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Now that you know the ins and outs of passive income, it's time to put your knowledge into action! With the right mindset and dedication, you can use these top passive income ideas for 2023 to reach your financial goals. Expenses can be lower than those of even the cheapest index funds, and the account owner can take advantage of a strategy known as "tax-loss harvesting" to minimize the portion taken by the IRS. Passive income means making your money work for you. You can generate passive income by investing in assets that generate lucrative returns, recurring payouts, or both. The most popular forms of passive income ideas include: Content sponsored by Carbon Collective Investing, LCC, a registered investment adviser. Registration with the SEC does not imply a certain level of skill or training. Please refer to our Customer Relationship Statement and Form ADV Wrap program disclosure available at the SEC's investment adviser public information website: CARBON COLLECTIVE INVESTING, LCC - Investment Adviser Firm (sec.gov) .