AFFILIATE MARKETING
27 Passive Income Ideas to Make Money & Build Wealth in 2024
In this article, we discuss the 27 passive income ideas to make money and build wealth. To skip our detailed analysis of passive income and its benefits in today’s world go directly to the 7 Passive Income Ideas to Make Money & Build Wealth in 2024.
Passive income can be defined as a side income that comes from a minimal amount of work as compared to your active income. In the current economic conditions, many people are finding it hard to keep up with inflation with a single paycheck. While the US Federal Reserve’s policies have managed to tone down inflation and the bank is expected to cut interest rates, some Wall Street analysts still paint a bleak picture of the US economy in the near future.
According to a survey by Self, 45% of working Americans have a side gig. Out of the people surveyed, nearly 35% said that they need their side hustle source to pay their bills and other expenses, while over 32% of people use it as disposable income. Around 30% of the respondents put their side gig money toward savings and investments. The survey suggests that these side gigs generate an approximate average of $688 per month. We previously reported that 73% of Americans with side hustles are thinking of leaving their primary jobs.
Passive Income Ideas with Stocks
Some of our passive income ideas to make wealth revolve around investing in the financial markets. The US stock market is one of the places that have made many people rich. For example, value investors such as Warren Buffett and Seth Klarman have made billions from buying stocks and keeping them for the long term. Their style of investing is known as value investing. It is important to note that these two investors have spent a lot of time and money on their investments, but at the moment we are looking for passive income ideas to make wealth. In that case, you can follow their strategy on a smaller scale by buying quality stocks and letting them grow over a few years.
Nevertheless, a value investing strategy works best if you have a lot of capital. For example, Warren Buffett has owned 151.61 million shares of American Express Company (NYSE:AXP) since the third quarter of 2013, when its stock price averaged at $75.23. By the end of the fourth quarter of 2023, the company shares were trading at an average price of $160.97. It means that American Express Company (NYSE:AXP) stock made around $17 billion for Buffett’s firm during this time, and that is without counting the dividend income. As of March 7, the company’s stock was trading at $221. Some other value stocks from Berkshire Hathaway’s portfolio include The Coca-Cola Company (NYSE:KO) and Bank of America Corporation (NYSE:BAC).
Use of AI to Generate Passive Income
A survey by GOBankingRates reveals that 45% of the respondents are in favor of using AI to generate passive income, and 8% are already using it to do so. Open AI’s ChatGPT has been responsible for the surge in 2023’s AI revolution. The platform also offers a passive income source with its Bug Bounty Program. The program invites people to find bugs or security flaws and get paid. The rewards start from $200 and go up to $20,000.
Photo by nathan dumlao on Unsplash
Our Methodology
For this article, we carefully reviewed several sources, including Time Magazine, CNN, CNBC, and Reddit. Next, we chose the most common recommendations to make passive income across these sources and listed them according to the number of mentions each idea received. The more times a passive income idea was mentioned, the higher it was placed on our list.
By the way, Insider Monkey is an investing website that uses a consensus approach to identify the best stock picks of more than 900 hedge funds investing in US stocks. The website tracks the movement of corporate insiders and hedge funds. Our top 10 consensus stock picks of hedge funds outperformed the S&P 500 stock index by more than 140 percentage points over the last 10 years (see the details here). So, if you are looking for the best stock picks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Passive Income Ideas to Make Money & Build Wealth in 2024
27. Domain Parking
Domain parking is a practice where any person or company registers domain names but does not use them for hosting a website or email service immediately. Instead, they place them “parked” with a domain parking service or a domain registrar.
Revenue is primarily generated through advertising. When visitors click on the ads displayed on the parked domain’s page, you, as the owner of the domain, will earn a small amount of money. To get the most out of domain parking, hone your monetization strategy to direct traffic to the domain. You can optimize the domains via a third party like Newsy, Bodis, and ParkingCrew.
Due to the risks like potential legal issues and low revenue potential, we gave it the lowest priority on our list of passive income ideas to make money and build wealth in 2024.
26. Crypto Staking
Crypto staking is a process used in blockchain networks to validate and secure transactions, similar to how mining works in some cryptocurrencies like Bitcoin. However, instead of using computational power to solve complex mathematical problems as used in mining, staking involves validators locking up a certain amount of cryptocurrency as collateral to support the network’s operations. Crypto staking is a good way to earn passive income. However, it also carries risks, such as the potential loss of staked funds in the event of validator misbehavior.
