The Ultimate Guide to Passive Income Strategies in 2024

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Is your new year’s resolution to gain financial freedom? You might be dreaming of retiring early or being able to step back from your day job and follow your passions. The best way to get financial freedom is to make your money work for you through passive income strategies. These strategies are ideal for achieving financial freedom as they bring in a consistent flow of capital without requiring you to do continued work to make this money.

Before we start sharing strategies, it’s worth remembering this isn’t a quick way of getting rich. Passive income strategies work to help you accumulate your wealth and gain financial freedom through multiple avenues. You also want to be making portfolio income and earned income to truly achieve financial freedom.

We’re sharing 10 passive income strategies that can help you achieve financial freedom in 2024. These strategies will help you build your wealth overtime through long-term investments. Before you decide to embark on any of these strategies, we recommend doing your independent research and taking financial advice from a professional.

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1. Real estate

When you look up passive income, one of the most popular strategies is to invest in real estate. While this is one of the most expensive strategies, it can give you the greatest reward in return. Investing in real estate can help you gain financial freedom in the future by giving you an appreciating asset and a consistent stream of income.

Residential real estate is often the best option as it can make up to 5% on your original investment every year. If you’re able to get a low mortgage rate, you can even achieve a 20% yearly return on your investment with the right property and deposit contribution. It’s worth noting that you’ll need to make a down payment on your property and set up other financing, such as a mortgage to pay for the rest of the property.

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You’ll need to price your residential property high enough to cover the cost of your mortgage, while still making a profit as a form of passive income. Once your mortgage is paid off, you can maximize this cash flow. Choosing to invest in real estate means that you can also benefit from tax breaks, expense exemptions, and lower taxes.

You don’t have to buy another property to start making passive income through real estate. Airbnb means that you can rent out a room or your entire property for a lucrative profit margin. Read about the top 5 real estate properties to know which is best for you.

2. Crowdfunding real estate opportunities

You don’t need to have six figures sitting in the bank to start your real estate investment. Crowdfunding is one of the easiest ways for you to start your portfolio – whether it’s with real estate or private companies. The benefit of using crowdfunding to start your real estate portfolio to create passive income is that you have a smaller financial risk associated with it.

Forbes estimates that the crowdfunding industry will reach a $300 billion valuation by 2025. There are several different crowdfunding platforms that you can choose to get your investments started:

DiversyFund

DiversyFund is a private crowdfunding platform that allows you to start investing without needing to be accredited. It also has one of the lowest minimum investment amounts, along with a user-friendly interface and sign-up process. You can start investing in DiversyFund’s REITs with just $500. This platform cuts out the middleman by directly purchasing the properties, helping to lower the costs associated with it.

What makes DiversyFund different is that the company’s REIT owns the associated properties, allowing them to facilitate investments without any fees.

Fundrise

Another crowdfunding platform for real estate investment is Fundrise. Just like DiversyFund, you only need $500 to start investing. The platform is available in all 50 states in the United States, but their REITs are not publicly traded, meaning your shares are only redeemable quarterly.

Any funds that you invest through Fundrise are allocated automatically across their REITs. This setup means that the platform does the investment on your behalf. When you sign up to Fundrise, you can choose one of their three portfolio plans or with a Starter Portfolio with a low minimum. Your capital will be invested in a mixture of commercial and residential properties.

CrowdStreet

One of the most diverse crowdfunding platforms is CrowdStreet which specializes in commercial real estate investment properties. Although it typically works with accredited investors, the platform has 2 REIT funds that are available for non-accredit investors looking to start their portfolio.

The platform offers over 90 commercial offerings for you to choose from with the average property valuation at $30,276,014. You’ll also get access to their team of in-house advisors. Read more about the top 10 real estate crowding companies to help you with your assessment.

3. Rental Properties

Another way of starting your real estate portfolio without getting a mortgage is through rental properties. Fractional share investments, such as Roofstock, is one of the easiest ways to kickstart this investment. With Roofstock, you can earn passive income through purchasing rental homes.

If you’re an accredited investor, you can buy shares of tracking stocks instead of the entire property. The platform makes investing in properties simple and easy, allowing you to build wealth and passive income through rental properties. Roofstock has done more than $4 billion in completed transactions in less than six years with a focus on single-family rentals.

4. Dividend Stocks

One of the easiest ways to create passive income is through dividend stocks. When you invest in a company that is trading on a public stock exchange, you can earn a small percentage of the profits that the company accumulates. Companies on the stock market set aside a part of their annual earrings to give back to investors in the form of dividends. You have the option of pocketing this money or using it to reinvest in the company to purchase additional shares.

