1 Passive-Income Stream and 1 Dividend Stock for $14,727 in 2024

Passive income should be passive, bringing in the easiest cash possible. And with AI in use along with a dividend stock, that has never been easier to do!

| More on:
Canadian Dollars

Image source: Getty Images

Passive-income strategies were enormous back in 2023. Canadians may have seen inflation drop year over year, and the market was doing well. However, that didn’t help if you didn’t have cash on hand to spend either on items or investing.

But just because 2023 is behind us doesn’t mean Canadians shouldn’t still consider passive-income streams — especially if they want to create even more in 2024. And when partnered with a dividend stock, you could be raking in thousands in cash flow.

Passive income, not side hustles

First off, one thing I’ve made clear in past articles is that passive income and a side hustle are two very different things. A side hustle is a part-time job at its core. You have to keep up with it, putting out products or performing tasks or whatever the case may be.

However, passive income is something that takes far less time. In fact, beyond the setup process, you can put it out and forget about it. Instead, you’ll simply see cash flow your way month after month. In that way, it’s much like investing. You do your original research, make your investments, and leave it alone!

But I’ve gone over so many passive-income streams in the past. However, there has been one point worth noting in 2024 that makes an entirely new stream possible.

Artificial intelligence

Now, to be clear, artificial intelligence (AI) has its strengths but also its weaknesses. For what I’m going to discuss, you’ll still need that personal touch.

That passive-income stream is possible now, and that’s through creating online courses. AI can help you through the process, with your personal touch needed simply to add information and give it that personal touch.

Simply pick something you’re good at or even interested in! AI can help you brainstorm ideas, analyze trends, and search data to suggest topics that are in high demand. It can then help you refund the course concept. Furthermore, it can help with content creation, creating a curriculum outline, and brainstorming ideas for lesson plans, outlines, and even quizzes!

Then, if your course involves video lectures, it can create storyboards and even scripts. Furthermore, it can also help edit and provide feedback once you’ve created draft content. Some platforms you can use are Heights Platform or iSpring Page to get started.

Then, invest!

Once you’ve got a course up and running, you can start bringing in cash! And what’s more, beyond some additions, if you feel like it, you can keep it up and running for life! On the low end, you could bring in between $100 and $500 per month. As it gains popularity, it could be as much as $5,000 or more!

Let’s say you make around $1,000 per month. You then use that cash to invest in a dividend stock, one that provides solid monthly dividends. One I would consider is Granite REIT (TSX:GRT.UN). This company provides a solid growth strategy investing in industrial properties, while still offering a 4.45% dividend yield. Altogether, here is what that $12,000 at the end of the year could bring in.

COMPANYRECENT PRICENUMBER OF SHARESDIVIDENDTOTAL PAYOUTFREQUENCYPORTFOLIO TOTAL
GRT.UN – now$73164$3.30$541.20monthly$12,000
GRT.UN – highs$86.50164$3.30$541.20monthly$14,186

You’ve now created $12,000 in passive income from a new income stream plus $2,186 in returns. Then, you add on $541.20 in dividends! That’s total passive income of $14,727.20 in 2024, coming out at $1,227.27 each month.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends Granite Real Estate Investment Trust. The Motley Fool has a disclosure policy.

More on Dividend Stocks

hand using ATM
Dividend Stocks

Should Bank of Nova Scotia or Enbridge Stock Be on Your Buy List Today?

These TSX dividend stocks trade way below their 2022 highs. Is one now undervalued?

Read more »

A meter measures energy use.
Dividend Stocks

Here’s Why Canadian Utilities Is a No-Brainer Dividend Stock

Canadian Utilities stock is down 23% in the last year. Even if it wasn’t down, it is a dividend stock…

Read more »

edit Business accounting concept, Business man using calculator with computer laptop, budget and loan paper in office.
Dividend Stocks

Got $5,000? Buy and Hold These 3 Value Stocks for Years

These essential and valuable value stocks are the perfect addition to any portfolio, especially if you have $5,000 you want…

Read more »

Growing plant shoots on coins
Dividend Stocks

3 Magnificent Ultra-High-Yield Dividend Stocks That Are Screaming Buys in April

High yield stocks like BCE (TSX:BCE) can add a lot of income to your portfolio.

Read more »

grow money, wealth build
Dividend Stocks

1 Growth Stock Down 24% to Buy Right Now

With this impressive growth stock trading more than 20% off its high, it's the perfect stock to buy right now…

Read more »

Dividend Stocks

What Should Investors Watch in Aecon Stock’s Earnings Report?

Aecon (TSX:ARE) stock has earnings coming out this week, and after disappointing fourth-quarter results, this is what investors should watch.

Read more »

Freight Train
Dividend Stocks

CNR Stock: Can the Top Stock Keep it Up?

CNR (TSX:CNR) stock has had a pretty crazy last few years, but after a strong fourth quarter, can the top…

Read more »

Hand arranging wood block stacking as step stair with arrow up.
Dividend Stocks

3 Stocks Ready for Dividend Hikes in 2024

These top TSX dividend stocks should boost their distributions this year.

Read more »