Top 50 Passive Income Streams While Working Full Time in 2024

July 21, 2023

Starting an online business, investing in stocks and doing some side hustles are the best ways to earn passive income. I have carefully researched and curated the top 50 income streams while working full time. Most of these smart passive income ideas are easy to start and maintain, which should give you more freedom and allow you to perform at your best at your 9 to 5-job. 

Having a full time job does not always guarantee financial security. This is why successful financial experts, Dave Ramsey and Erin Lowry, recommend having multiple sources of income. This will give you more stability and avoid financial hiccups in the long run. Let’s establish stability and achieve financial freedom with these passive income ideas! 

Local lead generation remains the top pick for a lucrative passive income stream. This business model requires just a few bucks to start up. The goal is to generate leads for your clients through a results-driven website. It’s like digital real estate for local businesses, where you earn a percentage or commission for every lead generated by your clients. And once you have established the key metrics, it’s a surefire to generate a steady income. 

Best Ways to Make Money Online

1. Start a Local Lead Generation Business. 

Pros

Low startup costs

Scalable business model

High-profit margins

Flexibility (you can start at home or work anywhere)

High demand 

Rewarding work

Fast results and ROI can happen quickly 

Cons

Competitive market

Constantly evolving marketing techniques 

Reliance on third-party platforms

Estimate Startup Cost:

$500 to $1,000 (for building and ranking a website)

Earning Potential:

85% to 95% profit margin

Moneymaking Score:

What You Need in Local Lead Generation:

  • Niche expertise
  • Specific target audience
  • Lead generation strategies
  • Landing pages and lead magnets
  • Lead management tools and systems
  • Sales funnel
  • Analytics and tracking

Local Lead Generation Facts and Statistics 

  • 91% of marketers say lead generation is their top priority.
  • According to BrightTalk, 53% of marketers allocate at least half of their budget to lead generation and only 34% spend less than half of their budget on it.
  • 37% of marketing experts say that generating high-quality leads is their biggest challenge.
  • According to BrightLocal, local searches result in purchases 28% of the time, compared to just 7% for non-local searches.

Overall, local lead generation is a smart passive income idea. It’s a low-risk-high-return investment with great potential to earn extra money. That’s why many entrepreneurs today are now investing in this business model. However, keep in mind that this is a competitive market. You also need to be consistent with your marketing strategies to stay on top and deliver the best results for your clients.

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2. Become an Amazon FBA Seller. 

Pros

Popular e-commerce platform

Access to Prime Customers (wider network of potential customers)

Easy to set up and sell products 

Improved visibility and sales

Faster shipping process

Brand recognition and customer trust

Multi-channel integration

Cons

Reduced profits due to increasing fees 

Competitive market

Risks for delayed shipments and damaged products

Complex regulations 

Limited branding opportunities

Estimate Startup Cost:

$3,500 to $5,500 (depending on the products)

Earning Potential:

According to JungleScout, 50% of Amazon sellers earn anywhere around $1,000 to $25,000 per month.

Moneymaking Score:

What You Need in Amazon FBA:

  • Niche expertise
  • Specific target audience
  • Lead generation strategies
  • Landing pages and lead magnets
  • Lead management tools and systems
  • Sales funnel
  • Analytics and tracking

Amazon FBA Facts and Statistics    

  • 89% of Amazon sellers are profitable
  • Amazon sellers sold over 3.4 billion products, generating around $300 billion in 2020.
  • In 2021, Amazon hit a record of 1.5 million active sellers.
  • In 2023, Amazon sellers focus on expanding their business with Amazon.

Becoming an Amazon FBA seller is another good passive income source while working full time. This platform presents many great opportunities to earn more money. But unlike local lead generation, Amazon FBA may require more resources and legwork to get you up and running. Finding profitable products is just the first step. Amazon’s marketplace is already over-saturated. That means you need more results-driven strategies to stay on top of the competition. 

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3. Try Affiliate Marketing.

Pros

Minimal investment

Easy to start

Great potential money growth

Flexibility

Market-ready audience

Extensive products and marketplace

Cons

Commission-based payment

Requires more time and work to generate ROI

No control over the competition

Uncertainty

Competitive industry

Working as a third-party

Estimate Startup Cost:

 $500 to $2,000

Earning Potential:

Beginners could make as much as $1,000 per month

Moneymaking Score:

What You Need in Affiliate Marketing:

  • Niche expertise
  • Best platforms to promote affiliate products 
  • Affiliate programs that apply to your niche
  • High-quality content 
  • Marketing and promotion
  • Analytics and tracking

Affiliate Marketing Facts and Statistics 

  • The market value of affiliate marketing is now worth over $17 billion
  • 16% of sales generated online came from affiliate marketing
  • Nearly 58% of affiliate marketers earn up to $9,000
  • 80% of branded products have affiliate programs
  • 84% of businesses use affiliate programs

Affiliate marketing can be a lucrative investment. However, this business model usually takes time and resources to really provide you with a steady cash flow. Be sure to do your research before joining the bandwagon! It’s an easy road to success, but this can also be a good passive income stream with the right metrics.

