12 Uncommon Passive Income Ideas To Pay Your Rent in 2024

Santrel Media

26 Dec 202317:15

EducationalLearning

32 Likes 10 Comments

TLDRThis video shares 12 passive income ideas to help pay rent in 2024. Strategies include renting out driveway space, building niche affiliate marketing websites, investing in dividend stocks, starting an email newsletter, creating online courses, buying and selling domains, acquiring intellectual property rights, renting your car, lending money, using high-yield savings accounts, renting out extra living space, and investing in bonds. The creator emphasizes that while passive income takes initial effort, whether time or money, it can pay off through checks that arrive in the mail or money earned while you sleep.

Takeaways

😀 Renting out driveway or land for parking can generate up to $100-200 per month
📈 Building niche affiliate marketing websites can make thousands per quarter through ads and commissions
💰 Investing in dividend stocks provides regular passive income from companies sharing their profits
✉️ Email newsletters can earn sponsorships and be sold for millions after building a large readership
📚 Creating online courses on platforms like Udemy allows you to earn while you sleep after putting in the initial work
🔗 Buying and selling premium domains and social handles allows you to sell names to interested buyers
🎥 Owning intellectual property like movies and music allows you to license it out and collect royalties
🚗 Renting out your car on Turo lets you easily make $50-100 extra per day
💸 Lending money to trusted individuals, while risky, can provide interest income
🏦 Putting money in high yield savings accounts can easily earn 4%+ interest

Q & A

What are some examples of passive income sources mentioned in the video?
-Some examples of passive income sources mentioned are renting out driveway/parking space, building affiliate marketing websites, investing in dividend stocks, running sponsored email newsletters, creating online courses, buying and selling domains, renting out intellectual property, peer-to-peer lending, and investing in bonds.
What platforms are recommended for building an affiliate marketing website?
-The video recommends using Bluehost to build an affiliate marketing website. It's a basic WordPress hosting provider that charges around $5-7 per month.
What dividend stock brokerage is suggested for earning passive income?
-Moomoo is the dividend stock brokerage suggested. They currently offer free stocks for new users who fund their investment accounts.
What is the example of a successful newsletter sale mentioned?
-Morning Brew was mentioned as an example. It was a newsletter that was built up over time and eventually sold to Business Insider for around $75 million.
What platform is recommended for creating online courses?
-Udemy is the platform recommended for creating online courses to generate passive income streams.
What car rental marketplace is suggested for renting out your vehicle?
-Turo is mentioned as a car rental marketplace where you can effectively turn your personal vehicle into a rental car business.
What savings account provider has over 4% APY on cash deposits?
-The video mentions SoFi as a high-yield savings account option, with over 4% APY interest paid on cash deposits.
What disclaimers are provided related to passive income ideas?
-Disclaimers are made regarding affiliate marketing website success rates, stock market investing risks, and legal/regulatory considerations for p2p lending.
What is the importance of taking action mentioned?
-The video emphasizes taking action now rather than waiting years and missing opportunities. This applies to ideas like building a website through Bluehost.
How can viewers follow up with progress updates?
-Viewers are encouraged to provide progress updates by connecting on Twitter and Instagram or commenting on future videos.

Outlines

00:00

😊 12 Passive Income Ideas for 2024

The first paragraph introduces the 12 passive income opportunities to be shared in the video. It explains that passive income requires upfront time/money investment to reap rewards later. It mentions having multiple passive income sources that pay thousands per month.

05:01

😃 Renting Out Driveway or Land for Parking

The second paragraph suggests renting out driveway or land space for parking as a passive income idea. Services like SpotHero allow homeowners to list parking spaces to earn $100-200 per month from people looking to park RVs or cars.

10:01

😉 Building Affiliate Marketing Websites

The third paragraph recommends building highly-specific niche affiliate marketing websites. It shares an example of an agriculture affiliate site and explains how these sites can earn commissions by ranking on Google and driving product sales through affiliate links.

15:03

📈 Investing in Dividend Stocks

The fourth paragraph proposes investing in dividend stocks on platforms like Moomoo to earn passive income. It explains how companies pay shareholders a portion of profits through dividends, using JPMorgan stock paying $1 per share quarterly as an example.

🗞️ Email Newsletters

The fifth paragraph suggests creating monetized email newsletters using Beehive. It shares the example of an AI and tech newsletter built in 2023 with tens of thousands of readers and sponsorships as a source of mostly passive income.

✏️ Creating Online Courses

The sixth paragraph proposes creating online courses on platforms like Udemy targeting skilled niche areas. It explains how friends have built courses that continue earning 6-figures over years with upfront effort.