Coinbase Global, Inc. (NASDAQ:COIN) is one of the companies that allows you to stake your tokens. The interest rate return on crypto staking varies between tokens. The estimated reward on Ethereum is 2.94% at the time of writing on March 7.
25. Annuity Set Up
An annuity is a financial product that provides a series of payments to an individual over a specified period. An annuity can be set up in various ways, depending on the terms of the annuity contract and the preferences of the individual purchasing it.
Annuities are usually bought through insurance companies. However, they are also provided by financial services businesses like brokerage firms and banks. Fixed Index Annuity is a type of annuity that is tied to broader market indexes such as the S&P 500. It pays you a fixed interest rate along with a variable income, depending on the performance of the market.
There are several other ways to set up annuities, and it is better to consult a financial expert or insurance provider to make more informed decisions before moving forward.
24. Renting Out Things in Your Home That You Don’t Use
Renting out household items has become increasingly popular with the rise of online platforms that facilitate peer-to-peer rentals. While renting out your household items can carry risks, it is a great passive income idea to make money and build wealth in 2024. You can be on your way to building wealth with this idea if you rent out high-value items that people need for only a short duration and/or infrequently.
Other than keeping your items in good condition to retain and invite new customers, it is important to come up with competitive rental rates and provide clear rental terms and conditions. A few noteworthy sites/apps for peer-to-peer rentals are Rannsak, Fat Lllama, and Yoodlize. Some marketplaces provide insurance to cover damages, loss, or theft. For example, Rannsak offers The Rannsak Reimbursement Program in the U.S., and the insurance is up to $1,000.
23. Royalties From Intellectual Properties
Royalties from intellectual property refer to payments made to the creator of intellectual property in exchange for the use of the said asset. According to a report by the World Intellectual Property Organization, there were 3.5 million patents filed in 2022. 67% of the total patent filings were made by Asian countries.
If you plan on earning royalties from intellectual properties, you must protect them legally, and that can be done through copyrighting, trademarking, licensing, patenting, and more.
A way to create passive income from royalties would be entering into a licensing agreement with a third party to allow them the use of your intellectual property and receive financial benefits in return. The amount of money you make from these royalties depends on the terms of the licensing agreement. For example, agreeing to a percentage of revenue generated by the sales of the product. Laws regarding patenting in the United States can be found on the United States Patent and Trademark Office website.
22. Peer-to-peer Lending
Peer-to-peer lending is a method of debt financing through which individuals borrow and lend money directly, and there is no involvement from traditional financial institutions. It is one of the best passive income ideas to make money as it serves as a source of funding for individuals and businesses while offering competitive interest rates and flexible terms with a streamlined loan process. The above-mentioned factors are not available to most individuals and businesses when it comes to taking loans from traditional banking institutions.
If it is your first time getting into peer-to-peer lending, you can sign up on established websites like Prosper Marketplace’s Prosper.com through which you can invest in consumer loans, and the website will connect you with borrowers.
21. Set Up an ATM or Vending Machine
An individual can set up an ATM or a vending machine to make a profit from them. However, these two things will generate income based on the number of people that use your machines, so it is essential to set them up somewhere with a lot of foot traffic. If you decide to go the vending machine route, there are a few costs that you should keep in mind, including the cost of the machine (secondhand machines cost between $1,500 – $5,000), location fee, replenishment cost, and maintenance. A few Reddit users recommend delegating tasks like re-stocking and maintenance to cut down on work hours.
For ATMs, setting them near cash businesses like casinos or barber shops where people prefer to tip in cash is ideal. To get started, you will need to open a limited liability company, purchase an ATM, find a location for it and draw up a contract with the owner of the location, and install the machine.
20. App Development
Creating an app can be your way of building wealth because if successful, it will generate revenue for you over a long time. There are many ways you can monetize your app, including paid downloads, in-app purchases, subscriptions, and more. App development is one of the best passive income ideas to make money.
Mobile apps have the most promise, as 56.1% of all global website traffic was attributed to mobile usage as of December 2023, according to Oberlo. While your income will vary depending on a multitude of factors, including but not limited to which app store you choose, the niche your app belongs to, and the monetization pathway you opt for, mobile apps have more potential to generate passive income.
