10 passive income ideas for 2024: Secure your financial future

(Last Updated On: February 26, 2024)

“The single most powerful asset we all have is our mind. If it is trained well, it can create enormous wealth.”

– Robert T. Kiyosaki

 

Wealth creation is an art. This quote is from the famous book “Rich Dad Poor Dad” by Robert T., where theories of money making is discussed and explored. One of the most important values taught in the book is – ways of earning passive income. 

What is passive income? Well, as the name says it is a “passive way” of earning. You don’t work on it everyday and it isn’t like your daily 9-5 job. It is additional ways of generating income apart from your main livelihood.

Looking for ways to earn money “even while sleeping”? Let us help you discover some perfect future-proof passive income ideas for 2024. 

Passive income meaning

Passive income? It’s like money on autopilot, working for you without the grind. You’re not trading hours for dollars. Instead, it’s your money working to make more money for you.

Think rental income, stock dividends, or bestselling book royalties—money flowing in without the grind. It’s your ticket to financial freedom, empowering you to live life your way. No more round-the-clock work; just the freedom to pursue your passions and dreams.

Punekar News mentioned that according to Deloitte’s 2022 survey, 62% of Gen Z and 51% of Indian millennials are into side gigs or finding ways to make money with minimal effort. Passive income is all about earning from various sources without breaking a sweat.

Importance of passive income business ideas in India

Passive income is, for sure, like a superhero for your wallet. So, why not try different ways to make money on the side and make your financial future brighter? Before that, have a look at how it could be beneficial and what its importance is!

• Safe money: Passive income is your money safety net, easing financial worries.
• Reduced job dependency: It means less 9-to-5 grind and more free time.
• Diversified income: Multiple passive income sources mean more cash options.
• Entrepreneurial opportunity: Passive income is like a business training ground.

Good business ideas for students

Starting a business in school can be exciting and rewarding. It gives practical insights into entrepreneurship and helps gain valuable skills. Here are some business ideas for students:

• Freelance services: Use your writing, design, programming, or social media skills for freelance work on platforms like Upwork and Fiverr.
• Tutoring services: Share your knowledge by offering tutoring services locally or online for subjects you excel in.
• Custom merchandise: Design and sell custom merchandise (T-shirts, mugs, etc.) on platforms like Printful and Teespring without needing inventory.
• Event planning: Utilize strong organizational skills for event planning, assisting with parties, conferences, or weddings.
• Social media management: Help small businesses and entrepreneurs build an online presence by offering social media management skills.
• Fitness training: Become a fitness trainer offering personal sessions, workout plans, or starting a fitness blog or YouTube channel.
• Tech support services: Provide tech support to individuals or small businesses, helping them with technology-related issues.
• Photography services: Offer photography services for events, portraits, or products to build a reputation in your community.

Passive income ideas in India

Start with the passive income, and that could be a hit, though. If you are looking for assistance or guidance that could help you with the perfect passive ideas for 2024 that also suit your skills, then this is a segment distributed into upcoming passive income ideas from which you can select. 

Dividend stock investments

“If you want the recipe for getting rich in the stock market, here it is: Find stocks with above–average appreciation potential and safe and growing dividends, and buy them at attractive prices.”

– Charles B. Carlson, Chief Executive Officer of Horizon Investment Service

To succeed in the stock market, follow Charles B. Carlson’s recipe:

• Find promising stocks.
• Make sure they pay reliable dividends that are increasing.
• Buy them at reasonable prices.

It’s all about balancing growth and income for your financial well-being.

a. What is the idea?

Dividend stocks are like getting gifts from the companies you own. They share their profits with you through cash or more stock. It’s a bonus for being an investor.

An excellent zero investment business idea is dividend stocks, where your investment can grow, and you get regular paydays. Unlike growth stocks, where profits are reinvested, dividend stocks pay you directly. Isn’t it among the perfect passive income ideas?

b. What makes it so easy?

