Do you want to become financially independent? If you can’t earn money even when you are sleeping then you are losing the growth opportunity in the competitive world. Studywoot has come up with top passive income opportunities that every college or school must focus on in future. However, these income opportunities can be suitable for educational background person and easily earn money. The digitalization and Covid-19 lockdown have accelerated the demand and new opportunities for people to scale up monetization. Moreover, the rise in the unemployment rate and loss of job opportunities are indicating to look up for exploring creative mindset.
Passive income is the quick opportunities not only for students but also for housewives, children, retired people and any working professional as well. However, the student can extensively explore the opportunity to earn money and find their way to generate passive income. Some of the passive income requires high skills, knowledge and experience to earn money. While some of the income opportunities require patience, strong psychology and hard work. Though earning passive income is not easy, it takes time to set up an accurate system and grow in future.
What is Passive Income?
It is a source of income in which an individual is not actively involved to earn money at a particular period. Well, there are several sources of passive income available in the market such as selling products, rental commission, lending and many more. It is important to monetise the content to deliver high-quality returns and earn good income source. If you want to make it when you are sleeping as a student in the early stage of your career, this is the right opportunity to learn many new things.
Create Own Website
Studywoot highly recommends earning passive income opportunities by growing your own website. Creating your own website in the field which have high skills and knowledge can boost opportunities and reduce learning requirements to smoothen activities. You can start creating a website by purchasing a domain and web-hosting to maintain your store. The website can be created in several categories such as blogs, education, technology, E-commerce, Marketing, Business Development, Food, and many more. However, growing you’re website will take time to generate sustainable income which needs consistency and promoting quality and creative content on several platforms. Once you identify your niche, it becomes easy to target and promote through a different strategy such as email marketing, affiliate marketing, social media marketing, videos, messages and paid advertisement. You have to be extra-ordinary to lead your personal and business development and generate sustainable income source in future.
Freelancing
Freelancing is a new normal in the current market industry that is rapidly growing and changing the traditional pattern of employment. There are several platforms such as Fiverr, Liptium, and others that help to create a gig and earn money by providing personalized skill service to the world. The best thing about freelancing is the whole world is your customer that can ask for your service and earn high-income returns than traditional employment. However, creating your gig as a freelancer is easy though it takes time to find the first order and rank on the first page. Though you have to patient and once you start getting orders there is no limit. You can take unlimited orders and share work opportunities with your friends to generate high passive income.
Share Market (Trader/ Investor)
Everyone can invest and start trading in the share market. The industry provides high returns with a high risk that can be achieved with sustainable investment in shares. However, it becomes important to understand the share market as investing opportunity. You need to decide that are you a trader or gambler? The share market needs to practice constantly to achieve successful income passively. Every student can start learning by opening a Demat account and start trading with limited money to experiment with the best strategy to earn income. You can see the share market as a part-time or full-time career in future. It may take around one to three years to become a professional trader, though you can start investing and earn a good amount of income even when you are sleeping. To make sustainable income in the share market, 90% loses money and only 10% gets successful by implementing proper strategy.
Affiliate Marketing
Affiliate marketing will boost in future after the Covid-19 and digitalization. In most developed and developing countries, internet penetration is at a high level that provides an opportunity to earn money through affiliate marketing. There are several platforms such as Amazon Associate, ClickBank, JvZoo and Warrior plus that provides an opportunity to promote products and earn commission in return. However, to build and promote affiliate, it becomes important to choose the correct channel to promote products. You can start promoting products according to the niche such as health, technology, books and others on several digital platforms. Platforms such as Instagram, YouTube, and Facebook market are the chosen place to attract and engage people to earn money.
Affiliate marketing will boost in future after the Covid-19 and digitalization. In most developed and developing countries, internet penetration is at a high level that provides an opportunity to earn money through affiliate marketing. There are several platforms such as Amazon Associate, ClickBank, JvZoo and Warrior plus that provides an opportunity to promote products and earn commission in return. However, to build and promote affiliate, it becomes important to choose the correct channel to promote products. You can start promoting products according to the niche such as health, technology, books and others on several digital platforms. Platforms such as Instagram, YouTube, and Facebook market are the chosen place to attract and engage people to earn money.
