Top-Tier Passive Income Ideas for Young Adults in 2023

According to 2022 statistics from the Bureau of Labor, only 55.3% of young adults aged 16 to 24 had a job. As youths face serious challenges in the labor market, they seek self-employment and part-time opportunities to generate an income. Are you a young adult looking for top-tier passive income ideas? Discover some of the time-proven methods your peers utilize to make extra money.

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Time-Proven Income-Generating Ideas You Should Try

The time to start building wealth is when you reach your young adulthood age, and dozens of opportunities are available to exploit. Although many opportunities don't require prior experience or specific skills, they need total commitment, effort, and time. You must pinpoint a passive income-generating option you're good at and can commit time and monetary resources to exploit.

Start a YouTube Channel or Blog

Do you have a creative knack that you want to exploit? Maybe you're a gospel minister, a betting adviser, a financial specialist, a health coach, or a professional marketer that wants to share tips with others. The best way to do this and reach out to your potential audience is through a blog or YouTube channel. You can start one of these and constantly share content to inform, enlighten and educate your followers.

Be sure to monetize your YouTube channel to earn monthly payments from engagements, views, and the content you share. You can also advertise and sell your own products or, better yet, use affiliate marketing to earn commissions whenever a client buys or subscribes to a program or service you promote on your channels.

Write an eBook or Online Course

As a young adult, you can turn your experience and knowledge on a particular subject into an eBook or online course. Are you a life coach or financial advisor? Or are you maybe an expert DIY who wishes to share your knowledge? Do you have basic computer skills and can effectively tell your story or document DIY information? If so, writing an eBook or recording an online tutorial is a must if you'd like to share your knowledge.

You can self-publish the eBook or publish with established online bookstores like Amazon, Kobo Books, etc. As for online courses, you can post and sell them on trusted platforms such as Udemy, Teachable, Thinkific, and Skillshare.

Become a Freelancer

Are you a creative fiction or nonfiction writer who can brainstorm ideas and write long or short stories from scratch? Or are you an experienced translator, transcriber, or video content creator? Consider starting a freelance business and working for clients worldwide. Identify your niche and pitch for jobs from different online marketplaces.

You can advertise your skills on different social media platforms. To be hired by more clients, you must consistently deliver quality work on every project assigned to you. Don't forget to build strong relationships with your current and future customers to succeed with this idea. 

Sell Unwanted Items

Look around your home to see if you have any items you no longer need or use. These include but are not limited to clothes, electronics, furniture, old household equipment, and more. Before listing the items for sale, clean and ensure they are in good condition. Now, take clean shots of what you want to list for sale and identify the best online marketplaces for secondhand items.

You need to competitively price your items as higher prices can drive away clients. It is advisable to list the items in more than one online marketplace to reach more prospective buyers. Finding a willing buyer may take time, so be patient and update your ads.

Become a Virtual Assistant

As businesses shift to virtual offices, virtual assistants have become some of the most in-demand specialists. Virtual assistants provide creative, administrative, and technical assistance to customers from remote locations. For those with strong communication and organizational skills, you can start generating income working in this role.

Build an online portfolio to exhibit your experience and skills and inform your clients about your work. Ensure to set the correct rates to attract suitable clients. Finally, consistently advertise your services through word-of-mouth and online ads on social media.

Take Surveys

Taking surveys comes last among the best passive income ideas for young adults. Surveys don't pay much, but if you can commit to several surveys on different panels, you can cash out a reasonable amount every month. However, to be a successful panelist, you must only take surveys you have expertise. Avoid taking long-form surveys on a topic or theme you are not conversant in, and lastly, make sure to always respond to survey requests immediately after you receive them.

Conclusion

Are you a young adult struggling to get your finances in order? These are top-tier income money-generation opportunities that are proven to work. Remember, most of these opportunities require specific skills, so research and identify an opportunity that matches your skills and experience.

Kareem Winters

Update 11 July 2023