Fed up with living paycheck to paycheck? Discover 5 passive income ideas to boost your income effortlessly, and see out the remainder of 2024 with extra cash!
Hey SimplVest readers,
We just hit the half mark in the year, and before you know it, it’s about that time your landlord becomes super friendly! We’re sure you have a plan in place, being the responsible millennial/ Gen Z you are, but it wouldn’t hurt to have extra cash, right?
This edition explores twelve practical passive income ideas to help you cover your rent in 2024. These are real strategies with actual examples in the real world or with really great potential, without any get-rich-quick schemes or hidden costs. We’re talking:
- Buying and selling domains (no coding skills required, and seriously, people pay good money for this!)
- Investing in dividend stocks that send you “thank you” money (like clockwork)
- And some more creative ideas! (think email newsletters, starting a YouTube channel, and even creating a mobile app)
Plus, we’ll provide resources to get you started and break down the upfront effort involved (because nothing’s truly free).
Let’s get started!
1. Create an Online Course
The demand for online learning has seen a rapid increase since the COVID-19 pandemic, and it’s now a booming industry. Platforms like Udemy generated over $700 million in revenue in 2023 alone!
You can create a digital asset that sells repeatedly by developing a high-quality course. All you need to do is:
- Choose a profitable course niche,
- research your topic, and consider your expertise.
- Tools like Google Trends can help validate your course idea.
- Once created, your course can be sold to an unlimited number of students, providing continuous income as new students enroll.
What about real-life results? Well, here’s something that would definitely interest you:
4 Entrepreneurs Making 6-Plus Figures Selling Online Courses
2. Affiliate Marketing
Affiliate marketing involves promoting someone else’s products or services while you receive a commission on the individual sales you make through your referral link. This strategy can be implemented through content creation, reviews, comparisons, and email marketing.
What’s great about it is that it has a low barrier to entry and requires little upfront investment. However, it’s gotten a bit of a bad rep from folks who have “sullied” its very concept with the “bring one friend, and sell to them, so they can sell to others.” It doesn’t work that way at all, and when done right, it can be a really great way to make passive income.
Successful affiliate marketers use blogs, YouTube videos, and social media to build an audience and then integrate affiliate links seamlessly. It’s a way to diversify income sources without dealing with product creation or customer support. The key phrase, though, is ‘doing it the right way’. Here are some resources to help:
- Make Money With Affiliate Marketing
- Affiliate Marketing For Beginners: What It Is + How to Succeed
- 50+ Best Affiliate Programs With the Highest Commission
3. Create a Mobile App
With billions of smartphone users worldwide, there’s a constant demand for innovative and practical apps. Thankfully, you don’t need to be a developer to create an app anymore; you can hire someone to develop it based on your idea.
Successful apps, from productivity tools to gaming apps, solve specific problems or meet user needs. These apps can reach a global audience and generate continuous income through ads, in-app purchases, or subscriptions. Of course, millions of apps are out there, so yours needs to stand out to make you any money. You can learn how to do that from these 7 amazing app stories. Some of them have gone on to become household names, like Slack!
4. Start a YouTube Channel
It sounds obvious, but hey, you can actually teach an old dog new tricks. YouTube is the second-largest global search engine, offering creators the immense potential to reach a massive audience.
Consistency is key in content creation. Regularly uploading high-quality videos can attract and retain viewers, leading to passive income through ad revenue, sponsorships, affiliate marketing, and merchandise sales. Starting a YouTube channel doesn’t require significant upfront investment; a smartphone camera and internet connection are enough to begin.
- How To Make Money on YouTube in 2024: 7 Simple Strategies
- How Do People Make Money on YouTube?
- 7 Effective Strategies on How to Make Money on YouTube
5. Sell Digital Products
Digital products like ebooks, printables, and online tools offer a way to make money without dealing with physical items or shipping challenges. Examples include ebooks sold on Amazon Kindle, planners and artwork sold on personal websites, or digital tools like budget spreadsheets. Selling digital products has low upfront costs and easy delivery, allowing for global sales and passive income.
Need pointers? Of course, we’ve got you:
- 13 Profitable Digital Products And Where You Can Sell Them
- Meet the Quiet Millionaire Who’s Made $5m from Selling Digital Products
- Sell These 10 Products Online in 2024
We’re not done yet! How about we think outside the box for some passive income ideas that may not readily occur to the average Joe? After all, that’s how you stand out– by doing the unconventional:
Invest in Dividend Stocks
Put your money into dividend-paying stocks on platforms. These stocks regularly payout a portion of the company’s profits, and even small investments can grow over time, providing a steady income stream.
For example, owning JP Morgan stock can pay you $1 per share every quarter. Over time, these dividends can add up, especially if you reinvest them. You can access these shares all the way from Nigeria/ Africa through platforms like Bamboo, Risevest, and Chaka, to mention a few. Just be sure to use a trusted platform.
Launch an Email Newsletter
Creating an email newsletter allows you to share valuable content with a targeted audience and monetize it through sponsorships and affiliate marketing. Choose a niche you’re passionate about and build an email list using platforms like Mailchimp or Beehiiv. Consistently send newsletters with engaging content, product recommendations, and sponsored posts. With a growing subscriber base, you can attract sponsors willing to pay for ad placements in your newsletter. This method will require an initial investment of time to build your list and create content, but it can be a steady stream of passive income.
Buy and Sell Domains
Invest in interesting domain names and sell them for a profit. It’s a bit of a waiting game, but a good domain can fetch a high price when the right buyer comes along. For instance, owning a domain related to a trending topic or future event can be lucrative. Just be mindful of trademark issues and avoid “cybersquatting.”
Invest in Intellectual Property
Purchase rights to music, movies, or other IPs and earn from royalties. It’s a unique way to invest money and enjoy passive returns, though it requires some initial research. Owning the rights to popular songs or films can create a steady income stream as they continue to generate revenue through various channels.
And that’s a wrap!!
These passive income ideas are practical and can be started immediately. They offer various ways to generate continuous income with little ongoing effort, making them ideal for anyone looking to improve their financial situation. Consider your skills, interests, and resources to choose the best options!
Best,
The SimplVest Team 🚀
