Passive income is when you make more money with less direct effort – who doesn’t want that? In 2024, there are more ways than ever to build passive income streams, providing numerous attractive benefits. Passive income used to be the domain of ultra high net worth individuals (UHNWIs), but it is now doable for almost everyone.

Options range from the quirky, like renting out baby gear or buying and selling domain names, to the completely legitimate and time-tested, like real estate. We are here to walk you through the top five most reliable sources for generating passive income.

There is nothing wrong with more variable sources like building digital assets, such as starting an Etsy shop or a podcast, even though those markets are oversaturated and hard to break into. But the opportunities we are presenting below are reliable and not reliant on building an audience or customer base.

“If you don’t find a way to make money while you sleep, you will work until you die.” — Warren Buffett