19. Sell Stock Photos
Selling pictures online that you have captured is a great passive income idea. You will need to start by capturing high-quality pictures. You can then search for different reputable stock photography websites or agencies, like Shutterstock, Inc. (NYSE:SSTK), which hires photographers. According to data collected by Matic Broz for Photutorial, on average, a stock photographer can earn around $0.02 per image per month on average. Moreover, Stocksy United pays the highest, i.e., $200 per standard royalty-free sale and $8,100 per extended license.
18. Video Content Creation
Video content creation can not only generate passive income for you but also be highly engaging. You can create video content for different purposes, like stock footage, subscription platforms, and more. Creating videos for sponsored content is a great way to make a little money on the side. For that, you will need to find brands that will sponsor you to advertise their product or services.
Choosing the right platform for your video content is the most important step, and you can look at Google’s YouTube, TikTok, and Meta Platforms, Inc. (NASDAQ:META)’s Instagram. According to Influencer Marketing Hub, on average, a channel on YouTube gets $0.018 per view or $18 per 1,000 views.
17. Advertising on Your Car
Advertising on your car to earn money is a legitimate way to make some extra cash. This practice, often referred to as car wrapping, involves having advertisements or promotional graphics on your car in exchange for payment. To earn passively through car advertising, you would need to sign up with specialized agencies that hire people for this purpose.
According to some Reddit users, they have been paid between $100 to $700 a month for getting their cars wrapped. However, some of them have cautioned people to beware of scams. It is essential to remember to do thorough research on the agency you plan on conducting your business with.
16. Design Custom Products
Earning through custom-designed products can be a lucrative venture, especially with the rise of e-commerce platforms like Shopify Inc. (NYSE:SHOP) and print-on-demand services. You would start by identifying the material you wish to work with and your niche and create your designs. From there, you can choose a platform and hire a print-on-demand service. Once you set up your store, you will need to do effective marketing to solidify your customer base. Amazon.com, Inc. (NASDAQ:AMZN)’s Merch on Demand allows people to share their designs for their products. Some Reddit users even claim to make $2k to $3k a month from that platform.
15. Affiliate Marketing
Affiliate marketing is one of the best passive income ideas to make money and build wealth in 2024. According to AuthorityHacker, before consumers make a purchase, 74% of internet consumers in the U.S. go to multiple affiliate websites. Moreover, affiliate marketing contributes to 16% of all internet orders in the U.S.
With affiliate marketing, you can promote products or services through various marketing channels, such as websites, blogs, social media, email newsletters, or online advertisements, and earn a commission for each successful referral or conversion from a business or advertiser.
The Amazon Affiliate program, or Amazon Associate program by Amazon, is an easy way to get into affiliate marketing.
14. Rent Storage Places
Buying and renting out self-storage space can indeed be a viable way to earn money. Other than that, you will need to be careful to set profitable and reasonable rental terms and conditions and screen the potential renters. According to one source, storage units can generate an annual income between $365,000 to $800,000, depending on size and location.
13. Rent Out Parking Space
If you have a parking space that you are not utilizing, you can rent it out, as it is a lucrative way to make extra money. It can become profitable for you if the parking space is near a venue that sees a lot of traffic, e.g., a shopping mall. Moreover, you can rent it out during specific times, like when a concert is being held somewhere nearby. The money generated from these parking lots mostly depends on your location. Make sure to check your local laws before investing in such ventures.
Moreover, you can also list your private parking space on platforms like Neighbor, which can generate between $50-$300 per month.
12. Real Estate Investing
Real estate investing by renting out a spare room is one of the best ideas to earn passive income and build wealth. It involves renting out the room to tenants in exchange for regular rental payments. The amount of rental income you can earn depends on various factors such as location, property type, market demand, and rental rates.
Airbnb, Inc. (NASDAQ:ABNB) is one of the best online marketplaces for short and long-term homestays.
11. Create an Ebook
Writing an ebook can be lucrative for you as it falls under a digital product. You can get passive income through sales revenue by selling your ebook to an online ebook publishing platform, including but not limited to Amazon Kindle Direct Publishing, Apple Books, and Google Play Books.
