Passive income is any income you get paid without actively putting in your time and effort to earn it. Passive income is essential for students because it can help them cover their expenses while they are busy in school and studying for their careers. Some passive income may require a little work to get going, but once they’re up and running, they should provide you with an excellent monthly return with minimal effort. This blog post will look at the top 8 ways a student can generate passive income while at school.
1. Open a YouTube Channel
A YouTube channel is one of the great ways to earn passive income as a student. Upload content that you are passionate about to your YouTube channel and earn advertising revenue in the process. If your YouTube channel grows, has many subscribers, and gathers many views, this can eventually become a significant source of your income.
2. Start a Blog
Starting a blog is a straightforward way a student can generate passive income. If you are passionate about a particular topic, you can use your blog to share your ideas with the world and earn advertising revenue from your blogs. Not only can blogs earn you advertising revenue, but if your blogs attain domain authority, people sharing similar interests as you on particular topics can write for you free blogs and actually pay you to credit their work on your blogs. Check out how to make money with WordPress, if you want to monetize your blog.
3. Create Online Courses
Another alternative source of passive income is creating courses about topics you know and offering valuable information to knowledge-seekers. You can sell such courses through sites such as Skillshare and Udemy.
4. Rent Out Your Room
As a student, you can consider earning a passive income by renting out an extra room in your house that you’re not using if you have one. You can list your space on sites like Airbnb or VRBO and earn money from travelers who are looking for a place to stay. Be sure to follow the platform’s rules and regulations and local laws or ordinances regarding short-term rentals.
5. Invest in Real Estate
Investing in real estate is one of the less common ways a student can generate passive income. Investing in real estate requires a considerable amount of capital, but once it’s up and running, this is a great source of passive income. You can do this by buying properties and then renting them out. Real estate is a great way to make money because you don’t have to put in any work once you own the property. You can receive the rent from the property directly to your bank account without effort.
6. Invest in Stocks
Investing in dividend stocks and mutual funds is another excellent way to generate passive income for a student. As a company shareholder, you will receive a share of the profits generated by the company annually. Over time, these investments will provide you with a stream of income that can help supplement your earnings from your day job.
7. Invest in High-yield Savings Account
High yield savings or a short-term certificate of deposit guarantee you a risk-free return on your money and is one avenue of passive income that students can explore. Plenty of banks and credit unions offer competitive rates on savings accounts and CDs, so take some time to shop around for the best deal. Keep an eye on the fees associated with these accounts, as they can eat into your earnings.
8. Peer-to-peer lending
Through peer-to-peer lending, a student can generate passive income. Peer-to-peer lending is where you loan money to other people or businesses through online platforms like Lending Club or Prosper. In return, you earn interest on the loan, which is typically paid to you monthly. Peer-to-peer lending is one of the ways to make some extra income that comes with some risks. Therefore, it is important to factor in all the risks before starting out.
The list is endless when it comes to side income ideas for students that can help earn that extra dollar. Whether you enjoy creating content, sharing your knowledge, investing in stocks and savings accounts, or lending out loans, there is an opportunity for you to start generating passive income. Consider these ideas and see which ones work best for you. With little effort and dedication, you can start generating revenue from passive income sources in no time!
Salman Zafar is an ecopreneur, consultant, advisor, speaker and journalist with expertise in waste management, waste-to-energy, renewable energy, environment protection, conservation and sustainable development. His geographical areas of focus include Asia, Middle East, Africa and Europe. Salman is the Founder of EcoMENA, a popular voluntary organization based in Qatar. He is also the Founder and CEO of BioEnergy Consult, a reputed consulting firm active in biomass, waste-to-energy and waste management segments.
Salman is a professional environmental writer with more than 350 popular articles to his credit. He is proactively engaged in creating mass environmental awareness in different parts of the world.
Salman Zafar can be reached at firstname.lastname@example.org or email@example.com