How can I make 50k in a year?

This question and answer originally appeared at Quora.

I’m a sophomore in college, therefore I have no degree yet. How can I make 50k in a year while still being a full time student? I’m specifically interested in making passive income.

The passive income you are looking to build is actually very active income – It should more accurately be described as creating smart income (income you work hard and intelligently for by building helpful and useful products and services etc. and marketing them properly).

That being said if you build up a web based business you can genuinely ‘earn money while you sleep’, but it’s only because you have put the work in either previously, or while you were awake.

Two great resources for all things related to building small businesses are The Smart Passive Income Blog and EOFire Business Podcasts – Daily podcast interviews with today’s most successful Entrepreneurs.

These will take up a great deal of your time and it may well be better for you to concentrate on your degree (spend the extra time available to get the best possible degree, write extra research reports and send them to people in your proposed field, network in your proposed career; basically try and get a jump start on everyone else going to Uni).

That is most likely to provide an immediate benefit to you in your early years after leaving Uni.

I hope that helps and good luck.

This answer first appeared here.

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Mark Underdown

Financial Coach, Small Acorn Money

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