Hi everyone, I want to learn how to make money without working a regular 9-5 job. I’m 19 years old and I’ve had a few jobs, but I don’t want to keep doing this forever. I know it won’t happen quickly, but I’m determined to make it work, even if I fail. I have $5,000 saved up in my bank account already. Any advice on where to start would be really helpful.
Hi Jason… It’s great that you’re motivated to explore alternative ways of making money! Here are some ideas to consider:
- Start a Side Hustle: Use your skills and interests to start a small business or side hustle. This could include freelance writing, graphic design, photography, tutoring, or creating and selling crafts online.
- Invest in the Stock Market: Consider investing a portion of your savings in stocks, ETFs, or mutual funds. Start by educating yourself about investing and consider using platforms like Robinhood or Acorns to get started with smaller amounts.
- Real Estate Investing: Explore real estate investing options such as rental properties, house flipping, or real estate investment trusts (REITs). With your savings, you could consider investing in a real estate crowdfunding platform or purchasing a rental property with a partner.
- Start a Blog or YouTube Channel: If you have knowledge or expertise in a particular area, consider starting a blog or YouTube channel to share your insights. You can monetize your content through advertising, sponsorships, affiliate marketing, or selling digital products.
- Create an Online Course: If you have expertise in a specific topic, consider creating and selling an online course on platforms like Udemy or Teachable. This can be a passive income stream once the course is created and marketed.
- Freelancing: Explore freelancing opportunities in your areas of expertise on platforms like Upwork, Fiverr, or Freelancer. This can allow you to work on your own schedule and take on projects as needed.
- Explore Passive Income Streams: Look into passive income streams such as dividend-paying stocks, peer-to-peer lending, or creating and selling digital products like eBooks or stock photography.
Remember to do thorough research and consider seeking advice from mentors or experts in the areas you’re interested in. Building alternative income streams takes time and effort, but with determination and perseverance, you can achieve your goals. Good luck!
Jason, It’s great that you’re thinking ahead and exploring alternative ways to make money! Here are some ideas to consider:
- Start a Small Business: Use your savings to start a small business based on your interests or skills. This could be anything from selling handmade crafts online to offering services like tutoring, graphic design, or social media management.
- Invest in Stocks or Real Estate: Consider investing a portion of your savings in the stock market or real estate. Educate yourself about investment strategies and risk management to make informed decisions.
- Freelancing: Offer your skills as a freelancer on platforms like Upwork, Fiverr, or Freelancer. Whether you’re good at writing, coding, graphic design, or digital marketing, freelancing allows you to work on your own schedule and earn money based on your skills.
You’ve got two choices:
A) Earn more cash
or
B) Cut back on spending
- Time & putting money in the right place
That’s pretty much it. If you’re earning an ‘okay’ amount, then B) is your best bet. Cut down on your spending, save half of what you bring in, and if you invest it wisely (like in index funds ETFs), you can be financially free in around 15 years.
Embarking on entrepreneurship offers freedom, flexibility, and the chance to pursue work you’re passionate about. You can also start building your business while still employed in a corporate job. This allows you to replace your income before making the leap for a smoother transition.