OPPORTUNITIES FOR MAKING PASSIVE INCOME AS A STUDENT

Passive income is a great way to earn some extra cash without ongoing effort as a student! The good news is that; It is easier than ever to start earning passive income as an undergrad student on campus!
 

With the help of these passive income ideas for college students, you can start earning a little bit extra money quickly and easily.
 

So let go of the excuses - as the saying goes we all have 24 hours in a day, and we are going to show you exactly where to start!. After all - passive income is all about earning extra money without having a full-time job. And while some of these passive income ideas take more time and effort than others, there are several great opportunities for you as a student to take advantage of.

WHAT IS PASSIVE INCOME?

Passive income is typically income that is retained with minimal effort. While you have to build the revenue stream, it can be a source of income - even when you sleep!
 

The main thing to remember is passive income is not free money. Typically, a lot of work goes into project or asset at first, and then income is made from that effort later in time. This translates into income after the project is completed and without direct involvement from the creator.

OPPORTUNITIES FOR PASSIVE INCOME FOR STUDENTS IN AFRICA

We have found the easiest ways for you to make extra bucks in your free time! Some of the passive income streams require no time and only an initial investment. Others will take a little time, but no more so than a part-time job! So let us jump right into it and help you make money in your spare time.
 

Whether you are looking for a side hustle to do between classes or want a way to earn residual income, check out these passive income ideas that are perfect for any undergraduate student.

1. GET A HIGH YIELD SAVINGS ACCOUNT

Make your money work for you while it is sitting in the bank with a high yield savings account. Since these accounts earn interest each month, you will be able to earn money while you sleep.

2. CREATE A COURSE

Just because you are in college does not mean you do not have knowledge to share. Whether you are great at doing makeup, playing instruments or understand the best ways to manage your time, you can teach you skills to earn some extra money; with a recommendation of creating an online course so that you can continue to sell it well after you created it. All you need basically is a phone with a good camera and a step-by-step guide to how you are going to create and launch your course!

3. WRITE AN E-BOOK

Another great way to share your knowledge on a subject is through an eBook. While a course is typically made up of videos and slideshows, an e-book is written words. If you forte is writing, putting together a book on a subject you are familiar with is another great way to earn extra money as a college student by monetizing it loads on eBook platforms online.

4. LICENSE YOUR MUSIC

If you have a talent for music, or a band in or outside a church, record your own songs or tunes and sell the license to use your music online, to online music platforms out there. Every time the song is played randomly online, you will earn a royalty!

5. EARN CASH BACK

Sign up for cash back rewards apps, like Rakuten, Fetch, and Ibotta, to earn cash back on every purchase you make.

6. SELL YOUR PHOTOGRAPHY

Earn money by selling your photography online. Selling photos to a stock phot website is a simple way to make some passive income. Just list your photos for sale to website owners to use as stock photos.

7. INVEST IN THE STOCK MARKET

In here there is a lot of learning to do; You do not need a ton of money to invest. With apps like Robin Hood and Capital, you can invest small amounts of money over time to help you start building wealth. You could also look at mutual funds and bonds.

8. PEER TO PEER LENDING

Lend extra money you have on hand to others who need money and charge interest on the loan to earn some extra cash. This is an idea you have to be strictly careful about; when it comes to lending money to friend and colleagues in our region you have to be strict about how you go about your business.

9. WRITE A BLOG

You could as much partake in this hobby of mine by starting your own blog; While writing a blog will not earn you passive income right away, if done correctly you could earn money for years to come on the content you create. Once your site has traffic you could sell advertising space, include affiliate links, enroll in Google Adsense or Mediavine, or offered sponsored posts for brands.
 

A monetized website is one of the passive income strategies I am applying now after college and I believe you can also do the same if you start early while being in college. In a couple of months, HostelGig will be opening our students-only community portal which will boast an online marketplace and blogging platform; providing a community-like digital space for college student to share and monetize their skills and crafts, so just keep in touch!

10. START A YOUTUBE CHANNEL

If you prefer making videos over writing, starting a YouTube channel is another way to earn passive income. Like a blog, a YouTube channel is not an instant money maker. But putting in the work upfront could earn you some passive income in the long run through advertising and sponsored content.
 

Many, if not all, of these passive income stream of ideas could even be used by high school students because they do not have to make much time.

If you love these ideas, you could also keep in touch as I will be bringing you part 2 of these tips, so keep in touch!