• Low entry barrier: Start with a small investment using an online brokerage account, no need to spend a fortune.
• Diversification: Spread risk by investing in various companies, avoiding putting all your eggs in one basket.
• Historical data: Assess a company’s dividend history for reliability.

c. What makes it profitable?

• Regular income: Dividends are like a steady paycheck; you can reinvest them, growing your investment.
• Capital growth: Some stocks can increase in value, giving you a bonus.
• DRIPs: Dividend Reinvestment Plans automatically buy more shares, like a money-making machine.
• Tax advantages: In some places, dividend income gets taxed at a lower rate, letting you keep more of what you earn.

d. The Effect

Last year, Mint reported on Rakesh Jhunjhunwala, a stock market investor who benefits from stock value appreciation and company dividends. 

This was reported: Recently, three stocks in his portfolio—Titan Company, Canara Bank, and Federal Bank—announced dividends for their shareholders. Titan Company declared ₹7.5 per share, Canara Bank declared ₹6.50 per share, and Federal Bank announced ₹1.80 per share. These dividends are expected to increase Jhunjhunwala’s wealth by around ₹70 crore.

Start a niche blogging

“Blogging is good for your career. A well-executed blog sets you apart as an expert in your field.”

– Penelope Trunk

Penelope Trunk’s quote is like calling blogging your career booster. It’s more than sharing thoughts; it’s your path to professional recognition.

Running a great blog makes you an industry expert, shining a spotlight on your skills and knowledge. Your blog is your career’s best friend, elevating your profile and setting you apart.

a. What is the idea?

Think of a niche blog as a website about one thing you’re passionate about. It’s not a jack-of-all-trades blog; it’s laser-focused on a specific topic.

The strategy among this passive income ideas is to dive deep into your chosen niche and become the go-to expert. You’re catering to a particular group of people who are as into your topic as you are.

Related read: How to start blogging for your small business

b. What makes it so easy?

• Focused content: Content ideas come more naturally since you’re talking about one thing.
• Passion and knowledge: Writing about what you love is a joy; if you’re an expert, it’s a bonus.
• Targeted audience: Your audience is laser-focused, making it easier to understand their needs.
• Less competition: You’re not competing with every blog out there, just the ones in your niche.

c. What makes it profitable?

• Targeted traffic: Your niche draws interested readers.
• Diverse income: Earn through ads, affiliate marketing, or niche-related product sales.
• Expertise and trust: Gain authority, leading to consulting and partnerships.
• Growth possibilities: Expand into related topics or start new blogs once you succeed with one.

Start YouTube channel

“Skills make you rich, not theories.”

– Robert T. Kiyosaki

Here’s the deal (from Rich Dad Poor Dad): Having practical skills and using them is the secret to success and wealth. It’s not about great ideas alone; it’s about action. In simple terms, show your skills, don’t just talk about them. In a nutshell, actions and skills make you rich, not theories.

No no, it’s not that hard. Let’s see the benefits (and you’ll definitely start your channel, I promise 💯)

a. What is the idea?

Think of it as your online TV show. Share your passions with the world on a YouTube channel. Whether teaching, entertaining, or just being yourself, you’re the star. It’s your video playground where you’re in control.

Related read: How to start selling on YouTube in 2023: organic growth mastery

b. What makes it so easy?

• Easy tools: Most smartphones have excellent cameras, making video creation a breeze.
• No cost to start: YouTube is free, so you can jump in without spending a dime.
• Worldwide stage: Your videos can be seen by people everywhere.
• Helpful community: Many fellow creators are ready to lend a hand and offer advice.

Related read: Youtube for eCommerce growth: An untapped opportunity

c. What makes it profitable?

• Multiple income sources: Profit from ads, memberships, merchandise, sponsorships, and more.
• Large audience: Reach a massive user base.
• Brand partnerships: Companies may collaborate as your channel grows.
• Monetisation tools: Use features like Super Chat and channel memberships for more earnings.

