With 2024 kicking off, are you looking for a simple passive income method? If so, look no further! I’ve summarized 4 passive income methods that any beginner can easily start. Let’s get right to it!

Table of Contents

1. ETFs

ETFs are an extremely simple way for any beginner to start earning passive income. Anyone with a brokerage account and some excess cash on hand can start earning monthly income. ETFs are great options for any beginner as you can choose from a wide variety of ETF types, such as dividend stocks, bonds, and REITs. Check out my article HERE for three great ETF picks for 2024.

2. Micro Lending / Peer-to-Peer Lending

For those who want to take more control of their passive income, micro lending may be for you. Micro lending involves lending money via an online platform in smaller amounts to individuals. These loans could be for several hundred to several thousand dollars and generally reward lenders with very high interest rates. These are obviously much more risky than a bond ETF, but involve much more control as you can select each borrower and customize your bond portfolio. Investors should exercise extreme caution with these websites, but if done correctly can be quite fruitful.

A few websites offering this are Kiva, Prosper, and Upstart.

3. Renting Assets

Now I know what you’re thinking, this is supposed to be for beginners! Don’t worry, I’m not going to mention purchasing a rental property. But what I am going to suggest is to look at certain smaller assets you may own and monetizing them! For example, if you have an extra garage spot you aren’t using, consider renting it out. Another could be renting an unused space of your house for commercial use, such as for a photo shoot. Many people also rent out an extra car on Turo. But this involves significant risk and shouldn’t be done lightly.

With some creativity, but you’d be surprised what different ways you can find to monetize some assets!

4. Affiliate Programs

If you have a knack for marketing and some time on your hands, affiliate marketing may be for you. Affiliate programs, such as Amazon Associates, pays you for generating sales for products on Amazon. The most common methods of promoting a product are via a YouTube channel reviewing products, or a review blog. This method can involve little to no upfront capital to start, but can be particularly difficult to gain traction. But if you are willing to spend the time, affiliate marketing programs could pay dividends (pun intended!).

DISCLAIMER – THIS ARTICLE IS NOT FINANCIAL ADVICE. THIS ARTICLE DOES NOT CONSTITUTE A BUY, SELL, OR HOLD RECOMMENDATION ON ANY SECURITY MENTIONED HERE. THIS ARTICLE CONSTITUTES MY OPINION AND NOT A STATEMENT OF FACT. ALL INFORMATION REGARDING THE FINANCIAL SECURITIES MENTIONED IS ACCURATE AS OF JANUARY 16, 2024. DO YOUR OWN RESEARCH.

4 Beginner Passive Income Methods in 2024