Tips for Creating Multiple Income Streams in Your 20s

Title: How Twentysomethings Can Create Multiple Income Streams in 2023

One’s 20s are a time of great potential and opportunity, especially when it comes to building wealth and setting good financial habits for the future. Despite the challenges that come with youth, it’s never too early to start planning for financial success.

A recent study by the Center for Retirement Research at Boston College found that 28- to 38-year-olds have accumulated less wealth than previous generations at the same age, largely due to higher levels of student loan debt. However, there are still plenty of ways for young people to start earning and saving early on.

Financial expert Tom Corley suggests having three income streams to achieve substantial wealth. Here are some ideas for creating multiple income streams in 2023:

1. Offer Online Courses: Use your tech skills to create and sell online courses. Millennials are known for their tech awareness, and there is a growing market for online education. One example is a 29-year-old who quit her job to teach Excel on TikTok and now earns $2 million a year.

2. Sell Unnecessary Items: Secondhand items are in high demand, especially among younger generations. Clean out your closet or garage and sell items you no longer need for extra cash.

3. Invest in Startups: Consider investing in early-stage companies with high growth potential. Many angel investors have built substantial wealth by backing successful startups.

4. Create a Substack: Start a digital newsletter on platforms like Substack to share your expertise and connect with subscribers. This can be a great way to monetize your writing skills.

5. Take on Freelance Gigs: Freelancing or contract work can provide additional income and flexibility. Many young people have side gigs to supplement their main income.

6. Sell on Etsy: If you’re a creative person, consider opening a shop on Etsy to sell your handmade goods. The site has seen a surge in sales in recent years, making it a lucrative platform for artists and designers.

7. Come Up With a Killer App: Develop a unique and useful app for iOS and Android devices. Partner with a programmer if needed and watch your passive income grow as the app gains popularity.

Creating multiple income streams in your 20s can set you up for financial success in the long run. By taking advantage of your skills and interests, you can start building wealth early and secure a stable financial future.