20 Passive Income Ideas for Beginners to Try in the New Year

Passive Income Ideas for Beginners

The new year often brings a desire for change and new beginnings. If you’re looking to boost your income streams in 2024, passive income ideas allow you to earn money with minimal ongoing effort. Passive incomes provide financial stability as you’ll continue earning even during periods you’re unable to trade your time for money.

In this blog article, we will provide 20 practical passive income ideas suitable for total beginners. With realistic ideas spanning online to offline ventures, you’re bound to find inspiration to turn 2024 into your most profitable year yet!

  1. Affiliate Marketing

Affiliate marketing allows you to earn commissions by promoting products from brands you trust. As an affiliate, you’ll share your unique links and referral codes.

Each time someone makes a purchase through your promotions, you’ll receive a small percentage as commission. This takes the legwork out of creating, marketing and delivering your own products.

Popular affiliate programs are available through Amazon Associates, ShareASale and CJ Affiliate. You can build an affiliate website, promote brands across your social platforms or create YouTube reviews driving customers to your links.

  1. Display Advertising

If you have a high-traffic website or popular social media outlet, display advertising allows you to generate passive revenue streams.

This involves placing adverts from companies seeking your audience demographic and charging them for impressions. With each view the ad receives you’ll make money, making this a scalable opportunity.

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Companies like Ezoic, Mediavine and Google Adsense provide adverts tailored around your niche and split ad earnings with you.

  1. Sell Stock Photography

Stock photography websites will pay you for photographic images they then provide for companies seeking images. This is a fantastic way to monetize your creativity, with the ability to upload catalogs of photos that will continue earning you royalties.

Top stock image websites include ShutterStock, iStock, AdobeStock and Getty Images.

  1. Rent Out Your Property

Apps like Airbnb provide rental marketplaces, allowing you to maximize income from your property. By renting to short stay guests, you can earn significantly more than relying solely on long-term tenants. While this does involve some effort in welcoming each set of guests, much time is hands-off between bookings.

 

passive income from property renta

  1. Rent Out Your Vehicle

When you won’t be using your car or another vehicle, renting it out generates effortless income. List your vehicle on sites like Turo, GetAround or HyreCar, specifying availability windows and rental pricing. You’ll receive earnings and insurance coverage each time your car gets booked while retaining ownership.

  1. Get Paid to Take Surveys

Taking online surveys through companies seeking consumer research insights can provide an easy revenue stream. While individual payments per survey are small, time invested is low for the potential payrate. Survey websites to check out include:

  • Swagbucks
  • Survey Junkie
  • Vindale Research
  • Pinecone Research
  • Toluna
  1. Sell Your Photos Online

From beautiful landscapes to modeling portraits and more, stock photography platforms provide passive income opportunities for your photographic talents. Each image you upload can continue paying you royalties for months or years to come.

Recommended marketplaces to sell your photos through include Foap, Snapwire and EyeEm.

  1. Invest in Dividend Paying Stocks

While stock values will fluctuate, dividend-paying stocks provide reliable passive income. As an investor, you’ll be paid a percentage share of company earnings through quarterly or annual dividend payments. This generates steady cashflow without ongoing work commitments.

  1. Refer Friends to Receive sign-up bonuses

Referring your friends allows you to earn quick passive income by sharing your link with them to the relevant platform. You’ll score a bonus the first time someone signs up using your referral. Savvy referrers can easily earn hundreds per year through this method.

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Check sites like Rakuten, Drop and Pei for their latest sign up offers and referral schemes.

  1. License Your Created Content

If you have a talent for producing soundtracks, digital templates, fonts, photography or more, this lends itself towards passive income potential. Selling licenses allows buyers to use your creations across multiple of their own products and campaigns in return for ongoing royalty payments back to you.

  1. Rent Out Parking Spots

If you have spare space, renting out parking, garage storage or a driveway space offer simple revenue streams. Listing is fast through apps like JustPark, ParqEx or Kerb. You’ll then earn income from bookings with no effort, making this a completely passive opportunity.

Parking Spot for rent

  1. Rent Out Your Library

Have shelves full of books you’ll likely never reread? Apps like Fat Llama enable you to set rental pricing to earn royalties each time someone temporarily rents one of your books. This earns you passive income from items you already own with minimal effort involved.

  1. Rent Out Tools and Equipment

Similar to books, listing tools, specialty equipment, cameras, electronics and more that are just gathering dust allows you to maximize their value through renting. Websites like Grover, Lumoid and Fat Llama make it fast and convenient for anyone seeking short-term equipment access to find you and arrange affordable rentals.

  1. Lease Out Your Unused Living Space

If you have a spare room, granny flat or another livable space on your property, this presents accommodation rental opportunities. Offering affordable medium-term stays between 1 month to 1 year enables you to generate largely passive income by hosting tenants requiring simple furnished lodgings.

  1. Tradestorm

Through Tradestorm you can buy shares and bonds in products yet to launch. If successful, these provide exceptional returns. So rather than you handling production, marketing and logistical work, this app allows entrepreneurs to handle everything while you collect lucrative profits.

  1. Lend Out Your Extra Cash

Peer-to-peer lending networks like Prosper and Lending Club enable you to provide cash loans to those seeking them, with interest repayments funding your earnings. This allows hands-off investing of spare money you won’t need immediate access to, while diversifying across multiple loans mitigates risk.

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Make Money with online Courses

  1. Release Online Courses

Online learning presents lucrative potential for creators able to package their knowledge into premium courses. YouTube especially makes it simple to film tutorial-style lessons, with the premium “Super Thanks” feature providing capabilities to charge for your content. YouTubers report earning between $500-$2500 per month through this method.

  1. License Your Music Compositions

Music licensing provides genuinely passive income, allowing your tracks and compositions to continue earning you royalties while you focus time elsewhere. This does involve releasing shareable content across streaming platforms, however once uploaded, minimal further effort is required while streaming payouts fund your income.

  1. Dropshipping

Dropshipping makes starting an online store achievable without huge launch costs or risks. It allows you to launch a retail storefront while the supplier handles order processing, payment collection, production and shipping entirely behind the scenes. This hugely simplified retail setup continues earning wholly passively following your initial platform creation.

  1. Print on Demand Merchandise

Print on demand dropshipping similarly removes the effort behind designing, handling payment processing, production and shipping of products. This method partners your designs with production integrations to dropship items only when customer purchases trigger production.

Setting this up continues paying you hands-off royalties on each merchandise sale featuring your custom designs.

The Takeaway

Implementing even a couple of passive income strategies provides financial stability through diversified earnings. With minimal everyday effort upheld by the power of technology, each idea is realistically achievable even alongside existing work and responsibilities!

The new year brings fresh opportunities, with the ideas above providing launch inspiration to help make 2024 your best earning year yet.