The Best Ten Passive Income Side Hustles Of 2024

Indeed, you should work to earn money, but who said you can't make money while sleeping?

Believe it or not, the passive income stream can help you make some extra money without minimal effort!

This article lists the best ten passive income side hustles that can boost your income with a one-time upfront investment.

Passive Income Side Hustles At a Glance

Here are the best passive income ideas to choose from:

1. Renting Out a Spare Room - Best overall
2. Renting Out a Truck - No startup costs
3. Selling Gift Cards - Requires a bit of work
4. Creating an Ebook - Easy with AI
5. Creating an Online Course - A one-time effort
6. Writing a book - If you have what it takes
7. Renting Out Advertisement Space on Your Car - The easiest choice
8. Investing in Dividend Stocks - The most profitable
9. Peer-to-Peer Lending - Healthy investment
10. Starting a Blog - The most fun

Getting Started With Passive Income Side Hustles

You can make extra money in several ways, but how different is the passive income stream?

What are Passive Income Side Hustles?

Passive income side hustles are special ways to make money with minimal effort.

They entail investing your money, time, or effort only once to keep a cash flow for a long time.

You can make money while sleeping if you have a passive income side hustle.

After your upfront investment, your money keeps growing without much effort.

Why Should You Consider a Passive Income Side Hustle?

There are several reasons why you should consider passive income opportunities, including:

• They require a one-time investment after which cash keeps flowing
• You can do them even if you have a full-time job
• They don’t require experience
• They give you an additional sense of security

Passive Income Side Hustles Overview: Our Top Picks

It sounds doable so far, but where to start? Which passive income side hustle is good for you?

What is the Best Passive Income Side Hustle?

You can say that renting out a spare room is one of the best passive income opportunities - although that’s a relative matter.

Generally speaking, real estate investment is profitable.

After all, you’re renting out some unused space, so no startup costs are required.

What is the Easiest Passive Income Side Hustle?

Renting advertising space on your car is the easiest passive income source.

There’s pretty much nothing to do. You’re only covering a given area of your vehicle with a company’s logo.

It doesn’t require any investment, provided that you own a vehicle in the first place.

The Best Passive Income Side Hustles

Here are the top ten best passive income side hustles we’ve picked for you. Choose the one that suits you, and watch your savings grow:

1. Renting Out a Spare Room

If you have a spare space to rent, you’ve got money in the bank.

Rent out the area instead of leaving it unoccupied. The rental income depends on several factors, including the location and condition of the space you’re willing to rent out.

Some locations are more profitable than others too. For example, the price of renting an 897 sq. ft. apartment in the US averages around $1,700.

Costs to Get Started

If you already own a space in good condition, there’s nothing to worry about. You can begin real estate investing with no startup costs whatsoever.

In some states, you’ll have to pay monthly utilities. These bills vary according to location and use, ranging between $250 and $550 monthly.

Where to Find Renting Out a Spare Room Gigs

To rent your unoccupied space, you can contact real estate agents, including:

• Century 21
• Coldwell Banker
• Berkshire Hathaway
• Keller Williams
• Remax

These companies are trustworthy but take a high commission. You can also rent your space individually through platforms, such as Airbnb or VRBO.

2. Renting Out a Truck

If you own a truck, you’re in luck!

You can make a considerable passive income by renting out your truck. You won’t believe the number of people and businesses who rent trucks monthly either.

When it comes to your revenues, several factors come into play, including:

• Your location
• The truck’s size
• The truck’s condition
• The truck’s model
• The truck’s year

According to Fetch, a major rental company, you can make between $17,000 and $30,000 annually.

Costs to Get Started

The startup cost for this side hustle depends on two main factors:

• Do you already own a vehicle?
• Does your truck need repair?

If you own a truck in good condition, you’ll need absolutely no initial costs. Your investment will be the truck itself.

Otherwise, calculate the costs for repairs and probably buy the truck itself. Think about it this way; renting out your truck is a worthy endeavor if you own the vehicle.

Where to Find Renting Out a Truck Gigs

You can opt for peer-to-peer car rentals or rental companies through these websites:

• Getaround
• Turo
• Hyrecar
• Just Share It
• Fetch

3. Reselling Gift Cards

Reselling gift cards can help you make an ongoing profit. This gig entails buying discount gift cards to resell them for a profit. You can also sell your unwanted gift cards for extra cash.

You can earn an annual profit of about $29,000 if you’re keen enough on keeping your business growing. This number depends on various elements though, such as:

• Whether you buy the gift cards or earn them
• The stores you deal with
• How much effort you put into it

Costs to Get Started

Reselling gift cards doesn’t require much money.

