27 Passive Income Ideas to Make Money & Build Wealth in 2024

Are you looking for ways to make money and build wealth in 2024? Passive income could be the answer you’re looking for. Passive income is income that requires minimal effort to earn and maintain. In today’s economic climate, many people are turning to passive income streams to supplement their earnings and combat inflation.

According to a survey by Self, 45% of working Americans have a side gig, with many using it to pay bills, save, or invest. The average monthly income generated from side gigs is around $688. Additionally, 73% of Americans with side hustles are considering leaving their primary jobs.

One popular passive income idea is investing in the stock market. Value investors like Warren Buffett and Seth Klarman have made billions by buying quality stocks and holding onto them for the long term. Another option is using AI to generate passive income, such as participating in bug bounty programs.

Other passive income ideas include domain parking, crypto staking, annuities, renting out household items, royalties from intellectual properties, peer-to-peer lending, setting up ATMs or vending machines, app development, selling stock photos, creating video content, advertising on your car, designing custom products, affiliate marketing, renting storage spaces or parking spaces, real estate investing, creating ebooks, buying successful blogs, creating online courses, and utilizing high-yield savings accounts.

If you’re interested in learning more about these passive income ideas and how to implement them in 2024, check out the full article on Insider Monkey. Who knows, one of these ideas could be the key to your financial success this year.