I saved 700, how can I turn this into passive income

I made a previous post where I had no money, but now I have a job in door-to-door sales. I left for university, but I got a student bursary since I started full-time education at university. I live in Scotland. What can I do to make this money work for me?

Marcell said:
I would invest it in a safe ETF. I’ve tried many ways to earn passive income, and investing is the easiest way to gain some. It won’t be a lot, but you can still add to your monthly income.

Investing is the only true passive income unless you’re already a business owner. Even then, it might take more effort than the returns you’d get with this small amount. I suggest putting 600 into ETFs and using the rest to learn trading or something you’ve always wanted to try. This may not work for everyone.

Marcell said:
I would invest it in a safe ETF. I’ve tried many ways to earn passive income, and investing is the easiest way to gain some. It won’t be a lot, but you can still add to your monthly income.

I have more money in a tax-free cash ISA, which will grow by about 4.65% on 8k in a year. So, I want to keep that separate and invest this 700 with a bit more risk.

@Dakota
Consider buying a vending machine and placing it in a good location. Offer a 2-3% cut if the spot is great. A student residence could be a good place for it, especially for snacks or student-related items like USB sticks or chargers.

@Zyler
Thanks! I don’t live on-campus, but I can definitely contact the owners of the accommodation.

Find something to sell to other students on WhatsApp using a QR code or something easy to share while walking between classes. Maybe hangover kits or remedies themed for students. Start with about 40% of your investment to test the waters and see how it goes. Good luck! Let us know how it turns out!

@Riley
I like this idea a lot, but I’m not into drinking or parties.

Dakota said:
@Riley
I like this idea a lot, but I’m not into drinking or parties.

I think marketing these items effectively requires some relatability.

Dakota said:

Dakota said:
@Riley
I like this idea a lot, but I’m not into drinking or parties.

I think marketing these items effectively requires some relatability.

No worries! Try to find the ‘how can I’ instead of focusing on the ‘problem.’ There will always be challenges. Maybe sell something more relatable to your daily life. I make my own beauty products, and my friends buy them from me. Keep brainstorming!

You can sell digital products on Instagram or Facebook. That’s what I do, and I earned $5000 in the last 6 months.

Arin said:
You can sell digital products on Instagram or Facebook. That’s what I do, and I earned $5000 in the last 6 months.

What are done-for-you digital products? Can you give an example?

Consider T212 S&P or leave it in a cash ISA that pays about 5% interest daily.

Andi said:
Consider T212 S&P or leave it in a cash ISA that pays about 5% interest daily.

I have 8k in a cash ISA that pays roughly 5%, but the interest isn’t daily and I can only access it in a year.

@Dakota
T212 pays daily.

A 5% HYSA will give you about £35 a year. A better option for your age is to keep earning and investing. Don’t focus on passive income until you’re older. Now is the time to build wealth.

Congratulations! You can invest in stocks, but make sure to take your time and do your research first.

You might use that money for training for a job. For instance, take a course to cut hair and then go to people’s houses to offer the service.

Blak said:
You might use that money for training for a job. For instance, take a course to cut hair and then go to people’s houses to offer the service.

I don’t have time for jobs or courses since my uni schedule is packed. I could only work weekends, which is tough with so many students in the city.

@Dakota
Then how about reselling textbooks?

Blak said:
@Dakota
Then how about reselling textbooks?

Thanks! I’ll look into that!