Best Ways to Make Passive Income in 2024
Who among us would say no to a few extra dollars in the bank? Especially if you earned them passively while maintaining your flexibility and work-life balance.
Unfortunately, for many, passive income is only a great-sounding but foggy descriptor. One that promises an escape to the grind of gig work, side hustles, and second jobs but doesn’t really seem attainable.
However, earning passive income may actually be easier than you think.
Recent changes in traditional methods, new digital AI tools, and incredible tech innovations have opened up brand new opportunities for passive income streams in 2024.
We’ll teach you all about the best passive income streams in today’s blog.
The Best Traditional Passive Income Methods
These methods have been around for a long time, but they retain their value as low-risk and low-effort passive income sources.
High-Interest Savings Accounts
Perhaps the most “passive” form of passive income is earning interest on money you’ve already earned.
A high-interest savings account is perhaps the most accessible and low-risk way to turn an existing nest egg into a source of steady but modest passive income.
The benefits of high-interest savings accounts include:
- High Returns: In some cases, more than 6% APY.
- Safety: FDIC insurance gives savers peace of mind.
- Ease of Access: There are relatively few considerations, and most accounts come with easy-to-use online and mobile tools.
Potential drawbacks include variable interest rates, minimum balance requirements, and withdrawal restrictions.
Investments
For those looking for a higher return than a high-interest savings account can offer, investments can be a more promising but riskier option.
Investing can offer higher returns than just saving money and an opportunity to diversify income streams and protect yourself from volatile markets.
Today, online brokerages like Robinhood have made beginner investing easier than ever before.
Of course, investing is much riskier than just saving money in an account. Becoming a skilled investor will take time and knowledge. Start off with the basics.
Check out these resources to learn more about investing:
Best Creative and Niche Opportunities for Passive Income
The nature of the digital economy also provides opportunities for those with creative hobbies, extra space, or unique assets to turn them into a source of passive income.
Print on Demand
If you're an artist or designer, you can create and sell your designs on products like t-shirts, mugs, and posters without managing inventory.
The main benefit of print-on-demand is low startup costs. Since there's no need to buy inventory upfront, the financial barrier to entry is significantly lower than that of traditional retail businesses.
However, the low barrier to entry also has some drawbacks. These include stiff competition, low-profit margins, and reliance on consistent suppliers.
Digital Products
Selling e-books, courses, or photography offers high-profit margins since they require no physical inventory.
The biggest benefit of digital products is their unlimited upside: once created, digital products can be sold an infinite number of times without additional production costs, offering high-profit margins.
However, the digital product space is highly saturated and requires a significant upfront time investment. You’ll need to stand out with high-quality, genuine subject matter expertise.
Renting Out Space
You can earn passive income by renting out unused space, like a spare room or parking space.
This method allows you to monetize space that would otherwise go unused, maximizing the value of your property.
However, being a landlord or host means dealing with maintenance, cleaning, regulatory challenges, and potential property damage that can reduce profits.
Leveraging Content and Affiliate Marketing for the Best Passive Income
In 2024, content creation and marketing are a potential gold mine for those looking for an ongoing source of passive income.
Though content creation may take a bit more activity up-front, long-term strategies like affiliate marketing and brand sponsorships can provide passive income for months.
Content Creation (Video, Blogs, Podcasting)
Platforms like Instagram, YouTube, and TikTok have opened new avenues for content creators to earn passive income. By building a dedicated following, influencers can monetize their online presence through brand partnerships, sponsored content, and advertising revenue.
Additionally, creators can also earn through affiliate marketing by promoting products and earning a commission on sales generated through their unique referral links.
Creating a blog or podcast allows individuals to explore topics they are passionate about while attracting an audience with similar interests.
Affiliate Marketing
Affiliate marketing involves promoting products or services offered by another business and earning a commission for each sale or action completed through your unique affiliate link.
To succeed with affiliate marketing, you’ll need to:
- Choose a Niche: A niche allows you to tailor content to a targeted audience, increasing the likelihood of conversions.
- Select the Right Affiliates: Look for affiliate programs that offer products or services relevant to your audience, competitive commission rates, and reliable support.
- Create Quality Content: Whether it's through blogging, social media, or YouTube videos, producing high-quality, engaging content is a requirement.
- Drive Traffic: SEO strategies, social media marketing, and email campaigns can significantly increase traffic to your platform and boost your affiliate marketing efforts.
Earn the Best Passive Income through Affiliate Links with RevenueEngine
Tools like RevenueEngine's browser extension can drastically cut down the time required to create content and find the right affiliate marketing program.
RevenueEngine makes use of AI to turn references to brands and products that naturally occur within your content into monetized links. With RevenueEngine, affiliate marketers can get instant access to the largest worldwide network of online stores without needing to individually apply to each one.
Reducing the time it takes to manage affiliate marketing programs with RevenueEngine allows content creators to spend more time creating content and less time on business, making affiliate marketing one of the best sources of passive income.
If you’re ready to get started with one of the easiest ways to earn passive income in 2024, contact RevenueEngine today and embark on your affiliate marketing journey.