To be successful in terms of wealth you need to make a habit of making money when you are under 18. Habits can change the path of your life. If you have the money making habits then you will be one step ahead of other teenagers always. It is hard to make money because of some rules and regulations. But, there are a few legal options for you to make passive income as a teenager. You are reading it right! You can earn passive income as a teenager even if you are under 18.
Most of the money making ideas require you to be an adult. In that case, you may ask your parents or guardians to help you initially. You should share ideas with your parents or guardians, so they can help you in a legal way. Check out all the money making ideas for teens we described below.
Ways to passive income for teens
As a teenager, you will not have many options to earn passive income. But you will not be a teenager one day. You can check out all the passive income streams and prepare yourself for those options. Now we have listed a few effective ways to passive income that may help teenagers to earn passive money.
Investing in stock markets
Investing in stock markets is a safe way to invest the money you earn. The money you are investing in the stock market will make more money for you. You do not need to work for that. You will get paid just for owning them. But you will need to make decisions wisely regarding buying the stocks from a high dividend payer company.
You need to open a brokerage account to invest in the stock market. By brokerage account, you will be able to purchase stocks. Your parents can set up a custodial account for you if you are under 18. Here is a list of online brokers that are friendly to teen investors:
Investing in real estate properties
Investing in real estate is similar to investing in stock markets. You can invest your money in a company like Fundrise. Real estate investment companies will allow you to invest in physical real estate properties. You can also rent your real estate properties to others and earn passive money continuously. A financial advisor Josh Olfert shared his experience, “I purchased my first real estate investment when I was 18. It is definitely possible and it was one of my greatest choices in life thus far.”
Blogging
Blogging is one of the popular ways to make passive income. Not only adults are successful in the field of blogging, but there are also more scenarios of successful teen bloggers. A perfect blog can enable your passive income. With perfect niche and informative content, you can grow your audience and monetize your blog.
It is possible to earn thousands of dollars with a monetized blog. To earn that much money you will need to have patience as blogs take time to grow their audience. Initially, you will have to do a lot of work to get things right. You will have to invest time in creating the website, writing content and designing it. A small amount of investment is also required to build, run and promote the blog.
A perfect blog with a perfect niche and perfect content will grow your audience gradually. You can turn your audience into an earning source. A blog can be monetized by ads, affiliate marketing, digital products and selling physical products.
Selling photos online
If you do have a hobby in photography then you can turn the hobby into a source of passive income. It does not matter if you have a camera and a high-quality lens or not. You can sell your pictures online that have been captured by your mobile phone. Of course, your mobile phone should have a high-quality pixel camera. This is an easy passive income option for teenagers as it does not require much.
Many teens have the hobby of photography, but most of them do not know it can be a passive income stream. Every time you will get paid a percentage for each sale. You can start uploading photos to:
Deposit in savings account
As a teenager you can deposit in a savings account for the long term. Long term deposits pay higher compound interest rates. Return from a savings account is also a good source of passive income. With compound interest your money will do the work for you and make more money. Later you can buy bonds or stocks with the surplus.
YouTube
A successful YouTube channel can be a passive income stream. Besides adults, many kids and teens owned monetized YouTube channels and earn thousands of dollars every month successfully! Ryan’s World is a YouTube channel owned by a kid Ryan Kaji who earns over $20 million every year by reviewing kids’ toys on his channel reported by Business Insider. Does it sound ridiculous? I know you are wondering. Yes, YouTube is one of the easiest streams to earn passive income as a teenager.
To start a successful YouTube channel you need to choose an attractive niche first. With excellent content, your audience will grow with time. Just monetize the YouTube channel in the right way. You will face restrictions for being under 18 while applying for Google AdSense. Ask your parents to help you with this issue. You do not need to invest to start a channel. Most of the kids and teens are making YouTube content with their mobile phones.
Affiliate marketing
Affiliate marketing is one of the most chosen ways to earn passive income. You can do marketing for other peoples’ or companies’ products or services as an affiliate. Find some products or services with high quality that go very well along with your niche. Find a way in which you can promote those products easily and earn commissions. You can add your affiliate links to your YouTube channel, blog, Twitter posts, Tumblr, Pinterest, and so many other places.
Tips for teens
- Try not to spend much more than your income
- Try to pay off your debts that cut off your earnings
- Meet successful people and take advice from them
- Try to save money and deposit it in savings to have some returns
- Discuss things with your parents you are interested in
- Research all the possible fields and measure your strengths
- Read some books to enrich your knowledge or check popular quotes from successful people
Conclusions
Earning passive income as a teenager will be difficult initially. But if you choose the right way and utilize your resources very well then you will find it becoming easier day by day. All you have to be dedicated to your work and do all the tasks on time. Do not think much and waste your time. You better research all the other ways and take a step forward. Good luck!
