Everyone wishes for financial freedom, but, it is quite challenging to pave our way towards it early in life — the slim savings account doesn’t allow many money making choices. However,
“A challenge only becomes an obstacle when you bow to it”.
Here are some ways I made money in my early 20s when I had just started working. I hope they will inspire you to create your own paths to financial independence.
- Spot the income potentials of idling assets
Six months into my second job I was laid off, I was desperate for a decent source of income that would help me get by. I looked for anything and everything which I could turn into an income generating source. I noticed an idling but ill-equipped room in my flat, I refurbished it, and it was on AirBnB the next month. The room brought me a handsome income (still does) and helped me get by when I didn’t have a job.
Look for the bikes, the camping equipment or any other asset that is idling and then turn it into an income source.
Everyone has a great idea that could be shared. Content writing is an easy but powerful source of income that anyone could build. It may take patience and perseverance but it is really worth it. Start writing on any platform you prefer and share your beautiful ideas.
Teaching the skills or knowledge you own is one of the most fulfilling experiences you will ever have. Importantly, teaching can generate good income and it requires minimal if not, no investment at all. You don’t have to be an expert in your field to teach, you will know something that the rest of the people would want to learn.
Everyone has an experience, knowledge or hobby that they can transfer to someone else.
- Buy and sell
Trading is the easiest business you could do. The prominence of e-commerce has made it possible for anyone to open a store and make good sales . Choose a niche product, find a supplier, open a store and sell your products. If you are worried about investment, drop-shipping allows you to sell with zero inventory!
Offer your service online. It takes time to build a lucrative freelance profile, hence, starting out early and building your profile can bring great results in the long run. However, in the short run it would indeed serve in bringing in some income that would help you.
- Cut the costs
Every dollar you save is a dollar of income you make. It is surprising to note how we rack our brains to make that additional dollar, while we spend away the same dollar casually!
I maintain a track of all my expenses, even the tiny ones. When the expenses are written down you would be surprised to see many of them could’ve been avoided or managed better. Moreover, you would be able to spot the subscriptions that you no longer needed, the fast food stops that could’ve been avoided, the internet plan which you could cut back on etc.
Invent your own ways to save money. I have saved a lot by purchasing refurbished electronics instead of brand-new ones and by doing my clothes shopping in bulk. Being conscious of your spending is a habit, once you develop it, it will help you inflate your savings.
- Invest on your dream project
All of us have a dream project. There wouldn’t be Medium, Facebook or Google if not for the daunting dream of someone. Invest time and money you possibly can on your dream projects. Don’t ever swap your dreams for short term gains.
When you are early in life, probably the streams of income you generate aren’t very fat, therefore, it is critical to generate multiple sources of income.
Further, invest in yourself because the most valuable asset you have is ‘you’ and it needs to be taken care of the most.
Lastly, know that financial freedom, will not itself make you happy; it only gives you more opportunities to be happy in life. So don’t forget to live in the beautiful present and enjoy the journey!