14 Simple Ways to Earn Extra Money Every Month
Everyday living expenses are constantly on the upswing. Do you have any disposable income left at the month-end? Many people find it a lofty dream to have savings after managing rent, bills, and purchases. So, will that be your reality until you get a raise or land a windfall? Fortunately, modern technology has made it possible to create multiple income streams – if only you set out time and effort for the task.
14 Ways to Create Multiple Streams of Income
Let us discuss some practical ways to supplement your wages and bulk up your paystub online and offline!
Create videos online or vlogs
Making YouTube videos is now a popular method of earning additional income. You can shoot videos on any subject that interests you, for example, recipes, tutorials, talks on motivation, stand-up comedy, etc. After you sync YouTube with Google Ads, you will receive some money for views and clicks. It is a figure that can rapidly become gratifying; many vloggers quit their day job when their channels become popular.
This stream of income does take work. You will have to ensure that your content is brilliant and strikes the right chord with people. You will also need to promote your videos on Facebook, Instagram, etc. But once you have streamlined things, it can be a rewarding channel, pun intended.
Put your accommodation up on Airbnb
Travel has always allured people, and many seek cheap accommodations to save on extravagant hotel costs. If your house is empty for a few days, you can put it up on Airbnb to earn money. It is a neat way of making cash without investing in an estate since you are effectively renting out your residence. The amount you can charge will depend on the size of your house, the location, etc.
Sell products on the internet
The internet is an excellent place to find a market for all kinds of goods. You can sell practically anything – from vintage handkerchiefs to mobile applications you may have developed. If you have a blog or a website, you can market the product there. Many choose to perform affiliate marketing or sell on e-commerce sites like Amazon and Etsy.
A good idea to identify products that will sell well is to conduct research and figure out the consumer demand or gaps in the current market. So, yes, this income stream requires some active engagement but is much less intense than a regular job and can be lucrative.
Advertise on your vehicle
Do you drive around town a lot? Some specialized advertising agencies keep looking for cars that reach their target audiences and get the message across. If you have a newish car and a clean record, you can get in touch with a legit media agency and put the ads on your vehicle to get paid. Do beware of scammers!
5. Invest in property
Do you have a property that you can rent out? It is a popular source of passive income with only occasional involvement from you for maintenance, handling any concerns from your tenants, etc. If it is impossible for you to get involved, you can hire a professional consultant to handle the grunt job.
If you don’t possess a property already, you can consider investing in one. Choose a location that is likely to generate good returns over time. The property potential will vary depending on the age, the neighborhood, etc. – all crucial considerations for the buyer. Renting it will also mean you effectively pay off your loan every month. It will let your capital grow substantially when your loan finally gets paid off.
6. Invest in the stock market
Are you up for some risk? High dividend stocks can be a fantastic way to make quick money and lots of it. It is one of the most passive income streams since you only need the initial financial investment. But it does require you to do thorough research and make wise decisions. You can consult a brokerage firm for assistance with buying and selling stocks. You can also consider ETFs or exchange-traded funds that combine assets like stocks and bonds to lower the risk and improve the potential returns.
Start a bond ladder
Many people saving for retirement tend to choose a bond ladder, i.e., a series of bonds maturing at separate times over the years. Since the maturities get spread out, the risk is much lower. The income from this stream can be consistent, and you can keep extending the ladder.
Run an online course
Digital courses have become even more popular in the post-pandemic world. People are turning to the internet to acquire new skills and relieve the stress of daily life. If you are skilled at something and wish to share your expertise, you can build an online course on platforms like Udemy. Usually, people add videos, audio, books, expert tips, etc., to facilitate teaching. Running preliminary research will help you price your course. You can choose different pricing plans depending on what the users seek. A free paystub maker can let you monitor your earnings from the course subscriptions.
Design a mobile or web application
Applications are ubiquitous. From smartphone users to those who prefer tablets, apps are a universal approach to simplify everyday life. If you are fond of coding and have unique ideas for apps, you can design one and put it up on Google Play Store. The application could aim to streamline anything: editing pictures, health reminders, productivity boosters, etc.
What if you have stellar ideas but cannot code? Fear not, for you can seek help from online tutorials or hire a developer. A professional, well-designed application is likely to make the investment worthwhile in the long run.
Rent household items
Items like power tools, tents, lawnmowers, etc., are valuable. Some people might wish to rent them for occasional use instead of purchasing them. If you possess such high-value items, you can consider renting them out. You can mitigate the associated risk by including terms in the contract that require the client to pay for any damages.
Launch a home-based business
This kind of business needs minimal investment and draws from your passions. For instance, you can start watching dogs in your free time if you foster a canine love in your heart. Or, you could launch a small baking business if you like baked goodies. Anyone who loves writing can consider a freelance content-based business.
Earn money through book royalties
Do you enjoy writing? If you have a story to tell, pen down a book. It can be satisfying and financially sound. Once your book hits the market, you can earn money through royalties. Typically, you will get a percentage whenever your book sells. If you have a blockbuster on your hands, the payments can go on for years!
Post sponsored content on social media
If you have a strong following on platforms like Facebook, YouTube, and Instagram, you can leverage it to make money. Sponsored posts in coordination with various brands can be a neat way of generating income. However, this channel requires considerable work to build your following and retain it to keep your audience interested.
Sell your photographs
Photographers can earn extra money by supplying their pictures to websites like Shutterstock. You will get paid for every photo that you sell. If clicking pictures is your passion, you can build an image portfolio and enjoy the earnings.
Tips for Managing Multiple Income Streams
If you successfully set up different streams of income, congratulations! You should introduce a few things into your financial planning to manage the cash.
Choose wisely
Select potential streams in which you have talent or expertise. It can help you steer things better at the outset when things can be intimidating.
Keep a balance
While there is no ceiling on how many streams you can generate, a channel should not mean you lose focus on the others.
Use digital help
Manage inconsistent income with accounting software, deposit alerts, and applications for project management.
Create paystubs
Generate regular paystubs to track your income. You can use a free check stub maker with calculator or a web-based tool like StubCheck.com to create professional records for your income channels.
- Use multiple bank accounts
Consider setting up different bank accounts like emergency ones for unexpected expenses and checking ones for day-to-day expenditure.
- Manage your taxes
Closely inspect tax obligations. The IRS website will help you understand the taxes you need to pay for different gigs. If you set yourself up as a business and create a retirement account, you might be able to save some taxes. The solo 401(k) and the SEP IRA are good options you can mull over.
Today, the economic landscape abounds in opportunities for earning more income than just from your day job. You can get your money to persevere for you and have your passions and skills generate a neat savings nest. It will take time, but the results can be oh so sweet!