10. Buy a Successful Blog
Buying a successful blog means getting a website that already has lots of people visiting it and making money from it. When you buy it, you get possession of all the work that’s already been done, like writing articles and getting ads on the site. Buying a successful blog is a good passive income idea to make money and build wealth, especially if you know how to grow and improve it. Many Reddit users recommend buying blogs off of Flippa or Empire Flipper. According to them, it is important to remember that the initial investment will be considerable, and they recommend researching blog websites thoroughly.
9. Create an Online Course
Our eighth passive income idea to create wealth is creating an online course. Online courses have become a popular way for people to share their knowledge and expertise with others while also monetizing their skills. You can generate revenue through many strategies, including course sales, offering continuing education credits, etc. You would benefit from looking up e-learning platforms like Udemy, Inc. (NASDAQ:UDMY), as such platforms will provide you with tools for course creation, marketing, and sales.
8. High-Yield Savings Account
A high-yield savings account is a type of savings account offered by banks or financial institutions, and it typically offers a higher interest rate compared to traditional savings accounts. To take full advantage of high-yield savings accounts, you should leverage compound interest. It can help you grow your savings steadily over time and help you reach your financial goals more quickly.
In 2024, several high-yield savings accounts offer returns of 4% or more in some cases as compared to the 0.46% national average return on traditional savings accounts.
Click to continue reading and see the 7 Passive Income Ideas to Make Money & Build Wealth in 2024.
Suggested articles:
Disclosure. None. 27 Passive Income Ideas to Make Money & Build Wealth in 2024 is originally published on Insider Monkey.
AFFILIATE MARKETING
5 Work Ethic Lessons Entrepreneurs Can Learn From Elite Athletes
Opinions expressed by Entrepreneur contributors are their own.
Anyone who has found success as an athlete will tell you that sport teaches lessons that go far beyond the playing field. If you’re looking to succeed in the competitive business environment, there may be no better models than champion athletes. What is it that allows these individuals to achieve greatness? What makes someone a winner? There’s not a single answer. Rather, it’s a combination of things. We’re sharing five of them here. If you follow these lessons, you’ll be poised for a championship in the business world.
Related: 4 Productivity Tips from Extreme Athletes That Will Make Your Business Stronger
Show supreme confidence
Champions have a robust belief in themselves and their ability to succeed. Importantly, this does not mean they expect the journey to be easy. Most things worth having require tremendous effort. Champion athletes devote “blood, sweat and tears” in pursuit of excellence, and they’re willing to make the sacrifice because they know it will pay off. Self-doubters abandon the journey when it gets too hard or when they encounter a few obstacles. Champions persevere because they believe in themselves to the core. This stout self-confidence becomes self-fulfilling. When you fully believe you’ll win if you keep on grinding, you’ll out-grind your less confident competitors. Supreme confidence leads to supreme effort, and supreme effort leads to success.
Like a champion athlete, a winning entrepreneur stays committed when things are tough. Tomorrow’s industry leaders are those who will continue to refine their current pitches and marketing strategies as many times as it takes to reach a breakthrough. They will not be deterred by rejection but rather will learn from it, make adjustments, and come back stronger. This willingness to learn and improve, in fact, is another defining feature of champions.
Always look to improve
Champion athletes, while supremely confident, also possess enough humility to know they always have room to learn and grow. When they take a loss, they review the game film to identify the mistakes they’ve made and see where they need to adjust for the next time. Even when they win, they look at what they could have done better. They also seek input from others. When a coach points out a flaw in their technique, they’re receptive to the feedback and incorporate it into their training. They also look to teammates and even to opponents to learn what others are doing well.
As an entrepreneur, if you lose out on a deal or find a competitor holding a larger share of your targeted market, then look at what they are doing to succeed. Be open to learning and humble enough to seek help from others. Champions are usually their own harshest critics, and their high standards drive them to keep improving. So even when you have some successes, continue looking to level up.
Focus on what you can control
Champions do everything they can to control the variables involved in their sport. Knowing that they can’t fully control the outcome, they go all-in on what they can control, including attitude, effort, and preparation. Entrepreneurs ought to do the same by analyzing their markets, rehearsing presentations multiple times, and scouting both their competition and their potential customers. If you’re meeting with a client, study them ahead of time so you can anticipate the questions they may ask and have impressive answers prepared. Be obsessive about your preparation.
