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How to Make Passive Income as a Teenager
Last modified: March 15, 2024
When it comes to passive income, one of the biggest advantages is that it is open to everyone. One of the biggest earners on YouTube in 2020 was Ryan Kaji who was 9 years old at the time. And others are teenagers who’ve started their businesses. Passive income is a great way for younger generations to earn a living or make a little extra. So here is how to make passive income as a teenager.
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Step 1: Check Laws
The first thing that you might need to do is to check the laws surrounding your age and whether you can build a business. In some cases, there are stipulations, like parental supervision or what industries you can work in.
Ensuring that you can run a business or have contracts with suppliers allows you to stay protected.
Step 2: Create a Niche
Now you need to find a niche for your brand. There are lots of different niches that you can do. There could be something specific, like selling pet supplies or clothing for your peers. And you should also select a platform.
Do you want to create a website that sells products/services from your website? Or do you want to create a YouTube channel that allows you to connect with audiences?
Selecting a platform now allows you to focus your efforts.
Step 3: Create a Website
Whatever platform you’re choosing to build your sales on, you want to have a website. It allows you to have a footprint online, and you can generate more interest in your brand. It can also be a good way for you to increase the amount you charge brands.
For instance, a website that gets 1000 or 2000 hits per day, can earn you more money than getting that on your YouTube channel with a few hundred views on your website.
Step 4: Diversify
Another thing to consider is to diversify. You might want to have started with an affiliate marketing website or series of YouTube videos. But you might also want to earn more revenue through merchandising sales, sponsored content or something else.
Diversification allows you to increase the revenues of your small business. But it also means that when one revenue stream is lower, the others will sustain you.
There are lots of ways to diversify without increasing the amount of work that you have to do. So be smart with your work and take your time.
Step 5: Keep Going
While it might be tempting to stop after a while, it can take a long time to get a passive income to get going. Or, you need to keep up with your activities to ensure that you can build a continuous passive income.
Expanding Your Passive Income Streams
Investing in Digital Assets
Embark on a journey of discovery within the digital assets, where your creative prowess can manifest through the development of websites or applications tailored to niche interests.
Exploring the Stock Market
Entertain the idea of channeling your financial resources into the world of stocks or Exchange-Traded Funds (ETFs). Even with modest amounts of capital, you can commence the process of constructing a diverse investment portfolio.
Content Creation and Monetization
Capitalize on your passions and interests by crafting content that resonates with your audience. Whether you choose platforms like YouTube or establish a personal blog, your hobbies can metamorphose into profitable ventures.
Maximizing Earnings with Minimal Effort
Utilizing High-Interest Savings Accounts
Enhance the growth of your savings by placing them in high-interest accounts. Although the returns may seem modest, they have the potential to accumulate over time without requiring any active effort on your part.
Developing Digital Products
Dive into the digital world and unleash your creativity by creating digital products such as e-books, comprehensive courses, or captivating artwork. Once these valuable creations are developed, they can be sold repeatedly.
Engaging in Affiliate Marketing
Tap into the potential of affiliate marketing as a low-effort way to earn. Promote products you genuinely believe in on your blog or social media or e-commerce platforms, and in return, earn commissions on sales made through your referral links.
Conclusion: How to Make Passive Income as a Teenager
Above are the smart steps on how to make passive income as a teenager. They are simple to follow, and you can build your website on Shopify for a good, low cost income with a brilliant custom domain.
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How can a teenager balance school and a passive income business?
Prioritize your schoolwork and create a study schedule. Allocate specific time slots for your passive income ventures, ensuring they don’t interfere with your academic commitments.
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Are there specific online platforms that are more beneficial for teenagers to use for passive income?
These may include content creation on YouTube or TikTok, selling digital products on Etsy or Gumroad, participating in affiliate marketing through Amazon Associates, or investing in ETFs through Robinhood or Acorns.
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What are some common challenges teenagers face when starting a passive income stream and how can they overcome them?
Common challenges teenagers face when starting a passive income stream include limited resources, lack of experience, and potential time constraints due to school obligations.
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