20 Best Side Hustles to Generate Passive Income in 2024

Time is tough and inflation is eating up every dollar it seems. While getting a promotion seems hard, there are various way to make extra income, ranging from online surveys and freelancing with potential monthly earnings between $50 and $5,000, to creative endeavors like selling handmade products or running a blog or YouTube channel with variable income. Additionally, you can generate income by renting out spaces and assets, such as rooms on Airbnb, your car, or storage space, each with their own monthly averages. Participating in market research studies, becoming a virtual assistant, or engaging in mystery shopping also offer opportunities, while clinical trials and ride-sharing can provide substantial earnings. Finally, renting out outdoor spaces and parking spots can yield additional income, making it essential to explore the options that best align with your goals and resources.

1.Online Surveys: A Flexible and Easy Way to Make Extra Cash

Online surveys offer a simple way for individuals to earn extra money in their spare time, with the added benefit of flexibility and ease. Participants can take surveys at any time and place, making it an appealing option for those with busy schedules. However, the pay per survey can be relatively low, ranging from $0.50 to $5, and survey availability may fluctuate. On average, participants can expect to earn around $50 to $200 per month, depending on the number of surveys completed and the platforms used. 

Despite these limitations, online surveys are an accessible and convenient option for those looking to make some extra cash without investing significant time or resources.

2. Freelancing: A Project-Based Income Opportunity for Skilled Individuals

Freelancing is a viable income-earning method for individuals with specific skills or expertise, allowing them to work on a project basis. It offers the benefits of flexibility, scalability, and independence, enabling individuals to set their work hours, rates, and clientele. 

According to Payoneer's Global Gig Economy Index, freelancers can earn an average of $21 per hour, with potential monthly earnings of $1,000 to $5,000 or more depending on their specialization and client base. However, freelancing can be competitive, requires self-promotion, and may involve unstable income. Despite these challenges, freelancing is an attractive option for skilled individuals looking to capitalize on their expertise and create a sustainable source of extra income.

3. Selling Handmade Products Online: A Creative E-Commerce Opportunity

For creative individuals, selling handmade products online presents an opportunity to merge their passion for craftsmanship with the potential for financial gain. Platforms like Etsy, Amazon Handmade, and Shopify allow artisans to showcase their products to a global audience, resulting in increased exposure and sales potential. However, selling handmade products online also involves upfront costs, such as materials, shipping, and platform fees, as well as the time and effort required to create and market the products. 

According to a study by CNBC, the average Etsy seller earns about $44,000 per year, equating to approximately $3,667 per month. While earnings can vary significantly depending on the creator's niche, dedication, and marketing efforts, selling handmade products online can be a fulfilling and financially rewarding endeavor for those with a creative flair and e-commerce skills.

4. Renting Out a Room or Property on Airbnb

One of the easiest ways to make extra money is by renting out a room or property on Airbnb. This option is best suited for homeowners or individuals with extra space who are comfortable hosting guests. The average annual earnings of an Airbnb host in the United States is around $9,570. However, the potential earnings vary depending on factors such as location and the size of the rented space.

Some benefits of renting out a room or property on Airbnb include a flexible schedule, meeting new people, and earning passive income. On the downside, this option may involve extra work in preparing the space for guests, handling reservations, and dealing with any potential issues that may arise during a guest's stay.

5. Renting Out Your Car

Another way to make extra money is by renting out your car to others through platforms such as Turo or Getaround. This option is best for car owners who don't use their vehicles frequently and are comfortable with others driving it. The average car owner earns approximately $539 per month by renting their car. However, similar to Airbnb, the potential earnings vary depending on the car's make, model, and location.

Renting out your car has its pros and cons. Some benefits include generating passive income and potentially offsetting the costs of car ownership. However, there are also risks involved, such as potential damage to the vehicle and increased wear and tear.