How to Earn Passive Income as a Teenager
In this tutorial, I’ll enumerate some good ways you can generate passive income as a teenager working from the comfort of your work-space. However, you need to first prepare your mind to work for that money before you can start generating passive income. Assets like real estate investing and many others are there to invest that hard earned money into.
I must be sincere at this juncture; I do not like to work for money.
Why I Prefer Earning Passive Income Instead
I’m used to a freedom and lazy lifestyle, especially during the summer period of school when I was still a teenager.
Some of the routines I observed included:
- Rising daily without setting the alarm clock
- Spending the whole day thinking about becoming a scratch golf
- Spending some time at home to observe the dinner with my parents
- And finally, spending some time with colleagues around the evening hours
Despite all, I could still manage to earn some money during the summer periods, even though I was working in a way completely different from that of most teenagers out there.
Thus, how long does it really take to start earning passive income?
Things changed for better all of a sudden when I started reading about billionaires, looking at how they were spending their money and time to earn early retirement and time freedom for themselves.
This resulted in reading posts about passive income and letting my money work for me instead of working for money as a teenager.
What is Passive Income?
Passive income is, fundamentally, money you earn from previous projects or assets or for doing things you’ve done already. Most frequently, it entails an upfront investment of your money or time to start generating passive income.
Thus, once the initial work has been done, the previous investment of money or time will continue to generate unending income with little or no effort.
Passive income ensures you can earn money even when you are not active at working at all. Some illustrations include royalties from eBooks, sales from an e-commerce store, or commissions from eBay affiliate sales.
With passive income, you wouldn’t have to do further work on your own part. It’s the kind of income you generate monthly on autopilot. However, it requires either a lot of money to acquire more than enough assets or a lot of time to come up with those assets that eventually bring in passive income.
Shopify is a token illustration of most platforms teenagers can leverage to build passive income. They come up with businesses such as dropshipping which allows them to import lots of goods from China, and get those goods sold direct to retailers without having to work physically at all. It’s an automated system of selling and processing payments upon making orders.
Dividend paying stocks from stock markets and rental properties are good examples of purchasing assets that eventually bring in passive income.
How to Put Money into Buying Passive Income Assets
My advice for you is to get to work and do it rigorously for your money, be it attending to customers at a filling station around evening hours or an after-school occupation.
Then, do not be so quick to have it spent on feeding or wears. Rather than doing all that, emulate the billionaires and invest that money to work for you in order to get awesome returns at the right time.
You can keep that money in the bank and then withdraw it once you’ve been able to accumulate enough money to be used to pay for the little cost of managing a site or buy stocks that can generate passive income for you online.
Examples of Passive Income Which Teenagers Can Earn
As soon as possible, you won’t continue to be a teenager; thus I’ll add a lot of tips here to follow as you head towards your 20s and more. Some may not be applicable today but they will surely be in the nearest future.
Here are ways to make your money work for you:
- Pay off high dividend debt like credit cards
- Come up with an online business that can be run from an iPhone or a mobile app
- Deposit additional principal to save hundreds in interest over 40 years
- Settle other debts such as your car loans or student loans• Buy investment real estate or property
Dividend Stocks You Can Invest in as a Teenager
To invest in shares of a dividend that pays index fund, you can get frequent to Vanguard. These cost-effective funds will strengthen you throughout the stock market so you can have a possession of the market that has drastically increased at an annual rate of 8%.
You must be older than 18 years to open an investment account even though you can ask parents or guardians to help out in coming up with one once you’re still under the age of 18 years.
Yearly, save a few hundred dollars in the investment account and buy dividend paying stocks. Then, try re-investing the dividend payouts, acquiring more stock shares.
Once you’ve saved up to a million dollars in investing in dividend paying stock, you should start generating tens of thousands of dollars every year.
You will, of course, get bothered about the performance of the stock market since you’re not living within the passive income dividend income and not spending the principal that tend to fluctuate yearly due to inflation.
With time, both stock price rises and dividend payouts should continue to make your 1 million dollar investment grow.
Managing Debt Prior to Purchasing Passive Income Assets
Prior to investing though, you’ll have to consider the situation of your debt. If the debt interest is more than the interest you could generate on any investment, you’re likely to settle the high dividend debt before anything else.
For instance, I talked about credit cards since they carry more than 20% interest rate most often. On the internet today, there are a lot of video courses, video tutorials, and blog posts that talk in detail about the several ways to earn passive income working online.
And if you carefully study most of these courses and tutorials, you’ll find that most techniques they teach involves affiliate marketing, investments, selling digital or physical products.
While you can actually generate a lot of money leveraging passive techniques, sad to say, most of these techniques entail membership in affiliate networks or sites that don’t acknowledge minors at an age below 18 years.
