How to Build Multiple Streams of Passive Income in 2024

How to Build Multiple Streams of Passive Income in 2024


We all want to make passive income, don’t we? This means we have to think outside the box and allow creativity to set in. Our belief is: that if I don’t have a government job, how will I have time for a passive income?

You are actually incorrect. Your way through full-time jobs is never the same as a side hustle. It is a job in between your day job, it defines the entrepreneur in you.

A few examples of different types of passive incomes are dividends from stocks; royalties for creative works like writing, acting, or music; payments from partnerships with other businesses (like affiliate marketing); and rental properties. 

This “passive job” is paying for your survival and earning you additional income, although you don’t feel like you are doing anything “in exchange” for that income. If you’re sitting at a desk, you probably haven’t done anything in return for that money either, right?

It’s no wonder most of us don’t feel like we’ve made any progress at all when we wake up every day and work toward our goals, never thinking that we are adding value to the world and getting something out of it.

There are many ways to earn passive income, including through stock and option trading, freelance writing services (like this blog), and affiliate marketing programs like Amazon Associates Program which pays up to 10% commissions for referring customers who buy products on Amazon’s website.

If you really want to make money fast. You have to pave a way for a minimum of one passive income. Get to know more in this post, 30 Best passive income ideas to Build Wealth.

Tips on building multiple streams of passive income

1. Get a Plan

You need good business skills, good knowledge on how to write a bankable business plan, and access to resources in your niche. Perhaps these are very common issues that a lot of people struggle with when they start their business.

Many investors and entrepreneurs often want to make money with a business plan but keep failing in the execution stage.

2. Create a Valuable Product or Service

You must be at a different level than the average Peter to be successful in this game. If you are reading this, it means that you are willing to try, even at the risk of failure.

All you are required to do is to create a product or service and get it to people who can be made to buy it. This requires market research, refining, and experimenting. To get your product to the market. You must create demand in the market.

The best thing about this method is that, when you create money, your job is to enjoy it.

When you create a unique and problem-solving product, you get paid at all times of the year because you just created a passive income. At the moment you find something that you’re perfect at, and that’s really financially lucrative, you’re in.

For example, when you create new software, you get paid not just at the time you’re creating it but also at all other times when you’re selling it.

3. Learn New Skills

Learn high-paying skills like programing, skit making, blogging, video editing, social media marketing, among others. These skills can help you develop a lifetime passive income. An android app hosted on google play store which is minimized with Google AdMob.

Another example is creating a blog like the one you are reading now. I have a salaried job and this blog remains my source of passive income.

Other Passive Income Tips

Pull all resources together to make multiple passive incomes

The most important question which many entrepreneurs fail to answer is: What should I do? “For those who want to make money, I have one general rule that I keep reminding myself, and it helps me.

Make an income stream that you love!”

Abdul Halim Khan

You can start your own side hustle doing something you are good at. Don’t let fear keep you away from doing the new thing you want to do.

Your startup must have funding. To invest your money, you should look for high-quality skills to invest in. There are so many opportunities available, both online and offline.

Be patient, success isn’t instant, and your goals will take time to achieve. All the billionaires started from nothing, and today they are billionaires.

That is what hard work is all about. Invest your money and time in new things, be innovative. The key to making money is changing views and acquiring new skills.

I believe by now you already know how to create multiple streams of passive income. You can start today!

This is for you

Wealthgist - Personal Finance and Passive Incomes