The dividend yield varies from one company to the next and is liable to fluctuate year on year. The most reliable companies to invest in if you want to create passive income through dividend stocks are those with at least a 25-year history of paying significant dividends to investors.

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Our top recommendation for starting your portfolio is M1 Finance. We have an in-depth M1 Finance review and several comparisons of this platform with other similar financial platforms. M1 is a robo-advisor that gives investors full control over their portfolio, making it stand out against other robo-advisor platforms that are set up for a specific investing model.

When you use M1 Finance, you can take advantage of dozens of expert or prebuilt pies to help build your portfolio or customize your portfolio of stocks and EFTs. You can get access to over 2,000 EFTs through M1 Finance and any stocks added by the NASDAQ or New York Stock Exchange.

5. AirBnB

Another way to make passive income through property is with AirBnB. This passive income strategy is ideal for those with a spare bedroom or an investment property. You can earn thousands of dollars a month by getting started on AirBnB. You can also choose to invest in a property specifically to put it on AirBnB to help start your real estate investment portfolio.

AirBnB is an online platform that connects travelers with property owners who put their properties on the marketplace for renting short-term or long-term. You can rent out everything from a garage to your spare room or an entire apartment. AirBnB gives you the flexibility of putting your property or space on the market full-time or for specific dates. You could create passive income by renting out your property while you travel yourself.

Although AirBnB is a passive income stream, you will need to deal directly with customers who book your property, but you can do most of this through the app. You’ll also want to set up a cleaning service to automate as much of your AirBnB service as possible.

6. Robo-advisors

Not everyone has the time to manage their investment portfolios. If you want to make investing as passive as possible, it’s worth considering auto-invest strategies. Many of the most popular finance apps offer this service, including Acorns, Betterment, and M1 Finance.

Robo-advisors are digital platforms that work with an algorithm-based financial service that automates investing for its clients. The benefit of this passive income stream is that it’s easy to set up and typically comes with low fees. They also have optimized strategies to help you minimize risk and maximize your returns.

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We’ve made it easy for you to decide which robo-advisor to start with through our in-depth reviews and comparisons. Acorns is one of the most inventive as it allows you to invest your spare change into an automatic investing account that is easy to control.

Betterment helps you make the most of your money through its investment accounts. There’s a standard annual fee of 0.25% and gives you access to algorithms that help you create the best portfolio for you. M1 Finance is another robo-advisor platform that allows you to choose a specific investing model and is amongst our highest recommended platforms. Read our comparison in this top 5 robo-advisors in 2022.

7. Cashback Shopping

Do you know that you can make passive income by shopping? Cashback apps allow you to maximize your savings while shopping online and earn cash in the process. Almost every popular website has jumped on the cashback trend as a way of encouraging consumers to shop with them instead of competitors.

If you’re not using cashback platforms, you’re missing out on free money. Ibotta is a cashback platform that we recommend using to maximize your savings and passive income. This platform makes money by using affiliate marketing and has paid out over $980 million to customers by working with over 1,000 retailers.

8. Create a Udemy Course

Are you an expert in your field? We all have skills and talents that we can use to create passive income. Whatever you’re an expert in, use your knowledge to create an online course through Udemy. When you upload a course to Udemy, you get half the royalties of the sale. If you choose to do the marketing yourself and use referral links, you can get up to 100% of the profits.

Once your course is online, everything you make is passive income. You want to look for a way to identify a gap in the market that lines up with your expert niche. Plan your course around this niche and do your keyword searches to help you rank within your niche. Once you’re up and running, you’ll start to make passive income and build your reputation on the platform.

9. Sell Stock Photos

Do you have an eye for photography? One of the most creative ways to earn passive income is by selling stock photography. This type of photography is generic images that can be used on multiple platforms. You can make anywhere from a few dollars to hundreds of dollars a month with your stock photography. All you need to do is to learn how to take high-quality photographs and choose the best platform for you.

10. Rent Your Car Through Turo

With working from home becoming the norm, most of us aren’t using our cars as much as usual. Your car is an asset that you can use to create passive income. Platforms like Turo allow you to make passive income by sharing your car when you’re not using it. Most users make several hundred dollars a month.

You can list your car for free within 10 minutes and with no sign-up fees. You can choose your price and rules associated with your rentals before allowing other users to book your car. You’ll typically earn 65%-75% of the trip price.

Speaking on real estate, you can use your existing property to create passive income. Do you have a garage or basement that you don’t use? You can consider renting it out as storage space for businesses and individuals. You can earn anywhere form a few hundred to thousands of dollars every year. While you’ll want to get insurance first, offering rental storage space can turn an empty space in your property into a money maker.