For starters, there are two ways to obtain gift cards to resell. You can either buy them at a discounted rate or get them as rewards.

Some websites, such as Swagbucks and Rakuten give you cash back for your shopping in the form of discount cards. You can sell these cards for some easy profit.

All in all, you can invest around $500 for platform subscriptions and buying gift cards to resell.

You can pay less if you sell your unwanted gift cards on social media.

Where to Reselling Gift Cards Gigs

You can resell your unwanted or unused gift cards on online marketplaces, such as:

• Amazon
• Ebay
• Facebook Marketplace

If you want to make it an ongoing business, try these specialized platforms:

• Gameflip
• CardCash
• Gift Card Granny

4. Creating an Ebook

Thanks to AI, creating ebooks has never been easier. Now, you can compile and create your content in minutes.

That said, you still need to have some knowledge and exert some effort to help your ebook stand the test of time.

An ebook can contain anything from recipes to interactive material. Creating an ebook can earn you around $25 an hour, depending on your niche and quality.

Costs to Get Started

The cost of creating an ebook is lower than that of publishing a print book. It can reach up to $1,500 or $2000 if you choose to outsource all the tasks involved.

For instance, you can choose to hire writers, designers, and marketers, or decide to cut down on the expenses and do it all yourself.

Fortunately, there is online software to help. That doesn’t mean you should rely entirely on software and AI tools if you want good quality.

Where to Find Creating an Ebook Gigs

Don’t expect to see job openings for ebooks. It’s an investment you choose to make.

You can use online AI tools, such as Ink AI that allows you to automatically create ebooks with the content and format you choose.

If you write the content yourself, you can market your ebook on social media and other platforms.

5. Creating an Online Course

Whether you know it or not, you can teach!

Every person has an idea for an online course, but you don’t know it yet—and online courses allow you to share that knowledge with a vast audience.

If you invest some time and effort in your course, you can keep making passive income for a long time after its launch too.

Keep in mind that the amount of money you make depends on your content, expertise, credentials, and marketing strategies. On average, you can reach about $45,000 a year.

Costs to Get Started

Creating an online course is more about the time and effort you spend to manage and present your material.

That said, with certain content material, you’ll need teaching aids. These tools can reach up to a couple hundred bucks.

Where to Find Creating an Online Course Gig

You have several options to market and sell any online course. For instance, you can use social media platforms, including TikTok, Facebook, and Instagram.

You can also opt for specialized platforms for some extra money:

• Skillshare
• Udemy
• Teachable

6. Writing a Book

Do you have a passion for writing?

Whether you write fiction or nonfiction, becoming an author is a one-time investment. Your capital here is mostly time and effort instead of money.

Writing a book isn’t easy. It’s a combination of patience and passion. If done right, it can be a lucrative endeavor, especially if you’re self-published.

What’s scary about this side hustle is that the profits are highly unpredictable. You can earn anywhere between $12 and $65 an hour, with a national average of $39.

Costs to Get Started

To write a book, you need several elements, such as:

• Writing tools
• Proofreading services
• Copyrights
• Publishing costs

The initial costs you need depend on how you tackle those expenses. For instance, some authors start with the bare minimum. They use their laptops for writing and ask their friends and book club members for free proofreading.

There are also online platforms that allow you to publish your book for free. They also manage the copyrights in return for a considerable share of the revenues. That way, you can cut down on your expenses.

Where to Find Writing a Book Gigs

After writing your book, you can visit publishers or publish it yourself. It all depends on how much you’re willing to invest.

If you want to reduce expenses, check out those free publishing websites:

• Barnes and Noble
• Apple Books
• Kindle
• Publish Drive

7. Renting Out Advertising Space on Your Car

This is one of the easiest investments you can make!

If you’re always on the road, you can use your car as an advertising space for various companies. That allows you to make some extra money hassle-free.

The advertising companies will typically require you to drive a certain amount of miles as well, but that shouldn’t be a problem if you commute to work.

Your revenues also depend on various aspects including your routes, the product you’re advertising, and the advertising space. Your passive rental income can reach $14/hour on average with this side hustle.

Costs to Get Started

Think about it; you don’t need anything beyond your car to get started. In some cases, you’ll need to adjust a paint job or so, but for the most part, you only need your vehicle.

Where to Renting Out Advertising Space on Your Car Gigs

You can rent out advertising space on your car via online platforms, such as:

• Carvertise
• Wrapify
• Stickr
• Rent Your Space

8. Investing in Dividend Stocks

Investing in a dividend-paying stock is a bulletproof way to make extra income. All you need to do is choose your stocks wisely.

