No matter if you work a traditional 9-5 job or you’ve built your own business from the ground up, having only one source of income is like flying the trapeze without a safety net. A massive overnight shift could leave you cut off from your main source of income through no fault of your own. The safest course of action is to have multiple streams of income you can rely on. If all goes well, your safety net could become a wealth-generating plan to take you from struggling to thriving. Here are 3 incredibly smart ways to add another source of income to your life.
#1. Learn How To Invest Your Money
If you’re looking for a mostly hands-off income stream then investing could be for you. The system of investing can look complex and fear of losing money keeps a lot of eager young investors away. But it doesn’t have to be stressful. If you start small with low-risk investments you’ll get the hang of it pretty quick. You can hire a professional broker to help you or use one of the investing apps that makes managing your own portfolio a snap. Check out Nerd Wallet’s list of top ten investing apps for more information. Once you’ve built up some capital you can move on to higher yield (bigger risk) investments like real estate or rental properties.
#2. Get Your Side Hustle Going
Busy parents or people who already have a regular job might cringe at the thought of adding anything extra to their plate but a side hustle can really come in handy, especially if you’re trying to save money or eliminate debt. A side hustle is a sole proprietor part-time business, most often based on an individual’s skills or interests. You can think of a side hustle as a hobby that pays you money. There are plenty of flexible side hustles that take very little work to get started such as:
- Petcare / Petsitting
- Personal Shopping
- Sell, rent or flip items for cash (“reselling”)
- Virtual Assistant Services
#3. Become A Blogger Or Influencer
Do you have a passion you love to share or skills that other people would pay for? If you have information to share and an outgoing personality you can make money blogging or being an influencer on social media. Start with a free blog or a social media account on Instagram. Build your audience through sharing information, liking, and commenting with other members of your niche community. Once you have a following, it’s time to make money. Bloggers and influencers make money with paid sponsorships, running ads, and affiliate marketing. You can also create printed materials or video courses to sell. Once you find your audience there are many ways to make money from your passions.
So there you have it, three incredibly smart and easy ways to add an extra income stream or two without going mad. They say the average millionaire has 7 streams of income, how many do you have?