11. Earn interest on your crypto portfolio

Interest rewards can also be a form of passive income. If you’re investing in crypto, you can make passive income by having your money work for you by earning interest. Platforms like BlockFi and Celsius allow you to passively earn interest on your crypto assets when you deposit them into these online wallets. You’ll earn interest that you can withdraw or use to purchase more crypto to help boost the value of your portfolio.

Crypto is quickly becoming one of the most popular assets for those looking to gain financial freedom. Although crypto is a relatively new asset, you can make passive income through it and maximize the return on your investment with the help of Celsius and similar platforms.

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12. Affiliate marketing online

We all know that bloggers and social media influencers have mastered the art of passive income. Most bloggers make their living through affiliate marketing. The internet is full of opportunities for making passive income. We’ve all seen influencers cash in on their ability to sell goods and services online. You don’t have to be an influencer or a TikTok star to make passive income online. One of the easiest ways to do this is through affiliate marketing, which can also require minimum upfront investment. Although you’ll need to invest time and strategy into making your affiliate marketing successful.

Affiliate marketing is where you promote a third-party’s product or service and earn a commission on purchases made through your link. Most affiliate marketing happens on social media platforms or on blogs through posts and advertisements.

13. Launching an online product

Another way to use the internet to make passive income is by launching an online product. With the right entrepreneurial skill, you can make hundreds of dollars a day. The benefit of selling an online product – such as an e-book, video course, or audio files – is that you aren’t required to do any additional work once the product is finished and uploaded.

When you choose an online product, you don’t have to worry about the cost of production or having the resources to fulfil orders. You can use platforms like Etsy or Shopify to automate your business with digital downloads. Everyone is an expert in something, whether its digital marketing or learning a language. Take your skills and turn it into a form of passive income by creating a digital product to sell online.

14. Open a retirement account

Most of us are looking financial freedom to make it easier to retire or to retire early. One of the best ways to make passive income without having to do additional work is to set up a retirement portfolio. You can invest into a high-yield savings account, such as an IRA or 401(k), to maximize the interest on your savings. Although you won’t benefit in the short term, retirement investment allows you to gain financial freedom for the future. Check out this Betterment review for your reference.

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15. Advertise on your car

When you’re looking to make passive income, your assets can be your best way of doing so. One of your most valuable assets is your car. We’ve all seen vehicles that promote a business, whether it’s a decal on the car or an advertisement in the window. Most advertising involves ‘wrapping’ your car in a decal that can later be removed without damaging your car.

All you’ll have to do is drive your car around, showing off the decal and advertising the business. You’ll be doing this even when you’re running errands or heading to work. If you’re going to be driving your car, you may as well be making passive income at the same time. If you live in a city, you can expect to make several hundred dollars a month in passive income with the right clients.

16. Launch a Youtube channel

We all have something we’re passionate about, whether it’s sharing money-saving tips or your latest baking recipes. YouTube videos create a form of passive income through advertising, giving you the potential to make hundreds of dollars from a few hours of work. You want to choose a niche to build your YouTube channel around before creating content. Most of us have a HD camera in our smartphone, which is all you need to launch a YouTube channel and start earning passive income.

While you won’t instantly start making money, your videos will earn passive income over time. As you build a following, you can expect your average video earnings to rise and continue to grow over time. You’ll still earn passive income for videos that you upload months and years later.

17. Self-publish a book

You don’t need to be Shakespeare to write a book. Self-publishing on marketplaces like Amazon is one of the most popular forms of passive income. You want to choose a topic that you’re familiar with and consider yourself an expert in. You can either choose to write the book yourself or outsource the writing to a freelance writer.

One the work is done; you’ll start making a passive income once your book is listed on Amazon. The benefit of using Amazon is that you can self-publish eBooks and paperbacks for free. It can take as little as 5 minutes to get your book online and it will also appear in the Kindle store within 24-48 hours. By self-publishing, you don’t have to make a financial investment into physical books or spend time looking for a literary agent.

18. Design graphics for t-shirts

Creating graphics is easier than you think. You don’t need a degree in graphic design or be a photoshop expert to create graphics. YouTube and blogs are full of how-to tutorials on ways to create simple graphics. If you have a creative flair, you can upload your graphics to websites like CafePress and Redbubble to earn commission for t-shirts and products sold with your designs on them.

Most of these platforms won’t charge a fee for using their website, but you’ll generally make between 10-15% commission on purchases. While you’re not likely to make thousands of dollars a year, it’s an easy form of passive income for anyone with a flair for creating graphics.

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