How To Develop 7 Streams Of Income In Your 20s - And Earn Lakhs Per Month!

How To Develop 7 Streams Of Income In Your 20s - And Earn Lakhs Per Month!

How to develop 7 streams of income in your 20s - and earn thousands or even lakhs per month! There’s tons of money to be made online, but some people feel like it’s too much work to try to figure out how to do it on their own.

I get that – there are millions of people in this world, and you’re just one of them! You have an incredible opportunity when you’re young, though, because you can start setting yourself up for success with multiple streams of income so you never have to worry about money ever again!

Let’s get into this article and let me help you to How To Develop 7 Streams Of Income In Your 20s,

 

Side Hustle #1: Freelancing/Consulting

Starting a freelancing/consulting business is a great way to bring in money while you're still in your 20s. You can use your skills and expertise to bring in business while establishing yourself as an expert.

It's also easier to grow a client list than trying to build a company that sells goods or services because people will come to you.

If you have one skill, like web development, for instance, set up an online portfolio of your best work, post that portfolio on sites like LinkedIn and Twitter and then reach out to people you know (and know of) who are looking for web designers.

 

Side Hustle #2: Becoming a Teacher

-If you have a passion for education and love working with kids, becoming an elementary school teacher might be your perfect side hustle.

Teaching positions are in high demand all over the country, from big cities to small towns and suburbs. Starting salaries depend on where you want to teach, but many teachers earn between $30k-50k per year.

Additionally, teachers receive full-time benefits like health insurance and vacation days. While teaching can be a challenging profession for anyone regardless of their experience level, many teachers find it rewarding to share their knowledge and skills with future generations.

-If teaching isn't your thing but still want to work around kids there are other options too like tutoring children who struggle academically or need additional support in the classroom.

 

Side Hustle #3: Selling Items Online (or at Craft Fairs)

Selling on Craigslist, eBay, Etsy, Facebook marketplace or at a craft fair can be an enjoyable and successful side hustle. I've seen people do well in all sorts of things from clothes to refurbished electronics.

The possibilities are endless but one of the best parts about selling online is that it requires very little overhead compared to a brick and mortar store. As long as you have internet access and some storage space for your inventory, you're already set up to succeed.

This process doesn't require extensive start-up costs which is great if you are on a tight budget but also offers unlimited potential so it may not be a good idea to discourage yourself with these limitations if they don't apply to you.

 

Side Hustle #4: Affiliate Marketing

If you're willing to put in a little work, there are many ways you can make money on the side. One of those ways is by becoming an affiliate marketer, I have talked about this side hustle many a times in my previous blogs, it's one of the best side hustle.

This is when you partner with companies and offer their products or services as your own through any channels that are available to you – your blog, social media, e-mail lists and more.

When someone makes a purchase after clicking one of your links, the company will give you a commission for driving the customer to them. Some companies provide 50% commissions for the first six months that your account is active, which really helps kick things off in the beginning! You can also combine this hustle with your other online activities.

 

Side Hustle #5: Rental Properties

It can be a challenge to develop rental properties as a side hustle--especially if you live in an area that's expensive. However, there are ways to increase your income and build wealth by building up a portfolio of these types of investments. Follow these steps:

1. Find the right properties. If you're not already working with a real estate agent or broker, now is the time to find one so they can help you find listings for properties that match your goals (e.g., location, amenities, price range).

2. Formulate a budget and plan out how much money you want to invest in the property before putting it on the market.

3. Determine what repairs need to be made and how much those will cost--then subtract them from the list price when calculating the sale price.

4. Figure out what percentage of profits you'll get from a given sale based on your investment, which will give you an idea of how much money could end up in your pocket when selling that property.

5. Hire a contractor or project manager who specializes in making sure everything goes smoothly during construction; this way, you don't have to worry about finding contractors and overseeing their work yourself

6. Research insurance rates for rentals—you may need different policies depending on whether there are renters living at the property or if it’s vacant while being renovated or leased.

 

Side Hustle #6 : Investing and Saving. What are the different types? Are they safe?

There are many types of investing and saving, with varying levels of risk. Knowing how to diversify your investments is important. Investments can be diversified either through buying shares in stocks and bonds or by savings deposits such as certificates of deposit (CD). Certificates of deposit provide a low-risk investment because the money is being locked up for a set period of time.

So, if you invest $5,000 and it falls to $4,500 before you withdraw it, you're only losing $500 as opposed to the full 5 grand if you didn't have a CD. How can I start investing? What should I invest in? Should I use a robo-advisor like Betterment?: Robo advisors make it easy to start investing without having to worry about all of the underlying details.

For example, Betterment automatically invests your money across 60% stocks, 25% bonds and 15% cash. You can also set up recurring contributions so that you never forget about saving again. Robo advisors take away the stress of choosing which investments are best for you and create a portfolio that's tailored just for you.

What's better: IRA or Roth IRA? Which one should I open?: The two options are called an Individual Retirement Account (IRA) and Roth IRA respectively.

 

Side Hustle #7 : Become an Influencer. Tips on getting started.

As a social media influencer, you can generate income by promoting products and brands on your social media channels. There are many ways to get started as an influencer. One way is to develop a following on Instagram or YouTube and then contact companies that might be interested in your audience.

Another way is to create sponsored posts for companies that interest you so that you can share with your followers why the company is worth their time and money. You'll need to have a strong following before contacting companies, but creating sponsored posts doesn't require much of a following at all.

 

 

 

 

 

 

If you liked our list of some best 7 Streams Of Income to develop In Your 20s, Let me know in the comment section.

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