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4. Create and Sell Online Courses.

Pros

Flexibility 

Scalability 

Wide market

Cons

Competitive market

Requires technical skills (video editing, online platform management, etc.)

It can be a time-consuming project

Limited personal interaction

Startup costs can be expensive

Estimate Startup Cost:

$5,000 

Earning Potential:

On average, successful course creators earn anywhere between $1,000 to $10,000 per month

Moneymaking Score:

What You Need to Create and Sell Online Courses:

  • Choose a high-demand topic for your course.
  • Create a detailed outline of the course (overall structure and delivery format).
  • Create the content and learning materials.
  • Choose the ideal platform for your course (Teachable, Thinkfic, Kajabi or Udemy).
  • Set the price based on the market demand.
  • Start your marketing campaign.
  • Launch course. 

Online Courses Facts and Statistics 

  • The global e-learning market is expected to reach the $325 billion mark by 2025.
  • In 2020, the demand for online courses has increased by 10% in the US alone.
  • The average revenue per course is around $5,000 to $10,000.
  • 87% of online courses use videos as their primary content type.
  • The most common pricing strategy for online courses is a one-time fee that can range from $50 to $200.
  • The completion rate for online courses varies widely, with some courses having completion rates as low as 3%, while others have completion rates as high as 90%.

Creating and selling online courses is another good way to earn extra money while working full time. You can work on the course project at your own pace, with no pressure. After launching the course and a few marketing tricks, this can be an excellent passive income stream. A great example of this is Oz Konar's Business Lending Blueprint. He offers multiple programs besides this main course. You can also do the same and create sub-programs or related courses.

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5. Start a Dropshipping Business. 

Pros

Low startup costs

Easy to start

Flexibility 

Wide selection of products

Cons

Lack of control over inventory

Shipping and handling issues

Competitive market

Estimate Startup Cost:

$100 to $500

Earning Potential:

Profit margin can range from 10% to 45%

Moneymaking Score:

What You Need in Dropshipping:

  • Specific niche and profitable products
  • Reliable suppliers 
  • Payment processing
  • Marketing
  • Customer service
  • Analytics

Dropshipping Facts and Statistics 

  • 33% of online stores today, including giant retailers like Wayfair and Amazon, have adopted dropshipping sales models as their primary business structure.
  • Over 23% of all online transactions have been completed through dropshipping.
  • 84% of e-commerce retailers say finding the right supplier is their biggest challenge in the business.
  • 66% of online consumers prefer buying from companies with multiple shipping options.
  • There were 2.14 billion online shoppers in 2021.

Generating passive income with dropshipping is possible, even if you’re working full time. The key here is to find the best ways to automate the process. Many successful dropshippers today earn around $1,000 to $3,000 monthly. Overall, this business model is ideal for diversifying your passive income streams. 

Useful Resources:

6. Create and Sell eBooks. 

Pros

Low overhead costs

Wider reach

Flexibility

High-profit margin

Cons

Competitive market

Risks of piracy

Technical issues

Estimate Startup Cost:

$125 to $200

Earning Potential:

For Kindle/eBook, the royalty rate can range from 35% to 70%. Audiobook royalty ranges from 20% to 40%

Moneymaking Score:

What You Need to Create and Sell eBooks:

  • Quality content
  • Editing and formatting
  • Cover design
  • Platform to sell (Kindle, Apple Books, Barnes & Noble or create your own website)
  • Pricing strategy
  • Marketing
  • Copyright and legal considerations

eBooks Facts and Statistics 

  • In 2020, the global eBook market size hit the $18 billion mark. 
  • According to Statista, the United States is the largest market for eBooks. 
  • According to Good e-Reader, Amazon remains the most dominant platform in the e-book market, with its Kindle platform holding a market share of over 80%.
  • Fiction is the most popular genre for e-books, followed by non-fiction, education and children’s books.

