Building multiple passive income sources as a student or teenager is very important as it teaches very valuable lessons like patience and the importance of hard-earned money.
Money is a necessity for students. Students and teenagers must also know how to earn money and how to save it. But, I am not going to tell you how to start a business as a student and become a millionaire overnight.
I have put together a list of passive income online who want to earn an income by working online.
Students often worry about their college tuition and want to work part-time to become financially independent once they get to college. One of the most-asked questions these days is, “How to build several passive income sources as a student?”
Well, read along and you will get your answer.
Doing a part-time job physically while also studying can be tiring. So, doing online work that you can easily manage from home which can create you a good passive income and has the potential to make you more than $1000 easily does not sound like a bad idea, does it?
What is passive income?
Passive income is the type of income that requires minimum to no effort on a daily basis. It is an inflow of money at regular intervals. Although you will need to work really hard in the beginning.
Students want to make passive income so they can easily focus on their studies as well. Online work gives them the option to choose the best and flexible timing to work at.
Students can earn a good passive income to pay their tuition or afford their rental or commute expenses.
10 Ways for Students to Create Passive Income Sources
Let us see what are the smart ways of making passive income as a student in 2021.
Earn money from YouTube
Who does not have YouTube on their phones? It is one of those apps that are pre-downloaded on every phone.
It means that there are a crazy amount of people watching videos on YouTube. In fact, YouTube is the second most visited website in the World, the first being Google, obviously.
YouTube is a great source for generating a good passive income source for students.
See related: how to start a YouTube channel fast in 2023
Many college students upload daily vlogs and study videos, while others create content like travel videos, ASMRs, pranks, and whatnot.
YouTube pays really well for good views and engagement. This is a great way to create a passive income stream for students in 2021.
Write on websites like Medium
Writing online can also be a great source of high passive income. Students who have a passion for writing, can easily write on many websites and earn a handsome income without having to compromise much on their schedule.
Medium is one of the best websites to write and earn money from it. You don’t have to be a professional writer to create passive income through online writing.
You could just casually write about your day or share your opinions for that matter. These websites pay their writer based on the views and engagement of their stories.
You can also choose to become a freelance writer and sell your services online to different website owners who want to hire you, but that does not count in passive income.
You could also join some freelancing platforms like Upwork and find your potential clients there. This is one of the many ways to create a passive income for students who have a tight schedule and can not do part-time jobs after school or college.
See also: how to create a successful freelancer profile
Write and Sell an E-book
Another great way to create a passive income stream as a student is by writing and selling an E-book online.
Students with a passion for writing can easily write an e-book and publish it on Amazon. For every sale, you receive a 70% royalty on books priced between $2.99 to $9.99.
we recommend: how to publish an e-book and sell it on Amazon
Publishing your e-book on Amazon is completely free and neither do they own the rights of your book. You just have to sign up on Amazon KDP (kindle direct publishing) and publish your e-book.
This is one of the greatest ways to earn passive income as a student. Amazon pays more than $200 million to authors each year.
4. Start a podcast
Listening to a podcast while doing chores is the new productive thing to do. Starting a podcast in 2021 is very profitable – with more than 10 ways to monetize your podcast, you can easily create multiple passive income sources in 2022.
You can monetize your podcast through:
- affiliate marketing
- CPM adds on the podcast
- direct sponsors
- CPM adds on YouTube
YouTube is also a great way to earn money from your podcast episodes. Most people listen to podcasts on YouTube, so podcasters make enough money from this source as well.
Research shows that 32% of people listen to podcasts monthly. It is another easy way to make a good passive income stream as a student.
Start a blog
Blogging is yet another way for students to create a good passive income for themselves.
If you have a passion for writing and you have a little bit of experience as well, then the next smart step would be to start your own blog.
There are many benefits of having your own blog. It’s because once you create a community of people who genuinely like your work, you can create another source of income by selling your product or even a course or maybe an e-book.
See, there’s a lot you can do. Having a personal blog can open doors to many other streams of income.
Create an online course
You can very efficiently make a crazy passive income idea for beginners.
You must have seen different courses on the internet that teach you different sets of skills. Have you ever thought of creating one yourself? Well, you should.
Let’s say you have vast experience in video editing, you can easily create a course for entry-level teaching how to edit videos like a pro and then make money out of it.
This is also how you make money while sleeping. Once your course is live, people from all over the world can easily access it and buy it – and you make money in your sleep!
