As a student, you’re trying to find a way to boost your income and also sources to enable more income flow into your account but don’t have much time to do it? Then this list of passive income ideas for students is what you’ve been searching for! Aside from housing, tuition, and books/supplies, students have many expenses that require a source of income.
In the absence of a job, assistance from family, or loans, it can be difficult to make successful progress on a student’s budget. As a student, it will be difficult to devote time and energy to managing a course load and as well having a full or part-time job in place.
Passive income is a great way for students to manage their time and support themselves financially. Now, let’s go into what passive income is and what the ultimate passive income ideas for students are.
What is passive income and the reason passive income in favor of students is a good idea
Passive income: It includes regular earnings from a source other than the major source of income. As a student passive income helps you generate extra cash flow, whether you have a great source of income or not
Reasons passive income in favor of students is a good idea;
- Passive income is great for students because it frees up time to manage all of the other responsibilities on their plate.
- It also helps student cover expenses and prevents them from taking in debts.
- While it will eventually require less effort, most passive income ideas for students requires less time or money upfront.
- It allows the students to enjoy their life while studying.
These passive income ideas for students will provide an opportunity that will enable your initial investment to cover your living expenses while you focus on making the best of your time as a student.
Once you set a stream, you can step back a bit and watch the earnings start to flow in. When one income stream brings in money frequently and you can spend less time on it, you can start up a new stream to grow your income.
Passive income ideas for students;
- Sell or rent out your notes
- Try peer to peer lending
- Rent your textbooks
- Start a vlog
- Rent out your other belongings
- Affiliate marketing
If you’re a student thinking about creating a passive income stream, check out these strategies and learn what it takes to earn with them.
1.Sell or rent your notes
As a student, your notes could be of great benefit to your classmates or others taking the same courses. You’re already taking notes for your own use, so selling or renting them to others is a nice, painless source of passive income. Your notes can provide help to others, and they will be willing to pay you.
Besides selling or renting your notes on your own to your classmates, you can also register on a site like “Study Soup”. Study Soup provides the opportunity to become an elite notetaker and makeup to $600 per course by selling or renting your notes and study materials.
2.Try peer to peer lending
As a student peer to peer lending is risky but if done the right way can be great passive income for students. Lending to borrowers with strong credits can help manage the risks, but always be aware that there’s a risk that some borrowers won’t pay their loan back.
While this doesn’t require much time engagement, financial investment is a requirement. You will receive income by earning interest on the money that you lend, the returns that you receive will be based on the amount borrowed and how credit worthiness of the borrowers.
3. Rent textbooks
As a student may be a junior high school student once you are done with your textbooks for the junior class and you’re advancing to the senior class, rent your textbooks to someone who needs them.
You can rent your textbooks to several students instead of selling them at a lower price than you paid to get them, renting it will bring in more income.
Some students will be looking for a cheaper option than purchasing books, and you will have a source of passive income. A win-win for both parties!
4. Start a vlog
As a student vlogging can be a great way to earn passive income. With some basic camera and editing skills, you can start by just turning on your camera (or using your phone!) to film yourself while emphasizing some topics like; your goals as a student(or your goal in life), your morning/night routine, you can as well tell a story. On YouTube, Vlogs are very popular. You earn income once your followers and viewership reach a certain level.
Aside from making money from ads, you can also partner with brands for affiliate marketing and brand sponsorships. It will take some time and effort to grow your viewership, but similar to blogging after your audience is built making money will be way easier.
5. Rent out your other belongings
Some students are looking to rent some items and equipment short-term for projects or events. Some rent things like;
- Cameras and camera equipment
- Music equipment
- Household items (e.g. kitchen utensils etc.)
- Tools and electronic equipment.
You as a student may own items and equipment that could be useful to others and make money by renting them out.
This is one of the simpler passive income ideas in favor of students that have valuable equipment that isn’t used daily. You can make money from your own belongings in your possession! You can list your items or stuff on sites like; loanables.com, fatllama.com, etc.
As a student freelancing is a great source of passive income. In freelancing, you work based on your skill and will be working for a company or an organization, without being hired or you will be performing your duties outside the chain of command of the company or organization. Your payments will be made on a project basis.
For instance, if you’re good at video editing, you can freelance for different companies while reaching their individual requirements.
You will get a project to do, you will complete it, and receive the payment, and the work is done, sounds easy and interesting right?. Moreover, there are tons of domains which you can freelance. Some of the most popular domains like:
- Video editing
- Graphic designing
- Content writing
- Social media marketing
- Web designing and development
- Voice over acting
How it works;
First, pick up a skill that suits you, practice it for some months so you become able to handle projects in that domain, you can further create some effective and attractive sample works and you are ready to earn! There are nearly a dozen of websites like Fiverr, freelancer, etc. where you can find freelance works for the particular domain of your interest.
It may take some time to get work but patience is definitely the key. But the best part is that you can work according to your convenience, whenever and wherever you want to.
7. Affiliate marketing
As a student, you might be looking for a free, easy option for anyone with a blog or social media account. Hence if you’re a student and you’re not afraid of making yourself and your talents known out there, affiliate marketing is the ideal money-making (passive income) opportunity for you.
Furthermore, affiliate marketing is a way for companies and organizations to promote their products through other platforms.
If you have thousands of followers on your Instagram account, many subscribers on your YouTube channel, and other platforms like a blog, podcast, etc, you can apply to become an affiliate for relevant products.
How it works;
Firstly, you make a choice product from an affiliate network (like; Amazon and Flipkart ), and get a unique link to that particular product that you want to put on your blog or account. Whenever someone buys the product through that link on your blog or account, you get a commission from the affiliate network you got the link from.
Isn’t that simple?
Once your unique link is created, you can start to earn every time you put out new content, which means you can also earn while asleep.
Secondly, you have to make sure that your affiliate link is seen by a lot of people. Not just a lot of people, it should be seen specifically by a lot of people who have an interest in that product. Many successful affiliate marketers advertise or rather market products that are relevant to their account or platform.
Before you get started with affiliate marketing, you should focus on creating and having influential content for a specific niche.
Optional ideas that might also favor students
8. Virtual Assistant
With the world being digitalized today, anything can be done remotely, therefore a can also choose a career as a virtual assistant as it is becoming increasingly important. Many sole business owners and some companies hire a Virtual Assistant to help them with a task that can be done remotely.
Some tasks like; Social media management, Email marketing, Report or chart creation, and digital marketing, are just a few tasks or duties available for virtual assistant employment. Hence it can boost a student’s income whereas it does not require much effort and time.
9.Creation of website Hosting Company
Students with knowledge of programming can visit websites like; ResellerClub or SiteGround to find help on how to create their domain selling and web hosting company.
The websites mentioned above can make it possible for you to establish your own Web hosting company. You do not need to do anything; the reseller firm will take care of everything.
10.Purchase and Sell Domains
As a student, you may also make money by acquiring a high-keywords-based domain and then selling it at an auction for 3 to 4 times more money. There are numerous domain registration websites, like; GoDaddy or Namecheap, where you may buy and sell domains.