When you first find out that your child has special needs / developmental disorder, you are probably overwhelmed with fear for what the future of your child may hold. As parents, we constantly worry about providing for our children and teaching them the things that they can use in life to become successful. When you find out that your child has special needs, all the things you’ve planned to tell them to prepare them for the world seems questionable.
I believe that utilizing various methods of generating passive income can be a way to prepare your child for the future so that they are able to manage better on their own.
There are various forms of passive income, usually, people think of rental property, but passive income can also be residuals that you earn from the sale of artwork, copyrighted materials, clothing, and much more like stocks, and even credit cards that give miles, cash back or points.
When anyone puts their money to work for them in the sense of stocks or investments, they are earning passive income. One service that I like is called Acorns, because there is no fee to join, you can set up round up transfers from your card transactions to be put in your acorns account where it will be invested in stocks. Instead of putting round ups into a savings account, whenever your child uses their card, their money will be invested in order to make more money.
If you have good/great credit, you may be able to put your child as an authorized user on your credit card, even while they are in high school or younger. This is a passive form of income because you will be increasing your child credit score. This will enable them to qualify for cards like American Express Skymiles, and other great cash back credit cards that when used will help your child to earn more money. Sometimes your child may need to seek out specialists help and will need money for travel.
Another great method to credit passive income for your child would be through art. On my blog you’ll see some of the 100 Bedtime stories I’ve written, I will be rewriting and publishing them as children’s’ books which will be available on Amazon.
In order to publish a children’s book on Amazon, I will need to get an illustrator to create the illustrations for my book. If your child is creative, or artistic, they may be able to participate in creating illustrations for children’s book or authoring and illustrating the books. You will need to get the work sent for copywriting and then your child could earn passive income from the sales of the books.
Another method for your child to make money from their artwork, it to have it put onto teeshirts, coffee mugs, and more and then sold, If your child is good at geometric prints, perhaps they could make patterns which could be put onto linens or comforters.
Another slightly passive method of creating income is through flea markets. Some flea markets will allow you to pay for a space and then have another person sell your items for you at a small cost, all your child would need to do is find items to sell in their booth, and have them taken to the market. This would be easy to set up with some start up money.
Airbnb could also be an option for a child as they grow older because there are plenty of people who hire someone to do the basic sheet changes and laundry at a small fee, an Airbnb manager can help your child run a profitable Airbnb.
There are a variety of different passive income sources that can be used to help your child be successful and to ease the burden of monetary strain.
Follow me on Pinterest because I have a TON of articles pinned about passive income, ways to make money from home, stocks and more.
For more income opportunities for adults with special needs check out this article: 34 Great Jobs for People with Disabilities
*I am not a financial adviser, I am just offering some free advice, I do not have any official education or training in this, so you can use it or not.