🔖 Buying and Selling Domains

The seventh paragraph suggests buying and selling domain names and social media handles as assets that appreciate over time, then selling them for profit when valuable to others.

🎥 Buying Intellectual Property

The eighth paragraph proposes buying intellectual property like songs, movies, trademarks, etc. and licensing them out to platforms like Netflix to generate mostly passive licensing income.

🚗 Renting Out Your Car

The ninth paragraph suggests services like Turo that allow car owners to rent out their vehicles to others as a way to offset car payments and expenses to earn passive income.

🤝 Lending Money

The tenth paragraph cautiously suggests lending money to friends and family at an interest rate as a form of passive income dependent on trust and risk levels.

💸 High Yield Savings Accounts

The eleventh paragraph suggests using high yield savings accounts from companies like SoFi to earn passive income from interest on cash deposits, generating up to $50 annually per $1000 deposited.

🏠 Renting Out Storage Space

The twelfth paragraph suggests renting out extra storage space in your home, garage, attic, etc. to neighbors or others in need of space, charging around $300 per month.

📉 Investing in Bonds

The final paragraph suggests investing in bonds paying 5%+ interest annually through platforms like Public as another source of passive income requiring upfront capital.

Mindmap

Keywords

💡passive income

Passive income refers to money that you earn regularly with little to no effort required on an ongoing basis. The video discusses various methods to generate passive income streams, like renting out property, investing, or building online assets. The narrator notes that while passive income requires effort upfront to set up, you can then generate income passively over time.

💡affiliate marketing

Affiliate marketing is a method to generate passive income by creating content that promotes or links to certain products or services. When someone clicks those links and makes a purchase, the affiliate marketer earns a commission. The video gives the example of building a niche affiliate blog in the farming industry, writing articles with affiliate links, and earning commissions when people purchase through those links.

💡dividend stocks

Dividend stocks are stocks in companies that pay out a portion of their profits to shareholders as dividends. The video suggests investing in dividend stocks on platforms like MooMoo as a passive income stream. As you own shares in dividend-paying companies, they pay you cash dividends every quarter just for being an investor/owner, creating consistent passive cash flow.

💡email newsletters

Email newsletters refer to regularly sent emails that provide useful or interesting information to subscribers. The narrator discusses building a tech newsletter, having someone else write it, and including sponsors/ads to monetize it. As the newsletter subscriber base grows over time, it becomes a consistent, passive source of income with little ongoing effort.

💡online courses

Online courses allow you to sell your knowledge or expertise to others in need of learning. The video suggests creating online courses on platforms like Udemy on topics you're skilled in, like Microsoft Excel. After the upfront work of creating the course, you can generate passive income each month as new students purchase and take your course.

💡domains

Domains refers to owning unique website URLs and domain names that might be valuable assets. The narrator discusses buying various domain names and then offering to sell them in the future to people or companies who need that particular domain, allowing you to profit.

💡intellectual property (IP)

Intellectual property includes creative works and assets like movies, music, brands, trademarks, patents, etc. The video talks about acquiring these assets, like purchasing the rights to movies or music catalogs, in order to license them out and collect royalties.

💡peer-to-peer lending

Peer-to-peer lending means lending your own money directly to a peer (like a friend or family member) and charging interest on the loan. This allows you to generate passive income from the loan's interest payments over time. But the video cautions that this method does carry risk.

💡high yield savings

High yield savings accounts are savings accounts, often from online banks, that offer above average interest rates for keeping your money there. The passive income comes from earning that interest.

💡bonds

Bonds are financial assets that pay fixed interest over time. By investing in government or corporate bonds, you can earn consistent passive income from the interest they pay out to investors and bondholders.

Highlights

Passive income requires something up front - either time, work, or money - to reap rewards later

Rent out driveway or land for parking - can make up to $100-200 per month

Build an affiliate marketing website in a niche - can make thousands per quarter

Invest in dividend stocks - get paid by companies just for owning their stocks

Build an email newsletter with sponsors - can make money every month with little work

Create online courses on your skills - marketplaces promote and find customers

Buy and sell domains and social media handles - wait for inquiries from interested buyers

Buy intellectual property like music rights - license out to platforms like Netflix

Lend money and charge interest - can make passive income but risky

Rent your car out on platforms like Turo - make $50-100 per day

High yield savings accounts - 4%+ interest rate compounds

Rent out extra spaces in your home/land - garages, attics, unused rooms

Invest in bonds - government bonds paying 5%+ interest rate

Let me know if you try any of these ideas!

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Please provide feedback in 6 months if you implement any ideas

Transcripts

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