If you’re anything like me, you’re always on the lookout for new income earning ideas. This isn’t a bad thing, the more diversified your income is the safer you are from financial hardships. If you lose one source of income you can always fall back on another. That’s the beauty of multiple income streams.
I thought it would be fun to think about all the ways there are to earn extra money outside of a traditional day job. Here’s my list of four active income sources and four passive income sources to help you better diversify your income stream.
In order to invest in passive money making ventures you’ve first got to have the money to invest. This is where active income streams come in.
While working your butt for a few extra bucks each month isn’t quite as attractive, it can be fun. Here are four ways you can earn more money on the side.
When it comes to freelancing you can do anything your heart desires. Be it writing, tutoring, teaching, or editing – it can be done.
To get started with freelancing you first have to decide what skill set you have that others will pay for. Once you’ve narrowed this down you can look for your market and begin to sell your services.
In the wonderful world of blogging the stakes are high and the work is hard. While some people label blogging into the passive category, trust me – it’s not. Blogging requires hard work and consistency.
You need to be able to regularly create content, market your blog like crazy, and come up with a monetization strategy. Bloggers have the ability to make a ton of money but it comes with a lot of time and many, many hours of work.
Independent sales are not something I’ve dabbled in but have seen many family members find success with them.
There are all kinds of companies that look for independent sales reps. Avon, Ava Anderson Non Toxic, Scentsy, The Pampered Chef, and Mary Kay are just a few.
A word of warning: do not spend money on these products until you know you’ll be successful. Research each company you want to work with very carefully. Lastly, you want to promote a product that you TRULY believe in, otherwise you might come off as a slime ball to your customers.
With the popularity of Etsy selling your own handmade items is now a bit easier. If you’re crafty you can probably find a market for your creations online.
Etsy, Craigslist, and Facebook Yard Sales are a few places to try and unload your creations.
Passive income holds all the allure. After all, what could be better than kicking back and doing nothing to earn money? Here are a few passive income ideas that interest me and hopefully you too!
Some may argue that rental properties are not a passive income source. I say it’s all about how you handle the rentals.
In the ideal world I’d love to amass ten or so rentals and let a property management company handle repairs, renters, and payment collections for me. In this case rental properties would in fact be passive.
Another dream of mine is to have big portfolio of dividend paying stocks. To get started investing in dividend stocks you need to do a lot of research and determine which options would be best for you.
You could keep the dividend checks you receive or reinvest them into even more dividend stocks.
For some reason or another I’ve always wanted to own a car wash. In the summer months when I see a backed up line of vehicles just waiting to feed their quarters into the slots my eyes light up.
Arguably owning car washes could require a little work, especially during the busy seasons. Maintenance would need to be performed on the equipment and clean ups would need to be made. This could simply be hired out. Voila’ passive income through owning car washes!
This is a form of semi-passive income that I have dealt with myself. Writing the eBook and going through the initial marketing stages was not passive – at all. But, everything after that has been.
It costs nothing to write an eBook. If you have an idea, MS Word, and an internet connection you’re good to go. After you make it through the initial marketing stages you don’t have to do a thing. Granted the sales might not be high but an extra $25-$50 a month for doing nothing isn’t too bad. If you had ten eBooks you could be making a passive $250 – $500 a month or more.
There you have it 8 ways you earn extra money. Income diversity is such a great thing and there are limitless ways for you to boost your earning power. I hope to add more and more diversity to my income stream in the coming years.
Remember, you don’t always have to side hustle. You can also focus on increasing your income at your regular job. This could be by asking for a raise, or even looking for a new job. Want to earn a lot more? Look for jobs in London or overseas – these jobs can be more lucrative, but they do require a huge lifestyle change.
How about you? What things do you do to increase and diversify your income?