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16 Passive Income Side Gigs To Make More Money in 2024

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16 Passive Income Side Gigs To Make More Money in 2024

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In a recent article, Ramit Sethi shared his top 16 passive income ideas if you want to earn more money in 2024. These ideas range from investing in the stock market or real estate to starting a podcast.

Read More: How I Make $5,000 a Month in Passive Income Doing Just 10 Hours of Work a Year
Check Out: 6 Unusual Ways To Make Extra Money (That Actually Work)

If you’re looking for ways to boost your income this year, here’s what Sethi suggested — in no particular order — and how to make them work for you.

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Ridofranz / Getty Images/iStockphoto

Write and Publish eBooks

Writing a successful eBook requires knowing and understanding your audience and what they need.

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Some audiences might look for how-to guides or self-help books, while others simply want a good story. Whatever the case may be, knowing is the first step to making this a lucrative side gig for you.

It’s also important to be knowledgeable about the topic or niche you’re writing about. That way, you can become an expert and build your own brand, thus increasing your reach and sales.

You can publish eBooks on platforms like Amazon.

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blackCAT / Getty Images/iStockphoto

Creating Online Courses

If you’re skilled in a specific niche, you could create and sell courses related to it online. You’ll need to understand your audience and what they want. It also helps to be skilled at marketing and social media.

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Sethi suggested creating a “learning journey,” which starts your audience on the path from complete novice to becoming experts themselves. Over time, yours could become the go-to course for people all over the world.

Try This: 10 Proven Ways To Get Paid for Amazon Reviews in 2023

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mixetto / Getty Images

Create Exclusive Membership Sites or Content Communities

For this one, you’ll need to create a platform or online presence where you can reach and connect with your ideal audience. From there, you can start building members-only sites that individuals must pay a small fee to access.

They get exclusive content, while you earn extra cash. Resources or information on those exclusive sites could include videos, forums, eBooks, and more.

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FabrikaCr / Getty Images/iStockphoto

Start a Podcast

Do you have a great voice and something worth talking about? If so, you might want to start a podcast.

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With a podcast, you can generate income through speaking and sharing what you know with your audience. To become successful takes time and a lot of commitment. You’ll need to regularly come up with episode ideas, record them, edit them and promote them.

But once you’re off the ground, you can build a loyal fanbase and make reliable income. You can increase your earnings potential by adding exclusive content to sell to your premium followers, as well as via advertisements and sponsorships.

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AleksandarNakic / Getty Images

Affiliate Marketing

Affiliate marketing entails recommending products you believe in to your audience. You can do this in many different ways, such as through blogs, videos or social media platforms. Every time someone in your audience uses your referral link to buy a product, you’ll receive a commission.

Be authentic when using affiliate marketing, though. Make sure your audience knows about your partnerships and only recommend products you personally stand behind.

By doing this, you can build even more trust with your audience, while establishing a lucrative system for affiliate marketing.

Explore More: Get Paid To Listen to Music: 10 Proven Ways

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Sell Stock Videos and Photos

If you enjoy taking photos or making videos, then consider selling your creations on platforms like Adobe Stock and Shutterstock.

The competition can be tough, especially at first, so be persistent and only put out the highest quality of goods. Try to make everything a little bit your own, a little unique, so that it stands out.

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Nattakorn Maneerat / Getty Images

Low-Yield Savings Accounts

A traditional savings account, or low-yield savings account, is a low-risk way of growing your money. It’s slow, yes, but steady. And if you contribute regularly to your account, you can boost your savings more quickly over time.

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pressureUA / Getty Images

Make a YouTube Channel

Creating a YouTube channel is another way to general passive income. It takes a lot of time and persistence to get started, but it can be worth it in the end.

Start by deciding which niche, field, or topics you want to film or stream and stick with them. You can earn money from advertisements, affiliate marketing and sponsorships.

Discover More: 7 Creative Sources of Passive Income To Consider in 2024

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Dropshipping

Dropshipping involves selling goods you don’t currently have. You can do it through an online platform or store, like Etsy.

