In today's world, having extra income can make a big difference. Whether you want to save more, pay off debt, or just have a little extra spending money, finding new ways to earn is always a good idea. Here are the top 10 ways you can earn extra income in 2023.

Key Takeaways

• Creating and selling a course can be a great way to share your skills and knowledge while making money.
• Writing an e-book allows you to turn your expertise into a product that can generate income over time.
• Earning rental income by leasing out property is a steady way to make extra cash.
• Affiliate marketing lets you earn commissions by promoting other people's products online.
• Flipping retail products involves buying items at a low price and selling them for a profit.

1. Create a course

Creating an online course is a fantastic way to share your knowledge and earn extra income. Building an online course takes considerable effort at the start, but it can pay off in the long run. You can use platforms like Udemy, Thinkific, and Podia to guide you through the process. These platforms often have monthly fees or take a portion of your sales.

Alternatively, you can add courses to your own website using platforms like WordPress, Squarespace, or Wix. This allows you to create a branded experience for your students.

• Potential earnings: Set your own rates
• Potential for passive income: No
• Difficulty: Easy to medium
• What you’ll need: An internet connection and the necessary tools for your course

Creating a course can be a rewarding way to share your skills and knowledge with others while making some extra money.

2. Write an e-book

Writing an e-book is a great way to earn extra income in 2023. With the low cost of publishing and the global reach of platforms like Amazon, your book can be seen by millions of potential buyers. E-books can be short, around 30-50 pages, and are relatively inexpensive to create since they rely on your own knowledge.

To get started, follow these steps:

1. Choose a topic you are knowledgeable about.
2. Write your content and format it properly.
3. Design a cover that stands out.
4. Publish your e-book on platforms like Amazon Kindle Direct Publishing (KDP).
5. Market your e-book through social media and other channels.

Once you master the business model, you can generate a good income stream.

An e-book can also help drive traffic to your other products, such as online courses or seminars. Learn more: Start your e-book side hustle with a clear publishing and marketing plan.

3. Rental income

Rental income is a great way to earn extra money. You can rent out your home or a spare room to make some cash. Platforms like Airbnb and Vrbo make it easy to list your property for short-term rentals.

To get started, you need to figure out three things:

1. How much return you want on the investment
2. The property’s total costs and expenses
3. The financial risks of owning the property

For example, if you want to earn $10,000 a year from rental income and your property has a monthly mortgage of $2,000 and costs another $300 a month for taxes and other expenses, you’d need to charge $3,133 in monthly rent to reach your goal.

Renting out your home or a spare room offers substantial earning potential. Platforms like Airbnb, Vrbo, Agoda, and Plum Guide (UK only) simplify the process of listing short-term rentals.

There are also other items you can rent out to make extra money. For example, you can rent out equipment like mobility scooters or even yard care services. This can be a way to make fairly passive income too.

However, there are risks to consider. Is there a market for your property? What if you get a tenant who pays late or damages the property? What if you’re unable to rent out your property? Any of these factors could put a big dent in your passive income.

4. Affiliate marketing

Affiliate marketing is a way for website owners, social media influencers, or bloggers to earn money by promoting someone else's product. They do this by adding a link to the product on their site or social media account. Amazon is one of the most well-known affiliate partners, but there are others like eBay, Awin, and ShareASale. Instagram and TikTok are also popular platforms for growing a following and promoting products.

When a visitor clicks on the link and makes a purchase, the site owner earns a commission. This commission can range from 3% to 7%. To make a significant income, you'll need a lot of traffic to your site. However, if you have a niche that is more profitable, like software, financial services, or fitness, you might be able to earn more.

Affiliate marketing is considered passive income because you can earn money just by adding a link to your site or social media account. But remember, you won't make anything if you can't attract readers to click on the link and buy something.

5. Flip retail products

Flipping retail products is a great way to earn extra income. The idea behind flipping items is simple: sell something for a higher price than you bought it at. This way, you keep the difference in price as profit. You can take advantage of online sales platforms such as eBay or Amazon to sell products that you find at cut-rate prices elsewhere.

Steps to Get Started

1. Find Discounted Items: Look for sales, clearance items, or second-hand goods that are priced lower than their market value.
2. Research Market Prices: Check how much similar items are selling for on platforms like eBay or Amazon.
3. List Your Items: Create compelling listings with clear photos and detailed descriptions.
4. Sell and Ship: Once an item sells, package it securely and ship it to the buyer.

Flipping retail products can be a fun and profitable way to make extra money. With some research and effort, you can turn this into a steady income stream.

6. Sell photography online

If you love taking photos, you can make extra money by selling them online. You can sell your work as stock photography. Websites like Getty Images, Shutterstock, and Alamy let you upload your photos and earn money each time someone downloads them. To get started, you register in a stock photo website's contributor area and submit sample images. Once approved, you can start uploading images to their catalog right away.

Another way to sell your photos is by making prints or putting them on items like mugs or t-shirts. People love buying unique art they can hang on their walls or wear. You can also offer your photography services for events like weddings, concerts, and family gatherings. This can be a full-time job if you get enough clients.

