Are you struggling to meet your financial needs from a 9 to 5 job?
Well, you are not alone in this. Almost every job holder is a part of this race, especially in 2023 when inflation is at its peak. But don’t worry, we are going to introduce you to a new income streamline, “The Passive Income”.
Passive income is a work channel that requires little or sometimes no effort at a certain point to gain some extra cash. However, one should remember that this does not mean working nothing and earning everything. Rather, It does require some work at the initial stages but provides steady gains.
According to the International Revenue Service, passive income comes from either business or rental properties. With the growth in digital marketing, the opportunities for earning have given rise to new options.
In this article, we will explore the top 6 passive income ideas that will work for you to put some extra cash in your pockets in 2024. So without further delay, let’s learn to earn.
What is Passive Income?
In simple words, Passive Income is an income channel that requires very little effort. It is the opposite of active income where one works too much but earns too little. You just need to put in some extra effort in the beginning and enjoy afterward.
Top 6 Passive Income Ideas To Build Your Wealth in 2024
While most people think that passive income usually comes from either a rental property or a business, that’s not the case anymore. Thanks to digital marketing, the opportunities to earn have no limits. Here are the top passive income ideas for you to consider in 2024:
1. Real Estate
Investing in real estate is one of the oldest and easiest ways to earn more than your 9 to 5 job. Surely, there are different ways to earn by investing in real estate but for now, our main focus is through rental property.
It can be a house, a shopping mall, or a nice shop. Renting out any piece of land is a great way to secure yourself during inflation. This is a one-time investment and a long-term cash flow.
2. Create a Course
If you are one of those students who are always getting good grades in school or college, there is a piece of good news. You can earn money by providing your knowledge to others online. All you need to do is create a course, update it regularly, and count money while you sleep.
Creating audio or video courses is a powerful strategy for passive income in 2023. You can provide your skills either for free or even charge them. Youtube is the best platform to provide free content but if you are looking to make some money, you can sell your course on any of the below websites:
- Udemy
- Coursera
- Khan Academy
- Skillshare
- And the list goes on
3. Affiliate Marketing
Did you buy a product by looking at someone from Instagram or Facebook in recent times? Well, those people you see are “Influencers” and the good part is that they make money by showing products to the audience. This is how Affiliate Marketing works as a good passive income idea.
According to Forbes, more than 4.9 billion people use social media apps every day. Imagine the money you could make if you can reach just 0.1% of this audience. Some of the popular affiliate partners in 2024 are:
- Amazon
- Ebay
- Awin
- ShareASale
4. Write an E-book
Gone are the days when people used to keep hard books in their bags while traveling. Now is the time when Tablets are way more space-saving and great idea for passive income. Keeping this in mind, writing an e-book is a great way to earn some extra cash other than 9 to 5 job hustle.
We are not talking about writing a 500-page e-book. Rather we mean to launch a mini 40-50 page digital notes. The goal is to provide valuable content in the form of an e-book. Some of the popular websites for selling your e-notes include:
- Sellfy
- Podia
- PayHip
- SendOwl
- Shopify
- Amazon
- And many more
5. Create an App
Building an app is a part of the best passive income ideas in 2023. According to a recent study by Bankmycell, more than 85% of the world’s population are smartphones. This sounds crazy, right?
If you are good at software development, you should consider building an app. It can be a game or something that would help users perform their daily tasks easily like a to-do list, calendar, etc.
6. Stocks
One of the oldest and best passive income ideas is stocks. In other words, these stocks are known as Dividend Stocks. The shareholders enjoy receiving income at regular intervals.
Although there are some risks in this kind of income as there are good days and bad days for the company as well. But if you manage to find a trustworthy financial advisor who can help you choose the right spot for investment, things will be much easier for you.
Alternatives Are Good But Save Them For Later
Although there are many other options to explore for a beginner, it is better to stick to the basics and get an idea of how things work. Keep in mind that passive income does not promise to grow your wealth overnight. It’s a slow process but requires minimal effort.
So if you are looking to be a part of a community who are earning more and working less, try exploring one of the above opportunity and see what works for you. Remember, you will not learn unless you try. And the best part is that all the above strategies do not require high capital.
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