7 Passive Income Ideas to Make Money & Build Wealth in 2024

In this article, we discuss the 7 passive income ideas to make money and build wealth. To read our detailed analysis of passive income and its benefits in today’s world, go directly to the 27 Passive Income Ideas to Make Money & Build Wealth in 2024.

7. Drop Shipping

Dropshipping is a retail fulfillment method where a store doesn’t keep the products it sells in stock. Instead, when a store sells a product using the dropshipping model, it purchases the item from a third party and has it shipped directly to the customer. In simple words, if you set up a dropshipping store, you will act as a middleman between the customer and the supplier. One of the main benefits of drop shipping is that you do not have to go through the hassle of storage or shipping. Reddit users claim that there is a high failure rate in drop shipping, but highly successful ones claim to make six figures annually. 

According to Precedence Research, the global drop shipping market is expected to grow from $230 billion in 2022 to $1.92 trillion in 2032, registering a compound annual growth rate of 23.64% during the forecasted period.