Asked on 29 Apr 2019
Hi Jia Jin!
There are many ways you can do this. You could explore a few methods, such as investing in REITs, dividend stocks, index funds, ETFs, bonds and peer-2-peer lending. I won't labour on explaining them, since the blog on Seedly has plenty of resources explaining these types of investments.
If you are interested in learning more, you could perhaps join an investment club in school. Other than that, watching videos on YouTube and other articles may also be helpful.
There are plenty of safe ways to earn passive income, especially through investing your money. You can go for REITs, other ETFs and bonds, but before you do that, I'd suggest you read up as much to understand what a Robo-advisor really does. Robo-advisory platforms assess your current financial position and recommend a portfolio strategy after reviewing your risk profile. These bionic advisors are still not very different from your ordinary financial advisors as both options will still have a management fee incurred for users. The difference lies with the amount, as Robo-advisors have lower management fees. And the best part is that they give you the most unbiased advice.
I work at Kristal.AI, and my mojo is to help people make the right financial decisions. If you think I helped you, do give me "Thumbs up". If you think my response was biased let me know, I will work on it.
You might like to check out this guide on Seedly: Working Adults: Easiest Ways To Invest A Monthly Sum For Beginners.
This might be for working adults, but it's also applicable to students (not sure how old you are exactly, but I'm going to presume that you're old enough to open a brokerage account) as well.
All you need is to inculcate the habit of saving and start young! Good luck!