Making money usually requires a lot of effort. That's not always the case, though. The idea behind passive income is that you barely have to lift a finger for the dollars to flow in.

There are plenty of ways to generate passive income. One of the best approaches is to buy stocks that pay attractive dividends. The main catch is that you'll need money to invest upfront. But if you have enough cash, making money can be practically a piece of cake with the right stocks. Investing $123,500 in these three high-yield dividend stocks could make you $10,000 in reliable passive income in 2024.

If you take one-third of an initial $123,500 and buy shares of Ares Capital (NASDAQ: ARCC), you should make a little over $4,000 in passive income next year. That's because Ares Capital's dividend yield stands at 9.73%.

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Source Fool.com