We all have 24 hours in a day. While some try to work harder to earn more, others look for more innovative ways to earn more that don’t require their immediate attention. If you’re looking for a way to better manage your quality of life while improving your finances, these tips are for you.
Reaching real financial success takes more than smarts; it’s a mindset shift and a method for approaching income in a specific way to identify those opportunities that will give you the most significant long-term benefits. Not every suggestion on this list will likely be a perfect fit for you, but you’ll surely get some great inspiration.
1. Go Big With Growth Stocks
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I’m addicted to checking my E-Trade app every morning when the markets open. The rush of adrenaline I feel when my portfolio makes a considerable jump overnight is second to none. Many men and women go all-in on growth stocks, emphasizing tech companies like Amazon, Nvidia, and Alphabet. While it can be risky, the upside of these growth stocks can deliver monetary gains without you lifting a finger.
2. Be a Landlord
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We’ve all felt we could be a better landlord than the ones that have lorded over us throughout our lives, haven’t we? Well, considerable passive income is available if you aspire to be the best landlord you can be. Owning commercial or residential real estate is a full-time job, but there’s nothing like the feeling of a monthly rent check being deposited into your account while you sleep.
3. Collect Ad Revenue
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If you have your own website (personal or otherwise), you’re leaving money on the table by not placing ads wherever possible. While millions of internet users install ad-blocking software on their web browsers, countless users (our parents, mostly) still subject themselves to endless streams of advertisements. Capitalize on that fact by monetizing your website and receiving much-deserved pennies on every click-through.
4. Invest Long-Term
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Although there’s nothing sexy or exciting about it, investing your hard-earned money into sensible mutual funds is one of the most efficient ways to earn passive income in 2024. Your diverse portfolio protects you against one individual stock tanking your nest egg while still giving you plenty of upside. Fortunately, investing in a mutual fund through most major banks’ smartphone apps is easier than ever.
5. Affiliate Marketing
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Participating in affiliate marketing makes me feel a little icky, but I can’t deny it’s an excellent way to bring in passive income in 2024. Setting up a blog or YouTube channel is one of the tech-savviest ways to start affiliate marketing. You can also go the old-school route and get in the good graces of a multi-level marketing program. If you’re passionate about selling goods, there’s no reason why you shouldn’t get a little kickback from people who buy it using your link or recommendation.
6. Collect Royalties
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Sometimes, successful wealth building can result from something random, like recording a song in your bedroom that unexpectedly becomes a hit. If you’re musically inclined, releasing original music and uploading it to streaming services like Spotify is another solid option for accruing passive income that compounds while you sleep. However, artists quickly note that you won’t get rich overnight. A successful music career is much more than having a few million listens on Spotify.
7. Open a High-Yield Savings Account
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Although inflation is generally regarded as a net negative for society, no one denies that it’s a net positive for savings accounts. Opening a high-yield savings account is a savvy way to protect your investment while ensuring a healthy return with zero risk. While not all banks offer high-yield savings accounts, they offer one significant advantage over a traditional CD: You won’t be penalized for withdrawing money early.
8. Collect Subscription Fees
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You’re in luck if you run a service for which people are willing to pay a recurring subscription fee. Subscription-based businesses are among the best ways to earn passive income because people are notoriously bad at canceling said subscriptions! Recent research reveals that 42% of people forget to cancel a service they never use.
9. Sell Something
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One of my favorite pastimes is finding something lying around my house I no longer want or need and putting it up for sale on eBay, Facebook Marketplace, or OfferUp. It’s the ultimate “set it and forget it” strategy. I often forget I have anything for sale and am shocked when I get offers for my unwanted items. Talk about a perfect passive income strategy.
10. Lend Money and Collect Interest
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Sometimes, the best way to build wealth while you sleep is by lending money to friends or family (while collecting a healthy amount of interest). There’s nothing wrong with doing things the old-fashioned way. The next time you get a phone call from a loved one asking for money, remember to include the most essential part of the transaction: interest.
11. Operate a Vending Machine
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If you’re like me, you’ve lived your entire life without realizing the dream of vending machine ownership. Think about it: Passive income, unlimited snacks, and the pride of owning a small business. Don’t scoff. According to studies, vending machines can easily create more than $75 in weekly revenue.
12. Outsource Your Freelance Work
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Did you think all methods to earn passive income were legit? You’re wrong. Although I would never do this, many freelance writers outsource their assignments to writers who charge less than they do, ostensibly pocketing the difference. It’s a great way to thumb your nose at the institution of journalism while making excellent money (that’s sarcasm for those keeping track).