Starting an E-Book business is a great way to diversify your income source while working full time. Like creating and selling online courses, you can also work or finish your product at your own pace. According to Simon Høiberg, he made $7,500 in one week by selling his E-book. He also emphasized the importance of having a solid marketing strategy to be successful in this industry.

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7. Start a Podcast.

Pros

Potential for high revenue

Low startup costs

Easy to start

Flexibility

Niche audiences

Creative expression

Cons

Overcrowded market

Requires time and effort

Unpredictable income

Limited monetization options

Estimate Startup Cost:

$350 - $400

Earning Potential:

Profit margin can range from 10% to 30%

Moneymaking Score:

What You Need to Start a Podcast:

  • A concept or idea
  • Recording equipment (microphones, audio interference, headphones, computer or laptop, recording software, etc.)
  • A hosting platform (Buzzsprout, Podbean or Libsyn)
  • A website or social media presence
  • Content plan and schedule

Podcast Facts and Statistics

  • As of 2023, there are nearly 465 million podcast listeners around the world.
  • On average, podcast listeners consume about 8-9 episodes per week.
  • The podcast market value in 2023 is worth over $23.56 billion.
  • The United States has an estimate of over 100 million active podcast listeners in 2023.
  • Most people listen to podcasts in the morning through their mobile phones.

Podcasting is another good way to earn extra money while working full time. You can monetize your content through sponsorships, affiliate marketing or use it as a platform to sell your merchandise. However, keep in mind that it may take some time to have a sizable audience or establish authority in your niche.

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8. Create a YouTube Channel. 

Pros

Multiple ways to earn money (YouTube Partner Program, sell your own mech, sponsorships, affiliate marketing, crowdfunding, etc.)

Flexibility

Opportunity for creative expression

Flexibility (you can start at home or work anywhere)

Minimal investment

Potential high revenue 

Cons

High competition

Producing YouTube content can be time-consuming

Usually takes time to grow and establish your audience

Estimate Startup Cost:

$250 to $500 for the equipment and some basic software

Earning Potential:

 Monetized YouTube channels make $18 per 1,000 views.

Moneymaking Score:

What You Need to Start a YouTube Channel:

  • Select your niche or genre
  • Content plan (format and delivery)
  • Recording equipment and software
  • Editing tools
  • YouTube account setup
  • Effective marketing campaigns

YouTube Facts and Statistics 

  • The YouTube platform has now an estimate of over 2 billion monthly active users.
  • According to Statista, YouTube has generated nearly $8 billion in ad revenue in Q4 2021.
  • YouTube is now the second-largest search engine platform, next to Google.
  • YouTube creators said their monthly earnings can range from $82 to $83,000 (source: Business Insider)
  • YouTube Short has now an estimate of over 1.5 Billion monthly active viewers. So far, this new YouTube feature has now generated over 5 trillion views! Check out this guide on how to make money with YouTube Shorts

YouTube is one of the biggest moneymaking platforms today. You can also start this gig while working full time. Creating a YouTube automation channel is an excellent way to execute this. Bright Side, one of the most popular YouTube channels today, uses this tool and now earns an estimated $4.9 million yearly. With a successful YouTube channel, you can definitely create a good passive income stream. However, it usually takes time to generate income from this platform. Apart from creating high-quality content, you also need innovative strategies to build your audience. 

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9. Create and Sell Templates Online. 

Pros

Lower production costs

Easier to distribute

High-profit margins

Scalability

Low risk

Cons

Competitive market

Intellectual property concerns 

Technical difficulties

Limited appeal (some consumers still prefer buying physical products)

Estimate Startup Cost:

$10 to $20 (for basic designing software)

Earning Potential:

On average, template creators' monthly earnings can range from $500 to $1,500

Moneymaking Score:

What You Need to Create and Sell Templates Online:

  • Niche expertise
  • Find the best platform to sell templates(try Etsy store or Canva)
  • Lead generation strategies
  • Landing pages and lead magnets
  • Lead management tools and systems
  • Sales funnel
  • Analytics and tracking

Selling templates is another opportunity to create passive income. You can also do this gig while working full time. Of course, you still need to work on your product and marketing. But once you’ve established the groundwork, you can start earning passive income without too much ongoing effort.

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10. Buy and Sell Domain Names or Domain Flipping. 

Pros

Potential for high returns 

Low startup costs

Flexibility 

Easy to start

Cons

High risk

Competition

Fluctuating market

Legal issues (copyright infringement and trade mark issues)

It can be a long game

Estimate Startup Cost:

$10 to $100

Earning Potential:

On average, successful domain resellers make anywhere around $300 to $1,500 monthly.

Moneymaking Score: