I am currently in my 20s and i've been thinking a lot on increasing my finances so i've been juggling part time jobs. recently i am into earning passive income but need some suggestions to start?

You don't necessarily need capital in order to build a healthy stream of passive income. Here are some ideas to help you:

• Royalty, e.g. book, stock photo

• Ad revenue, e.g. GoogleAdsense

• Dividend, e.g. stocks

• Annuity, e.g. endowment

While brainstorming for ideas, don't forget the basics by understanding your cashflow! As always, create a tangible goal to keep fixed expenditure low and control your variable expenses. This way, you are also increasing your net cash flow over time!

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Understanding Your Personal Cash Flow

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From your question, it seems you are not yet full time employed, perhaps still studying or in National Sevice? The two most important and fastest ways to build wealth is high income and high savings rate. If you are still a student, I strongly urge for you to re-evaluate your spending habits to become much savvier and strive to get a high paying job.

Passive income refers to doing a work once or minimal effort and continously receiving an income. Examples can include investing in bonds for periodic coupon payments, investing in high dividend yield stocks, writing a book and receiving royalties, selling a patent, etc. This should not be your first priority before/just starting your job.

Depending on the skillset you posses, some may be easier to complete than others.

If you do not have such expertise, then you can fall back to stocks, REITS and bonds. The downside of choosing this method is that it requires significant capital for it to be significant. Consider a stock bearing 4% dividend yield. A $10,000 investment will only give $400, not enough to be considered an income but a small allowance (~$33 per month). There is Syfe, a REITs focused roboadvisor, that can help manage the hassle of choosing and managing your REITs.

This should be a goal for older working adults who have accumulated certain amount of savings, especially for investments with high weightage in REITS/bonds/high dividend stocks. I believe when you are just starting out, capital appreciation will be more important as you will have a lot of expenses to take care of later on and there is high opportunity cost forgone when you persue consistent small streams of cashflow over long term capital gains.