Earning a side income can be a great help in rising inflation these days. Having a passive income can be a great save, if you suddenly lose your job or face an unprecedented emergency, Bank Rate reported.
Passive income vs side hustle
Passive income is a stream of revenue that keeps flowing in even after the work is done, it requires minimal labour, and once the initial set up is done, the money continues coming in.
While, side hustle requires time and effort, it is an additional job or work you do to earn a side income.
Here are some passive income ideas to build your wealth in 2024:
Create a course
One way is to make an audio or video course and post it online, then sitting back and enjoying the cash it brings in.
You can make the course on any subject you like or any hobby or skill that you know, such as painting.
Start a blog post
You can write blogs on websites such as word press and add in the subscription feature, from writing on trending topics to your favourite hobby, it can be a great way to make some extra money.
Sell photography online
See a beautiful sunset or an exotic bird, just click pictures and post it online. For this you will have to find the right platform and license them your pictures, whoever uses your picture will have to pay.
Affiliate marketing
With affiliate marketing you promote a third person’s product on your site or social media, in exchange for a fee.
Rental income
One great way to start a passive income is to invest in properties, but for this you will need initial cash. You can also rent out things that you have, such as a format suit or a parking spot.
