Passive income, or passive earnings, is a type of income earned without having to work actively. This means you can still earn income even if you are not directly involved in a job or business. Some examples of passive income include income from property rentals, dividends from investments, or royalties from copyrights. Essentially, passive income allows you to earn income with minimal effort after the initial setup.
In other words, this income does not require active involvement from a person. Here are some ways to increase passive income in 2024.
Renting Property
Renting out an entire house or part of a property you own can be a source of passive income. You can rent out a house, apartment, or even a spare room in your home. The income from this rent will continue to flow into your wallet without needing much effort.
Investing in Business
Investing in a business can also be a way to earn passive income. You can invest in crowdfunding platforms like Bizhare. Later, you can choose various types of businesses available there.
Creating Content on YouTube
Creating and posting content on YouTube can also be a source of passive income. You can create tutorial videos, product reviews, or other content that is interesting for viewers. Income can be obtained from ads displayed in your videos.
Renting Vehicles
If you have a vehicle that is not in use, you can rent it out. This can be a promising additional income source.
Automatic Dropshipping
Automatic dropshipping is a business model where you sell other people’s products and earn a commission from each sale. You don’t need to keep stock of goods, as the delivery of goods will be handled by a third party.
Owning Music Licenses
If you are a musician or songwriter, you can earn passive income from music royalties. Every time your song is played on the radio, television, or music streaming platforms, you will earn royalties.
Automatic Social Media Management
AI-supported automatic social media management can be a source of passive income. You can create a bot or application that automatically posts content on social media and earns income from ads or sponsors.
Increasing passive income does require effort and hard work at the beginning. However, once the income source is stable, you can enjoy income that continues to flow without having to work hard every day. So, start now and enjoy the results in the future.