Survivor Guide 101: Be A Passive Earner In Collegeđź’µ
Table of Contents:
Introduction
When they say, "Passive Income is the seed to financial freedom," they mean it right.
Hey folks! Let's get you diving into today's episode of Survival Guide on how to become a passive earner. We're hoping for this to be useful for you in some way and help you become a passive earner.
Who Is A Passive Earner?
As the name suggests, a passive earner is someone who earns his income without having to earn too much for it on an ongoing basis.
It is a way to keep money rolling in after one has clocked out. Having a passive income means that you can keep earning from anywhere, by the poolside or even during a holiday.
Active v/s Passive Income
Active or Earned Income: Money earned from direct efforts or work, such as salaries, wages, commissions, tips, or revenue from a business where one provides material participation. It is the most common form of income and is subject to standard income tax rates. It is also the primary source of earnings for most individuals and households out there.
Passive Income: It is the revenue you get from your portfolio's wages and doesn't require an ongoing effort. The term passive income is frequently used loosely for any revenues, including investment returns, that appear to require little or no effort by the one receiving them. Meanwhile, some agencies define passive or unearned income as income from a business in which the taxpayer does not actually participate.
How Is Passive Earning Better?
Some of the advantages of passive earnings over active earnings are:
- Require less ongoing efforts.
- Can provide financial stability and flexibility
- Allows individuals to generate additional income, alongside their regular income
- Offers greater potential for long-term wealth accumulation, and help one to turn into a passive earner.
Importance Of Being A Passive Earner In Today's Date
No matter what the traditionalists might say, in today's time, we can not ignore the importance of being passive earner. With Inflation (rise in prices) reaching higher levels with almost every changing year and growing wants and demands of individuals, one needs to be a smart earner and can not just rely on traditional methods of income in order to lead a happy and fulfilling life.
For today's youth, it is super crucial to realize the importance of passive earning, as it offers a way to make money without having to be tied down to the same old 9-to-5 Â job. It gives them the freedom to explore their passions and hobbies while still earning cash on the side. Plus, it's a smart way to regulate wealth for the future and have some financial security especially in uncertain times like these.
When talking about the youth, college-going students are a major part of it in India. And I, being one myself, know how all of us struggle to make some extra cash in order to not burden our parents with our unending list of demands. If you're also someone like me, don't worry, because I've got you covered here.
Ways To Make Passive Income
Here are some in-trend passive earning ideas for y'all to try out which might help you with that extra cash in hand:
1) Freelancing:
If you, too, are someone who likes being their own boss, Freelancing is the right fit for you. Instead of working for a single employer, freelancers offer their services to multiple clients on a project basis. It offers flexibility in terms of when and where to work, allowing you to pursue other interests or balance work with personal life. It's a convenient side hustle that can make you a passive earner.
However, freelancing also comes with certain challenges, including:
Managing your own time.
Finding clients is a hard and patient process.
Handling finances, although it can be a rewarding way to build skills, experience and income and your next step toward becoming a passive earner.
2) Affiliate Marketing:
Affiliate Marketing is basically like being a brand ambassador, but online. You promote other people's product or services through links or ads on your website, blog, or social media, and when someone buys through your link, you earn a commission. It's a cool way to earn money without creating your own product.
If you're a shopping enthusiast, affiliate marketing could be your ideal fit, as it would not only save you money but also get you to try new products for free. Isn't that convincing enough?
Challenges one might face in affiliate marketing are:
Finding the right products.
Standing out in a crowded market.
Building a loyal audience.
Staying up to date with latest trends and changes in the industry.
3) Blogging
Blogging is like having your own corner of the internet where you can share your thoughts, ideas, experiences, or expertise with the world. It's a platform where you can express yourself creatively, connect, and build a community of like-minded people. Not just that, you can even make money through various monetization strategies such as Ads, Affiliate Marketing, or Sponsored Content.
Whether you're passionate about travel, food, fashion, technology, or whatever, blogging allows you to carve out your niche and build a community around your content. It can be a fun and rewarding hobby or even a full-time career for those who are dedicated and consistent in their efforts.
Blogging comes with its fair share of challenges as well:
Being consistent when you hit the writer's block is hard.
Producing engaging content requires a lot of time, effort and creativity.
Building a loyal audience is a time-taking process.
4) Streaming Video Games Online
For someone who is a gaming enthusiast, streaming video games online could be a great way to turn himself or herself into a passive earner. Watching people play video games has become a popular form of entertainment for people all over  the world.
Some video game streamers even make enough money to quit their traditional jobs and stream full-time. However, you don't need a massive following to earn some extra money by streaming. A modest number of followers for regular streams can provide a small but useful passive income.
Some challenges that you might face while streaming video games online are:
Technical issues during live streaming.
Balancing gameplay and commentary.
Copyright and legal issues.
Performance pressure in order to meet with the expectations of the audience.
5) Content Creation
Content Creation is all about creating valuable, entertaining or informative material that resonates with your audience. whether it's through writing, videos, photos, or podcasts. The goal is to engage and connect with people by providing something they find interesting, helpful, or enjoyable.
Whether you're sharing knowledge, telling stories or simply brightening up someone's day, content creation is all about making a positive impact and building connections with others. So if you are a people-pleaser or enjoy being in their company, it is safe to say that content creation can be a pleasant pick for you.
But being a content creator also means dealing with certain challenges, such as:
Dealing with criticism and negative feedbacks.
Being consistent and managing time effectively.
Adapting to algorithm changes that might occur.
Keeping up with the constant competition.
6) Selling Notes Online
If you are good at studying, you don't just need to stick to that to become a passive earner. All you gotta do is put your skills to work and put them up for a show. Selling notes online is like sharing your class notes or study guides with other students who need them.
You create helpful material for the subjects that you are good at, like summaries or explanations, and then sell those to the students who require extra some extra help with their studies. Not to mention, you can put up your old notes for sale as well. It's a way to help yourself earn some cash, and turn yourself into a passive earner while also helping others succeed in their classes.
Some websites that help you sell your notes online are Etsy, Stuvia and StudyPool.
The challenges of selling notes online are:
Ensuring quality and accuracy of the notes.
Standing out in the educational market could be challenging.
Providing customer support and handling their queries is important.
Conclusion
Passive earning is like having money work for you while you sleep. All it requires for you to be a passive earner is consistency and patience. If one puts in enough effort, they can excel in their passions and hobbies and turn them into earnings. Being a passive earner is the smartest choice for one to make in today's world, as it not only allows them more comfort but also lets them have a smooth ride alongside the work they cherish.
For more interesting and exciting updates about your college and upcoming fests, stay tuned to Apna Adda!
