One source of income such as relying on a 9-5 as your sole stream of income holds obvious financial risks. Literally you are dependent on the ups and downs of an unstable job market. For individuals who are not entrepreneurship inclined there are still plenty of extra income options and I have included ideas near the end of this post to get your juices flowing towards figuring out options that work for you.
Diversifying your income streams can be one of the most empowering steps one can take towards financial freedom, I’ll share some of the knowledge I’ve gained on my path.
1. Before diversifying make sure that you have at least one steady stream of income. Whether it is a 9-5 or you have your own business, make sure that the income is steady and stable. One must be able to cover their monthly expenses before looking to secure other income streams.
2. Evaluate your personal gifts, talents and abilities that could be exploited to generate your second stream of income. Everyone has a Special gift or talent, the tricky part for some is figuring out what it may be. Even if there are already plenty of other already making money utilizing your particular talents do not be discouraged, you simply have to find a way to market your service differently that the competition.
3. Experiment with ideas. Find a hustle and experiment, do great runs to figure out if your idea is a worthwhile investment. On my first test runs I found that I was able to make the same wages that I earn in a 8 hour work day, in a mere couple of hours.
Unique Ideas For Extra Income:
- Consider becoming a Lyft or Uber driver.
- Outsource your in-demand marketable skills. Are you savvy in Graphic Design? Software Development? Video Editing? Customer Service? Check out TaskRabbit or oDesk for outsource opportunities.
- Have an extra room in your apartment or house? Rent it out for extra income.
- Have a vehicle but find yourself on public transportation to cut costs? Consider renting out your car using sites like RelayRides or FlightCar, you can earn to $1,000 extra a month. Not bad.
- Switch your savings account to a higher yielding savings account. Although this is a much slower way to more income over time things add up and interest rates do rise.
- Lend money using an already established social lending network. Check out LendingClub where on average you can earn 5.49% and 13.55% interest on your peer-to-peer loans.
If you have any more ideas to generate more income please leave your suggestions in the comment box.