Every time a customer buys something you’re selling, their order goes to a third-party supplier that makes that item and ships it to them. All you need to do is maintain your online shop and market the products.

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mtlapcevic / Getty Images/iStockphoto

Rent Out Your Things

If you have a lot of useful items that you don’t often use, such as power tools or bicycles, you can rent them out to others for a price. You can do this on platforms like PeerRenters or Fat Llama.

To get started, you’ll need to determine the price and list your item so others can find it.

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sommart / iStock.com

Use High-Yield Savings Accounts or CDs

High-yield savings accounts (HYSAs) are savings accounts with a higher than usual yield, or rate of return. As with traditional savings accounts, you can access your money at any time. The more you contribute to the account and the longer it remains there, the more money it can generate.

Certificates of deposits (CDs) are similar to HYSAs, but they often have an even higher yield. The trade-off is that your cash is wrapped up in the account until the CD matures, or the term is up.

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Both options are low-risk and can help you build small amounts of passive side income.

Read Next: 10 Ways To Double Your Income With ChatGPT

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natrot / Getty Images/iStockphoto

Invest in Dividend Stocks

Investing in dividend stocks is riskier than HYSAs or CDs, but it can also have greater returns. With these, you buy shares of a specific company and receive a portion of that company’s earnings at regular intervals.

Choose companies with a good track record of dividend payouts and growth potential. Diversify your investments to minimize risk, too.

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gopixa / Getty Images/iStockphoto

Get Into Real Estate Investment Trusts (REITs)

If you don’t want to purchase property yourself, you can still invest in REITs and generate passive income that way.

REITs let you invest in real estate without having to manage your properties yourself. They still generate income in the form of regular dividend payments, but they’re more liquid than buying property.

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ArisSu / Getty Images

Use Money Market Accounts

A money market account is similar to a savings account, but it generally has a higher interest rate. In exchange, you may have to maintain a higher minimum balance or face more withdrawal limits or restrictions.

The good news is that these accounts are very low risk, making them a good option for building small amounts of passive income.

Discover More: I’m a Financial Advisor: These 5 Index Funds Are All You Really Need

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jetcityimage / Getty Images/iStockphoto

Purchase Bonds and Bond Index Funds

You can also generate money in the form of bonds and bond index funds.

A bond is essentially a loan that you give to a corporation or the government. In return, you receive steady interest payments.

With a bond index fund, you essentially give investors a set amount of cash that they use to invest in different bonds. These funds offer you more portfolio diversification and can reduce the overall risk.

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Since bonds are generally less volatile than, say, stocks, they’re a good option for more conservative investors looking to earn money passively.

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monkeybusinessimages / Getty Images/iStockphoto

Buy Real Estate

If you don’t mind the process of buying, maintaining, and selling or renting out property, you can always get into real estate investing. You can flip homes or rent out buildings for a profit.

Do your due diligence before getting into real estate, though. Research different areas, current market trends, interest rates (unless you’re buying in cash) and property types to ensure you’re getting the best return on your investment.

This article originally appeared on GOBankingRates.com: Ramit Sethi: 16 Passive Income Side Gigs To Make More Money in 2024

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Samsung: 6-Day Workweek For Execs, Company in Emergency Mode

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Samsung: 6-Day Workweek For Execs, Company in Emergency Mode

Four-day workweeks might have all the buzz, but one major tech company is going in the opposite direction.

Samsung is implementing a six-day workweek for all executives after some of the firm’s core businesses delivered lower-than-expected financial results last year.

A Samsung Group executive told a Korean news outlet that “considering that performance of our major units, including Samsung Electronics Co., fell short of expectations in 2023, we are introducing the six-day work week for executives to inject a sense of crisis and make all-out efforts to overcome this crisis.”

Lower performance combined with other economic uncertainties like high borrowing costs have pushed the South Korean company to enter “emergency mode,” per The Korea Economic Daily.

Related: Apple Is No Longer the Top Phonemaker in the World as AI Pressure and Competition Intensifies

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Executives at all Samsung Group divisions will be affected, including those in sales and manufacturing, according to the report.

