Any tips for creating passive income as a student?

Vectis

Rizvani04 said:

subjecttocontract said:

You know the best lesson my father ever gave me was not to gamble. He did it in a rather unorthodox way though. He used to gamble, he really enjoyed it but, he lost. He lost time & again, he lost a lot of money. From that I learned that gambling is not just high risk, it's higher risk than many other ways of making money. 

If you are referring to matched betting, it is not gambling. You use bookie's promotions to make money. You make profit no matter what the result of the event is.

Did this for about 3 years until I ran out of accounts, but made over £22,000 along the way. That was doing only a few hours a week and I earned very little in comparison to some others who were doing it full time.

It's a common misconception about matched betting, that it's gambling, and it's why I rarely told anyone about what I did. Like subjecttocontract they automatically think it's gambling without knowing anything about it. If you did try to explain, people would think you were slightly insane when you told them you weren't bothered who won the game you were betting on.

As happytrump12 says, the best days of matched betting are probably gone but it's probably still worth doing the sign-ups even if you go no further than that.

mscott084

Here's a few (not passive) income ideas:

• Do user testing sessions.
• Create a blog and a YouTube channel about your experience living in London. Over time this should start generating passive income.
• Do cat sitting or dog walking.

JohnJ76

passive income is the holy grail of earning money but you usually need a big sum of capital to be able to trully do it. Everything else is simply a job - it requires your time and you get paid for it. best to pick a skill you have, or can  quickly develop that isnt going to take up all your time. I think you are more likely to develop a ''side hustle'' rather than passive income stream. 

dcfc67

how much do you want to make or do you need each week/month ?

thrifty_00

I sell PDF embroidery patterns and colouring book pages on Etsy.

I create them from scratch and make around £100 a month (I'm creating more soon as it really works as a money maker).

Now they are created and uploaded to Etsy I don't do anything other than send out a prewritten email once in a blue moon to anyone who doesn't know how to download their PDF.

It really is as near to passive as it can get. Is there anything that you study at uni that you could put into a fact sheet or tracker? Or can you see any student type problems that could be helped with a PDF download or a book that could be created on Amazon KDP?

Student assignment tracker...Student finance tracker...50 essential items that every new student needs to take to uni diggs...you get the idea. You could sell the sheets as single items or create a bundle pack for the same amount of work but with a higher perceived value = more profit.

A little bit of research via Google or Pinterest can throw up lots of ideas for content.

Good luck with it 

DozingDormouse

thrifty_00 said:

I sell PDF embroidery patterns and colouring book pages on Etsy.

I create them from scratch and make around £100 a month (I'm creating more soon as it really works as a money maker).

Now they are created and uploaded to Etsy I don't do anything other than send out a prewritten email once in a blue moon to anyone who doesn't know how to download their PDF.

It really is as near to passive as it can get. Is there anything that you study at uni that you could put into a fact sheet or tracker? Or can you see any student type problems that could be helped with a PDF download or a book that could be created on Amazon KDP?

Student assignment tracker...Student finance tracker...50 essential items that every new student needs to take to uni diggs...you get the idea. You could sell the sheets as single items or create a bundle pack for the same amount of work but with a higher perceived value = more profit.

A little bit of research via Google or Pinterest can throw up lots of ideas for content.

Good luck with it 

How does this work on a practical level  @thrifty_00 ? I'm thinking of doing something similar but do you need to open a business bank account?

thrifty_00

I have a business bank account but you can just use your own everyday bank acoount. You will need to keep records of sales and spends for tax reasons but if you sell on a platform like etsy all you need to do is print off or save the monthly sales reports they generate for you and it couldn't be easier.