Some side hustles you can pursue if you are a student

Passive income is the holy grail of personal finance. The idea of earning money while you sleep or doing something you enjoy is attractive to anyone. The beauty of passive income is that it requires minimal effort to maintain once it's set up. In this blog, we’ll discuss some passive income strategies that can help you earn extra money with minimal effort.



What is Passive Income?


Passive income is money that you earn without actively working for it. Instead, you put in the work upfront to set up the income stream, and then you sit back and watch the money roll in. Unlike active income, which requires you to actively work for the money, passive income allows you to earn money while you sleep, go on vacation, or work on other projects.

Examples of Passive Income Strategies

Rental Properties
Rental properties are a popular passive income strategy. The idea is to buy a property, rent it out, and collect rent every month. The rent covers the mortgage and other expenses, leaving you with a profit. With rental properties, you can earn a steady stream of passive income for years to come.

Dividend Stocks
Dividend stocks are stocks that pay out a portion of their profits to shareholders. By investing in dividend stocks, you can earn passive income in the form of dividend payments. The amount you earn depends on the number of shares you own and the dividend yield of the stock.

Peer-to-Peer Lending
Peer-to-peer lending is a relatively new way to earn passive income. It involves lending money to individuals or small businesses through an online platform. You earn interest on the loan, and the platform takes a small fee for connecting you with the borrower. This can be a great way to earn passive income with a relatively small investment.

Digital Products
If you have a skill or expertise, you can create digital products like ebooks, courses, or templates, and sell them online. Once you create the product, it can be sold over and over again without any additional effort. This is a great way to earn passive income while sharing your knowledge with others.

Affiliate Marketing
Affiliate marketing involves promoting other people’s products and earning a commission for each sale made through your unique link. You can promote products through your blog, social media, or other online platforms. Once you set up the promotion, you can earn passive income for each sale made through your link.

Create an Online Course
If you have expertise in a particular field, you can create an online course and sell it to people who want to learn from you. Once the course is created, you can sell it over and over again without any additional effort. This is a great way to earn passive income while helping others learn something new.

Create an App
If you have coding skills, you can create an app and sell it on the app store. Once the app is created, you can earn passive income from app sales and in-app purchases. This is a great way to earn passive income while sharing your skills with the world.

Conclusion

Passive income is an attractive way to earn money without having to actively work for it. While there are many strategies to choose from, it’s important to remember that no passive income strategy is entirely passive. You still need to put in the work upfront to set up the income stream. However, with the right strategy, you can earn a steady stream of passive income for years to come.

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