Passive income ideas for 24 year olds will help to fulfil all financial goals in life. Have you ever thought of making a passive income? If not, then now it’s the right time to think about passive income to build wealth.
I’m also in my 20s and I have started to explore various passive income streams. At the age of 24, many people start their career and some people opt for higher education. As I also belong to the same age group I’ve seen that some of my friends are doing jobs and have become financially independent. But it does not matter whether you are doing a job or your pursuing higher studies, there are plenty of passive income opportunities for you.
At the age of 24, slowly one starts to get financial responsibilities. So make sure that you are ready for that. But don’t need to burden yourself with such financial responsibilities, there are very easy passive income streams which will support you to grow financially.
Passive income ideas for 24-year-olds to create financial magic
When I say financial magic, it means financial freedom. That means having more money which covers all the monthly expenses for life long even if you quit your job today. So I dream to have such financial freedom in my life. Just by imagining such lifestyle one gets excited, right. So to accomplish such financial goals you should create multiple sources of income at this age.
As I belong to gen z, I feel my generation is really lucky. We gen z have many facilities like the internet, smartphone and laptop. And there are so many stunning opportunities to make passive income which can be accessed just by few clicks. So as a gen z, don’t miss out such amazing opportunities to make more money through stunning passive income streams.
When I read the book Rich Dad Poor Dad, I realised the importance of saving money and earning money. In this book, the author has shared his real-life experience which helped me to understand how can make passive income from my assets. So you should also read such money related books which will create awareness about passive income.
Can 24-year old make unlimited passive income?
When it comes to making the passive income you are your own boss. As per your convenience, you can schedule your work and make money accordingly. Trust me, there are also some passive income streams which do not require an investment of time but still, you can make an immense amount of passive income.
In the job, one earns a fixed salary as we all know about this. But passive income is not like that. Here if you work smartly just for a few hours a day then soon you will be amazed at your earnings. Passive income streams are like the sky with no boundaries! The earning potential can be defined as ‘unlimited’.
9 Worthwhile ideas to make money passively at the age of 24
Well, I feel that 20s are the best age group to explore many earning opportunities. This should be the age of experiments and risks. The more you explore new ideas the more you grow in life. So let me help you in this to explore some amazing passive income ideas for 24-year-olds.
|1. Share tips about work and life balance to make passive income|
|2. Guide youngsters about interview preparation|
|3. Create competitive exams related to YouTube videos|
|4. Create your own mobile app and make passive income|
|5. Start investing money to make immense passive income|
|6. Start some side hustles at 24|
|7. Make money from your hobbies|
|8. Teach skills on Udemy and earn money|
|9. Guide people to improve communication skills|
Underestimating these passive income ideas will make you regret in future. So never lose out on these simple and practical passive income ideas at the age of 24. Many youngsters are already exploring these ideas and doing great.
Now I’ll guide you further about these passive income streams. At the end of this article, you will be able to practically implement these passive income ideas. But if any question pops up in your head then drop it in the comment box.
1. Share tips about work and life balance to make passive income
At the age of 24, many people struggle to balance work and personal life. So if you are balancing your life very well then share tips and guide people about time management and make passive income. Share how do you manage your time well, share your real-life experiences.
Share tips on YouTube or publish your ebook
At the age of 23 when I’ve got the first job, I was also struggling to manage my work and personal life. Then I’ve read the book Atomic Habits, this book is all about time management and creating good habits. Due to this book, I’ve found some great practical tips to manage my time.
Then recently I’ve read another book Lean In. This book is really helpful for young women. This book tells about how can women balance their work and personal life as women have more responsibilities. And this book tells how women should also be empowered. I personally liked these both books.
If you think that you are good at managing your time then share such time management tips on YouTube or create and start to make passive income. There are many ways to monetise YouTube videos. And you can also publish your own ebook related to time management and start to earn passive income. Now just by a few clicks, you can publish your ebook online. I’ve used Instmojo to publish my own ebooks. So grab this opportunity to make passive income.
2. Guide youngsters about interview preparation
All most all youngsters look for tips to crack job interviews after completion of their graduation or post-graduation. When I’ve completed my graduation I was also watching YouTube videos regarding interview preparation. Your every tip will be very useful for youngsters if you have already faced many interviews. By this, you can also earn passive income.
How to make a passive income by guiding youngsters?