Write a Book
You can start writing a book that would help to attract large reading worms to follow your ideas and you can easily influence them. Selling a book as per your specialized niche helps to create customer engagement on several channels such as Facebook, Instagram and LinkedIn. Books are the easy source to generate promotion of product and services that you want to sell through it to extra perks in return. For example, If I am a fitness trainer, I can start making a book on Top Fitness Tricks to Implement in 30 Days for Success. It will allow to grab the attention of the customer by providing free value and promote you the specialized product at the end such as Consultancy, training courses and others. This strategy called a Freebie Marketing strategy that allows to attract and promote a new product with free factors.
Online Courses
Selling online courses on a website can help you to generate a sustainable source of income. It allows you to teach and showcase your knowledge experience in the respectable subject to earn money. The E-learning platform has boomed in the last couple of years which is worth 101 Billion Dollars in 2019. There are several platforms are available such as Udemy and Teachable that allows to sell courses. Though Studywoot is a free platform that aims to provide quality content courses to share with our students and gain real-life adaptability. You can start working as an instructor on Studywoot and upload courses in any field in any specialization to generate earnings per course. Moreover, the study showed that after New normal were more than 500 million students are facing issues with physical education. Digital learning can be the new opportunity to earn income by selling courses online.
Refer and Earn Program
Most of the initial websites and mobile application provides this opportunity of referring and earn to expand its networking and provide commission on every signup or sell. However, the source is not new but still relevant with the current marketing strategy followed by businesses. You can start promoting any mobile application such as Fiverr, Canva and other platforms that provides an opportunity to market their business ideas on the social media platform to earn money. You can start referring and gain traffic on links through Quora, YouTube and Clickbank platform by sharing content for promotion.
Interest on Deposits
Most of our elders suggest starting saving in an earlier stage of the career to explore the whole world. Well, that is true, but it requires patience which most of the youngster don’t have. Even though, earning money through fixed deposits or Savings allows earning a fixed percentage of interest every six months on savings. It is a traditional method to generate passive, but still, it is quite effective as well. It helps to gain patience and teach life learning knowledge to respect money and safeguard the future. However, to generate saving interest, you need to first start putting consistent deposits at the end of the month to see the magic of compound interest. If you Do not know about Compound interest. Be connected with Studywoot to know more.
Receive income from Ads
Well, there are many platforms such as YouTube, Google AdSense and others that provide an opportunity to gain sustainable passive income on your content by running ads onto the website or videos. Well to run ads, it becomes important to create quality content on a website or platform to allow buyers to shop. The companies pay to show their ads with your content to promote their product and services. It just like TV shows and 2 min advertisement. However, you can put your own advertisement on your website to run a promotion for others.
Guest Posts
Allowing guests to post from others helps to build collaboration and sustainably expanding the network and generate income opportunities. You can start to collaborate or ask people to upload their blogs, articles or links to product and services to earn money. Guests posts can help to ask people to pay you for using the platform. However, it is still a new opportunity for start-up businesses to enhance income opportunity.
So, these were the Top Ten passive income opportunities are available for students that anybody can try and start earning. Still, there are others as well such as Renting House, Rewards on Credit card and Robo Investing. Though these incomes may not be comfortable for everyone to try and implement in the real world. However, the available opportunities of passive income are trending and tested by our experts that can be implemented with perfect guidance.
Note: To earn passive income which is still the dream of lots of people can be achieved if you respect your skills and money. If you do not respect the market opportunities and money, the passive income may not work for you. Hence, we highly recommend putting sustainable efforts into these opportunities to gain income before your early settling down in your life.
Referencing
Dunlap, N., 2015. Welcome to online passive income. Journal of Property Management, 80(1), pp.24-25.
forbes.com, 2021. State of Current Video in 2020. [online] Available at: https://www.forbes.com/sites/tjmccue/2020/02/05/looking-deep-into-the-state-of-onlinevideo-for-2020/?sh=50137fc2eac5
Gadson, R., 2016. Passive Income.
He, S., 2021. Rental Property Investing QuickStart Guide: The Simplified Beginner’s Guide to Finding and Financing Winning Deals, Stress-Free Property Management, and Generating True Passive Income. ClydeBank Media LLC.
Morel, N. and Palier, B. eds., 2011. Towards a social investment welfare state?: ideas, policies and challenges. Policy Press.
statista.com, 2021. Market Share of Passive and Active Income. [online] Available at: https://www.statista.com/statistics/945153/market-share-of-passive-and-active-etfs/
