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After COVID-19 hit every economy of the world, it taught everyone that your job can’t always be the only thing to sustain you. COVID has reminded everyone of the importance of financial management since anything can happen at any time.
Renowned bankruptcy attorneys in Philadelphia also interacted with people who found themselves in a financially stricken situation where they couldn’t afford their basic needs. They have seen people do all sorts of things to survive. However, you don’t have to wait for another pandemic to strike or another situation to occur for you to start getting serious about your finances.
A passive income can save you the stress of dealing with unpredictable rainy days. Here are some of the things students can explore to get that passive income.
The Internet seems to be overtaking the world these days. As mentioned earlier, with the rise of the pandemic, most people envied the people who had previously set up online hustles. The people who had set up online hustles may have felt the financial pinch, but they didn’t experience it much since they had a backup to focus on fully since most companies closed down.
Most institutions have free WIFI to take advantage of, and you can get tutorials or ideas on YouTube.Some of the online hustles that you can get into are blogging, selling e-books, affiliate marketing, and if you’re eloquent enough, you can start a YouTube channel where you can post your content.
You only have to believe in yourself, bank on your strengths, and start from there. Don’t expect results overnight, but if you take your time and stay patient, you will start seeing the dollars trickling in.
Similar to Airbnb, you can take advantage of the things you already have and rent them out. Students love having fun, but they don’t have a lot of money to do it. If they get a cheaper service for an option that would work as well, they would easily fall for it.
You can easily rent out many things around the house, like your bedroom, if you aren’t around for the weekend. You can also rent out your WIFI, books, video games, laptop, or your car if you own one. All you need to do is do frequent maintenance and replacements to keep your rentable items working properly. Your profits, however, will enable you to do this without much struggle.
I am confident that most of you want a sustainable and long-term investment. If so, then commercial real estate investing may be the best idea for you. In a real estate trust, you can put money towards a real estate project that is growing, and you’ll get returns on an annual basis, based on what the project has accrued after rental income.
Of course, this is a high-risk form of investment, so it’s best if you spread your risk across different investment projects. You will also need a good amount of capital to do this. We are all differently ambitious, and for some, building an online presence or renting out stuff may not be the best bet! However, if you choose wisely, this is one of the most lucrative forms of investment that you will not regret pursuing.
The good thing about gaining income through dividends is that you can invest a small amount of money and gradually increase your investment capital as you become more financially stable. With this, minimal risks are involved. Also, depending on the company you choose, this method will serve you for a long time.
Also, since you’re a student with minimal responsibilities, you can reinvest the earned dividends year after year to help you make more. Think about how much passive income you will have accrued after ten years if you start now.
With the little that you have, it is not hard to build your financial path if you put your mind to it. If you start making your financial plan early, you will enjoy your financial freedom without much struggle for many years to come. Use your college years to experiment and learn everything you can to secure a solid financial future.
About the author
Veronica Davis is a writer, blogger, and legal assistant operating out of the greater Philadelphia area