12 Passive Income Ideas to Try in 2024
Considering today’s persistent economic woes, developing a few passive earning streams is a prudent decision, no matter what profession you’re in right now. It can generate additional income and help build financial resilience in the long term.
If you’re thinking of appropriate passive income options that best fit your skills, interests, ambitions, and current circumstances, here are 12 ideas for you to try in 2024.
1. Create Digital Products
For anyone creative and skilled in using design tools, selling digital products can be an excellent choice for generating passive income.
What kind of products can you create? From calendars and organizers to art and fonts, the options are limitless.
Start by researching Amazon, Etsy, and similar platforms popular for digital goods to determine which products are in high demand. Sometimes, sales are driven by seasonal factors. For instance, the November-December period would generally see a high demand for printable greeting cards, invitations, gift tags, and wrappers. Calendars, schedulers, and planners are other items that sell well during this time as many consumers prepare for the new year.
2. Develop an Online Course
Skillshare, Udemy, and other digital course marketplaces attract millions of people looking to learn or upgrade their skills at a reasonable fee.
What courses can you sell? Whatever you’re good at. It could be coding, marketing, finance, designing, or playing an instrument. Consider where your skills lie, create a program structure, develop the material, and upload it to a site that could help you access learners interested in your field.
3. Sell Photos and Videos
If you love snapping photos and recording videos, then why not generate an income from them? There is plenty of demand for high-quality stock images and video content in the creator economy to earn royalties for an infinite time.
4. Publish eBooks
With the rising popularity of Kindle, digital books have become a preferred choice for younger generations. You can ride this wave by self-publishing your own eBooks.
Select a genre you’re comfortable with and have knowledge of, and get writing. Amazon’s Kindle Direct Publishing, better known as KDP, enables you to effortlessly upload and sell your work to a global audience. However, remember to optimize your sales page with the right keywords and promote your eBooks once you publish them.
5. Start a Blog
For anyone who enjoys writing regularly, blogging should be a natural choice for generating passive earnings.
Blogging platforms such as Medium reward writers by distributing part of the income they generate. However, you could access more income sources by setting up your own blog. For instance, you can partner with Google AdSense to display relevant ads, sell ad space to businesses, and publish promotional brand content.
6. Become an Affiliate Marketer
By promoting affiliate links in your content, you can easily create a passive income source that makes you money as you sleep.
Affiliate marketing programs pay you a commission each time someone purchases by clicking on an affiliate link you’ve promoted.
You can select brands relevant to your content by visiting individual brand sites or signing up with an affiliate network.
7. Set Up a YouTube Channel
If you enjoy creating video content, setting up a YouTube channel could be an easy way to make money by doing what you love. To monetize it, you can join the YouTube Partner Program, become an influencer, or create sponsored content.
According to recent data, YouTubers earn $1 to $30 for every 1,000 views, on average, through ad revenue alone. Of course, this could vary depending on multiple factors.
8. Invest in Stocks
The stock market allows you to gain part-ownership of successful businesses and generate passive income in two main ways—dividend and share price appreciation.
However, ensure you conduct extensive research and carry out fundamental and technical analyses before investing in a company.
Diversifying your portfolio without putting all your money in a single business is also important for minimizing potential risks.
9. Launch a Dropshipping Business
Dropshipping has drawn massive attention over the past decade for its relatively easy-to-implement and low-risk business model.
It’s an ideal option for anyone who doesn’t want to deal with the headaches of inventory handling and logistics that typically consume a substantial amount of time.
To get started, research the market for high-demand products. Then, identify suppliers who could fulfill the orders on your behalf. Leadar is an excellent resource for finding US-based vendors. You can also partner with overseas suppliers, although it may involve a higher risk.
Once you finalize the vendor, set up your digital store and start promoting the items.
10. Rent a Room
Do you have extra space in your house or apartment? It could be a spare bedroom, a neglected attic, or a garage you no longer use. These additional spaces can easily become a passive income source with a few adjustments.
For example, you can rent it out as a storage space, find a long-term housemate, or opt for short-term renting by signing up with Airbnb or a similar platform.
11. Invest in Real Estate
Real estate can significantly appreciate in value during market booms, enabling you to multiply your investment with minimal effort.
To secure a good deal, purchase a property at times of low demand. After that, rent it out to generate an extra passive income until house prices reach a peak.
12. Rent Extra Gear and Equipment
Cameras, bikes, camping gear, sports equipment, and similar items can generate passive income if you’re willing to rent them.
All you need to do is take a few good-quality photos and prepare an attention-grabbing description. Then, promote them for free on social media or advertise online. But remember to draw up rental agreements to ensure you’re covered in the event of damage.
To Conclude
Technology has created multiple opportunities for you to generate passive income streams. However, not all ideas in our list require digital skills, although they can all benefit from the various tech tools at your disposal.
Select the options that best fit your schedule, available resources, and financial goals. But remember, we’re not providing financial advice here. How much an income source can produce will depend on commitment, hard work, and smart decisions.