Business

Money making advice for young people (2020 Guide)

With developments in technology making it easier than ever to monetize skills and make them into part-time businesses, more and more young people are leveraging their knowledge and ability to make money as a side hustle – be it either while they’re studying, or focusing on their primary career goal.

Are you looking for some quick and easy ways to kick-start your entrepreneurial career? Perhaps just wanting to give your finances a boost during studies, so that you’ve got a bit more money to pursue a large purchase or even an investment strategy? To help you to get the ball rolling, here’s some short and simple money-making advice for young people in 2020.

Stripping back to basics

Many young people studying away at university or leaving home for the first time will find themselves leaving a ton of extra stuff they don’t need at home. Getting a fresh start like this is a good idea, to begin with, as many studies have shown that having a clean space is good for concentration and your overall mental wellbeing, but why not also use this to your monetary advantage? Go through some of your old stuff that otherwise would have been left to gather dust in storage, and see if you can’t make a few quid to kick-start your savings.

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If you have old music or collectables that you think might have grown in value, take a look through them and see if there’s anything of worth that you could sell for a little bit of profit. You can take a look through the sold section of sites like eBay to get an idea of the prices that things typically sell for. Remember, the better the condition that an item is in, the more it typically goes for. An investment can take many forms!

Taking your next steps and preparing for the future

Investing for the future is also another great way to set yourself up monetarily, perhaps working towards your next big steps – such as a car or house payment. Investment can take many different forms, from simple stock trading apps on your mobile phone that can help you to learn some of the basics, to long-term, larger-scale investments that become a major part of your portfolio and general finances for years to come.

Property Investment, if you have the right amount of capital to get involved, is widely regarded as one of the most secure and long-standing investment strategies; due to its physical nature, it’s a lot less volatile than the average stock. RWinvest has a range of guides, videos, and podcasts for those interested in learning more about this method in order to plan for the future.

Making money from your hobbies

One good piece of advice that’s worth thinking about is whether you can make money from the things that you already do in your spare time, to begin with. If you write and curate your own blog, for example, with the right amount of best practices and some optimization here and there, you could be attracting a lot more readers, and eventually, start making a little bit of money from it in addition to having fun in your spare time.

Depending on their niche, many bloggers will start to get offers from different brands once they’ve got to a certain point and established their site as authoritative. You could even run ads on your blog post pages in order to generate a secondary revenue that way. Some bloggers also offer additional guides and eBooks as services to their followers, providing free content but then also offering paid premium content too. The moral of the story is to be smart with the work that you’re doing and realize its worth.