A corollary to this lesson is focusing your post-hoc explanations on what you can – or could have – controlled. After a tough loss, champions do not blame the referee. Instead, they look at what they could have done differently so the referee’s calls would not have mattered. As an entrepreneur, be cautious of attributing bad results to luck or of claiming things weren’t fair. When you do so, you lose motivation to make adjustments for next time. Instead, follow a champion’s lead and know there’s always something you could have done better.
Improvise when needed
Even as champions focus on what they can control, they also recognize that they can’t control everything. Rarely does something go exactly as planned, and the best performers adapt and improvise. Something can always go wrong, and rather than panicking when it does, winners stay confident and make the needed adjustments. Thus, even as you work to control what you can embrace the uncertainty of your sport – or your business, as the case may be.
Related: 5 Lessons Entrepreneurs Can Learn from Pro Sports Teams
Be flexible
You may have noticed that the lessons described above hold some contradictions. Champions have supreme confidence yet also believe they need to get better. They also focus on what they can control while accepting they can’t control everything. Thus, another key to success is adapting your mindset based on the situation at hand. Champions have the mental flexibility to do so seamlessly. Rather than looking for a recipe to follow every time, they embrace the fluidity required to succeed consistently.
This willingness to adapt – to possess an unfixed mindset – is the main premise of the book Extreme Balance: Paradoxical Principles That Make You a Champion, published by Entrepreneur Press. This volume, which I have co-authored with champion athlete and coach Ben Askren and successful business leader Joe De Sena, describes how various champions balance contradictory principles to succeed in their respective sports. It includes chapters such as “Thinking You’re Good Enough and Thinking You’re Never Good Enough,” and “Preparing for Everything and Expecting the Unexpected.” These sections expand upon the lessons described here – and many others – in greater depth. If you want to be a champion entrepreneur, it’s a great resource to help get you there.
AFFILIATE MARKETING
This 20-Year-Old’s Summer Side Hustle Earned $150,000
This Side Hustle Spotlight Q&A features 20-year-old college student Jacob Shaidle, founder of Ontario-based barbecue cleaning business Shaidle Cleaning. Responses have been edited for length and clarity.
Courtesy of Shaidle Cleaning. Jacob Shaidle.
What was your day job or primary occupation when you started your side hustle?
I was a 15-year-old high school student when I started my side hustle, Shaidle Cleaning. I always liked physical labor, so this was a natural fit. Before I started my business, at the age of 14, I worked full-time summers at a tree farm, but when my parents told me I had to pay my way through university, I wanted to make more than minimum wage to ensure I could pay tuition. I was shocked when I found out how expensive school really was! Today, I am a full-time university student during the school year and a full-time business owner during the summer. I plan on pursuing Shaidle Cleaning full-time after I graduate.
When did you start your side hustle, and where did you find the inspiration for it?
I started Shaidle Cleaning in the summer of 2021. My mom asked me to clean our barbecue at home and suggested that I go knocking down the street after I did such a good job. My parents mentioned cleaning neighbors’ grills to make more money than what I made at the tree farm. I never would have thought to start a business cleaning grills if they didn’t suggest it!
What were some of the first steps you took to get your side hustle off the ground?
I needed the proper cleaning supplies to get Shaidle Cleaning off the ground. Luckily, I already had a pressure washer at home from my Dad, and I spent $400 on other equipment (100% of my savings at the time). That first summer in business, I put everything into two grocery bags and walked about a half-mile radius from my house to clean grills — I didn’t have my driver’s license or a car, so walking was my only option. By the second summer, I made enough money to buy my own car, which allowed me to expand my service area and double my revenue.
What were some of the biggest challenges you faced while building your side hustle, and how did you navigate them?
My three biggest challenges with the business have been ensuring amazing quality even after hiring people, maintaining a great online presence and managing such a high volume of clients. To ensure quality of service, I found that good, well-planned training was very important. Even more important, though, was hiring hardworking, passionate people — people who had similar goals and mindsets as me and could work toward a shared goal. Having an amazing team has been the driving factor in our business’s success.
