5 passive income ideas to make money and build wealth in 2024.

The concept of passive income ideas to make money and build wealth is becoming increasingly popular today as more and more people are leaning towards side hustles.

Passive incomes typically are derived from investments, or assets, or financial activities that require minimal ongoing maintenance effort once set up.

Passive income often require effort to be made once, mostly in the setting up phase, it is money given over to other business to manage on your behalf.

It often does not require your day to day presence. Once setup properly, it continues to generate you income as rent, dividend, interest or royalties.

1. Rent on your spare room

Earning passive income by renting out your spare room in your home or outside can be a lucrative way to earn extra money.

Airbnb, inc is one of the most well-known platform for renting out spare rooms and entire homes for intrepid travelers.

Other space renting platforms may also exist in location, all you have to do is search.

• Create a mobile app

Creating a mobile app can be a potential source of passive income. This can be done by either developing the app yourself or hiring a developer.

It is critical that the app is efficient, user friendly, well designed and functions smoothly. Example is chaka app for stock investing and cowrywise app for wealth management.

• Start an e-commerce store

This is one of the most popular passive income ideas out there today for risk takers.

The covid 19 pandemic has boosted on line shopping and passive income seekers are looking to make the best use of this trend.

• Investing in bonds or Treasury bills

This can be a low risk way of generating passive income. To invest in bonds, income seekers can buy them directly from the issuers or in the secondary market through brokerage account.

The secondary market allows you to buy and sell bonds from other investors. Investors also can hold bonds to full maturity to ensure they receive the full face value of the bond, provided the issuer remains solvent. This approach minimizes interest rate risk.

Investors will receive regular interest payment until maturity. This Interest payment therefore can become a source of passive income.

• Start a blog or YouTube Channel

Starting a blog or YouTube channel is one of the best passive income ideas out there. Income seekers can create compelling and quality content according to their interest or expertise.

And monetize them through avenues like display ads, affiliate marketing, selling digital products or courses.

Passive income is generated when they created content gains traction by attracting viewers and readers over time.

Blogging or youtube creation like any other business requires patience and consistency before they begin yielding results.