23 Passive Income Ideas to Build Wealth (2024)

23 Passive Income Ideas to Build Wealth – Do you know that you can be working full time and also be earning a passive income? It Is quite unfortunate that we invest our time so much in jobs that can’t afford our bills.We find most people running out of cash minutes after they have just been paid their salary. Isn’t that magical?

This means that you need to indulge in different methods to create a passive income. For the benefit of persons hearing about this for the first time, we will be talking about what is passive income.

What is Passive Income?

Passive income is defined as the money you earn with less effort. The money that comes to your account even while you are sleeping.

If you are a graduate, a high school lever, or a family member and you are not earning a passive income then you are wrong.

Getting paid for the effort you have invested either for yourself or for your boss is okay but you find out that this pay doesn’t cover everything you long to get.

This is one of the many reasons you need a passive income. Passive income is money that comes with less effort while active income is are award for the services rendered.

This means that in active income your effort equals your pay. In this article, we will be talking about the different passive income ideas to build wealth.

It is not until you get a bulk of money you can call capital that you think of creating wealth. This is because there are different opportunities that can fetch you money with zero capital.

23 Passive Income Ideas to Build Wealth

The list we have are the different passive income ideas you should implore if you want to make wealth in 2023

Get into drop shipping

When we talk about drop shipping, we are talking about the act of partnering with the various e-commerce platforms we have to get their product to sell on your website.

From the different drop shipping niches we have, either in decoration, fashion, clothing, medical, etc. it is interesting to tell you that in drop shipping you create your own store and add the valued price you wish to sell.

In dropping you have control over your goods and locations. You can access it even in the comfort of your workplace with almost no stress.

You get to discover that more than 30 people placed orders in your absence when you didn’t even go around scouting for clients all because it was done online.

Invest in real estate

This is one of the trending passive income niches we have globally now. If you get to see some wealthy persons across the globe one of their major or outstanding assets is real estate.

Real estate is like real property. It involves the land and any other permanent structures attached to the land either natural or manmade.

Investing in real estate is the process of buying and selling or renting a home or land. When we talk about real estate agents e talk about persons who assist or help land owners or property owners to sell their properties.

They generate some money based on how much they are able to put on top of the initial amount the owner of the house wishes to sell.

Also, they make money from the percentage the owner of the house is going to give them for selling the house.

As a real estate agent, all you need do is get pictures of the property and then fly them on different websites and platforms. The buyer contacts you and you are good to go.

This happens with little or no effort.

Peer-to-peer lending

This is another form of passive income building. It involves lending money to businesses or individuals. it is a kind of loan but not a loan.

All you need do is to lend money and you will be repaid with an interest. They are different lending platforms and each of them has a different lending percentage.

Also, you need to do is create an account with one of your preferred lending clubs or platform and then engage in lending or borrowing.

Blogging (build and monetize a blog)

This is almost one of the most common ways of making money even while sleeping. This is the act of buying a blog and then reselling them.

It is no longer news that a lot of companies or site owners are not using their blogs anymore, some are blogs that have been rotted for and known.

Buying and selling these blogs helps and you can also buy a blog and then write on any content of your choice just to create traffic and then monetize it when due.

Instagram sponsored post

This part of creating passive income just needs you, your gadget, and a viable data connection and you are good to go.

From the comfort of your office, you can post sponsored posts. These are posts you are being paid heavily to advertise. Mostly products, services etc.

Advertising and showing the product, services, and properties on different platforms gets you paid. Not just that any good that is being purchased through the medium you advertise gets you a percentage of money

Affiliate marketing

One of the most popular means of making passive income. Just like the act of e-commerce. Interestingly almost all the big companies have an affiliate marketer program.

This program helps companies get their product to the customers faster than sitting and waiting for the customers to come to the office to buy.

As an affiliate marketer, you earn a certain percentage of commission for every product you sell. This does not mean that you will be the one to deliver the product. All you need do is get involved as an affiliate marketer in one of the reputable brands and start earning

Investments

This is another means of earning passive income, you can invest in real-time assets, and you can buy companies’ dividends and bonds.

You can become a shareholder, you can invest in high-yield savings. You can also invest in the stock market passively.

Another major investment is investing in certificate deposits.

Create an online space and sell a course

This is a medium for ICT technicians or professionals. You can create groups, host lecturers, or write books, be teaching different kinds of programming languages.

