15 Passive Income Ideas That Earn As Much As $10,000/Month In 2024

The paragraph discusses various passive income ideas that can potentially earn up to $10,000 a month in 2024. It emphasizes the range from fully passive to moderately active endeavors, highlighting the uniqueness and potential of lesser-known options. The first idea presented is selling templates online, such as Notion templates, which have proven lucrative for some individuals. The paragraph also mentions the importance of creating custom templates and marketing them effectively on platforms like Etsy and Creative Market. The author rates this opportunity a 9 out of 10 for its potential.

This section delves into Real Estate Investment Trusts (REITs) as a truly passive income source. It explains how REITs allow individuals to invest in real estate without the hassle of direct ownership and management. Investors receive dividends or a percentage of the profits generated by the REIT company, which is legally obligated to distribute at least 90% of its taxable profits to shareholders. The speaker assigns a 7 out of 10 opportunity score to REITs, noting the need for significant investment for substantial returns.

The paragraph focuses on the business of selling educational materials such as study guides, lesson plans, and practice sheets. Success stories like Michelle Schroeder Gardner, who earns over $400,000 a year, are highlighted to demonstrate the potential of this market. Various platforms for selling these materials are mentioned, including Shopify, Etsy, and teacherspayteachers.com, each with their own fee structures. The speaker rates this opportunity an 8 out of 10, emphasizing the demand for educational materials and the potential for passive income.

This part of the script talks about the process of buying and selling blogs or websites as a means to generate income. Platforms like Flippa.com are used for these transactions. The paragraph shares success stories of individuals who have profited from this method, including one who made $180,000 in profit part-time. The concept of buying undervalued domain names and selling them later for a higher price is also discussed. The speaker rates this opportunity an 8.5 out of 10, recognizing its potential for passive income and the need for knowledge in the field.

The paragraph discusses the appeal of creating and selling online courses as a way to make money. It mentions the success stories of individuals who have made significant amounts of money from their courses. The paragraph suggests platforms like Udemy and Skillshare for hosting these courses, which take a lower ticket but can still generate substantial income. The speaker recommends focusing on unique skills and market demands, rating this opportunity a 9.5 out of 10 for its high earning potential and the ability for courses to continue earning passively.

This section talks about the potential of starting a YouTube channel as a source of passive income. While it requires significant upfront work, once established, videos can continue to generate income for years. The speaker recommends focusing on educational content that solves real problems, sharing personal success and that of others. The speaker also mentions offering coaching for those looking to grow their YouTube channels. YouTube is given a 10 out of 10 opportunity score by the speaker, highlighting its potential for long-term passive income.

The paragraph discusses investing in rental real estate property as a popular way to generate income. While it's not completely passive due to the management responsibilities, hiring a property manager can alleviate much of this work. The paragraph explains that rental income, mortgage pay-off, and property appreciation contribute to the returns on this investment. Despite the work involved, real estate is recognized as a strong investment option, earning it an 8.5 out of 10 opportunity score.

This part of the script explores the concept of renting out personal vehicles through apps like Turo as a way to earn passive income. It's highlighted as a relatively new but effective method, with examples of individuals earning significant amounts per month. However, it's noted that this method isn't completely passive due to vehicle upkeep requirements. The speaker assigns a 7 out of 10 opportunity score to this option, considering its novelty and potential profitability.

The paragraph introduces vending machines as another source of passive income. It likens them to silent salespeople working 24/7 and compares owning a vending machine to having a mini mart on autopilot. While one machine may not be highly profitable, owning multiple machines in strategic locations can generate significant income. The speaker references success stories and notes that while not completely passive, vending machines can offer a good return on investment, resulting in a 7.5 out of 10 opportunity score.

The speaker adds ATM machines as a similar but potentially more lucrative option for passive income compared to vending machines. ATMs earn money through transaction fees and can be owned by individuals, not just banks. The speaker mentions that while there is work involved in restocking the machines, the return on investment can be substantial. ATMs are given an 8.5 out of 10 opportunity score, recognizing them as a better option than vending machines for generating passive income.

The paragraph discusses the concept of starting a membership website where users pay a monthly fee for access to content. Platforms like Patreon are suggested for this purpose. The math behind the concept is simple: a certain fee per member multiplied by the number of members equals monthly income. The speaker notes that while setting up such a site requires upfront work, it can become relatively passive once established. A success story of an individual reaching $10,000 a month within six months is shared. Due to the initial effort required, the speaker gives this opportunity a 5 out of 10 score.

The paragraph talks about the potential of writing an eBook as a business opportunity, especially for beginners. It mentions a conversation with Joe, the CEO of Empire Flippers, who suggested starting an eBook business using AI to assist in the writing process. The paragraph highlights the potential to utilize AI tools like chat GPT to aid in creating eBooks on popular subjects on Amazon. While AI doesn't do all the work, it significantly assists in the process. The speaker rates this opportunity an 8.5 out of 10, recognizing it as a viable path for generating passive income.

The section focuses on creating a lead generation website for service-based businesses, where potential customers can find service providers such as plumbers. The website generates leads that are then sold to local businesses, providing value to businesses seeking customer acquisition without extensive marketing efforts. Although the setup can be complex and requires upfront work, once established, the process becomes highly passive. The speaker acknowledges the effort needed initially but recognizes the potential for significant earnings, giving it a 7.5 out of 10 opportunity score.

The paragraph discusses blogging as a method to create passive income through various means, such as owning a blog or posting on platforms like Medium.com. It shares the story of Adam, who created a blog earning $300,000 a month by writing about software. The paragraph highlights that while there is considerable upfront work involved, blogging can eventually become very passive as the blog continues to earn money from AdSense and affiliate marketing over time. The speaker rates blogging a 9 out of 10 for its long-term potential to generate passive income.

The final paragraph explores investing in startups as a passive income opportunity, using platforms like StartEngine. It acknowledges the risk involved as most startups may fail, but the potential for high returns if one succeeds can outweigh the risks. The speaker references venture capitalists who accept the majority of their investments may fail for the chance at significant returns from a successful startup. The paragraph also mentions a previous video by the speaker that provides additional side hustle ideas.