8 Smart Ways To Make Passive Income in 2024

Thinking of retiring early? Dreaming of having financial stability that would allow you to do whatever you want and then some in your golden years? Everything can be accomplished if you just think outside of your 9 to 5 box. This means you should not rely on your current income from your current job but plan for other ways to earn some money.

What would you say about passive income?

What is passive income, you ask? It is an alternative to the main income stream, which requires a lot less effort. You won’t have to spend so many hours on the job but it will require some commitment and involvement on your part. But if you do things right, your passive income stream might make you richer than expected.

Passive income ideas to earn money in 2024

There are numerous ways to make more money, many depending on one’s area of expertise, skills, opportunities etc. To prevent you from running through too many options, and not knowing what works best, we’ve compiled a list with the most prolific and solid passive income ideas. Take a look and have your pick!

passive income
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  1. Buy real estate

One very efficient way to make passive income is to invest in real estate. Subsequently, you can rent the property to tenants and enjoy the benefits. The best strategy is to get rid of your own property debt and buy the investment property with cash. If you don’t pay off your home first, purchasing a new real estate might bring more trouble than money.

If we are to be honest, purchasing real estate is not completely in line with the definition of passive income. That’s because you have to do some things to keep your property in check: maintenance, cosmetic upgrades, marketing, management, etc. It does take a bit of your time, but the profit will make it all worthwhile.

Read also:12 Easy Ways To Receive Gift Cards for Free

  1. Rent out your house

Speaking of properties, if purchasing real estate is not an option for you, you can always turn your current home into a source of income. If you have a spare room that you no longer use, rent it out. If you don’t mind sharing your space, you can either opt for a permanent roommate or the classic Airbnb guest.

However, you should know that Airbnb can come with some minor issues. First, guests might not be on the same page with you in terms of cleanliness, noise level, privacy issues etc. Secondly, you’ll have to clean and sanitize after every guest checks out and prepare the room for future check-ins. In addition, you’ll have to take some money out of your pocket for various replacement and maintenance jobs that might arise in between check-ins.

The takeaway here is that renting or listing your room on Airbnb can be quite profitable but make sure you find out all the pros and cons first.

  1. Invest in real estate investment trusts (REITs).

Say being a landlord is not your thing, you still have a profitable option with real estate. Have you ever heard of real estate investment trusts (REIT)? It’s a type of mutual fund in which your money is placed together with other people’s money to purchase properties.

Again, REITs can be profitable if you no longer have debts on your own. And to make sure you choose the best REIT, it’s recommended that you discuss it with a professional before investing your money. That’s because some REITs buy real estate using debts, which is way riskier for investors such as yourself.

  1. Store other people’s things

Storage space is always an issue, no matter how big your house is (no, we’re not talking about mansions!). Most people have a lot of things that need to be stored and wouldn’t say no to cheap storage solutions. If you happen to have some extra space in your attic or basement or wherever help yourself with some extra money by helping others with their extra stuff.

To get a good start, check specialized websites such as Neighbor, iStoreit or Store At My House. Learn how to cash in on your indoor or outdoor space. You can even use a carport space for boats, campers, and vehicles that people need stored and weatherproofed. It might not seem like a big amount, but in time, your storage services will bring you a nice passive income.

  1. Rent out useful items

If you have certain items that other people might find useful, rent them out. Whether it’s a trailer, a chainsaw, a trampoline or even your backyard, these can bring you profitable rental deals.

If you’re more of the sports type and have gathered sports equipment such as surfboards, bikes, and skis, check out websites such as Spinlister. Another popular and more diverse rental website is the Fat Llama., where you can upload photos of your items and their rental price. Or you could always stick to a smaller community at first, and rent to familiar people only, like your neighbors.

Whether you advertise your items online or just among your neighbors, use flyers or make online posts on social media, make sure you have certain terms of use. The idea is to make money out of your items but not at the expense of having to buy new ones.

passive-income-cars
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  1. Rent out your vehicles

Extra rooms are not the only ones that can turn into sources of passive income. You can also make some extra money if you have an extra car or truck that you don’t use on a daily basis. Turo is a specialized website that facilitates the renting of vehicles owned by locals to tourists.

Don’t limit the rental service to just cars. Boats can also be rented out for a few hours or during the weekend. Websites such as Boatsetter can help you have your start. Nevertheless, keep in mind that renting your vehicles to strangers might incur extra insurance coverage and additional costs for maintenance.

Make sure you also take a look at these 10 Things Frugal People Never Do and Neither Should You!

  1. Advertise on your car

Making money while behind the wheel of your own car? What could be better than that? If you don’t have any problems with driving around town with a giant logo on your car, websites such as Wrapify can help you cash in on your vehicle.

If you’re afraid to give up your cool guy image by turning your car into a mobile billboard, just know that you can be way cooler with more money in your pocket and little to no effort on your part. Wrapping your vehicle can bring you around $250–450 a month! Talk about passive income!

  1. Start a blog or YouTube channel

Yes, you can do it too, no matter your age. If you have something useful to say or do that might help other people improve their life, lifestyle, relationships, and time management, now’s your chance.

For instance, educational blogs do not need constant content to generate traffic. If what you post is interesting enough to be accessed on a daily basis, you can start selling ad space or advertisement spots. It’s only difficult in the beginning when you need to become visible to as many people as possible. After that, once you have an already established image and content, you can just enjoy the money coming from every person accessing your blog/channel.

However, you need to keep in mind that the online world is not as simple as a click. Competition is fierce out there so updating your content and keeping it engaging is crucial to maintain and increase online traffic.

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