The Best Streams of Income for 20–30 Year Olds

I’ve heard it said that the average millionaire has 7 streams of income. Making a million dollars might be your goal, or it might be to just have a little extra spending money, so in this video, I’ll give you my favourite streams of income for 20–30 year olds!

I’m excited to share with with you what I think are the best income streams for 20–30 year olds, but that doesn’t mean these ideas don’t apply to you if you’re older or younger than that age group. I chose these ages because that’s the bracket I fall between and I think that a lot of twenty-something year olds have certain skills that could reward them greatly if they added these streams of income to their life.

I’m going to assume that most people watching this video are in a similar situation to me. They have main job that brings in most of their money — that job could be high-paying, or it could be low-paying, but they desire to make more. Some people might want to eventually quit their job, some people might use the extra cash to travel, pay off loans, or donate it, but they’re looking for more.

The crazy thing about our world is it’s probably the first time in history that the average person can make money doing whatever they want. The inventions of the internet and the cellphone are game changers that allow almost anyone in the world to do whatever they want.

If I look at my financial journey, I’ve always had a job since I finished school. This consisted of all of the income I had up until the last couple of years and then I started looking at how I could make a little more money, which eventually led to me starting a YouTube channel. (Not this one in case you were wondering). I remember talking to my brother when I started that channel and we were laughing about the fact that I’d be happy if I made $1 in the first year. Little did I know that a few months later, that channel would be making me a couple hundred dollars every few months and I had added my first additional stream of income.

That was the start of my journey to create multiple sources of income and now I currently have 3 sources and I’m working on my 4th one! Let’s talk about the 5 best streams of income for 20–30 year olds!

1. The first source is writing. Maybe this is a skill that you have and could very easily turn into money. Starting a blog, writing articles, or creating an ebook are all ways to get started and can be done without costing you anything if you have a device and an internet connection. You can monetize your blog by displaying ads, some writers have companies contact them paying them to do a review of their products or services, media outlets will pay people for their articles, and an ebook can be as cheap or as expensive as the price you set. There are countless stories of people who wrote as a hobby, started a blog, and that’s what they do full-time now.
2. The second source is becoming a content creator and I know that’s what it seems like everyone is trying to do right now, but it’s totally worth it! The risks are minimal and the reward is very high! Even accounts with relatively small, but loyal, followers can be a very lucrative income stream to pursue. Notice how I didn’t say to use one platform in particular? And that’s because I think you should create something called “Pillar Content” and use multiple platforms to drive traffic to it. So, my favourite platforms to use are YouTube, Instagram, and my podcast and I tailor content on each platform to be unique. My YouTube channel is more educational and purposeful in the video content. My Instagram account is more motivational and inspirational content where I share quotes, photos, and stories and on my podcast I share more about my thoughts and have conversations about different subjects. All of the content is related to living your greatest life, but the audience gets something slightly different on each platform and I use them to drive traffic to the pillar content. Similar to writing, you can monetize your content through ads, brand-deals, or selling it, and you can get started right away — all you need is a smartphone and the internet.
3. The third source is creating an online course teaching a topic or skill that you are an expert in. Potential course topics could literally be anything and all you have to do is do a quick search on common learning platforms like Udemy, Teachable, and Skillshare to see that’s the case. I’ve created an online course and it’s one of my favourite sources of income because once the course is published, it’s passive income. There is little management I have to do and the coolest part about it for me is that I can make money while I’m sleeping. You can do this using free editing software and hosting your course on most platforms works as a partnership. For example, I host my courses on a free platform and I make money two ways: if a student buys the course through organic discovery, I get 50% of the fee and the platform gets 50%, but if I promote my course on my own and students purchase it from my link, then I make 97% of the fee. So, maybe you speak another language, you are really good at editing photos, or have expertise in a niche-area — why not turn that knowledge into cash?
4. The fourth source is through affiliate marketing. Essentially, this where you promote a product and when somebody purchases it, you make a percentage of that purchase. You’ve probably been watching a YouTube video where somebody says something like “click the link in the video description below to buy whatever”… this was most likely an affiliate link. Two very popular affiliate programs right now are Amazon Associates and ClickBank. These are great places to start because they are free and offer a wide variety of products, so whatever your topic you can probably find something to sell.
5. The fifth and final source of income is probably the one I’ve invested the most in and that’s well, you guessed, investing. I’ve spent a lot of time learning how to invest safely and find low-risk, high-reward opportunities, and I have a lot of money invested. One reason I feel that 20–30 year olds could become good investors is because we have the benefit of recognizing trends and predicting which products and companies could make it big. I invest using the “dollar-cost averaging” method and the second reason I think we can become good investors is that we can start learning how to invest without losing everything, gain some experience, and if things go really bad we might not have a family depending on us to pay the bills and put food on the table and it might be easier to recover from it. Investing is the riskiest source of income I’ve talked about in this video and shouldn’t be taken lightly — it can be really easy to lose a lot of money fast, but if you buy the right stock at the right time, you could reap the rewards for many years to come.

Most of these sources of income are what are called “EVERGREEN CONTENT” This means the content that is made as a blog, a youtube video, online course, etc. will exist and be relevant for a long time after it’s published. This means that people will continue consuming the content for many years to come, which in turn will continue making you money. EVERGREEN CONTENT is the type of content I aim to produce because I’m focused on long-term growth, not making “instant money”. I want to create something that is positive, relevant, and sustainable.

Do you have multiple streams of income? Let me know down in the comments below if you do and what your favourite ones are!

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