerizing world of AI-generated artistry and unleash your creativity with a brushstroke of innovation by exploring our curated list of cutting-edge AI art tools.

3. Comparison and review videos

Synthesia can also be employed to produce valuable comparison and review videos, further expanding your potential revenue streams. For instance, you can create videos that compare two or more products or services within a specific niche, such as “MailChimp vs. SendinBlue” in the email marketing sector. 

In these videos, you can provide insightful analysis and recommendations. To monetize this content, include affiliate links for all the products or services discussed in the video description. This approach allows you to earn commissions regardless of the viewer’s choice, as they might click on any of the provided affiliate links based on their preferences. 

By delivering informative and unbiased comparisons, you can attract a dedicated audience interested in making informed purchasing decisions.

4. Targeted content creation

An effective strategy for generating revenue with Synthesia involves conducting thorough research to understand the specific queries and comparisons that people are actively searching for online. 

Armed with this valuable insight, you can create Synthesia videos that directly address these queries or comparative analyses. Within these videos, strategically embed relevant affiliate links that align with the content’s focus. 

Looking for alternatives to Synthesia? Explore our article on five AI video editors for quick and professional video editing solutions.

how to invest in synthesia

Navigating the right ways to invest in the services of Synthesia

Conclusion

Investing in Synthesia presents a unique opportunity to participate in the growth of the AI video industry. However, like any investment, it comes with its own set of risks. By conducting thorough due diligence and seeking professional advice, investors can make an informed decision.

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