Dropshipping store

Lachlan Delchau-Jones describes dropshipping as the ‘Business 101’ for newcomers. It’s an easy entry into business, e-commerce, and entrepreneurship. It’s like a gentle introduction, helping new business owners test the waters without a big leap.

a. What is the idea?

Imagine running an online store without storing or shipping. You partner with suppliers who handle that. You pick great products, display them on your site, and when people buy, the supplier ships. You’re the wizard making it all happen.

b. What makes it so easy?

• No inventory stress: No need to deal with storing, packing, or mailing products.
• Start small: You don’t need much money upfront; it’s a low-risk way to start a business.
• Work anywhere: You’re in business as long as you have the internet.
• Grow at your pace: As your store expands, you can easily add more products and reach more people.

c. What makes it profitable?

• Slim expenses: Your costs are minimal because you don’t have to manage inventory.
• Loads of choices: Offer various products without keeping them in stock.
• Your store, your way: Customise your store for specific niches or audiences.
• Multiple income streams: Aside from product sales, you can make more by upselling, cross-selling, and offering extra services.

Passive real estate investments

Robert T. Kiyosaki’s tip: Real estate is a powerful tool for wealth, no matter how small you start. You don’t need a huge portfolio. Whether one rental property or a cosy apartment, it’s like a cash flow machine. It’s the ‘little engine that could’ in your financial journey.

a. What is the idea?

Imagine this: it’s about buying, owning, and managing properties to make money. It’s like having real estate assets that work for you, bringing in income or profits. The main idea? Let your money work in the property world, earning through rent and rising property values while building wealth.

b. What makes it so easy?

• Real, tangible assets: You can see and feel your investments, providing security.
• Lots of choices: You can invest in different properties, from houses to business spaces.
• Property values growing: Over time, real estate becomes more valuable, which can translate into profit.
• Tax perks: You can save on taxes through deductions and incentives.

c. What makes it profitable?

• Property value growth: Properties tend to increase in value over time.
• Income from rent: If you own rental properties, they can provide a steady income stream.
• Protection against inflation: Real estate can help safeguard your wealth against rising prices.
• Long-term success: Many have achieved substantial wealth over time through real estate.

Sell online

If you’re passionate about something, the best step is to create your online store. Whether you enjoy making GenZ fashion or selling art, photos online, launching your eCommerce website is the way to go. Let’s explore the possibilities.

a. What is the idea?

Selling online is like running a digital shop. Your products or services are online, and people can buy from anywhere. You set up your digital shop, customers browse, and they buy from the comfort of their homes. It’s all about convenience for both you and your buyers.

Sumouli Datta shares her knowledge through online workshops on her Instamojo website, Woodle Doodle. She specialises in various illustration fields, including children’s books, digital art, customisation, and brand illustrations.

Start your online store today

b. What makes it so easy?

• User-friendly platforms: No tech degree required with easy-to-use online tools.
• Global reach: Your customers can come from anywhere.
• Lower startup costs: It is among the best passive income ideas in India without investment.
• Automation: Streamline tasks for a smoother operation.
• Cost-effective digital marketing: Spreading the word is simple and budget-friendly.

c. What makes it profitable?

• Cost savings: Keep more earnings without physical store expenses.
• Large audience: Access a vast pool of potential customers online.
• Data insights: Understand customer behaviour to make informed choices.
• 24/7 service: Your digital shop never closes; it’s always open.

Related read: Sell online easily: The ultimate guide for beginners

Sell online courses

Do you have a passion for teaching? If so, consider launching your website and offering your own courses. Let’s explore the benefits of this idea.

a. What is the idea?

Imagine being an online teacher, creating and selling courses to eager learners. You transform your knowledge into a digital classroom, and the cool part? Your students can be anywhere with an internet connection.

b. What makes it so easy?

• User-friendly tools: Some platforms simplify course creation and sales.
• Global reach: Students can join from anywhere.
• Full control: You determine course creation details.
• Affordable startup: Online courses often cost less than physical schools.
• Automation: Tasks like tracking student progress can be automated.

c. What makes it profitable?

