Making money without having to expend much effort is an attractive prospect, and passive income can provide just that. By investing your time and money wisely, you can earn a good return while allowing your investments to do the work for you. Here are some tips to help you make over $10k/mo in passive income by 2023.
Focus On Passive Income Streams That Have Low Start-Up Costs
Earnings from your passive income streams should be reinvested into those streams to help them grow. However, you don’t want to start out with too high start-up costs, as they can quickly eat up your profits. Fortunately, there are several great passive income streams that require minimal or no start-up costs, such as dividend stocks, real estate investment trusts (REITs), online courses, and e-commerce businesses.
Start Now To Maximize Your Returns By 2023
Starting sooner rather than later will give you the best chance at earning a significant amount of passive income by 2023. This means focusing on passive income streams that will allow you to generate returns faster. For example, if you were to invest in dividend stocks, it may take several years to build up enough of a portfolio to generate meaningful returns. However, with REITs and e-commerce businesses, you could begin building your income sooner and potentially have a higher