Earning a passive income appeals to many. The idea of money coming in without you having to do much is certainly one that can pique your interest. It’s something that people often aim to do by investing or by creating other types of income that require minimal amounts of attention. Passive income can come from a range of different sources, with options suitable for anyone who wants to make it work for them. But what exactly is passive income, and how can you benefit from it? If you’re interested in making a passive income, you could choose from plenty of different options. This guide will explain what passive income is and some options for you to consider for 2024.
What Is Passive Income?
Passive income is any form of income that requires little or no maintenance. It could be an investment or it might be a project or business that doesn’t need a lot of work. However, passive income doesn’t necessarily require no work at all either. There is often a certain amount of work upfront, just to get your income source set up. But once you’ve got everything in motion, your passive income source shouldn’t need much input from you to make money.
Types of Passive Income
There are several types of passive income you could consider if you want a low-effort income stream. Choosing which one is right for you will depend on your goals, how much work you want to put in, and your skills (or what you’re willing to learn). Here are some of the types of passive income you might want to consider.
Investing
Investing is one of the most popular ways of making a passive income. There are many different types of investments and various ways to be as hands-off as you like. Even investing in real estate can be a passive form of income if you choose the right way to do it.
Selling a digital product
Selling a digital product is an option many choose to create a passive income stream. It’s a good choice for people who have some digital skills or perhaps have some knowledge to pass on. A digital product can range from an app or software to an ebook or online course.
Selling physical products
Selling physical products might not sound very passive at first, but there are ways to do it. Using methods such as dropshipping or making use of fulfilment services, you can sell physical products online without having to handle the orders yourself. Once you have set it all up, other people can handle it all for you.
Running websites or blogs
Websites and blogs can often make people a passive income from advertising, affiliate marketing, and other potential ways to earn money. Setting up a blog or website isn’t particularly low-effort, but it can be easy to make a passive income once you have a successful site up and running.
Renting out assets
People who have physical assets they can use often make passive income by renting them out. This could include renting out a parking space that’s not in use, allowing advertising on their car, or even hiring out tools, equipment, and vehicles.
Passive Incomes Ideas 2024
Below is a broad range of passive income ideas for 2024 that could benefit you and help you make more money in 2024.
Real estate investment
Traditional ways of investing in real estate are not necessarily passive. Landlords have a lot of responsibilities, which can make it hard work. However, there are ways to turn real estate investment into a passive income. With the right investment type, you don’t have to spend your time on maintenance, finding tenants, or anything else. Holiday lodge investments are a great example. You can leave everything to the management company, while you get the rewards of investing. When you invest with GladePark Investments, you benefit from fully asset-backed investing, a 5-year guarantee period, and more.
Create an online course
If you have some knowledge to share and you think you’re creative, setting up an online course can be a good form of passive income. Once your course has been created, you just need to promote it and wait for it to start selling. An online course could cover any topic and might include different types of content, such as text, images, and video. You don’t even need to create the content of the course yourself. You can pay others to do it, before using an online course platform to sell it.
Start an ecommerce business
You don’t have to be hands-on to run an online store. If you use a fulfilment service or a dropshipping company, you can sell products without having to handle them yourself. Of course, it’s still smart to check the quality of your products to ensure they work for your business. Once you have set up your store and your supply chain, you can outsource everything required to run an ecommerce business. Some maintenance is still required, but it’s still largely a passive form of income.
Provide advertising
Businesses will always pay for advertising and there are multiple ways you can take advantage of this. If you are willing to spend the time setting up a blog or website, affiliate marketing and other forms of advertising can bring you an income. You can outsource your content creation too, so you can be fairly hands-off with managing your site. For something even more passive, consider using your car as a moving billboard. Get matched with an advertiser that will wrap your car in their graphics and you could earn a passive income every month just for driving it around.
Setting up a passive income stream can bolster your finances with little effort on your part. Both investing and other forms of passive income can help you to bring in more money and grow your wealth for the future.
Interested in a passive income generation through holiday lodges?
GladePark Investments provides clients with an integrated approach to asset-backed real estate investment opportunities that provide passive income and peace of mind.
Whether you’re new to investing or have years of experience, our luxury holiday lodge investment opportunities are a great choice. Speak to a member of our investment team today to learn how you can get involved with this exciting holiday lodge investment opportunity.