• Infinite growth: Teach courses to unlimited students with minimal effort.
• Passive income: Courses generate revenue long after creation.
• Diverse topics: Explore numerous subjects; possibilities are endless.
• Expert recognition: Successful courses boost your authority, leading to more opportunities.
• High demand: Online learning is increasingly popular.

Start membership sites

Here’s another exciting venture you can embark on – launching your membership site. If this concept is new to you, the following section provides a comprehensive overview for better clarity. Let’s check!

a. What is the idea?

Think of it as a private online club. People pay to join, and once they’re in, they get exclusive content, a community, or unique resources. It’s all about creating a space for people with common interests or needs – your secret corner on the internet.

b. What makes it so easy?

• User-friendly platforms: Tech skills not required; tools simplify site creation.
• Content ownership: You determine uniqueness, catering to your audience.
• Stable income: Subscriptions provide regular financial support.
• Community feel: Fosters a sense of belonging, enhancing the experience.

c. What makes it profitable?

• Loyal and active members: Your members are more engaged and likely to buy more from you.
• Cash from content: Exclusive, valuable content turns your expertise into cash.
• Different member levels: You can have different subscription tiers for various audiences.
• People will pay: There’s a demand for valuable, specialised content and community experiences.

Sell printable and digital products

Curious about the ebook discussing everything you are looking for? We’ve got you covered in this section. Stay tuned for all the details in the upcoming sections!

Related read: How to Sell eBooks Online

a. What is the idea?

Imagine having a digital shop where people download your creations, like printables, e-books, templates, or artwork. You turn your skills and creativity into instant solutions for others.

b. What makes it so easy?

• No shipping hassles: Since it’s all digital, you don’t have to pack and ship anything.
• Worldwide audience: You can sell to anyone with an internet connection, not just locally.
• Automated sales: Your products can sell while you sleep or do other things.
• Various selling platforms: There are many websites where you can showcase and sell your digital creations.

c. What makes it profitable?

• Unlimited growth: The more digital products you make, the more you can earn.
• Repeat customers: People who like your stuff may return for more.
• Monetize your skills: You turn what you’re good at into income.
• High margins: You need to spend more to create each product to make your profits significant.

Related read: How to add your first digital product on your online store

Start podcasting

Get insights into recording techniques, language use, tone, and expression by tuning into the podcast channel. With that foundation, let’s dive into what’s required next.

Related read: How to start a podcast – with live examples, tools & tips from experts

a. What is the idea?

Podcasting is like having your own online radio or TV show. You create episodes about what you love, share your knowledge, tell stories, or entertain – you’re the host!

Note: Podcast doesn’t mean releasing your audio out on a different platform. But nowadays following western technology, video podcasts are setting a new height in India. 

Let’s refresh our childhood memories with Takeshi’s Castle. Have a look at this video podcast by Ranveer Allahbadia with Jaaved Jaaferi.

b. What makes it so easy?

• Easy tools: You don’t need to be a tech genius. There are simple recording and editing tools available.
• Worldwide audience: Your podcast can be heard by people worldwide.
• Low costs: Starting a podcast can be a small investment.
• Call the shots: You decide when and what to discuss, giving you creative freedom.

c. What makes it profitable?

• Income avenues: Earn from ads, sponsorships, premium content, and listener support.
• Growing fan base: As your audience expands, your support network does too.
• Expert status: Successful podcasts establish you as a field authority.
• Engaged audience: Active podcast listeners draw advertisers and sponsors.

Connecting passive income and Instamojo online store

Everyone’s talking about passive income, right? Well, imagine this: you’ve got an Instamojo online store. It’s like your 24/7 money-making sidekick. You set it up, add your cool stuff, and then, voila! 

You’re earning money while you sleep. No tech wizardry needed. Instamojo does the heavy lifting. Whether you’re selling digital goodies, T-shirts, or your super services, it’s a breeze. So, start your journey to easy-peasy passive income with Instamojo – your digital cash cow.

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