Did you know that most millionaires have 5 or more streams of income? Of course, they can’t be all active incomes; some or most are probably passive income sources. If you don’t know what I mean by passive income, read my first blog post about this topic, Passive Income- How To Make Money Work For You.
In this blog post, I will give you more ideas on how to make money in your sleep. In my last passive income post, I talked about investing in Stocks and Crypto, Creating Online Courses and Affiliate Marketing.
Like last time, I will give you options you can use as a Teenager without much or no starting capital.
- Create Printables
It sounds weird at first, but you can create and sell your own Printables.
The first step to creating a Printable is to decide what kind you want to make. There are many different Printables you can think about creating, like Daily Planners, Workout Planners, Password Keepers, Money Trackers, etc.
If you have decided on one, you should start creating it. I recommend using Canva, which is free and straightforward while still offering everything you need to create a gorgeous design.
Now that you have downloaded your Printable, you can start selling it. My recommendation is to sell it on Etsy or create a Shopify Store. You can also think about selling it on Pinterest, where you can present your Printable, people can request it, and you can send it to them via mail.
- Start a Podcast
Podcasts are becoming more and more popular, and people love to listen to them.
Starting your own Podcast may not be as easy as it sounds, but manageable if you know how to.
The first step is again to decide what you want to talk about. Some examples could be:
- Education (for example, teaching English or another language)
- High school/ University Advice
If you have found your niche, you can start thinking about how you will record your Podcast.
In the beginning, your phone and headphones should do the trick. I have heard a tip to record in front of your open wardrobe, which apparently makes the sound better.
For editing, I would recommend using Audacity, which is free.
The exciting part is launching your Podcast. Personally, I would submit a podcast to Apple, but you can also launch your Podcast on Spotify, Stitcher and Acast.
Like with the Printables, you have to put in work beforehand, but then after the initial work, these options will make you utterly passive income without you having to do as much as lifting a finger.
Never depend on single income. Make investments to create a second source.Warren Buffett
- Invest in Crowdfunded Real Estate
Yes, you read correctly, and yes, you will need starting capital for that, but way less than you might think.
Crowdfunded Real Estate enables you to invest in real estate without spending much money since you only purchase real estate shares.
Your investments will take place through REITs ( Real Estate Investment Trusts), which are companies that own and, in most cases, operate income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping centres, hotels and commercial forests.
You can invest through Fundrise, Rich Uncles and Realty Mogul. You will only be one of many Real Estate Property investors and will have no landlord duties.
‘Making Money Work For You’ with any of these 3 options can serve as a profitable additional income stream you will have for the rest of your life.