Early Bird Entrepreneurs: 3 Ways Young Adults Can Generate Income – Youth Incorporated
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In today’s world, it’s not uncommon for young adults to work more than one job. Some may work two or more part-time jobs, or maybe a full-time job paired with a side hustle, such as driving for a rideshare service or rent out their room/home while they’re on vacation. There are several ways to earn extra money on the side, and some of these ways can even turn into a secondary income or passive income. Passive income allows you to make good money without having to work as hard at it as you would with your primary job. Here are some for young adults to earn extra money, whether it’s just some cash or another form of income.
#1: Start an Online Business
For those with an entrepreneurial spirit, starting an online business is a simple, yet profitable way to make some extra money. The COVID-19 pandemic has shown us that almost anything can be purchased online, so there’s a niche for everyone when it comes to an online business. The great thing about an online business is that you don’t always have to sell a physical, tangible product— you can sell your services/knowledge. Some examples of online businesses that your young entrepreneur can start include:
- Affiliate marketing: where companies pay you to promote their products on your social media accounts.
- Data entry
- Ebook writing
- Fitness training
- Freelance work, such as designing, photography, researching, writing
- SEO consulting
Anyone can easily start an online business, as there are many resources available to help you get started.
#2: Start Investing in Stocks
People have been investing in and trading stocks for decades as a way to earn extra money and save for retirement. Some of the most successful stocks today include Amazon, Apple, Netflix, Google, Tesla, and Facebook. Though a single share of these stocks can be pretty expensive, it’s still worth the investment and taking the time to research other stocks that can become just as profitable in the long run.
Today it’s pretty rare to see up-and-coming investors working with a stockbroker— most people use online trading platforms instead. Still, it’s a good idea to consult someone with experience in trading stocks before you start investing.
#3: Buy Rental Property
Another industry that was strongly impacted by the COVID-19 pandemic is the real estate market. The prices of real …….