It’s a great feeling to be financially independent as a teenager, and it’s possible if you look into a few passive income strategies to get you going. This online guide is full of ideas on how to make easy passive income for teenagers.
There are various income streams that can give you viable solutions for extra money. Doing small jobs without having to hold down a full-time job is a good start. Read this detailed guide to find out what you can do to add other sources of income to your bank account.
What Is Passive Income?
Passive income is money that you earn without having to make daily efforts to earn a profit. It’s not all smooth sailing, because a passive income source does require an initial investment of money or time. Once this is in place, you can reap the long-term benefits.
Passive income streams are a fantastic idea from a financial perspective. Look for passive income opportunities that need minimal initial investment and after a period of time, you’ll see your annual rate of money increase. This new cash flow will be extra money that will not only cover basic needs but will also give you the capacity to save.
Passive Income Strategies for Teenagers: Types of Passive Income
Some passive income sources come from a well-thought-out business model, but there is a lot of variety. Earning a bit of money will enable you to put extra cash away for your future and help you stay out of debt. Find a financial institution with the best interest rate to open up a savings account and get ready to start earning. Read on to learn more about other important strategies.
Save Money to Invest
Investing money is a great way to earn passive income so a good strategy is to save money now to invest later. Once you turn 18, you can look into real estate investing or bank investing options. You could also invest in equipment or learn skills, like video editing, that will help you earn extra money.
Sell Your Talents
Sell your talents like painting, drawing, writing books, or compile online courses about something you are good at. Your knowledge and the products you create can be sold through websites like Ipsy or Skillshare. This is an excellent passive income strategy, once the initial work is done, you can begin reaping the benefits.
Promote Your Talents
Promote your talents through social media, blogs, or building your own website. Most teenagers are knowledgeable when it comes to technology, use this knowledge to teach others, and get paid for it. Use affiliate marketing strategies to earn extra money too. One promotion on your social media accounts could get the ball rolling to earn extra cash.
10 Best Passive Income Ideas for Teenagers
1. Food Delivery Apps
Food delivery service Apps like UberEats hire teenagers over the age of 18 to make deliveries. You don’t necessarily need a car. If you own a bicycle, you can make deliveries in your area while you go about your day. Start earning extra pocket money from UberEats from tips and keep a bit on the side to save for later.
2. Digital Products
You can make digital products like courses or ebooks if you have a skill that will be helpful to someone. Build up a library of products and find a site to promote them. Make sure to sell your work on hosting platforms that offer affiliate programs to promote your product. Again, once the initial work is done, it will start paying off.
3. Online Surveys
Many websites pay money for online surveys. One of the most popular survey sites is Survey Junkie. It’s free to join up and you could end up earning $5 per survey. Doing one survey each working day of the week could earn you up to $100 a month. The site also pays by using other rewards, like gift cards.
4. Youtube
The key to success as a YouTuber is the quality of the content you share and the number of followers you have. This can take a longer time frame in the beginning, but start by uploading videos on any topic that you and others find interesting. This is a good passive income idea because you can make videos about any skill or interest you have.
Once you have a following, people who sell products that align with your content will pay you to promote them. This could result in sponsored posts and free gear. The trick is to keep coming up with fresh content ideas and to keep your channel interesting. This can even lead to you becoming a business owner if your channel becomes large enough.
5. Dividend Stocks
Earlier we spoke about saving money now that you can use for passive income later. A good way to earn a passive income is in the stock market, and you’ll need an initial investment to allow you to buy shares.
The stock market is quite broad, so you should research quality companies to invest in that will help you earn good dividends. For this one, you’ll need the help of your parents or legal guardians to open a custody account if you want to get started right away.
6. Affiliate Marketing
As with YouTube, this passive income idea is about building a following on your social media accounts first. You need significant follower traffic to become lucrative. Affiliate marketing is about promoting third-party products on your website, blog, or social networks through links to the product’s website or Amazon store.
You could make profits of between 3 percent and 7 percent commission for each purchase that is made through the affiliate link. If you have high engagement rates on your social media accounts, this is a great way to benefit financially from your content for an extended period.
7. Blogging
If you enjoy writing, then starting a blog would be ideal for you. Identify a topic you’d like to write about and that you know people are interested in. If you are an expert on a topic, or can write about it in an interesting way, people will want to follow you. Engage with your followers to build more of a following and later, you can display ads, get sponsors, and earn money.
8. Gaming
If you excel at video games, you could begin earning a passive income through ads or sponsorships. Participating in tournaments, creating a blog, and making video tutorials could also add to your pocket money. Other ways to earn extra money are through memberships or live streaming on sites like Twitch or YouTube where you can teach your skills and get followers.
9. Sell Photos
Sell your high-quality stock images on sites like Adobe Stock or Shutterstock. Once uploaded, there’s a good chance that someone will want to buy them. Turn your hobby into recognition and future cash. Research popular subjects to know what kind of content to upload. Research sites for the best commission rates.
10. Garage Sales
Other sources of income include garage sales. Ask your parents or legal guardians for permission to sell things that are in good condition that you no longer use. There will always be someone who needs them.
Host garage sales at your home or offer your services to host garage sales for your neighbors. Get your neighbors to pay you or give you a commission by organizing the items they’re keen to sell and placing a sale price on them. Earn extra cash on a regular basis during garage sale seasons like spring and fall.
Other Ways to Make Extra Money as a Teenager
- Babysitting. If you like kids, you can babysit in your neighborhood or you can sign up for a babysitting application.
- Dog Walking. As this is a job you can do around your neighborhood, it should be relatively easy to get a job as a dog walker. Dogs need to be walked several times a day and their owners often work and don’t have time to do it.
- Sell crafts. If you are skilled in making crafts, then you should consider selling them. There are online sites like Etsy for people who make handicrafts. This is a good place to post your crafts and sell them.
- Teach computer basics. Older people often don’t know how to use technology as well as teenagers. If you enjoy being with older people and you’re patient, think about offering your services in senior living centers.
- Teach English. Many people immigrate to the United States and need to learn how to speak English. You could either teach their children to speak English or register with a website to teach the classes online. You’ll need to be 18 years old to teach English online, but you can always tutor kids in your neighborhood.
How to Make Passive Income for Teenagers
Nowadays, there are many avenues for teens to gain financial independence by earning a passive income. With the use of the Internet, the possibility of earning some kind of extra income increases. So don’t doubt your abilities, trust yourself and consider some of the options we’ve presented you.
Passive Income for Teenagers FAQ
There are many ways for teenagers to earn a passive income through online surveys, video courses, blogging, gaming, and affiliate marketing. YouTube and social media influencers won’t need a large initial investment of money, but this idea requires continued uploading of excellent content and some kind of talent or niche that can eventually be monetized.
A 17-year-old teenager can earn passive income and gain financial independence by using their special skills to craft something that will be of interest to other people. This could be things like virtual products, which include online courses, ebooks, video lessons, and blog posts.
High schoolers can earn extra money by researching passive income apps that will make you small amounts of money every day. They can teach others by selling courses online or use affiliate marketing on their blog or their social media accounts. There are also many jobs that hire high schoolers looking to earn some extra cash.
A teenager can earn money with passive income streams just by dedicating time to something they love, like gaming. Although this requires some skill and an audience, with time it could produce sponsorships. Other passive income streams could include affiliate marketing on blogs and social media as well minimum investments in real estate.
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