An average millionaire has seven sources of income. Does that mean he works seven jobs per day? Absolutely not. It means he has one active job and six sources of passive income.
Passive income is the money that is earned regularly regardless of whether you are actively working or not. However, it does require an initial money and time investment. After some effort, these sources of income are able to maintain themselves and provide regular revenue with no additional effort. Thus, it is wise to spend four to five years establishing passive sources of income rather than slugging behind one stream of income for the rest of your life.
The most common sources of passive income are investments, real estate, dividend, stocks and rental income. But how can you develop a source of passive income when you don’t even have a stable source of active income?
Here’s a list of five sources of passive income that require no or a negligent amount of investment. These are great for school and college students who are looking for ways to earn a few extra bucks.
Create a course
Creating an online course is a great source of passive income. Although it requires time and effort at the beginning, it surely reaps profit once the course is live. Moreover, there is no or very negligent amount of monetary investment. You can sell your course on a third-party platform and earn fifty per cent of the profit. Selling on a third-party platform allows you to reach more customers. Alternatively, you could sell it on your own site and keep the entire profit. However, creating a website requires a fair sum of monetary investment. Either way, the recurring earning from the course fluctuates as much as it sells.
Transcription
There are plenty of transcribing jobs available on the internet. Moreover, it requires no experience and is quite flexible. It is a great way to stay at home and earn money online. Set your own time and work as much as you want to earn. Most websites pay you on an hourly basis. All you need to do is sign up and start transcribing.
Start a blog
If writing is your passion, starting a blog is a great way to monetize your writing. If not, you could easily turn your writings for class into blogs. Pick your niche according to your subject and start posting your papers as blogs. Many have even turned their personal journal entries into blogs. Start earning by including an advertisement or even through affiliate marketing, where you receive a commission for directing the viewers to a particular product, service or website.
Rent out your stuff
If you are in college, a great way to earn a little more with zero investment is to rent your stuff. It can be anything- your books, car, musical instruments, video games or even your laptop. This can be truly passive since when you are not using them, you can earn from them. Just list your products online and rent them out when you don’t need them.
Create a YouTube channel
As overdone as it sounds, creating a YouTube channel is quite a profitable endeavour. You do not particularly need millions of subscribers and views to monetize your YouTube channel. It all depends on your engagement rate, the quality of your content and the niche you cater to. You can also allow YouTube to run advertisements on your videos. Every time someone clicks on that advertisement, you receive a certain percentage of the money that the brand had paid to run the ad.
