You’re here because your looking for ways to generate passive income for teens. whether or not your a teenager, this article can still be for you. For teens an early entrepreneurship is the best path to an early sense of financial freedom. With the new age of education bombarding non-established teens with bills way above their general minimum wage salary, they are forced into a deep pit of debt before they can have a glimpse of life outside of just finishing their high school career. A debt that will be undoubtedly be chained to them through their twenties and generally be paid off in their thirties depending on their chosen career path, and additional years of sleepless nights in the name of education. This is what is popularly known as the “rat race.” Nowadays, teens are forced more than ever to gain their financial freedom early on, especially, before they consider taking part in the debt inducing college tuition’s, for college itself serves as its own business rather than the betterment of education throughout the country.
This article will serve to inform financially unstable teens and adults alike, to counteract the social stigma of success that is working your way up a corporate ladder after college to pay off the monumental loads of debt acquired immediately after graduating high school. if it is unclear this route (the rat race) is a method for success if your cards are played right, however, a more individualistically reliable method comes in the form of these tips that will aid in finding one’s monetary sustainability.
Enough blabbering, these are 8 ways you can make money at a young age:
1. Drop shipping
Many people may be able to find their niche within the realm of drop shipping, for those who are unaware drop shipping is undergone by collecting various products from in or out of country seller in which the entrepreneur may purchase a wholesale of the seller products and ship them directly to the customer. An earning can be made purely by the commission of products sold by the wholesale buyer.
Some popular Drop shipping platforms to look into:
2. Automatic Investment to The Stock market
Automatic investing may provide an entrepreneur who’s willing to invest some money. Just because its called automatic investments does not mean that the usual risks of a manual method to investing are not present.
Autonomic investing works by creating a profile on a robo-advisor platform. This robo-advisor term entails that the details from your profile and additional questions pertaining to your investing interests are automatically determining where your investments go.
Not that some platforms require you to have minimum cash value and management fees to be able to create your personal profile, down below you’ll find a compiled list of the most well rated robo-advisor platforms to visit.
- WealthFront Account Minimum: $500
- WealthSimple Account Minimum: $0
- Ellevest Account Minimum: $0
- SoFI Account Minimum: $500
- Betterment Account Minimum: $0
3. Selling Stock Photos
This method may be more geared toward entrepreneurs with an eye for taking pictures, however, this simple and easy method can be done by just about anyone. Selling stock photos is pretty self explanatory already, if you have a camera and an eye for taking pictures the entrepreneur may submit their photos to their created account on a stock images platform for profit. Depending on how good the qualities of the images are this method may serve as a very successful method of investment.
Below you’ll find the compiled list of well renowned stock photo platforms to sell your pictures:
4. App Creation
App creation may be another specific entrepreneurial field if one is familiar in coding and digital design, this method for passive income has great potential for your profit return, based off of how many downloads are accumulated through its like span. With today increasing popularity for mobile applications making, one yourself has gotten tremendously easier since its inception to the money making field. Still if one has no “know how” in anything coding or design, on can have a developer team make the app for you and in your inspired image of how the app works, while still maintaining ownership and rights to it.
Here you’ll find the compiled list of some app developing platforms to check out:
5. Affiliate Marketing
Another powerful tool to create your very own passive income is affiliate marketing. Similar to drop shipping in a way that involves another parties products, however with affiliate marketing, there is more of a focus on advertising and marketing the product and receiving commission off of that sale. The difference is that the customer does not buy through your store like drop shipping, but your product testimony, for example, sends them to the official product page itself. With a well rounded advertising for a product on YouTube ,for instance, each sale made generates income while you have time to do other things.
Have a look at our compiled list for Affiliate marketing platforms:
6. Sell Your Own eBook
Creating an eBook can be relatively simple if one put in the time. this includes self publishing any genre from kids books to horror novels. All an entrepreneur must accomplish is, write a book, edit it, be sure to include cover your own cover image to it, and finally publish it to a platform that supports selling eBooks. With a nice marketing circle for your eBook, the potential for passive income for this method is very high. When writing books it is vital to continue this process, because there is a high likely hood that your first eBook wont take off, but keep at it and you’ll see the benefits present themselves.
Here is the compiled list containing eBook platforms for you to check out: