Passive income is that money you make even when asleep. There are over 100 ways in which you can make passive income in 2024.
—Run a YouTube channel
Create link it with AdSense and start making money. Even when you are asleep, you will be making money from your channel. To start earning from your channel, you need at least 500 subscribers, 4000 watch hours and your channel should be at least 12 months old.
—-Blogging
Another good way of making money while asleep is by creating a blog, post content and start earning. Blogging is a lucrative venture especially for people who have extra time to spare in creating content. Bloggers earn money via AdSense, banner ads, sponsored content, selling their own products affiliate marketing
—Invest in Annuities
If you have not retired, this is the right time to invest in annuities so as to earn passive income after retirement. Annuities will generate for you passive income until you die.
—Buy Unit Trusts
Invest in Unit Trusts and make money through the company offering this type of investment. Unit Trusts generate interest on daily basis.
With Unit Trusts, your investment is safe.
—Build rental houses
Build rental property and earn rental income monthly. Rental property will generate for you income for the rest of your life. But you have to invest a lot of in building the houses.
—Write and sell eBooks
If you are a good writer, write books and sell them online. You might write just one book and make millions out of it.
You can list the books in Amazon to earn money when people buy them.
—-Start a profitable business and employ people to work for you
Identify a profitable business that can run without your physical presence. Employ people to work for you.
–Affiliate marketing
One of the best way to earn money online is through affiliate marketing. There are many programs which pay high recurring commissions. All you need is to share the affiliate links in your blog and social media pages. Those signing through your link will be generating money for you.
Affiliate marketing does well depending on your niche. If your content is about web hosting, sign up to affiliate programs in Web Hosting industry. If you review gadgets, sign up to Jumia or Amazon affiliate programs.
—Offer loans
Create and App that offers loans to people to earn interest. You only work is to come up with the App and it will do the rest of the work. People will apply for the loans and repay within a short time plus interest. Your passive income is the interest paid on the loans.
Online loan apps especially for those taking loans via smartphones are the best.
—Create online taxi App
Create an App like that of Uber and Bolt where those using it pay a commission. The App will generate for you good passive income.
—Buy Sacco shares
If in your country there are Saccos, buy shares and earn dividends annually. Most Saccos are stable, meaning that dividends are guaranteed annually.
—Create online courses
Create online courses in your area of specialization and start earning from them. List the courses in popular platforms like Udemy.Such courses will generate income for you when asleep.
—-Become a social media influencer
Create content on social media and earn money through sponsored content and gifts. Facebook, Tiktok, Twitter, Instagram and Telegram are the best platforms to become an influencer.
—Rent out your house
If you have a house you are not using, rent it out and earn passive income from it.You can convert it into Airbnb.
—-Rent out your personal car
There are people with more than one cars, they can rent out one to generate income for them. Alternatively, convert the car into taxi during weekend and after work.
—–Save in Fixed Deposit Account
Fixed Deposit Account provides a good opportunity to save your money and earn interest. You can save for 3 months, 6 months, one year or even more. The interest normally range between 3% and 12% depending on specific bank you save with.
—-Invest in bonds
Government and private institutions offer bond investment option which yield decent interest. Bonds are long term investment which generate income after 5-10 years.
—-Invest in cryptocurrency
Cryptocurrency is also another genuine area to invest your money. Invest over $1000 and earn more than $10,000 in one year.
—Paid online surveys
Register online for paid surveys and earn whenever you answer the survey questions.
—Create e-commerce site
Create an e-commerce site where merchants display their products and pay you for providing a platform for marketing. You will earn money while a sleep.
—-Invest in Real Estate Investment Trusts
Join a company offering Real Estate investment Trust, invest your money and start earning. You will become one of the owners of the company’s property and any profit earned is distributed amongst shareholders.
—-Create a job board
A job board will provide a platform where companies and individuals advertise their jobs and pay for the space. Advertise jobs and offer cover letter & CV writing services.
—–Rent your space for parking
In case there are people with extra cars but no parking space yet your space is big, rent it out for them and earn passive income.
—Offer web hosting services
Buy hosting space and start offering web hosting services to other blogs. You will not be owning the servers, hence not incurring extra costs for hosting your clients.
—Sell Used items online
Create a site for selling used items online. You can sell football jerseys, designer clothes and shoes. You can also sell refurbished laptops and used smartphones.