I suggest starting your own YouTube channel. This is totally free, you don’t need to pay any fees to YouTube to have your own channel. Then record videos and upload then make passive income from this. You can also include mock interviews. Get help from your friends and siblings to create such videos and start to upload. And also motivate youngsters and help them to build their confidence so that they can crack job interviews easily.
There are many options to monetise your YouTube channel like Google Adsense, affiliate programs, sponsorships etc. So give it a try. This is a very simple and practical idea to make passive income at the age of 24.
3. Create competitive exams related to YouTube videos
After the completion of my graduation, I was also preparing for competitive exams. But that was not my career goal. I was simply preparing because my friends were also doing that! So at that time, I was reading newspaper and collecting current affairs. But I thought to share my knowledge with others and I started my YouTube channel where I was discussing current affairs quiz. And I monetised my videos and started to make money.
I’ve found that so many aspiring candidates are interested in such videos. So if you have already cracked any competitive exams then share your knowledge with others and make passive income. You can also choose any particular topic like reasoning or Maths or English in which you are interested. Then start to prepare video and upload them. This is how you should make use of YouTube to earn passive income.
4. Create your own mobile app and make passive income
There are so many mobile applications on Google Play stores. I wondered why people create mobile apps and upload on Google Play stores. Then I’ve realised that this one of the profitable passive income streams. Well, nowadays you can get some tools to online by which you can create your own app even if you don’t have any knowledge about coding.
And if you know to code or coding language then this is your plus point. So use this skill and create your own mobile app. My cousin is there who has knowledge about coding and she has created one simple game app. So it’s not that much difficult. You can learn and implement so many things in this 21st century. So give it a try and take actions to set your passive income stream.
5. Start investing money to make immense passive income
I was doing my own research about investment and I found that according to some survey Indian people do not show much interest in investment. Indian people have a fear of losing money due to the risk involved in investments. But in reality, there is a high potential to make passive income through investments.
In the early 20s, we don’t have many financial responsibilities to at this age we can take calculated risks in life. I’ve personally explored some investments like a mutual fund. I’m using the app to invest my money in mutual funds. Well, you can also do your own research about different types of mutual funds to make passive income. You can just invest 250 INR as SIP to make passive income in the long run.
6. Start some side hustles at 24
I’ve seen that some youngsters only depend on jobs to get a monthly salary. But if you want to build wealth then you must have some other side hustles which empower you and help to boost your wealth. You can start your own small side business along with your job. In the long run, you can earn a lot of passive income from your business.
Well, there are some business ideas like car servicing centre, franchise business like sweet mart, ice-cream parlour and much more. Initially, these business ideas require some investment of money. And you can hire any person to look after your business if you are doing a full-time job. This is how you should start your side hustles which will help you to make passive income.
7. Make money from your hobbies
Now the world is at your fingertips due to the internet. So you can turn your hobbies into profession easily. I have a friend who likes pencil art she has her social media page where to sells and take orders for her art. Even I’m good at drawing and pencil shading and I too have my social media but I’ve not prioritised this to make money from my hobbies.
But if you wish to turn your hobbies into the profession then you can do that and earn passive income. You can also use Pinterest to sell your artwork or crafts. Even just within a few clicks, you can open your own online stores. Trust me, the world has made so the progress that you can easily explore many passive income streams just by few clicks.
8. Teach skills on Udemy and earn money
The internet has become a bridge between learners and mentors. So become a mentor and start making passive income. There are millions of students and adults who look for different online courses to learn something new. Even I’ve explored some online courses to learn new things.
You can also create such educational courses on Udemy and reach out to millions of people. Thereby you will be making more passive income by selling your educational course. You can teach anything like music, digital marketing, Maths etc. Choose a topic in which you have more knowledge so that your paid course should be worth for learners. Then only more people will buy your course and you can make more passive income.
9. Guide people to improve communication skills
Many youngsters want to learn good communication skill. So at the age of 24, you can guide other youngsters about effective communication skills. You can just create weekly videos and upload on YouTube. If you can upload daily one video then you can grow well as a YouTuber. Just share practical tips to communicate well.
You can also guide about different types of communications like how to write effective emails, how to communicate well with colleagues at work. Then monetise your videos and earn passive income.
These passive income ideas for 24 year olds will create a positive effect on your financial growth. So let’s start to implement these passive income ideas practically for a better future. If you start now, within a few years you will be at a better financially.