In our society today, Passive income has become the holy grail for Millennials and Gen Z when it comes to making money.
Many young people always want to make money and enjoy life; all the same, we each have different beliefs, ways, and emotions about how to earn the money.
According to a report on Global Employment Trends for Youth 2020, the labour force participation rate of young people aged 15–24 has continued to decline.
This has been happening despite the global youth population increasing from 1 billion to 1.3 billion between 1999 and 2019.
In this gig economy, there are different ways young people can deploy to make money so that they can love life.
As of July 2021, the U.S Bureau of Labor Statistics reported that 54.4% of young people (persons ages 16 to 24) were employed.
As a young person in college or out of college, you can either start a full-time gig or take on a side hustle to let you bring in income to enable you settle the bills and forget about life problems.
There are various side hustles that young people of most age groups and skill levels can do.
If you are a young person looking to make money, this is the right time to start right away.
You are at a point in your life when it’s important to learn how to earn and manage your own money.
One important truth is that trying to make money on the side is not a get-rich-quick scheme.
To scale and benefit from the fruits, you will have to put in hours of sacrifices and passion to create a passive income source.
You must study. Practice. Master your craft. Put in a lot of work. Hustle.
If you would like to create some passive income streams as a young person, there are a variety of ways you can do that:
1. Run a Blog
If you love writing, blogging is one of the easiest ways to earn a living as a young person.
Blogging is not only a great way to get your writing noticed, or connect with people, you can also build a great business out of it.
You can make money as a blogger in so many ways:
Teaching people what you know
If you are a professional in any industry let’s assume you are an accountant, you can teach people about taxes, budgeting or even teach small business owners about bookkeeping.
You don’t need to be an expert. Provided you have the basic knowledge, you can teach people what you know and get paid very well in exchange.
Affiliate marketing involves earning a commission for marketing another person’s or company’s products. A lot of companies in different industries offer affiliate programs.
As a blogger, you can recommend services, digital products, and physical products of other companies to your readers and followers.
By this, you earn commissions for traffic or sales generated from the referrals.
Selling placement advertising space is one of the easiest ways to use your site’s traffic to make money.
You can generate income by selling advertising spaces to businesses or nonprofit organizations that want to promote their products or services on your site to your readers and followers.
There are two ways that You can earn income
- CPC (cost per click) – For every reader who clicks the advert you will receive a set payment.
- CPM (cost per thousand impressions) – For every 1,000 impressions the advert gets from your readers you will receive a set payment.
Write advertorials and sponsored content
Writing paid-for articles or blog posts and offering sponsored content opportunities is another best way to make money from your blog.
advertorials and sponsored content are articles based around the product or service being advertised.
You can make money when advertisers pay to sponsor a popular post on your site to promote their goods or service.
2. Sell Digital Products
A digital product is any intangible goods that exist in digital form that can be sold from one party to another through digital means.
To make money selling digital products, you should create products that offer some sort of benefit to the end users.
These benefits can either be entertainment, information, or a process that the end user can apply to improve or change his/her own life, needs or behaviors.
Some of the Common digital products include:
Software and tech
Fonts and letter templates
If you have a wealth of experience and knowledge to share with others. Creating a digital product can work well for you making money while you sleep.
The goodness of digital products is that, once you create the product, you can sell it to as many people as you want without you getting further involvement.
For instance, if you are a musician, you will only have to record your song once, then you can sell to as many people who want to listen to your song as you can.
No matter what you are selling, the most important thing is to always provide value to the end users.