3 Ways to Earn Passive Income | Perfect for College Students

thumbnail
Want to retire at 40? Want to enjoy the rest of life as soon as possible by achieving financial freedom? We’re sure that these dreams are common amongst a lot of people, so in this article, we’re going to share a few easy-to-implement methods that can help you make money while you sleep!Method 1: Join a time depositPutting your money in time deposits is one of the best passive income ideas with very minimal risk. Simply put your money into a time deposit, and sit back and relax while you earn interest! One thing to note is that, since time deposits are liquid and less risky than other investments, they generally pay a very small amount of interest. As you can probably imagine, generating any meaningful income from fixed deposits would require a large initial deposit, as the interest rates are traditionally dictated by the deposit amount.For those of you who want to receive good interest rates without a large initial deposit, you can try GoSave, a time deposit product launched by WeLab Bank! Unlike traditional deposit products where the interest rate is determined by the deposit amount, your GoSave interest rate is determined by the number of joiners in the same time deposit pot, regardless of how much your deposit amount is: the more people who join, the higher the interest rate for all! We understand that many people don’t like to do time deposits because they are worried about getting penalised for withdrawing money before the end of the deposit period. So, to give extra flexibility, people can withdraw your savings prematurely up to 2 times from GoSave with no charge incurred!Method 2: Tidy your home on a regular basisThat’s right! It’s popular now to sell second-hand products you don’t have much use for through online trading platforms – whether it’s old books, toys, jewellery, watches, or even household items such as shoe cabinets and sofas, you can sell those on these platforms! Not only is this environmentally friendly, but you can generate a bit of profit through selling these items!Method 3: Run your YouTube channelWe’re sure everyone has come across YouTube videos before, with their wide variety of content for everyone. Other than providing entertainment for us, they are also mediums that can help generate passive income for their creators! The rule is: the more views for a video, the higher the income!For those of you who want to make money through YouTube, the first step is to join the "YouTube Partner Program", and once you’ve passed the review, you can start receiving a share of the advertising revenue. Of course, it often isn’t smooth sailing right from the beginning, so if you want to earn some passive income through YouTube, be prepared to invest a lot of time and effort!If you want to explore more ways on generating passive income, this video might be useful 👉 https://www.youtube.com/watch?v=JoGNl4AnJCUEarning passive money is not difficult at all. All you need to do now is get started!