13. Rent Out Your Home
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Renting out your home (or individual rooms) is another excellent way to make passive income. Many people take advantage of Airbnb’s platform to earn a lot of money. In this scenario, not only can you make money while you sleep, but when you’re away on vacation, you can also make passive income while your houseguests sleep.
14. Rent Out Your Vehicle
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Refusing to rent your vehicle — especially a second vehicle — is a stubborn way of saying, “I don’t want to make passive income in 2024.” Services like Turo aren’t fly-by-night companies; they’re legitimate platforms that protect you and your vehicle and give you the peace of mind needed to lend your car to strangers. Unless you need a daily driver, you’re leaving money on the table by not letting other drivers use your vehicle.
15. Create an Online Course
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People are always looking to better themselves, so if you have something you want to teach the world, don’t be afraid to monetize it. Creating an online course on nearly any topic is a perfect way to make something lasting that continues to bring in money (if what you have to teach is valuable). Doing so benefits you and the endless number of men and women wanting to learn.
16. Write a Self-Published Book
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Authors rejoice: Self-publishing is one of the most effortless ways to earn passive income in 2024. Platforms like Amazon have user-friendly self-publishing options, and your book (whether virtual or physical) will live in their store forever. Every time a customer purchases your book, you reap the benefits.
17. Sell Stock Photos or Videos
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Anyone with an eye for photography should embrace the opportunity to sell stock photos and videos for websites that host them. It seems every good picture needs to be licensed these days, right? Thankfully, money can be made by selling your photos and videos as stock photos. Even bland B-roll traffic footage can bring in a nice chunk of change.
18. Roll the Dice With Cryptocurrency
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I’m terrified of the volatility of cryptocurrency. That doesn’t mean you have to share my fear, however. Investing in cryptocurrency may be the riskiest way to make passive income while you sleep, but it arguably has the most upsides. Nobody really knows what causes the ebbs and flows of crypto coins, and waking up one day to see a massive return on your investment is a happy thought.
19. Become an Influencer
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If you don’t mind being looked at as a vapid, irresponsible individual, being a social media influencer is another excellent example of how lucrative passive income can be. As an influencer, you can help shape the next generation of men and women to do the least amount of work as humanly possible while still making an impressive amount of money. (In a way, it’s the new American dream.)
20. Rent Out Your Pool
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Some smartphone apps allow you to rent your backyard pool, similar to Airbnb. Although I’m not in love with total strangers using my beloved pool for their leisure, I favor making money off that amenity. I can’t believe the things people will pay money for in 2024.
21. Become a Content Creator
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While being a content creator is easier said than done if you’re an attractive person with a knack for salesmanship, you can do much worse than being in front of a YouTube webcam all day. Whether you’re a game streamer or a lifestyle guru, content creation is the ultimate passive side hustle. After all, the more viewers who watch your videos, the more money you make (even while sleeping).
22. Open a Certificate of Deposit
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As my father says, opening a CD is one of the best ways to make passive income. If you know you won’t need your money for a set period (anywhere from a few months to a few years), opening a Certificate of Deposit with a local bank can yield impressive results. Thanks to higher interest rates in 2024, many CDs earn over 5% over time, which is a fantastic return on your investment.
23. Rent Out Your Parking Space
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If you pay for a monthly parking spot in a city or town and don’t use it as much as you thought you would, then consider renting it out to other drivers. Companies like SpotHero operate like the Airbnb of parking spaces. Users pay to use your valuable parking spot. Somebody else should pay you for the privilege if you’re not using it.
24. Chase Dividends
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Although chasing stratospheric highs in the stock market is alluring, many savvy investors prefer quietly chasing dividends in the form of well-performing legacy stocks. By purchasing stock shares from companies like Exxon Mobile and Verizon Communications, you can ensure a healthy dose of quarterly dividends being deposited into your account. While these dividends are paid out in relatively small amounts, they will add up over time, making them one of the easiest routes toward a dependable passive income.
Complete Guide to Contacting Recruiters on LinkedIn
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With hundreds of millions of users worldwide, LinkedIn is a vast network with potential professional connections, making it an invaluable resource for job seekers and companies. However, crafting a compelling message can sometimes feel daunting, especially if you have little experience.
In this article, we’ll explore the art of messaging recruiters on LinkedIn, providing you with expert tips and strategies to maximize your impact and increase your chances of getting hired.
The 41 Biggest Wastes of Money
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If you’re looking for ways to earn more money to put toward your goals, start by examining your spending habits. By tracking your spending and seeing where every dollar goes, you’ll likely find several instances of spending money you don’t have to. It could be little things that add up or recurring monthly expenses that are an utter waste of money.
Once you eliminate your bad spending habits, that money can go toward your emergency fund, paying off debt, or other essential things. Here are the 41 biggest wastes of money to look out for.
