Passive Income Ideas for 2024
Passive income ideas are where we start to create our future freedom. (It’s actually not about the money – it’s about the freedom). Without a stream of diverse passive income producers, our future freedom will remain illusive.
In this article I’ll list my favourite passive income ideas. These particular passive income ideas are the ones I use myself.
Use the next couple of months to research each passive income idea and the links I provide to each in this article. Then, take action in 2024 and turn these passive income ideas into passive income realities.
My Top 4 Passive Income Ideas
Now, I use every single one of these passive income ideas – they all work very well.
Having more than one passive income stream is the aim, so that your passive income is well diversified.
1. Corporate Bonds that Pay Monthly
I use Corporate Bond ETFs that pay monthly distributions.
At time of writing, these Corporate Bond ETFs pay me about 8-9% per annum and with very little volatility to the principle. The monthly distributions are wonderful for cashflow.
Here is my easy to read article on Corporate Bonds
In the linked article I explore the benefits and risks of investing in high-yield corporate bonds and provide some tips on how to maximize your returns while minimizing your risk.
2. REITs for Passive Income
I also use REIT ETFs that pay distributions either quarterly or monthly. These REITs currently pay me between 5-8% in distributions annually. At time of writing, quality REITs are selling very cheaply and I’m buying more.
Here is my article on how to use REITS for passive income.
In the linked article I explore why REITs are better than physical real estate for passive income, the benefits of investing in REITs, and how to get started with investing in REITs.
3. Dividend Growth for Passive Income
I’m a big fan of dividend growth stocks for passive income. They make up a significant part of my portfolio of passive income assets.
Here is my article on the 3 critical elements needed for dividends.
Investing in companies with the potential for capital growth allows you to enjoy both dividend income and the appreciation of your investment. So, go ahead, do your own research and see if the three ingredients in my secret sauce for dividend investing add up.
4. Covered Call ETFs for Monthly Income
Part of my monthly passive income comes from covered call ETFs. Currently these pay between 8-12% per annum in distributions.
In this article here I explain Covered Call ETFs for Passive Income.
In the article, I also cover off four unique scenario examples of investors using covered call ETFs to generate passive income, include retirees looking to cover living expenses and working professionals looking to supplement their income.
Other Passive Income Ideas – easy reading links
My High Yield Diversified Income Portfolio
Passive Income as an Amazon Affiliate
How To Generate Passive Income With No Initial Funds
Passive income doesn’t mean “no work.” It sometimes requires intense initial effort, strategic planning and continuous learning. But once you set up your income streams, they can provide a reliable source of revenue, allowing you to enjoy the benefits of passive income and the freedom it brings.
So, take the first step today. Explore the possibilities, discover your strengths and embark on your journey towards generating passive income into the future for ever. With determination, creativity and perseverance, you can pave your way to a more secure and fulfilling financial future.
BTW, here are all my other articles specifically about passive investing HERE.
So, there are my personal favourite passive income ideas.
Are you going to take the first action to generate passive income with no initial funds? Yes? Great!
Do it now – talk about it later.
Cheers
