Ever wondered how you can create multiple streams of income in your 20s because you’re tired of living paycheck to paycheck? Do you want to increase your income and achieve financial freedom? If you’re in your 20s, now is the perfect time to acquire some digital assets and start creating multiple streams of income. Next to having your emergency fund set up, by diversifying your income sources, you can increase your earning potential and create a more stable financial future while building wealth. In this blog, we’ll share five ways you can start building multiple streams of income in your 20s, so you can achieve your financial goals and live the life you’ve always wanted.
If you’re seeking additional ways to save costs at college, you’ve come to the right place – especially if your goal is to build wealth in some form or another.
Cut Down Bills and Increase Income
Although having many sources of income is ideal, it won’t go very far if your expenses continue to rise. When you’re low on cash, one of the first things to focus on is reducing your outgoing expenses; after all, you’re probably not making full use of your current plan and are thus overpaying.
Here are some ideas on where to start cutting down bills:
- Utility bills – Consider paying more attention to how much electricity and water you use; this can quickly add up.
- Cable and internet – Do you really need the highest plan if you’re barely ever home and usually only watch Netflix & Co? Same thing with cable, do you really need it?
- Subscriptions – Let’s be honest, how many subscriptions do you currently have? How many of those are you actually using, and how many are just racking up your credit card? Something to think about………..
- Memberships – When was the last time you went to the gym, seriously? Consider looking into alternatives and from-home workouts or community-based gyms.
- Phone bill – Yes, T-Mobile, AT&T, and Verizon are the big ones. However, did you know that you don’t have to stay with them to receive the same type of service? Hello Mobile provides you with the same, if not better, service for a fraction of the price – Psst. Our UNLIMITED data, talk & text are only $25.
If you’re looking for more ways to save money but aren’t sure how check out 3 Ways to Save Money in College Without Settling for Less.
#1 How to Create Multiple Streams of Income in Your 20s
Whether you got a full ride or have taken out loans, you’re likely wondering how to create income streams in your 20s and start earning extra income. Besides taking on that part-time job in the coffee shop or bar next door, there are many other options you may not have even considered yet.
Generally, it all comes down to how much time and resources you have available. If you have some extra cash available, you could invest in a rental property to generate some rental income, or you could invest in the stock market and then receive the dividend stocks to earn passively.
However, what kind of post-college grad has money available to buy rental properties? Likely not many, which is why this article is going to be more geared toward finding alternative income ideas that could potentially generate passive income.
1. Evening Babysitting Jobs
Good ole Babysitting is often forgotten by the newer generations, despite its many perks and flexibility.
Here are some of the benefits of Babysitting, albeit one of the most important prerequisites is an interest in children and maybe some further qualification, such as CPR, to work with them safely and effectively:
- Flexibility – Schedule it around your schedule to get some additional income
- Experience – Are you studying to be in a pedagogical-related field? Get some experience under your belt and boost your resume
- Skills – It doesn’t matter whether you end up working with children in a pediatric setting or not; you’ll get valuable experience and knowledge that will serve you well in any career with people
2. Pet or Dog Sitter Jobs
Do you adore cats and dogs and can’t get enough of them? Then this type of job may be ideal for you. It may seem like a dream job to snuggle up with some fluff’s, but there really is a decent financial (& personal) reward for doing so.
Still trying to figure it out? Check out the other benefits:
- Flexibility – it’s all about your own schedule. Most of the work can be done in either your breaks or off-time, making it super easy to fit into a busy schedule.
- Choice – Unlike most other jobs, you can decide what you offer as a service here. Based on your preferences, you may offer merely dog walking, house sitting, boarding, or even a wellness bath if you want.
- Your rate – In addition to the services you provide and the hours you’re available to work, the rates you charge are a matter of personal taste. In other words, you could earn a few extra hundred bucks and spend more time outdoors with your four-legged pals.
- Experience – Has your major anything to do with animals or care-taking? Use pet or dog sitting as a way to boost your resume for the future.
Feeling frisky? Want to cut down on unnecessary spending while making bank? A no-strings-attached phone plan on the nation’s largest 4G LTE/5G network is one option for reducing your monthly phone plan while still enjoying all the benefits (yes, even with hotspot option!).
If you love to travel, check out TrustedHouseSitters, where you get to stay somewhere for free and, in return, care of their pets and house.
On the other hand, you could start getting extra cash by cutting your phone bill – how? Simple. Switch to Hello Mobile and get their $25/Mo per line with UNLIMITED Data, Talk & Text.
