In today’s world, surviving and living comfortably on one job has become almost impossible. The pandemic scare has made everyone realize that it is crucial to have other income streams apart from regular everyday jobs.
Some lost their jobs during the peak of the pandemic, and life almost became unbearable. You don’t have to get to the lowest point of your financial life for you to get started on that side hustle. Below are some tactics on how to make that extra income.
1. Maximize Your Online Potential
The internet may be a demon to some, but some have found a way to use the platform for their benefit. Luckily, most parts of the world today have been gifted with unlimited internet or WIFI almost everywhere you go. While the only market may seem flooded, your distinction from the rest is what will keep you above.
Aim for something that flows naturally and is unique to you. For example, if you’re good at sales, you can sell e-books or get into affiliate marketing, and if you’re a good writer, you can try blogging. If you’re unsure of where to start, YouTube has a set of tutorials of everything you need to know. Some other ways you can make it online is by:
- Starting an online business like dropshipping
- Creating YouTube videos
- Creating digital products like e-books or instruction guides
- Online tutoring
The list is endless on what you can do. Take time and choose what’s best for you.
2. Get Into Commercial Real Estate Investing
Who said that you have to be a landlord to benefit from real estate? The power to decide the kind of real estate investor you would like to become is at your fingertips. Building property from the ground up requires a lot of capital, and it will require you to take a huge loan. Eventually, the building will get you stressed out when repaying the loan, and it’ll take much longer time to mint the profits.
However, you don’t have to go through all this hustle. Your dream to be a landlord can still come true though indirectly. In commercial real estate investing, all you need to do is give your initial down payment to a potential building with growth. To save you the stress, get a good company that locates potentially growing facilities and deposit your market share of it.
In the long-term, you are assured to get rental income based on the growth. The good thing about this is that it is a long-term investment, and you can spread the risk in as many real estate investments as you wish.
3. Rent Out Your Possessions
Renting out personal stuff has become one of the most lucrative ways of making some extra cash. For example, if you’re traveling for the summer and you’ll be away for several days or months, then why wouldn’t you rent out your space? Furthermore, some people prefer renting out space that feels more homely and can cook for themselves.
There are several websites where you can market your home and rent out your space. You don’t want to come back to a house full of repairs due to destroyed property, so be sure to find a suitable site and set some rules. If you’re not comfortable renting out your apartment, you have the option to rent out your car, storage room, or just a part of your home.
Just remember to set out reasonable prices for any of the rented items because you will need constant repair and time to time replacements.
4. Sell Off Unwanted Items
We all have commodities in our homes that we no longer use but never want to dispose of. These things take up space in the garage or the house. It can be hard to dispose of things that we think are of sentimental value to us, but in the long run, they only make our homes more cluttered and unsightly. You don’t have to worry about clearing all the clutter since you can get a team of junk removal specialists to help you clean out your space.
A junk removal specialist will help you arrange and separate the things you need to keep, the ones you need to sell off, and the ones you will donate. People are always looking for cheaper and second-hand stuff to buy. Therefore, it won’t be hard to sell off some of your property as long as they are in good condition.
5. Accrued Interest from Savings and Bonds
Many people are culprits of extra spending, especially when they have a lot of incoming money and fewer responsibilities. In financial management, the end goal is to make money and have the discipline to save for the rainy days.
Thanks to many financial institutions, you’ll be spoilt for choice due to the endless saving opportunities, and you’ll have accrued interest over time. The most common being the fixed deposit accounts. Eventually, you will have kept your money safe and still earn some extra cash from it. The more you save, the more you make.
The same principle applies to bonds. You’re bound to get a higher interest on the set maturity date if your initial deposit was high. You don’t have to panic about how much you invest in bonds since the government issues them, and you’ll never lose your money. Additionally, you can flow with this passive income for many years to come.
Just like in bonds and savings, this is another seamless way of earning passive income. And the same principle applies that the more you invest, the higher the returns. If you buy the best shares from top-performing companies, you will reap its benefits for a very long time.
Also, with shares, you can add your initial investment as soon as you get more capital to add. If you want to do this for a more extended period, you can reinvest your returns to the initial capital, and you will have accrued more in a more extended period.
Having an extra income demands extra time and attention. Even the wealthiest people we’ve heard of and whom we want to emulate had multiple income streams to get there. Don’t leave your full-time hustle to generate extra income. Strike a balance, play smart, and be consistent, and you’ll start seeing those dollars trickle in. The beginning is the only tricky part, but once you do, you never go back.
What did we learn?