Increasing your income streams may seem like an impossible task especially if you work 9-5. Diversifying your income stream to protect your self and your family against the unavoidable ups and downs of economic cycles is essential for financial freedom. Whether you are paying off debt, trying to save more towards retirement or just trying to boost your monthly income, there are many ways to make more money.
Having multiple income streams is one of the best kept secrets of the rich! A lot of the wealthy people I know, have at least six to seven streams of income. For anyone who values financial security, creating at least one extra stream of income is definitely a necessity. Your additional income stream can be passive, active or a combination of the two.
There are lots of ways you can add additional income streams to generate cash flow. Listed below are a few of my favourite examples :
Make money for tasks you would do anyway You may already have a hobby that you can turn into a business immediately. There are lots of ideas on the internet about how to turn your hobby into a successful money-making business. Some examples are baking, taking photographs, writing etc. You can begin by baking birthday cakes and catering at friends/family functions. If you enjoy taking photographs, you should consider selling some of your photos online (istockphoto.com). There are lots of websites you can sell your photographs on. If you enjoy writing as a hobby , why not start a blog or write an e-book. Writing an e-book can be a lot of work upfront but once the e-book is created and marketed, it can give you a passive income revenue for years. For tips on how to start a blog please follow this link https://julietkapena.com/how-to-start-your-own-blog/
Airbnb Another very quick and easy one I find is listing your spare bedroom on Airbnb. If you have a spare bedroom or an apartment not in full use why not try listing it on Airbnb. I use Airbnb . It’s very easy to get started. Your rates have to be competitive and you must have a knack for hosting and looking after others.
Fiver.com is a virtual marketplace where people offer their services for $5 to $10 or request services they want done. While $5 may seem very little, if you can complete a few jobs quickly using the skills you already have, the money can add up to some decent extra cash.
Virtual Assistant If you are organized and have strong computer and communication skills, you can make some pretty good money as a virtual assistant. Virtual assistants perform tasks like setting up appointments, typing out emails, buying supplies etc and its all done from the comfort of your own home.
Investing You can also go safe by investing in high yield savings accounts, treasury bills, bonds, index funds, money market funds. This would shield your money from inflation at the very least whilst passively earning you some income. This is a great way to stow away cash whilst looking for other lucrative investment ideas. Not sure about how to go about this, ask me how and I would be happy to point you in the right direction.
Whatever it is, start something to help you diversify your income stream to protect your self and your family against the unavoidable ups and downs of economic cycles.