3. Paid Summer Internship for College Students
Internships are generally better than part-time jobs, both financially and in terms of the experience they provide. PathMatch demonstrated that students who had participated in at least one paid internship might expect to earn $15,000 to $20,000 more in their first year after graduation than those who had not – talk about benefits!
Here are some other benefits of internships:
- Improve your skills
- Increase your chances – Many companies increasingly use summer internships as a temp-to-hire process before making an offer
- Boost your resume
- Make yourself more competitive
- Build your own network
4. Become a Freelancer
Does your degree have anything to do with a service you could provide online? If you’re looking for a way to earn additional money while expanding your professional network, freelancing or contracting might be the answer.
Here are some freelance examples:
- Graphic design & illustration
- Social media management
- Podcast editing
- Video editing
- Public Relations (PR)
- Data entry
- SEO Blog writer
- Website design
- Software programming & App design
- And so many more!
Even if your degree is in a completely unrelated field, you could quickly learn how to provide digital services for clients through the following:
- YouTube Channels – Let’s be honest, what does YouTube not have?
- Skillshare – A platform by other freelance pros that teaches you everything you need to know
There are likely more, but there are probably the most popular ones. Pick a skill and start learning as much as you can. Take advantage of benefits such as the flexibility to set your own schedule, time, and rates while not being tied to one location. Other benefits include collecting a portfolio of work you’ve done to start ahead of the game and being self-employed once you graduate.
Tip: While you can deduct many of your expenses as a freelancer (check with a tax professional), you still must pay attention to your spending. A dependable, fast, affordable phone plan with UNLIMITED International Calling may just be the key – curious? Don’t be shy. Check out Hello Mobile’s UNLIMITED offers.
Tip 2: Depending on your freelancing type and your skills, you should consider some of these passive income ideas: selling online courses, using affiliate marketing, and selling digital products.
1. Small Business Shops Online
It’s possible that freelancing and the like aren’t your things or that you currently do them but want an additional income stream. Let me suggest something you’ve probably considered before but were never quite sure about Small Business Shops Online.
Turn your hobby into a business!
Here are some ideas on how to turn your Instagram/hobby into a business:
- Influencer – Have something you’re really passionate about? Consider turning it into a business! This can include anything from makeup, traveling, food, being a mom, pets, student tips, etc.
- Photographer – Love taking pictures? Consider starting to offer it to others (social media, products, events, portraits, stock photos, etc.) and display it on Instagram to gain more traction.
- Baking & Deserts – Have a passion for baking? Show off on Instagram and offer to ship if it’s possible to make extra cash on your hobby!
- Fitness – Gym rat and want to teach others? Post your workouts and tips online to build a community! This could even go as far as teaching classes online!
- Crafts – Stop relying only on Etsy & Co to sell your crafts. Instagram and TikTok can be great platforms to gain traction.
- Vintage & Second Hand – Have an eye for vintage and fashion? Consider starting to post about it and selling it online! Go through your local thrift stores to find the best pieces to resell them!
Turning a passion into a business might be the best decision you ever make, regardless of how closely it relates to your degree and work history.
It’s never been easier to make a side hustle work – but you know what else has never been easier? Switching to a phone plan where you will pay only a fraction of the cost but get the SAME exact benefits and phone services.
Alternative Ways to Create Multiple Streams of Income in Your 20s
If you’re one of the lucky ones who have some extra cash on hand, you could consider building multiple passive income streams through real estate, other online businesses, or investments.
There are likely hundreds of multiple income stream ideas out there, so to be successful, you will likely need to focus on just very few to make it.
Real Estate Investment
For many, it’s hard even to begin thinking about real estate or any type of big investment goals considering our economy.
However, if you’re considering it, consider talking to a financial advisor, as the real estate sector will directly depend on your credit score, income, and any extra cash you have in your bank, including any mutual funds and other investments.
How Many Streams of Income Should You Have?
The answer will vary depending on your financial goals, personal circumstances, and the time and effort you’re willing to invest. However, having multiple sources of income can provide a safety net against unexpected events, such as a job loss or economic downturn, and can also help you achieve financial freedom faster.
No matter what you decide to invest in, the most important thing is that you start investing in some form or another to create something passive.
As we’re speaking about life-changing decisions… You may be paying twice as much for phone service as you need to. Have you considered switching to one that offers the same features and benefits for a fraction of the price? Hello Mobile makes it possible! Click here to start a journey you won’t want to return from.