There are various platforms that you could use to upload your courses
Do affiliate marketing
Affiliate marketing is another great way to create high income for teenagers.
All you need to do is promote a product and for every sale made, you earn a commission from it. This commission could be a percentage of the sale made or just a fixed rate.
These sales are made through an affiliate link. You will get this affiliate link once you sign up for any affiliate program. Many online stores have introduced affiliate marketing programs.
This is a win-win situation for both the selling party and you. However, Amazon associate’s affiliate link is the biggest and the most trusted in the world.
Some other big affiliate programs that you could sign up for are:
Earn money from social media
The ways of creating several passive income sources as a student are so diverse. You can easily choose whichever of these income lines suits you best.
One of the great ways to create different passive income sources as a student is through social media marketing.
Many content creators that you love watching are earning thousands of dollars from social media and you can do the same. You can make money through sponsored content on social media.
Ways to earn money from social media are:
- sponsored content creation
- advertising products from different brands
- affiliate marketing
When social media influencers grow their audience and reach, they charge anywhere between $500-$1000 and even more.
See Also: how to earn $1000 per month: 23 ideas to get inspired
Sell your services by video editing or graphic designing
Another way of creating a good passive income source for any student is by video editing or graphic designing.
Many freelance websites allow students to make a good income through selling services like video editing, graphic designing, and much more.
If you have any of these skills you can easily sign up at platforms like Upwork and Freelancer to make a good income while working part-time.
Some of the services that you could sell are
- Data entry
- Voice-over artist
- Video editing
- Graphic Designing
- Creative writing
- and much more
Make passive income through recurring revenue
For starters, recurring revenue or commission is when you play the middle man in closing a deal between a real estate agent and a person who wants to rent a property.
Now, the agent will pay you some commission when the deal is finalized.
He will either pay you a fixed commission once the deal closes or a recurring commission as for every month when the client pays the rent, you will get some commission.
This type of passive income source for students is the easiest and effortless way to earn money.
Why is it important to have many passive income sources online as a student?
Who does not like a regular inflow of cash?
Well, as much as a passive income is important for anybody who dreams of creating good wealth, it is most important for the young generation. Having multiple passive income sources online is a requirement for the post-pandemic world.
Watch this video to get more knowledge on how you can create a passive income stream as a student in 2021
Students who are trying to create several passive income sources as a side hustle can be free from financial stress after they graduate because most of them face some difficulties in their journey in the real world.
Great things do not come easy. As many benefits as passive income offers, it is very difficult in the beginning.
The smartest move by students is that they seek financial independence by trying to create multiple streams of income. They go through many challenges and learn after many failures – but it is all worth it in the end.
Pros of having more passive income sources online
There are many benefits of having different passive income sources as a student. Some of these advantages are:
- One of the biggest advantages of having a passive income is that they can prevent going into debt.
- It enables you to make more than one source of income.
- You can make money for a more stable living and can budget your life easily.
- Passive income sources for students provide financial stability.
- You don’t have to live from paycheck to paycheck.
- Another great advantage of having diverse passive income sources for students is that by the time they graduate, they will have a regular inflow of cash and not have to search for a job instantly.
- Another great advantage of having a passive income in your early 20s is that you can easily follow your passion and do not have to depend on anyone for anything.
- Having a passive income gives you financial independence.
- You can easily work anywhere in the world without having to travel or leave the comfort of your house.
- It also provides you the privilege of traveling where you can easily take your work with you if you want.
- Because we all seek financial independence and stability, having a passive income reduces financial stress.
- Once you gain some experience, you can easily excel your earnings when working online. This way your monthly income multiplies each month. Isn’t that crazy?
- Once you start making more money than you need, you can easily start to invest in stocks or anything for that matter and create another source of income for yourself.
Conclusion
Creating a good passive income source as a student is a necessity we tend to ignore. Having multiple passive income sources has become a requirement – not only for adults but students as well, especially college students
It is better to have a side hustle and have an entrepreneurial mindset from the beginning. In this way, teenagers can have the time to fail and learn from their mistakes which will make them even smarter entrepreneurs by the time they graduate.
Creating multiple passive income sources is not even that hard. Everything is linked together from one another
Take the example of starting a podcast. You can upload it on YouTube, attach affiliate links, and get sponsors once you create an audience. That is 3 more passive income sources that once go live, will keep on making you more money as passive income!
