List Of Passive Income Ideas For 2024
These days, a passive income idea is a dime a dozen. But, importantly, there are serious and reliable passive income methods available to those willing to truly look. Here are some passive income ideas for 2024.
Why 2024 is the year to start earning passive income
2024 simply gives us access to better technology with platforms like ChatGPT that you can use for research and content creation. Plus, you might have more flexibility in your full-time job thanks to more work-from-home opportunities and hybrid work schedules.
As technological development continues to accelerate and integrate itself with business, society, and culture, passive income ideas are gaining increasing attention. Just think of how much our culture is internet informed compared to even 5 years ago. The world — in a very big sense — is online. So why not dive into the world of passive income online?
Passive income ideas for 2024
So many people offer passive income ideas that are hard to pull off without a ton of money, or the ideas in reality are not as good as they sound. So, we’ve developed a list of passive income ideas you can rely on.
1. Sell digital products
Creating a digital product is the perfect passive income idea. Boiled down, it’s two simple steps — create the product, and sell it. These can be online courses, ebooks, artwork, or something else. The best part is that it’s something you work on and, once it’s done, the only work that’s left is to sell it. (And platforms like Etsy make that easy!)
You can also sell digital products through your website or social media profile. But, if that seems like too big of a feat, rely on pre-existing platforms like Etsy to help you list and sell those items.
2. Become an Amazon affiliate
Yes, Amazon has an affiliate program. You can earn up to 10% in commissions just from friends and family purchasing their everyday products through your specific link. We’ve seen some super creative (and smart) affiliate marketing.
Like taking your own photos, posting them on Pinterest with your Amazon link, and reaping the rewards from there.
Look into sustainable or well-made products that you love or really believe in — something tied to you. When you authentically appreciate and support it, the sales will be easier. (Plus, higher quality products simply sell better, and this leads to future purchases and referrals.)
3. Content creator or influencer
Don’t just roll your eyes and scroll past this — all this takes is consistency, a passion for something, and relatability. If you can share, teach, or otherwise create a social media profile that others are drawn to, the opportunities are vast from there.
We’ve seen beekeepers make money from social media ads, and homeschooling moms partner with big brands that pay for them to talk about their collaborations together.
Take a look at what you’re passionate about, and start sharing it. Post on Instagram a few times a week, or share videos on Youtube.
The best part? It’s free to start. All you need is a smartphone to start taking photos or videos, and posting them. Try content batching so you don’t feel attached to your phone, i.e. recording the content in one day, that you’ll share for the next week.
Developing a blog, youtube, Tiktok, or other web presence can be an introductory path to the world of advertising revenue. This can also be an opportunity to gain a creative outlet you may have been lacking.
(A sales page can help too. Check out this course to learn how to make your own.)
4. Invest in the stock market
With this option, we’re thinking long-term. You do need something to start, but you can start small. There are apps like Acorns that you can use to take literal pennies from your paycheck. However, we highly recommend pursuing investments that are more ethical and sustainable. Triodos, for example, offers this. They say, “All investment types we offer are working for social, environmental or cultural change.”
Cryptocurrency is an idea here too. Forbes has a great resource on this.
5. Try peer-to-peer lending
This is just what it sounds like — lending to your peers directly and removing the middleman (financial institutions). You’ll essentially act as the bank, making interest off of the money that you loan to someone else. This is a nice investment opportunity for those who have cash available. We love this option, too, because you can lend to small businesses! Imagine providing a loan to a sustainable brand that you love. Here’s a resource to help!
6. Create a high-yield savings account
As their name might suggest, a high-yield savings account is like a normal savings account, but with a higher return. Placing your money in one can mean your savings can grow much faster than in a traditional savings account. Some less positive aspects of high-yield savings accounts, as a passive income idea, are the limits placed on transfers and withdrawals, and the fees that some banks charge.
7. Invest in real estate
The simplest way to get started would be to rent out your first home. Many families buy a “starter home” intending to move out after a few years (perhaps into more of a “forever home”), and rent out the property when they leave. You could do the same thing. Just remember to buy that first house with this goal in mind. Is it a location that others would rent on a long or short-term basis, and what kind of tenants? Location is key (think good schools, safe, or in a tourist hub to rent out on Airbnb.)
8. Rent your own house (or part of it) on Airbnb
Speaking of real estate, if you already own a home, you could try renting out a basement apartment, or renting it out when you’re already planning on being out of town.
More digital product ideas for 2024
Sell Canva templates (learn how here)
Create a course on Thinkific
Have a workflow you love using for work? Sell a template (we’ve seen some for sale that use Notion)
Here comes the money
Is your favorite passive income idea digital products, high-yield savings accounts, stock investments, or ad revenue? With our list of passive income ideas, you should feel empowered to continue into 2024 with some dollar signs not just in your eyes, but in your bank account. For other money-saving opportunities, check out our Instagram or read more here.