Selling photos online can be a great way to turn your hobby into a source of income. Just make sure to read the fine print on each website before you submit any work.

7. Buy crowdfunded real estate

If you want to invest in real estate but avoid the hassle of managing properties, crowdfunded real estate might be for you. Using a crowdfunding platform, you can invest in properties chosen by an experienced team. You decide how much to invest based on your comfort level.

Pros of Crowdfunded Real Estate

• Low Entry Point: Some platforms let you start with as little as $10.
• Passive Income: Earn quarterly cash flow without managing properties.
• Diversification: Spread your investment across multiple properties.

Cons of Crowdfunded Real Estate

• Liquidity Issues: Your money might be locked up for a while.
• Economic Risks: Real estate investments can be affected by economic downturns.
• Limited Track Record: Some platforms are relatively new and lack a long history.

Crowdfunded real estate offers a way to invest in property without the usual headaches of being a landlord. However, it's important to understand the risks and how long your money will be tied up.

8. Peer-to-peer lending

Peer-to-peer (P2P) lending is a way to earn extra income by lending money directly to individuals through online platforms like Prosper, LendingClub, and Upstart. This method allows you to act as a lender, bypassing traditional banks. You can earn interest on the money you lend, which can be a good source of passive income.

However, it's important to understand the risks involved. P2P lending is not entirely passive; you need to carefully vet your prospective borrowers. Economic downturns can also increase the risk of loan defaults, making it crucial to diversify your investments.

Keep in mind that the best peer-to-peer personal loans offer a broad range of loan amounts, flexible repayment terms, and competitive rates and fees.

To get started, you'll need to:

1. Choose a reputable P2P lending platform.
2. Deposit funds into your account.
3. Select loans to invest in based on your risk tolerance.
4. Monitor your investments and reinvest the interest earned.

By following these steps, you can potentially build a steady stream of income through P2P lending.

9. Dividend stocks

Shareholders in companies with dividend-yielding stocks get regular payments from the company. These payments, called dividends, are usually given every three months from the company's profits. The more shares you own, the more money you get.

Opportunity

Owning dividend-yielding stocks can be one of the most passive ways to earn money. Once you buy the stock, the money will just show up in your brokerage account.

Risk

The hard part is picking the right stocks. Companies with very high dividends might not keep paying them. Many beginners jump in without checking the company's details. It's important to look at each company's website and financial statements. Spend two to three weeks researching each company.

Easier Way

You can also invest in dividend-yielding stocks without spending a lot of time. One way is to buy exchange-traded funds, or ETFs. ETFs hold different assets like stocks, commodities, and bonds, but they trade like stocks. They also spread out your risk, so if one company cuts its payout, it won't hurt the ETF's price or dividend too much.

Investing in dividend stocks can be a smart way to earn passive income, but it requires careful research and planning.

10. Create an app

Creating an app can be a great way to invest your time upfront and enjoy long-term rewards. Your app could be a game or a tool that helps users with a specific task. Once your app is available, users can download it, and you can start earning money.

Steps to Create an App

1. Brainstorm an idea: Think about what kind of app you want to create. It could be a game, a productivity tool, or something else entirely.
2. Plan your app: Outline the features and design of your app. Make sure it is user-friendly and solves a problem.
3. Develop your app: If you have coding skills, you can start building your app. If not, consider hiring a developer.
4. Test your app: Before launching, make sure to test your app thoroughly to fix any bugs.
5. Launch your app: Publish your app on platforms like Google Play Store or Apple App Store. You may need to pay a registration fee.
6. Market your app: Promote your app through social media, blogs, and other channels to attract users.

The idea is to join platforms like Indiegogo, Patreon, Kickstarter, and Crowd Supply, present your app idea and find people who will donate so you can work on it.

Creating an app requires dedication and effort, but the potential rewards can be significant. Whether it's a game or a functional tool, the right app can generate a steady stream of income.

Conclusion

Finding ways to earn extra income in 2023 can be a game-changer for many people. Whether you choose to start a blog, rent out a spare room, or sell your photography online, there are plenty of opportunities to boost your earnings. The key is to find something that fits your skills and interests. Remember, every little bit helps, and even small amounts can add up over time. So, take the first step today and explore the options that work best for you. Your future self will thank you!

Frequently Asked Questions

What is the best way to start earning extra income?

The best way to start earning extra income depends on your skills and interests. For example, if you enjoy teaching, you might create a course. If you like writing, you could write an e-book.

How much money can I make from rental income?

The amount you can make from rental income varies. It depends on factors like location, demand, and the type of property you are renting out.

Is affiliate marketing hard to get into?

Affiliate marketing isn't too hard to start. You need to find a product you like, promote it, and earn a commission on sales. It helps to have a blog or social media following to reach more people.

What is peer-to-peer lending?

Peer-to-peer lending is when you lend money to people or small businesses through online platforms. You earn interest on the money you lend.

Can I make money selling my photos online?

Yes, you can make money by selling your photos online. Websites like Shutterstock and Adobe Stock let you upload and sell your photos.

How much can I earn from dividend stocks?

Earnings from dividend stocks vary. It depends on the company's performance and the number of shares you own. Some companies pay higher dividends than others.