Top 10 Passive Income Ideas for 2024

Passive income through real estate

The year is 2024, and while salaries and wages may have slightly increased, so did the prices of fuel products, rice, and basic commodities. As such, many Filipinos are on the lookout for additional ways to earn more money in addition to their regular jobs as a practical solution. This is where generating passive income streams comes into the equation.

If you’re one of the people who want to build their financial wealth or simply looking to earn passive income to help fund your financial obligations and lead a debt-free lifestyle, this blog zeroes in on both financial goals.

If you’re particularly eyeing to generate passive income through rental properties, Asterra is the latest condo brand in the country offering value-priced condominiums in areas posed for growth. We’ll also touch on a few real estate-related passive income ideas.

What is a Passive Income?

According to the Internal Revenue Service, passive income is when you earn money from a rental property or enterprise that you’re not materially and actively involved in. Examples include selling online courses, investing in mutual funds and stocks that pay dividends, and keeping funds in a high-yield savings account.

In the Philippines, passive income sources can also come from trust funds, royalties from intellectual property ownership, and currency bank deposits, among others, as per the National Internal Revenue Code (NIRC). Passive income can also be regarded as the opposite of active income, which are salaries or wages earned from a regular job or profession.

Top 10 Passive income Ideas for Financial Security This 2024

Generating passive income in real estate typically takes the form of long-term residential rentals, which entails purchasing a property, specifically vertical homes, and renting it out to tenants. Let’s explore these real estate passive income ideas and beyond this 2024!

Store stuff for other people

If you live alone or have plenty of storage space in your personal sanctuary, you can rent it out for individuals or businesses that need a room or two to keep their stuff. You can easily connect with people and charge them a monthly fee for storing their furniture, bulky equipment, or any seasonal belongings.

Rent out useful items

Now, consider quite the opposite of earning passive income through storing stuff for other people – renting out your own stuff to individuals who need them. These could be unused items that can be ‘borrowed’ for a minimal fee. You can do this by listing your gears and equipment online that other people may be looking to rent out.

Rent out your property

For greater profit, you can rent out your entire property and consistently earn rental income. If your practical investment is situated at emerging locations in Greater Manila Area (GMA) and regional areas nationwide, you won’t have a hard time finding immediate occupants as both short-term and long-term rental properties are in demand in these areas, especially those that are near famous tourist spots.

Peer-to-peer lending

Another way to have a passive income stream is through peer-to-peer lending platforms. Lending money to individuals or small businesses through verified online platforms lets you earn interest on your investment without actively managing loans. These platforms connect borrowers with investors, who could lend money to the former in exchange for regular interest payments. It’s a win-win situation.

Venture into business investments

You can generate income not necessarily by starting a business, but by investing in a company or enterprise with vast economic potential. It could be through direct investment or crowdfunding platforms. This enables you to greatly benefit from their growth and success over time. But remember to choose those that do not only exhibit strong growth potential but have reliable management teams to maximize your returns and minimize risk.

Try affiliate marketing

If you’re chronically online, you might as well monetize your web presence, especially if you have made a decent following, be it in Instagram, Facebook, or even TikTok. Affiliate marketing lets you earn commissions on sales generated using your unique affiliate link. Make sure to partner up with brands that align with your niche (e.g. beauty products if you’re doing makeup tutorials).

Invest in index funds

Index funds are the perfect passive income idea for rookie investors who want to generate passive income without having to be experts in money-making investment schemes before they are allowed to invest. What’s more, investing in index funds is simple, straightforward, and low-cost compared to its actively managed counterparts.

Real estate investment trusts

Real Estate Investment Trusts allow the public in general to acquire shares in real estate properties such as houses and lot, rent to own houses, residential complexes, and other huge properties without needing to spend significant amounts of money or manage the everyday operations of these companies.

Small investors, such as overseas Filipinos and ordinary middle-class people, can engage the real estate market with little money by using REITs.

Become a Vlogger

If you will venture into affiliate marketing and you’re a condo owner, you can also build a YouTube channel where you could document your day to day condo life in your compact spaces. Teach your target audience about space-saving tips, interior design, and virtually anything you could come up with about practical living in your starter home.

Buy a condo to lease out

But if you don’t have one, consider buying one to rent out its thoughtfully designed spaces to potential tenants. It could be used for short-term rentals for travelers and tourists. You can also then list it on Airbnb to attract serious tenants and steadily create passive income from your property investment.

Condominiums for Passive Income and Compact Living

You can purchase condominium unit for two things and see positive results for both: renting it out for passive income or make it your first home. To save even more and get the best value for money, it would also be wise to buy a pre-selling condo property to acquire it at a lower price.

Notably, in order to attract the right buyers and tenants, it is very important that your condo unit is in a prime location where open greens and a growing cityscape collide to balance provincial living with modern-day, urban perks.

And don’t forget amenities and common facilities. Whether it’s for rental property or for your own residential place, reputable condo developers deliver top-quality amenities such as 24/7 security, sports court, condo gym, playground, tranquil landscapes, and pool area.

Curious to know more about available Asterra properties and their exclusive amenities? Direct message us or send your unique concerns for your condo investment. Speak to an Asterra representative today!

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