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

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1. Invest in Dividend Stocks/ETFs

Dividend stocks are shares of publicly traded companies that pay a part of their earnings to shareholders in the form of dividends. The dividends are typically distributed on a regular basis, such as quarterly or annually. Dividends represent a portion of the company’s profits. Dividend stocks are one of the best passive income ideas to make money and build wealth, as they yield a steady income stream and carry the potential for long-term capital appreciation. Some of the best dividend stocks include Walmart Inc. (NYSE:WMT), Johnson & Johnson (NYSE:JNJ), and AbbVie Inc. (NYSE:ABBV).

For people with little knowledge of the stock market, well-known dividend ETFs are safe places to invest money. Some of them include Fidelity High Dividend ETF (FDVV) and Vanguard Dividend Appreciation ETF (VIG).

You can also look at the 13 Best Major Stocks to Buy Right Now and the 16 Best Russell 2000 Stocks To Buy According To Hedge Funds.

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