GPT Referral Programs
Get-Paid-To platforms are sites that reward their members to take certain surveys, giving their useful and honest opinions about companies’ products and other earning tasks.
In most GPT platforms, earnings are first paid in points or using other in-house currencies aside from United States dollars which can later be exchanged for dollars once a minimum payout has been reached by the member.
Those points can also be redeemed for gift cards to be spent at Amazon stores. These include Visa, Cryptocurrencies such as Lite Coin, Bitcoin, PayPal cash and lots more.
Some illustrations of Get-Paid-To websites accepting teenagers are iRazoo, Swagbucks, and Grabpoints.
Most Get-Paid-To platforms also operate an ideal referral system in which members receive a certain percentage of all the points their referrals earn at one time or the other. You earn a referral when someone clicks through your promo link and signs up to the site.
An illustration of this is Swagbucks, which pays up to 10% of the referral earnings in addition to $3 on each of the referrals who is able to generate $3 within the same month of joining or signing up to the site.
The simplest way to get referrals is by posting your affiliate links on social media platforms or sending invitations to friends. Another awesome technique is writing a post about the website or part of it.
I have got a lot of referrals to Swagbucks through blogging and email marketing. And the number is still counting.
Writing and Selling eBooks
Writing and selling eBooks for the Kindle Direct Publishing (KDP) of Amazon is a great way for most teenagers to earn income passively.
Brock Dan, a prosperous YouTube user who focuses majorly on affiliate marketing, once said he has once met a 16-year old book author who earns more than a thousand dollars every day from writing great eBooks in the mystery specialty.
Coming up with an eBook requires a ton of work, but if you create high-quality resource and do the marketing accurately, you can earn a cool and considerable amount of passive income online publishing those books through the Amazon KDP system.
While you will not start earning money from the beginning with publishing, it can be a good way to grow passive income with time through royalties on numerous publications.
For people who don’t like sitting or spending a lot of hours daily writing books, you can, of course, earn money by publishing some journals on Kindle Direct Publishing and coming up with the paperback version of the journals.
When compared to the time spent on writing and compiling books, journals take far less time than writing books, even though the commission may be extremely low.
Zamboni Alessandro, an Italian online marketer, has an awesome course that explains in detail how to write and sell journals on Amazon, on most niche sites, on a list of specialty marketing ideas and marketing techniques..
Playing videos
While this may not be that lucrative, playing videos on your mobile devices or personal computer can help you earn passive income.
Several Get-Paid-To websites and apps offer earning opportunities like paid videos that can be played underneath while you continue with other necessary tasks.
This cannot actually make you become rich though, you can still earn some extra dollars or pounds doing it.
Playing Swagbucks Smores.tv videos on Get-Paid-To websites is a cool way to start out. One of the sites I like most is Quickrewards.net – a site that is loaded with Smores.tv videos from a myriad of genres including app trailers, food, and many more.
Quickrewards often pays one cent for every 4 Ads played, and it enables users to withdraw as low as one cent for PayPal cash.
They also have several other features, even though websites like Grabpoints or Swagbucks do have a much wider choice.
Quickrewards.net has always made payment to me promptly. There has never been a time they failed in disbursing to me. Once I request to get paid, I receive payments as soon as expected. iRazoo and Grabpoints also have features like Smores.tv videos.
Searching the Internet
You can as well generate passive income by searching the web. While the major search engines like Google, Bing and others are reliable and convenient, you need to accept the fact that they do not get you paid to use their site.
This is not a system you can scale, but you’ll certainly earn extra money from it with time without any serious challenge at all.
You’ll get notified once you’ve got rewarded for any search performed on Swagbucks. Just ensure to solve the Google recaptcha in order to receive payments.
You’ll earn accumulated points or cash that you can redeem for Gift Cards.
Shopping
Another great way to earn passive income is by receiving some cashbacks for shopping online. It’s called “Get-paid-to-shop”. By shopping online, you can potentially save around 10% off the purchases via casbback platforms such as Swagbucks.com, Ebates.com, or MrRebates.com.
Get-paid-to-shop platforms earn their money by delivering traffic to their partner sites – which send a return commission to the cashback websites.
In order to save some money, simply click on the specific store you would like to shop at via the cashback site you are leveraging, and then go on shopping as often.
Once you’ve bought an item, the cashback website will then begin processing your order and get the funds readily available in your account. You can redeem your payout as a Gift Card or get paid directly to PayPal.
Some of those cashback websites also offer a referral system – whereby they pay commissions to referrers for getting them the traffic. For instance, Ebates.com pays new members $10 bonus once they have spent up to $25 shopping through their referral links.
I am Chris. I want to hear what you think. Please leave me your comment in the comment section below. I will reply to you as soon as I can. Please share.
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