15 Passive Income Ideas That Earn As Much As $10,000/Month In 2024
Shane Hummus
17 min, 30 sec
A detailed exploration of 15 passive income ideas that could potentially earn up to $10,000 a month in 2024.
Summary
- Explains a variety of passive income streams, ranging from selling templates to investing in startups.
- Includes potential earnings, examples of success stories, and opportunity scores for each idea.
- Highlights the potential rewards and challenges associated with each income stream.
- Emphasizes the importance of upfront work and potential for scalability in creating passive income.
Chapter 1
Selling various types of templates as a passive income stream with a high opportunity score.
- Templates include resumes, presentations, websites, financial Excel sheets, and custom Notion templates.
- Success stories include YouTuber Thomas Frank and Twitter user 'islo'.
- Potential marketplaces for selling templates are Etsy, Creative Market, or personal websites.
- Rated 9 out of 10 in opportunity score.
Chapter 2
Promotion of a live training session on growing and monetizing a YouTube channel.
- Training to cover unique content not previously taught, possibly a one-time event.
- Scheduled for Tuesday at 8:00 p.m. Eastern Standard Time.
- Links to the training are provided in the video description.
Chapter 3
Using Real Estate Investment Trusts (REITs) to earn truly passive income.
- Investment in REITs allows earning from real estate without direct management.
- REIT companies must pay out at least 90% of their taxable profits to shareholders.
- Requires a significant investment for substantial earnings.
- Opportunity score rated at 7 out of 10.
Chapter 4
Creating and selling educational worksheets online.
- Target audience includes students, teachers, and parents looking for supplementary materials.
- Michelle Schroeder Gardner's success story of earning over $400,000 a year.
- Marketed on platforms like Shopify, Etsy, and TeachersPayTeachers with various fees.
- Rated 8 out of 10 in opportunity score.
Chapter 5
The practice of buying, improving, and selling blogs or websites for profit.
- Websites like Flippa.com are platforms for flipping blogs or websites.
- Stories of individuals making significant profits through website flipping.
- Domain flipping is another variant of this business model.
- Rated 8.5 out of 10 in opportunity score.
Chapter 6
Developing online courses as a lucrative income source.
- Online courses cater to individuals seeking step-by-step guides on specific topics.
- Platforms like Udemy and Skillshare are popular for hosting courses.
- Stories of individuals earning significant income from their courses.
- Rated 9.5 out of 10 in opportunity score.
Chapter 7
The potential and process of earning passive income through a YouTube channel.
- Starting a YouTube channel requires significant upfront work but can become passive over time.
- Educational channels are recommended for their ease in gaining views and monetization.
- Success stories of individuals making substantial income from YouTube.
- Rated 10 out of 10 in opportunity score.
Chapter 8
Earning through rental property investment.
- Investing in rental properties comes with responsibilities like maintenance and tenant management.
- Hiring a property manager can make it more passive but reduces profits.
- Real estate investment builds equity and offers tax benefits.
- Rated 8.5 out of 10 in opportunity score.
Chapter 9
Renting out personal vehicles through platforms like Turo.
- Users can rent out their vehicles during idle times such as work hours.
- Examples of individuals earning significant income from car rentals.
- Requires maintenance and management of the vehicle.
- Opportunity score rated at 7 out of 10.
Chapter 10
Investment in vending machines as a source of passive income.
- Vending machines act as silent salespersons offering snacks and drinks.
- While one machine might not yield high profits, many strategically placed machines can.
- Examples of successful vending machine businesses are provided.
- Rated 7.5 out of 10 in opportunity score.
Chapter 11
Generating income through subscription-based membership websites.
- Membership sites provide exclusive content for a monthly fee.
- Patreon is a commonly used platform for such websites.
- Example of Gillian Perkins' success with a membership site.
- Opportunity score rated at s out of 10.
Chapter 12
Creating and selling ebooks on platforms like Amazon.
- Ebooks can be about highly searched topics on Amazon.
- AI tools like ChatGPT can assist in creating ebook content.
- Ebook businesses have potential, especially for beginners.
- Opportunity score rated at 8.5 out of 10.
Chapter 13
Creating websites that generate leads for service-based businesses.
- Leads can be sold to local businesses like plumbers.
- The process can often be automated.
- Though complicated and labor-intensive upfront, it becomes passive over time.
- Rated 7.5 out of 10 in opportunity score.
Chapter 14
Making money through blogging on personal blogs or platforms like Medium.
- Blogging can generate income from AdSense, affiliate marketing, and article views.
- Example of a blogger making $300,000 a month from a software review blog.
- Requires significant upfront work but has long-term passive income potential.
- Rated 9 out of 10 in opportunity score.
Chapter 15
Investing in startups as a high-risk, high-reward passive income strategy.
- Platforms like Start Engine allow individuals to invest in various startups.
- While the majority may fail, a single successful startup can offer immense returns.
- Venture capitalists often adopt this strategy, understanding the associated risks.
- Not rated in opportunity score.