Maintaining a great online presence is really challenging as a small business competing against all these “sharks” with more clients and money to outspend us on ads. With the help of my friend Aran Giffen, we have been able to establish a great online presence, selling people on the story and our youth, passion and drive rather than the actual service we provide. We want to make it clear that we are all students with the goal of helping other students, and that is how we present ourselves.
Lastly, going from managing 100 clients a summer to more than 700 has been a huge jump. As the owner, I want to have personal conversations with each client, get them excited about the service and make sure they have the best experience every time. Unfortunately, there just isn’t enough time in the day for me to do that. Instead, I have utilized the great personalities of my own workers to message, follow up and ensure the happiness of customers. We have also made client management easier with Jobber, which automatically stores all of our clients’ information, sends automated messages and keeps everything organized for me as the owner.
How long did it take you to see consistent monthly revenue? How much did the side hustle earn?
Since this is a seasonal business, I work hard each summer to ensure I increase my revenue from the previous season. In my first two months of operation in 2021, I made $5,000. The following summer, when I had my car, I doubled my revenue to $10,000. These were two-month summers in grades 11 and 12. In my first university summer, I hit my first $10,000 month and finished the summer with around $30,000.
This summer, which was my fourth summer in business, we did $100,000 in revenue in 75 days, ending the summer with roughly $150,000 in top-line revenue. As a one-man operation, it wasn’t too challenging to see consistent revenue in the summers. This is because I would typically knock on doors for one or two days to fill up my schedule for the week. This past year, we had seven technicians and 20 people in total, so it was much more challenging to stay consistent with the revenue. We had to learn quickly how to train employees, manage our sales team and deal with hundreds more customers. My best friend, Aran Giffen, has been a huge help in ensuring revenue stays consistent by managing our website, reach-out and online ads.
What does growth look like now?
I’ve been able to expand my one-man side hustle into a thriving business that has allowed me to hire dozens of high school and university students, helping them pay for their own education. With a growing, passionate and hard-working team, we aim to eventually break seven figures in revenue. Automation is a large part of being able to scale a business. We recently automated our customer communications by partnering with Jobber last summer, which has helped us tremendously. This partnership has allowed us to expand our customer base to hit 1,000 grill cleanings and six figures in revenue this year. Before Jobber, I spent a lot of my time scheduling cleanings and manually sending reminder messages to customers about their appointments — it ate up most of my day. Jobber completely takes that over by allowing customers to book their appointments online, automating reminder messages and sending invoices at the end of our service, which has freed up my time to focus on growing the business. We wouldn’t have been able to hit six figures in revenue or hire employees without this partnership.
What do you enjoy most about this side hustle?
By far, the most rewarding part of owning Shaidle Cleaning has been enabling my employees to afford their tuition and university costs. I am so proud of my team and happy with what we have accomplished so far, and I sincerely only want what is best for them. We are building a company around hardworking, dedicated and passionate students, and I value their work and effort more than anything else. My business is so much more than just cleaning grills — we’re creating a tight-knit community of students and helping them build and grow as people.
What’s your advice for others hoping to start successful side hustles of their own?
Find great people to surround yourself with. I used to think it would be so great to reach my big dreams on my own — more rewarding, efficient and impressive. But I was totally wrong. One of my favorite parts of my job is meeting new people who can help and enable me in different ways. It is much more rewarding to gather a group of people around a singular goal and lead them all to success than it is to do it alone. It is way quicker to build off the amazing knowledge of others to propel yourself forward in business, and it is more impressive to stick with the plan with the people around you than to hike up the mountain alone, leaving people behind.
With this message, there are four very important people I would like to mention who have helped me do amazing things in business. Aran Giffen, Brendan Quinlan and my parents. Aran joined along for the ride in year three and has been one of Shaidle Cleaning’s biggest assets. Brendan has acted as my mentor for just over a year now and has given me more knowledge, skills and advice than anyone else in business. Along with my mom and dad — who have always been by my side encouraging me no matter what and have had the pleasure of watching this grow since the very first BBQ — I am eternally grateful for these people and only wish to continue growing with them.
This article is part of our ongoing Young Entrepreneur® series highlighting the stories, challenges and triumphs of being a young business owner.