Samsung had its worst financial year in over a decade in 2023, with the Wall Street Journal reporting that net profit fell 73% in Q4. It also lost its top spot on the global smartphone market to Apple in the same quarter, though it reclaimed it this year.

Though employees below the executive level aren’t yet mandated to clock in on weekends, some might follow the unwritten example of their bosses. After all, The Korea Economic Daily reports that executives across some Samsung divisions have been voluntarily working six days a week since January, before the company decided to implement the six-day workweek policy.

Entrepreneur has reached out to Samsung’s U.S. newsroom to ask if this news includes executives situated globally, including in the U.S., or if it only affects employees in Korea. Samsung did not immediately respond.

Research on the relationship between hours worked and output shows that working more does not necessarily increase productivity.

A Stanford project, for example, found that overwork leads to decreased total output. Average productivity decreases due to stress, sleep deprivation, and other factors “to the extent that the additional hours [worked] provide no benefit (and, in fact, are detrimental),” the study said.

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Related: Samsung’s Newest Galaxy Gadget Aims ‘To See How Productive You Can Be’

Longer hours can also mean long-term health effects. The World Health Organization found that working more than 55 hours a week decreases life expectancy and increases the risk of stroke by 35%.

The same 55-hour workweek leads to a 17% higher risk of heart disease, per the same study.

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John Deere Hiring CTO ‘Chief Tractor Officer,’ TikTok Creator

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John Deere Hiring CTO 'Chief Tractor Officer,' TikTok Creator

This article originally appeared on Business Insider.

Agriculture equipment company John Deere is on the hunt for a different kind of CTO.

The brand on Tuesday announced a two-week search to find a “Chief Tractor Officer” who would create social media content to reach younger consumers.

One winning applicant will receive up to $192,300 to traverse the country over the next several months showcasing the way John Deere products are used by workers, from Yellowstone National Park to Chicago’s Wrigley Field and beyond.

“No matter what you do — whether it’s your coffee, getting dressed in the morning, driving to work, the building you go into — it’s all been touched by a construction worker, a farmer, or a lawn care maintenance group,” Jen Hartmann, John Deere’s global director of strategic public relations, told AdAge.

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To kick off the search, John Deere tapped NFL quarterback Brock Purdy (who will presumably be a bit busy this Fall to take the job himself) to star in a clip in which he attempts to set out on a road trip in an industrial tractor.

Suited up in the obligatory vest, work boots, and John Deere hat, Purdy’s progress is interrupted by teammate Colton McKivitz hopping into the cab while a string of messages floods in from other athletes and influencers expressing interest in the job.

The clip also represents the first time that the 187-year-old company has used celebrities to promote itself, Hartmann told AdAge.

According to the contest rules, entrants have until April 29 at midnight to submit a single 60-second video making their pitch for why they should be the face and voice of the company.

In addition, entrants must live in the 48 contiguous states or DC — sorry Hawaii and Alaska residents. Interestingly, any AI-generated submissions are prohibited, too.

Videos will be judged against four categories — originally, creativity, quality, and brand knowledge — after which five finalists will be chosen and notified after May 17.

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How to Capitalize On This Thriving Talent Pool to Drive Your Company’s Growth

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How to Capitalize On This Thriving Talent Pool to Drive Your Company's Growth

Opinions expressed by Entrepreneur contributors are their own.

As business operations shift, executives and entrepreneurs are increasingly turning to an on-demand workforce that is simultaneously empowered by technology and drawn to purpose-driven projects.

Consider Upwork, whose 2020 Future of Workforce Pulse Report revealed that nearly 80% of hiring managers engaging freelancers feel confident about doing so. These hires provide coveted expertise — on a project-to-project basis — that entrepreneurs need to scale their operations without incurring long-term overhead costs.

This new market paradigm also promotes dynamism, with 79% of businesses agreeing that freelance talent enables greater innovativeness. Perhaps most telling, 84% of hiring managers utilizing it feel more assured about adapting to future disruption, compared to just 69% of those relying solely on full-time staff.

