How to create multiple streams of income in your late teens

You want to learn how to create multiple streams of income in your 20s. It's so smart that you're thinking about this as a young adult.

Building multiple sources of income can have a ton of benefits.

A few years ago, I poured all my effort into one main source of income, and I lost 80% of that income overnight, just like that.

I rebuilt, but it was so hard.

Today, the same thing happened.

Around a few months ago, I lost two major income sources, which in itself was an amount equal to a full-time income, but because I had many income streams, I was ok.

I didn't struggle to support my family or pay bills, I didn't have to cut back or stress out about trying to find a replacement income super fast.

I learned my lesson from years prior.

When I was in my 20s…

I was a college graduate in a job that I hated.

I dreamt about quitting and doing something I loved but, I couldn't find it in job postings.

I was searching for jobs off and on for years, not finding what I was looking for.

I decided to start a business. As the business was growing, I knew I could one day quit my day job and run the business full-time. I knew multiple income streams were going to help me save up to keep a stash fund in case the business went south.

So, I started…

Freelance writing and,
Dropshipping

I wasn't thinking "multiple income streams" at the time.

I just knew I needed a way to make more money fast. I wasn't interested in getting a second job, and overtime at my employer was super limited. It rarely happened. So, I turned to writing and dropshipping.

Here's how you can create multiple income streams in your 20s if you have similar or different goals.

3 Steps to Create Multiple Income Streams in Your 20s

Make a plan.
Use your skills to your advantage.
Set your intention and go after it!

Making a plan

The planning phase is about laying the groundwork for this project. You want to build multiple income streams. You need to map out a plan to get there.

Use your skills

You probably have money-making skills right under your nose. Think about what you're good at, what your interests and passions are, what you do for a living, what you're studying in school, etc.

You can turn those skills into income.

For example, animal lovers could create an extra income stream in pet sitting or dog walking.

Creatives could monetise their drawing skills by selling artwork on Etsy or doing freelance graphic design.

If you have a love for baking, you could launch an online bakery and sell your baked goods over Instagram or on a private website.

There are so many ideas.

Write down your skills, interests, and passions. Then, consider what path you could take with those skills.

Set your intention

Write down your intentions, talk about them with people around you, put it on your vision board, etc. Then, go after it!

And if you're looking for income stream ideas to pursue in your 20s, here are some ideas…

18 Ways to Build Multiple Income streams

Freelance writing (I write on Medium and other publications)
Dropshipping ( I had a lot of success with dropshipping a variety of products. It's much more common today.)
Babysitting (Great for people who enjoy working with kids)
Online tutoring (Cambly and other sites)
Print-on-demand selling (POD sites like Printful and Printify are some to check out)
Dropservicing (Dropshipping services like SEO services, writing, video editing, etc.)
Amazon FBA
Virtual assistance (VA's can make a lot of money with one or multiple clients)
Social media manager (Make money running other people's social media accounts.)
Content creator (go full-time on TikTok without showing your face)
Create digital products (This includes ebooks, templates, etc.)
Become an online course instructor
Online teaching (through Outschool, etc.)
Virtual entertainer/babysitter (it's online/virtual babysitting and you can make up to $20/hr)
E-commerce
Selling handmade (Etsy, Creative Market, and other marketplaces are great for this)
Website flipping
Domain flipping (there are sellers earning a full-time income with this)