AFFILIATE MARKETING
He Overcame Dyslexia and Built a $1 Million Language Learning App
Entrepreneur Ventures is an early-stage venture capital firm partnered with Entrepreneur Media that is dedicated to backing passionate and innovative founders as early as day one. In this series, we are profiling the amazing entrepreneurs that Entrepreneur Ventures is working with to share their insights on building and growing a thriving business.
Michael Peled is the co-founder and CEO of Singit, an immersive English education platform that teaches the language through music. “People pick songs that they like, then select words in the lyrics for instant translation, and expand their vocabulary faster and easier,” Peled explained on a call with Entrepreneur.
SingIt is currently being used by 500,000 students across 12 countries and has recently surpassed $1 million in annual recurring revenue. “With our new consumer channels, especially focusing on the Latino population in the U.S., and over 5,000 paying customers, we’re poised to disrupt the market,” Peled says. Read on to learn more about the innovative teaching tool, and the driving force behind the 23-year-old tech founder’s passion for learning.
Please give us the company elevator pitch.
SingIt is transforming English language education by integrating AI-driven technology with a library of over 5 million songs. We deliver personalized learning experiences, tailored to each learner’s needs, turning the most addictive apps into powerful tools for mastering language.
What gave you the idea?
My father learned English in the ’70s from John Lennon and Bob Dylan songs. This sparked my realization that music could be an incredible tool for language learning, particularly for people like myself with dyslexia. I had to work eight times harder in school to achieve the same results as my peers. This determination, combined with having entrepreneurial parents who always believed in me, propelled me forward. I firmly believe that having just one person who pushes and supports you can make all the difference.
Related: Teacher’s Successful Side Hustle Made Over $22K in One Month
How did you get started?
I developed SingIt as my final project in a gifted kids program at the Weizmann Institute. It grew into an app now used by 500,000 students globally, and it’s been approved by Ministries of Education worldwide.
What kind of training did you have before developing Singit?
By the age of 17, I was mining Ethereum on my school’s lab computers, but that’s not where my business success stems from. My passion for technology and curiosity about how money is made started when I was 9. Though I’m not materialistic and consider myself quite frugal, I was always drawn to entrepreneurship. By 16, I was earning over $100K a year photographing events while others partied. Growing up in a family of investment bankers also opened doors to key relationships, including a mentor who introduced me to underwriting.
Related: How This Entrepreneurial Couple Is Revolutionizing Brand Loyalty
Ultimately, my success came from being relentlessly curious, always seizing opportunities, and having a strong desire to learn from others. Since then, my focus has been on creating lasting impact, not just financial gains. SingIt’s mission is to democratize education and make learning accessible for everyone.
What do you hope to accomplish with SingIt?
I want SingIt to become a cornerstone of education, enabling millions of children to learn English in a fun, engaging, and accessible way. My goal is for English to become a second language globally. In many countries, fluency in English can increase one’s salary by up to four times and open new opportunities, especially in poorer regions, connecting them to the global economy.
What is your best advice for entrepreneurs who are pitching investors?
Persistence is key. Be relentless in pursuing your vision and ensure that your product solves a real problem. For instance, when securing music licenses for SingIt, I didn’t stop until I won over the biggest players in the industry.
Do you have a personal mantra that helps keep you motivated?
Be prepared to outwork everyone in the room, including your toughest competitors. True success demands relentless effort, grit, and unwavering perseverance. Every obstacle is an opportunity to rise above. Remember: “If you will it, it’s not a dream.” Lead with passion, push your limits, and show the world what’s possible when you refuse to give up.
Related: All True Entrepreneurs Share This One Personality Trait, Says the Founder of Spicewell
-
WORDPRESS2 days ago
WordPress biz Automattic details WP Engine deal demands • The Register
-
SEO6 days ago
Yoast Co-Founder Suggests A WordPress Contributor Board
-
SEARCHENGINES4 days ago
Daily Search Forum Recap: September 30, 2024
-
SEO5 days ago
6 Things You Can Do to Compete With Big Sites
-
SEARCHENGINES6 days ago
Google’s 26th Birthday Doodle Is Missing
-
SEARCHENGINES5 days ago
Google Volatility With Gains & Losses, Updated Web Spam Policies, Cache Gone & More Search News
-
SEARCHENGINES3 days ago
Daily Search Forum Recap: October 1, 2024
-
SEO5 days ago
An In-Depth Guide For Businesses