In this post I tell you the how I am attempting to make extra money whilst continuing my studies…
A common misconception is that it takes money to make money. This in fact is not true.
You only need two things to make money
As humans the most precious resources we have are:
Two words you need to know if you are to make money whilst still doing a 9-5 day
Active and Passive (Income)
Active income is where you exchange your time for money i.e. wages. This form of income is generally all the income people will get. The only problem is if you are looking to keep a lot of the money you work for, the high tax rate on earned income will take a lot, and the fact that there is a finite amount of time in a day means your earnings are limited.
Passive income on the other hand is income that doesn’t rely on you showing up to work on it. The simplest example I can think of is a book. The author writes the book, gets it published and then no matter what he/she is doing he will earn royalties every time the book is purchased.
To get make money on the side you should (in my opinion) focus on passive income because then you will literally make money in your sleep.
How do I make passive income then?
There are many sources of passive income the most popular are real estate, stocks and shares, and books.
These are your assets.
Some assets will require cash, some time to acquire all will require an investment into education before you get started and professional advice.
For me, I am a student, so have no cash, so I must focus on non-capital intensive ways of assets acquisition. For example this website is my asset and I have created it for free.
A word of warning
This is hard work to invest your time and energy into something for which you may not see results you want for months even years.
However, say you are an A-level or first year student at university. You’ve just finished exams… what do you do?
Let me propose an idea…
Use your summer vacation to build a website!!
It’s fun to do. You can pick any topic that you are interested in and write about it.
Over summer generate content, around travelling and a summer job if you have one.
It gets better…
After summer you have a website but really not very much traffic.
You can spend your time after university to learn more about websites and add little bits and bobs here and there to improve upon the foundations you’ve built.
Also don’t forget to promote your site by being social! If people ask say you’ve built a website and show them, it’s an interesting conversation topic!
You’ll start getting more and more traffic. Then in your winter break, you can add more content (unless you’ve found time to do this already).
If you stick to it you can persevere and succeed.
I bet you’re thinking how do I make money from all this?
If you would like to know or have a question more please email me at email@example.com
Or drop a comment below any post and I will get back to you asap