Passive Income Streams to Add in 2024

Passive income is a hot topic in the financial world, with many people looking for ways to generate steady streams of income without actively working for it. Whether it’s through dividend stocks, real estate investment trusts, digital creation, or working with resale platforms, there are plenty of options to explore.

According to experts, dividend stocks are a solid foundation for any passive income portfolio. Erika Kullberg, a personal finance expert, recommends investing in companies that pay out regular dividends, as this can lead to a stream of income that compounds over time.

Real estate investment trusts (REITs) are another popular option for passive income. These companies pay out most of their taxable income in the form of dividends to shareholders, making them a great addition to a diversified portfolio.

Digital creation is also a growing trend in the passive income space. Whether it’s writing an e-book, creating an online course, or selling stock photography, there are plenty of opportunities to turn your skills and creativity into passive income.

Working with resale platforms is another way to earn passive income, especially for Gen Zers. Md Faruk Khan, founder and CEO of digital marketing company mdfarukkhan.com, suggests decluttering your closet and selling pre-owned items on online marketplaces for a profit.

Print-on-demand (POD) stores are also gaining popularity as a way to earn passive income. By designing and selling artwork and designs on platforms like Redbubble or Printify, you can earn commissions on each sale without having to manage inventory or fulfillment.

Overall, experts agree that passive income streams are worth exploring in 2024. With a bit of patience and effort, these income streams can provide a steady source of income for years to come.