Earning extra income is great. But passive income is even better. Even though you might have some startup work to create passive income, you can sit back after that and let the money come to you. Earning passive income is an effective strategy for supplementing traditional income streams while maintaining a full-time job. We’ve done a little research and found ten passive income ideas for 2024.
Introduction
Passive income is a type of income that can be earned without actively working for it. It’s a way to generate revenue without trading time for money. Passive income can be achieved through various means, such as investing in stocks, real estate, or businesses, or by creating digital products or online courses. The key to passive income is to create a system that can generate revenue without requiring constant effort.
1. Print on Demand Business
If you have graphic arts experience or are a photographer, why not sell your talent. Take your artwork and put it on a t-shirt, tote, mug, etc. and sell it. Use a print on demand (POD) so you don't have to do anything but supply the artwork. When a customer purchases your product, the POD sends it to the printer and then ships it to the customer. You don't have to keep inventory or ship it. There are several PODs, such as Printful and Printify.
2. Sell Printables
Develop and sell planners, spreadsheets, invitations, art prints, etc. When customers buy your printable, they download and print it. You only have to create it once, and it can earn money repeatedly. Identify a niche to concentrate on that appeals to you and is in demand. You could sell your printables on Etsy or promote them on social media and drive people to your website.
3. Rent Your Yard
People with dogs are always looking for a dog park, especially if they're on vacation. You could rent your fenced-in yard out as a dog park. You don't need to be there when the pooches show up. And you control the calendar and bookings. Sniffspot will connect people who are looking for a dog park to you.
4. Develop an Online Course
This will also take some work upfront. But you can make some money if you can create a big enough library. This is a great income because your courses will sell repeatedly. You’ll have to make videos and provide reading materials for your course. Marketing will also be a big factor for success. You can do that through social media, a blog or YouTube channel.
5. Robo-Invest
Artificial intelligence can help you with passive income and one of the best ways it can is through investing. Robo-advisors do all the work a traditional stockbroker would do but for less money. Another secure and low-risk option for earning passive income is a high-yield savings account, which offers higher interest rates compared to traditional savings accounts. Once you complete a questionnaire about your financial goals and risk tolerance, the robo-advisor takes over. It will make sure your portfolio is balanced. If you asked for premium stock purchases so you’ll have dividends, it will do that too. If you receive dividends, that’s great passive income. The robo-advisor has done everything for you.
6. Write an eBook
Generate income by writing an eBook; you’ll have work to do upfront, but enjoy the passive income once you publish. After you’ve written your book, designed the cover art, edited it and formatted it, you can publish. Various eBook self-publishers include Amazon KDP, Barnes & Noble Press, Draft2Digital and more.
7. Affiliate Marketing
Earn passive income through affiliate marketing, where you promote a product, and when the customer buys it, you receive a commission from the sale. You’ll have a unique link that will take the customer to the online retailer’s store. Promoting your affiliate partner on social media is a great way to reach people to click the link. There are many companies that have affiliate marketing programs. If the company you like doesn’t have one, contact them and propose one. Some affiliate marketing programs that are available include Amazon, ShareASale, ClickBank, and more.
8. Sell Photography
If you like to take photos or videos, why not sell them? Websites like Shutterstock, iStock, Getty and more, let you post quality photos on their site for sell. When someone buys the photo, then you receive a percentage of the sale. Some people who buy the photos include bloggers, companies, ad agencies. There’s a lot of competition and it’s hard to rank when you first start, but if you’re taking digital photos anyway this is a great passive income.
9. Automated Dropshipping
You could run an e-commerce store without holding the inventory. You sell products that are shipped to the customer directly from the supplier. There’s a minimal upfront investment since you don’t need to purchase inventory or manage a warehouse. The supplier handles everything. You just need to focus on marketing. You can do that through an Etsy store, eBay, social media etc. The trick is to find products that are inexpensive (you have to mark them up to make a profit) and popular. People have made anywhere from $500 to $10,000 per month.
10. Real Estate Investment Trusts
Real estate investment trusts (REITs) allow investors to buy shares of multiple commercial properties. And although they come with management fees, REITs offer higher yields than individual bonds. The stock market is another avenue for generating passive income through investments. They have the potential for dividend yields and capital appreciation. Ninety percent of REITs taxable income must be distributed to shareholders which can result in high dividend yields. But it is sensitive to interest fluctuations and economic conditions. In other words, there are risks, just like with any other investment.
11. Rental Properties
Investing in rental properties can be a lucrative way to generate passive income through rental income. By purchasing a rental property, you can earn a steady stream of income from tenants’ rent payments. Rental properties can offer a relatively stable investment, especially in desirable locations with high demand. However, it’s important to note that rental properties do require some active management, such as finding tenants, handling maintenance, and dealing with any issues that arise. To minimize the hassle, consider hiring a property management company. With the right approach, rental properties can be a rewarding way to build a passive income stream.
Conclusion
Passive income streams can make anyone’s life easier. Whether you have a full-time job or are retired, it’s a great side gig without constantly working.