This side hustle can bring you much revenue in the long run. It doesn’t require much expertise either, which makes it a suitable investment for beginners.

Your income varies though, depending on the stocks you choose and the initial investment you make.

Costs to Get Started

The best part here is that you get to choose what you invest at the beginning. For instance, your startup costs can be somewhere between $100 and $1000. You can start small and increase your investment when you get comfortable.

Where to Find Investing in Dividend Stocks Gigs

Some companies give monthly dividend payments; those can be an ideal place to start.

It’s always a good idea to consult a traditional advisor or a robo-advisor to assess risks and make an informed decision.

9. Peer-to-Peer Lending

If you’re interested in investing your money in small and starting businesses, this is the gig for you.

Peer lending allows you to evaluate borrowers and businesses to invest in them for a projected income.

In a sense, you act as a bank. You can divide your money among different borrowers after carefully evaluating them.

Costs to Get Started

The more you invest, the more you expect in return.

You can start anywhere from $100 onward. We recommend that you start slow and divide your initial investment over several borrowers.

Where to Find Peer-to-Peer Lending Gigs

Several online platforms allow you to find borrowers. They also help you evaluate them to make the most out of your money.

Try out these platforms:

• Fundrise
• Lending Club
• KickFurther

10. Starting a Blog

Starting a blog can be a fun way to make passive income. Whatever you have to say in your blog will find its audience.

You can make money by placing ads and affiliate marketing links within your blog posts. 

For instance, Google has made it simple to place ads immediately on your blog. Affiliate marketing also earns you a commission whenever people buy an item based on your recommendation.

Your revenues can reach $33/hour on average, but they vary according to several factors:

• How interesting your blog is
• Whether your blog is optimized for search engines
• The success of your advertising strategies and affiliate links

Costs to Get Started

Setting up your blog can cost you between $50 and $200. You can also add the monthly fees to that.

Those fees typically range between $30 and $60, depending on your niche and platform.

Where to Find Starting a Blog Gigs

Here are some of the best blogging platforms:

• Wix
• Weebly
• Squarespace

How to Start a Passive Income Side Hustle

If you still have doubts, here are some tips to help you successfully maintain a passive income:

Determine Your Risk Tolerance

Determining your risk tolerance is a crucial step before making any investment decision. It entails weighing your options to assess how much risk you can take.

Invest Wisely

Don’t waste a penny and remember that money makes money. Invest wisely after calculating the risk since the more you invest initially, the more return you should expect.

Avoid putting your money in schemes you’re not sure of either. If you don’t understand the business, don’t invest in it. The best investment to make is in a field you’re familiar with.

Divide Your Assets

Avoid putting all your eggs in one basket. Even if you don’t have a lot of money, split what you have into more than one endeavor. That way, if one business fails, the other picks up.

After you get a feel of the businesses, you can choose the field you’d rather invest in. In a sense, that’s testing the waters before diving into the business world.

Start Small

No matter how enticing it sounds, don’t be tempted to start big. Keep your money and test the market before you make a large investment.

Once you see some real income, start putting in more money. You can even turn your side hustle into a full-time business if you find it profitable enough.

Maintain Your Property

Whether it’s a truck or real estate, always keep your property in great condition. That can save you money and effort once you decide to invest it.

A well-maintained truck can earn you money with no startup costs. If your apartment or vehicle needs repair, you’ll have to invest some money initially.

Wrapping Up

Passive income side hustles can help you make extra cash without exerting much effort.

It’s a one-time investment that allows you to keep a steady income in addition to your other work.

The easiest passive income side hustle to think about is renting an advertisement space on your car.

You’re making money while commuting to work, having road trips, or driving around with friends.

Looking for money in the bank?

Then real estate is the answer. Rent out a room or an unoccupied space. It’s profitable and doesn’t require much initial costs.

If you set your mind on it, you can keep a steady cash flow beside your full-time job. Pick a passive income side hustle to invest in today!

Similar Side Hustles to Check Out

If you’re willing to put some extra effort into making some extra cash, check out these side hustle ideas:

• Summer Side Hustles: Some hustles are more profitable during the summer, such as renting surfing equipment or working as a lifeguard.
• Teacher Side Hustles: If you have a knack for teaching, you can be sitting on a gold mine. You can teach several skills and courses online or physically as a side hustle.
• Side Hustles To Make More Money: You can make more money even if you work full-time. Check out these side hustles that you can do for an additional income.