By capitalizing on freelance marketplaces, entrepreneurs can amplify employer branding, augment capabilities and future-proof organizations, even amid turbulence. As nearly 60% of hiring managers plan to increase engagement with freelancers over the next two years, the time is now for executives to realize their inherent potential.

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Related: Navigating the Great Reshuffle: Why Your Employer Brand is Key in Recruiting Talent

The job market continues to shift

After a season of massive hiring, we’re back to seeing layoffs and downsizing. Companies are feeling the bloat—from unused office spaces with rising rent to oversized employee structures — and are shifting focus to hiring only the most essential positions. This leaves a critical talent gap needed for complex projects and specialized tasks. Highly skilled and specialized independents can fill this void.

A few key benefits to engaging them:

Access to niche experts: Platforms like Toptal and Guru provide access to elite professionals from leading Fortune 500 companies and innovative startups. Whether the need is for a machine learning specialist, growth strategist or financial modeler, entrepreneurs can now curate on-demand teams that boast specialized skillsets, enabling them to focus investment on projects with the highest strategic value.

Enhanced agility: Leading corporations increasingly “rent” skills by tapping freelance experts for initiatives involving new technologies or while entering unfamiliar markets. With niche contributors available to plug knowledge gaps, owners can explore ideas that once seemed unrealistic due to internal constraints—unlocking inventiveness and first-mover advantage.

• Stronger employment brand: Blending full-time employees with project-based freelancers signals a commitment to modernization and work-life balance. Offering both engaging work and flexibility will help draw exceptional candidates and help you compete with corporate giants for top-tier talent.

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Related: Can Retirees Thrive in the Gig Economy? Navigating a Changed Workforce

Tips for capitalizing on gig talent

Having explored the forces reshaping work, executives may wonder how to effectively leverage freelance platforms. After all, how can you know you’re getting your money’s worth if a hire isn’t physically present full-time?

• Define projects clearly: Contract hires thrive when expectations and deadlines are established upfront. So, clearly, detail needs around deliverables, success metrics, required skills and projected time investments. Staying ahead when it comes to communication and expectations will help avoid headaches, including delays.

• Build loyalty with talent: The best independent professionals have options regarding the projects they accept. Study their profiles to discern passions and incentives. Offer interesting work, flexibility and strong communication to motivate interest and improve results.

• Manage collaboration: Provide steady context, feedback and guidance at each project stage, but also foster autonomy, even while directing efforts toward strategic goals. A dynamic balance of these qualities drives optimal outcomes.

• Continue expanding your talent pool: Add proven freelancers to an internal database for repeat engagements, and notify talent about new initiatives for which their expertise would provide an edge. Uncovering additional ways, freelancers can enhance the business deepens the relationship.

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Related: Fill Your Talent Gap by Sourcing Candidates From the Veteran Community

Top platforms for connecting with talent

Now comes the hard part: finding contractors who bring fractional expertise sets. There are a growing number of platforms, of course, but I’ve found that the following stand out as leaders:

Fiverr: Ideal for execs seeking design, digital marketing, writing, video and admin support. Known for affordability and ease of posting jobs. It taps a global talent pool, too.

Upwork: A flexible platform that spans more than 150 skills. Used by everyone from small businesses to global enterprises. Strong at IT, development, design, finance and consulting.

Toptal: Focuses exclusively on the top 3% of talent. Best for expert software developers, designers, project managers and finance experts. All contributors are extensively vetted.

Contra: A growing independent platform that vets and connects both job candidates and hiring companies. Best of all, it doesn’t take a commission from projects.

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Related: 3 Strategies to Optimize Your Hiring Process and Find the Best Employees

The numbers speak for themselves: businesses engaging freelance professionals report greater confidence and competitiveness, as well as the ability to withstand turbulence, yet legacy beliefs can still cause hesitancy among those keen to hire. Supported by such specialized collaborators, companies can explore new horizons unencumbered by a one-time narrow view of staffing models.

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