Any IT skill you are professional with you can teach and make money online. This is another medium you make money at your convenience.

This is because you can be giving lectures, and holding classes in the comfort of your home in exchange for a certain amount of money.

You can also physical classes based on the required demand online

Sell stock photos

There is various platform online that gives photos that can be used to write internet, make designs and etc.

Get acquainted with yourself and you can even get to use yourself as a model which you in turn sell as a stock photo.

Another means is by engaging in photography. Get to be used for photo shoots and get paid. This passive income is being acquired daily it can even be hourly

Buy and sell properties

Develop or create an online demand store

This is a general platform just like the e-commerce platforms we have that have different niches of buying and selling. From mobile devices or gadgets to the fashion and wooden materials that is needed.

You can also create an online store that can serve as an e-commerce platform. This particular part might be a little financially demanding because you have to create a site and also host it

Buy, edit, and sell websites

This is basically for persons who can create websites or manage websites. You can buy websites and then edit and sell them to persons who wish to buy websites that have already been hosted and already exist.

It is very possible t a website at a very cheaper amount and then sell it at a higher amount because you have worked on it.

You can also create a website for companies that are just coming p and then charge them for it. This is a sorting that comes within an hour but can fetch you thousands and dollars of naira.

Create and engage a YouTube channel

Most content creators are making money in seconds on their YouTube channel. It doesn’t necessarily mean you have to create all the content6 you post on your page.

Getting active videos, or if you are a professional field you will be hosting tutorials, classes, etc. Anything you can engage in that is positive so far fetches your traffic.

Script an e-book

This is the act of writing stories and then publishing them online, in that whoever gets to read them will pay a certain amount of money.

There are various platforms like Amazon that will introduce you to a lot of professionals who will help edit your book and then recommend it to a large number of viewers who might even request a hard copy.

This means that one story can fetch you money even in the next two years. All was through an invested one or three days.

This is more productive than investing a month for a salary that can’t pay the bill you wish to cover

Develop and sell digital products

These are downloadable files, audiobooks, PDFs, templates, plugins,s, etc. that can be accessed online. They are called media assets that is software.

Creating a digital asset is being done once a particular product but that is one product can be sold to multiple users over and over again.

There is no limit to the number of users it can be sold to

Create, build, and sell spreadsheets

This is done by professionals in this field. You and be creating spreadsheets for persons or companies. This kind of work can be done based on part-time or full-time. It is based on individual choice

Rental

This is the act of renting either your car or room or property that is not always in use to another in exchange for an agreed sum of money.

Whichever ever property you wish to rent, you get paid. Based on your agreement with the tenant, you might choose to be paid hourly, daily, monthly,, or yearly.

This needs literally no effort because he will be the occupant and may pay for any damages incurred on the property during his days or house of usage

Sell handmade goods

This is part of a passive income-generating medium. There are various sites where handmade goods are being sold.

There are various companies with e-commerce niches you can utilize. E. amazon, AliExpress, Konga, Jumia etc.

Vending machines

This is a passive income-generating medium that does not require capital. Getting a vending machine that is being ordered to be installed of course comes with payment.

All you need do is get a platform that accesses this and partner with them.

Sell lesson plans for teachers

This is done basically by educators. If you are a professional in any field and you are capable of creating a lesson plan you can invest a bit of your time to create a plan that can be sold to multiple users.

This can be on any topic, or any subject, mathematics, basic science, physics, chemistry, biology, literature, etc.

Become an E bay seller

This demands setting up an eBay store. Get to know the kind of items you wish to sell. Get to know the price margin, marketing price, and the cost of shipping and marketing.

Network Marketing

This is almost like affiliate marketing. This is where the seller gets to connect with different members of persons to buy goods

The unique thing about the network marketing experience is that the higher number of persons you get to buy a goods the higher your commission and payment get.

All you need do is get a company to share so you can sell their product. This helps you and the company keep track record of everyone or everything you sell and the people buying can also earn from what is sold if they are able to bring people to buy

Conclusion

This article gives you twenty-three different methods or ways of making passive income. Whichever idea or guide is suitable for you.

Utilize it and make passive income from the comfort of your home.

Frequently Asked Questions

Can I make money while am still working?

Yes, it is called passive income. there are means you make money even while sleeping

What is the difference between active income and passive income?

The difference is that with active income you invest your time and energy into it before you get paid while the active income you invest less time and less effort and you get paid.