Benefits Of passive income for students

Student life is perhaps the most memorable time in a person's life. The carefree days, strong friendships, and fun extra-curricular activities are what most days are filled with. However, this is also a time that can help you grow personally and professionally, learn new skills, and earn an additional income. Classes and academic work only occupy half your day. For the remainder of the day, you can try building a career, widening your network, and making money to support yourself.

Let's find out the many advantages of having a supplementary income for students:

1. Achieve Financial Goals

Supplementary income can help you achieve different financial goals without depending on your pocket money. Life as a student can be challenging with a shortage of funds. You may find yourself compromising and minimising your social interactions due to a lack of money. However, finding a source of income can help you combat these issues. You can use the money you earn to cover expenses like travel, daily commuting, food and groceries, shopping, and more. Moreover, you will gain financial independence from a young age. This can help build character and make you more responsible. You can also use the money to cover the costs of your education and ease the financial burden on your parents.

2. Find a New Passion

Being passionate about something is vital. It can help you choose your career stream. It can also add value to your life and make you more productive. Many people that end up dissatisfied with their professional lives lack passion in their jobs. Being stuck in a position that does not resonate with you can ultimately impact your productivity. It can also have a severe impact on your mental health. Besides, a lack of passion can come in the way of your professional growth as you may find it hard to focus on your job. However, starting to work early in life not only makes you financially stable but also allows you to find your true passion. You can begin by choosing hourly-paid jobs to see what industries interest you. Taking up side hustles as a student enables you to understand how offices, businesses, and corporations work. This further helps you pick a field that appeals to your tastes.

3. Grow Your Network

Earning supplemental income from a side hustle can benefit students in more ways than one. Working opens up a whole new world for you. You meet different people and build contacts. Your professional and social network grows, and you can learn new things from other people. Every person you meet in a professional setup can teach you a valuable lesson or trick that can later benefit you. This can be a great learning opportunity and help you enhance your confidence, skills, and aptitude. A big network can also help you when you are searching for a job after finishing your studies. Moreover, if you plan to start your own business, you can use your network in a myriad of ways. 

4. Development and Self-awareness

Earning money instils more confidence and self-awareness in a person. It makes you value money and use it optimally. Taking up a side hustle to earn supplementary income helps you gain confidence by taking you out of your shell. Students may be used to a more sheltered and protected life. However, when you start working, you get a chance to step into the real world. This can open several doors of opportunity for you and help in personal development and growth. You get acquainted with different types of people, cultures, and mindsets. Spending time with people from all walks of life makes you more tolerant. It also increases your awareness. This can be an excellent way to broaden your mind and be in touch with what the world has to offer. 

5. Improve Skillsets

The supplemental income can be used to learn new skills that you may not learn in school or college. Most students find it hard to adjust to their work because of a significant gap between classroom learning and practical knowledge. The money you earn while studying can be utilised to learn valuable skill sets that can help you advance in your career. Right from technical skill development to courses on communication, ethics, management, and more, you can take on several of these courses and be job-ready for when you step into the professional world.

6. Financial Discipline

Earning money from a young age teaches you to be financially sound and wise. When you earn money as opposed to receiving pocket money, you understand its actual value. This makes you more mindful of your expenses. Earning money from a young age can also build your savings. You can start investing and saving early in life to ease off the financial burden later as you grow old. This offers you a good head start and can put you ahead of your peers.

How Can Students Earn Supplemental Income?

Things are easier said than done, and the fact of the matter remains that juggling a job and academics can sometimes be challenging. However, there are some easy and convenient ways to earn money. IDFC MyFIRST Partner Program is one such option that can help you make money without any investment or unnecessary hassles. You can simply register in five minutes on the IDFC MyFIRST Partner App. Here are some of the plan's features and benefits:

Features:
 

• Earn money by referring a personal loan to others in need of funds
• Earn 1.5% for every personal loan disbursal and make up to Rs. 50,000 or more every month
• Earnings are credited to your account every week
• Graduates over 18 years of age can enrol in the program
• Dedicated support by your side through a relationship manager and a central helpline

Benefits:
 

• No investment is required to start
• Disbursements are quick without the need for physical documentation
• All referrals can easily be tracked on the app
• Be associated with a renowned bank like IDFC FIRST Bank
• Set your own work timings and follow a flexible schedule that does not interfere with your studies
• Widen your network and connect with different types of people

To Sum It Up

Earning supplemental income as a student can put you on the right track of success and progress. It also allows you to stay afloat, help your parents, build confidence, and set the right course for your professional life. Moreover, when you work with reputable names like IDFC FIRST Bank, you add weight to your resume. So, instead of letting these crucial years pass you by, try to take matters into your hands and be financially independent from a young age.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.