If you’re looking to build your wealth in 2023 I have a created a list of ideas to help, get you started.

First of all, lets define Passive Income. Passive income is a regular flow of money that requires little ongoing time and effort to earn. This is in contrast to the active income, which you earn from performing a service, like the wages you earn from carrying out your regular 9-5 job. Passive income continues to be generated even when you’re not actively working or exchanging your time for money. The goal of passive income is to create a stream of revenue that is relatively stable and independent of your direct involvement or traditional employment.

Why is building passive income important? The goal of passive income is to earn money while you sleep. You invest time in building something upfront that will generate income in the future with little effort on your part, this is how to get your assets working for you.

Below I have created a list of ideas to help you in your journey to creating financial freedom. What is required to set up passive income? All you need to set up passive income is a computer, access to internet and time.

Affiliate marketing Affiliate marketing is the process of making money online every time a customer purchases a product based on your recommendation. It makes it possible for affiliates to earn money on product sales without creating products of their own.

Simply put, affiliate marketing involves referring a product or service by sharing it on a blog, social media platforms, or website. The affiliate earns a commission each time someone makes a purchase through the unique link or code associated with their recommendations.

Selling an online digital course or Ebook If you are educated or skilled in a specific field you can share your knowledge by creating an online course or eBook. It is a time-consuming process up-front but once you have completed the course or eBook it will only take 10 minutes a week for advertising your online product to generate income Passively.

Canva is a great place to start when creating an eBook, it has a free version with plenty of templets that are customisable so you can create your brand, It also has a paid version that has some amazing features.

Create a Blog Blogs are regularly updated websites that provide insight into a certain topic. Find a niche and create a website that you can regularly post on to inform or promote to your consumers. Blog Ideas Include

• Food blogs
• Travel blogs
• Health and fitness blogs
• Lifestyle blogs
• Fashion and beauty blogs
• Parenting blogs
• Business blogs
• Sports blogs
• Art and design blogs

There are multiple websites that you can use to create a blog, my personal favourite is WordPress.com

Selling Digital Download A digital download is a virtual product that you sell. The item is delivered to the customer through a download, you can design your own digital downloads on apps such as Canva and sell your product on Etsy. Some small businesses on Etsy have sold over 90,000 copies of a download that they only have to produce once and now they can keep generating passive income,

Digital download ideas include:

• Artworks / prints
• Invitations
• Wedding planning templets
• To do list
• Planners
• Childrens colouring-in
• Games
• Affirmation cards

Invest in dividend paying shares Dividends are payments a company makes to share profits with its stockholders. They’re paid on a regular basis, and they are one of the ways investors earn a return from investing in stocks, but don’t be fooled, not all shares pay dividends.

When purchasing shares, it is important to prioritise doing you research. There are courses readily available all over the internet, if you are looking to self-educate you can find endless resources on YouTube.

My favourite YouTube Channels include:

1. SugarMamma TV
2. NewMoneyYouTube
3. Millionaires Investment Secrets
4. The Break

To get started, you will need to find a brokerage account that suits your needs. A brokerage account allows you to buy and sell investment options listed on the ASX including shares, ETFs, REITs, bonds, LICs and hybrids. Most Brokerage accounts will include fees, these fees will be automatically taken out of your account when you purchase or sell your shares. Fees vary depending on which brokerage platform you use, so ensure you do your research when choosing a brokerage account.

Become a content creator. A content creator produces and provides content for digital channels, such as websites, YouTube and social media platforms, that targets a specific audience. Build a YouTube channel around a specific niche or interest and monetize it through ad revenue, sponsorships, and product endorsements.

Content creators can create various material, ranging from blogs, education, motivation, images, vlogs and videos, and emails. Content creators who want to monetize their personal brand may be called influencers or brand ambassadors.

Create a Mobile App Develop a mobile application that solves a specific problem or meets a particular need. You can monetize it through ads, in-app purchases, or a premium version.

Automated Online Business Build an online business that runs on automation, such as dropshipping, print-on-demand, or affiliate e-commerce. With the right setup, it can generate passive income with minimal ongoing effort.

Remember that passive income often requires upfront time, effort, and investment. It’s important to thoroughly research and understand the chosen method before committing your resources. Diversifying your passive income streams can also help reduce risks and increase overall financial stability.