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I’ve been able to build multiple passive income streams in my 20s, so I want to share with you my top 5 that I recommend. In your 20s you have a unique situation. You generally have more time on your hands but less money. So, you have to make due with what you have!
For the most part, earning passive income means letting your money work for you instead of you. But that is tough when you don’t have a lot of money. However, here’s how to plant the seeds in your 20s to earn a lifetime of passive income. You don’t have to start big, you just have to start.
#1: Interest Income (1:56)
While this may sound boring, it is crucial to begin saving money in order to invest in other passive income streams. I recently became an angel investor in an online savings account called Yotta that makes this fun with prize-linked savings. Earn a weekly ticket for every $25 saved!
Yotta Savings (100 FREE TICKETS): https://ryanoscribner.com/yotta
Use code RYAN for free tickets!
#2: Compounded 401(k) Returns (4:20)
Time is on your side when you are young. That is why it is so important to begin investing in your 401(k) to earn passive income. Even if you start off small, this can add up to a lot of money in the long run thanks to compound interest!
#3: Owner Occupied Real Estate (6:56)
It will take some time to save up for this, but buying a 2-4 unit property and living in one of the units is a great way to earn passive income and minimize or eliminate your housing costs!
#4: Dividend Investing (9:13)
A lot of people make high risk investments in their twenties. I would encourage you instead to follow a low risk and time tested investment strategy, such as dividend investing.
I built my dividend portfolio with a commission free brokerage called M1 Finance which has a lot of great features.
Invest With M1 Finance: http://ryanoscribner.com/m1-finance11
$100K Dividend Portfolio Series: https://www.youtube.com/playlist?list=PLGhRZdsPDX33rjAtzOTR95IqaLDX8sHOx
#5: Online Business (12:37)
The majority of my income comes from my different online businesses. This includes my YouTube channel as well as the personal finance blog Investing Simple that I co-own with my business partner.
If you want to learn the ins and outs of this business, I have a full course on how I launched my different businesses called 6 Figure Affiliate Marketing.
6 Figure Affiliate Marketing (Course): https://learn.sixfigureaffiliate.marketing/p/6-figure-affiliate-marketing
DISCLAIMER: Ryan Scribner, including but not limited to any guests appearing in his videos, are not financial/investment advisors, brokers, or dealers. They are solely sharing their personal experience and opinions; therefore, all strategies, tips, suggestions, and recommendations shared are solely for entertainment purposes. There are financial risks associated with investing, and Ryan Scribner’s results are not typical; therefore, do not act or refrain from acting based on any information conveyed in this video, webpage, and/or external hyperlinks. For investment advice please seek the counsel of a financial/investment advisor(s); and conduct your own due diligence.
AFFILIATE DISCLOSURE: Some of the links on this webpage are affiliate links, meaning, at no additional cost to you, we may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact our opinions and comparisons.
HOLDINGS DISCLOSURE: https://ryanoscribner.com/holdings
Passive Income Ideas YouTube, 5 Best Passive Income Ideas In Your 20's.
How The Economic Crisis Effected Me – Passive Income Saved My Life
Well there are extremely successful individuals doing this every day through a strategy of making a residual income. Below are some methods you can make this type of income. Join a business that is trademarked and legal.
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The Significant Income Source Of The Genuinely Abundant!
There is a right technique to build passive income streams. There are different methods by which one can start making. Sadly it’s likewise most likely to set off endless procrastination.
People were constantly informed to take the safe route. You must get an education, then get a job, get wed, and buy a home. The guidelines have changed so drastically from even 10 years earlier. These belief systems have been taught to the middle class for years. The primary issue is we are polluting our kids’s minds. You can do anything you want. It’s not almost getting a job any longer. In the last 3 years, there have been several countless individuals who have been laid off. There is no security there. You need to develop your own security on your own and your family. People have lost their homes due to the fact that they did not have passive income streams.They have relied so greatly on insecure work.
If you work and depend just on your own efforts and what you take into your work, you are constantly at danger. , if you lose your task you lose your passive income sources and you have no cash coming in.. If you have a passive income it does not matter if you work or not, you will still receive your routine income.
You have actually heard it before, and I am no exception. If you develop material, keyword research is the tool to assist you target the biggest most pertinent audience for the passive income streams you are trying to promote.
When you are trying to find passive income ideas, you are going to wish to have a look at some of the most successful individuals worldwide. One of the reasons that much of these individuals are so successful is due to the fact that they understood how to put themselves in a position where they were going to be making an excellent income. By studying the concepts that they had, you’ll start to get some concepts of your own.
There are a number of concerns with the conventional technique, though. There is no momentum. You quit making an effort. Your organization slacks off. There are no consumers that care that you are gone. Another person is constantly all set to leap in and take your location. Whatever needs to be done by you, every day. Every brand-new consumer deserves to have your full attention.
This takes a great deal of effort to discover what works, however it’s certainly worth it if you can bring in some nice passive income. You’ll wish to evaluate different things out, however make certain you generate income from the page you send your brand-new customers that you redirect them to after they sign up to your list.
This intricate pattern of back scratching and increasing income streams through associated items is not dishonest in the least. However you need to understand it and keep your charge card in your pocket unless you have a present and clear requirement for an item. Undoubtedly, as you advance in your web marketing organization, you will take benefit of as much of these money making approaches as possible. Remember, the holy grail of the web marketer is to develop passive income streams. Income which does not require a good deal of hands on management. Anything else is just trading one employer for another.
If you are lucky, you might have one primary passive income source, e.g. from a website or book you are offering. There is naturally a little work needed to look after your organization. You don’t wish to include more work to your life.
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