Saving is important, but so is your ability to earn more money. Here are some ideas to consider.
When you are fervently pursuing your financial goals, it can feel like this amazing puzzle to try and solve. You look at your income and try to figure out all the ways to maximize your dollar – which is important! You’re doing everything right and checking off all the boxes: saving toward retirement, living within your means, building up enough cash reserves, having sufficient insurance coverage, and finding opportunities to save.
There is one more thing you can do to help you reach financial independence faster: earn more income. This is separate from the income your money is earning you by compounding. What we’re talking about is earning income above and beyond what your employers pay you and your spouse.
Your earning potential transcends your 9-5. Think outside the box with us as we share the least likely places you ever thought you could earn more money.
Passive Income Opportunities
Passive income is when you earn money without being actively involved. It works just like your investments do, but in this case there is likely upfront work required before you can ‘let it ride’ so to speak.
What’s not to like about this kind of potential income stream? If you can make more money without ongoing demands on your time, it can help you increase your overall income.
Here are some excellent examples of passive income streams:
- Write a book and earn royalties
Easier said than done, but if you have expertise in a certain field or are a talented creative writer this is certainly an option for you. Amazon makes it easy to self-publish as well, so your work doesn’t need to be accepted by a major publishing house in order for you to make some additional income on the side.
- Rent space
Real estate is always a risky investment, but what about just renting some space if you have room to spare? If you have an extra room or a separate living quarter altogether you may be able to rent it on Airbnb or VRBO.
- Sell digital resources online
You can create a digital product like an e-course or a collection of templates that you can then turn around and sell for a low price, but for an endless volume of consumers. If you create something incredibly useful and market it to the right audience, it could be the gift that keeps on giving. These schoolteachers did just that and monetized their resources well beyond their regular income. Read How This Couple Went From Making $76,000 to $1 Million a Year
- Invent something
If you have a good idea and the means to create the prototype and acquire the necessary patents, you might invent yourself a money-maker. Inventions like the Post-IT came from someone just like you who had vision. If it’s worthwhile, you could license or sell it. Just don’t go draining your regular savings and get yourself into debt trying.
- Become a lender
Hey, if banks can earn higher interest rates by providing loans, why shouldn’t you? Peer-to-peer lending is a real thing these days. It’s a way for people to receive loans without having to use the bank. You can buy into several different loans to try and offset your risk in case any given loan goes bad. Make no mistake though, this is a risky investment so you shouldn’t put anything into peer-to-peer lending unless you are prepared to lose it all.
- Sell your photography
If you like taking pictures and they are high quality, consider selling them as stock photography. Most stock photography sites like Adobe Stock and iStockphoto offer the platform for you to sell your pictures. Because images can be sold again and again, your photography hobby can provide a nice residual income stream for you.
Just the word “side-hustle” makes it sound fun and exciting, doesn’t it? A side-hustle can really be anything that helps you earn money outside of your full time job. They tend to be entrepreneurial in spirit and leverage existing expertise.
Do you know a lot about a particular industry, market, or in-demand skill set? Then you may be able to offer yourself up as a consultant. Companies may want outside help with marketing, communications, or talent management. If you are former military or law enforcement, there are opportunities to consult on government projects or with private contractors. Essentially, if you have knowledge that will help others accomplish what they need to, consulting in that space could be a lucrative side-hustle for you.
Blogging alone won’t produce revenue, but a highly trafficked blog can when advertisers want to buy space on your website. Creating great content takes a lot of time and work. That being said, if you’re passionate about something and enjoy spending the time creating new content it may be the type of hard work that is totally worth it. Read How A Former Middle School Teacher Created A High-Revenue Wedding Blog
Maybe you’re crafty or can offer a service outside regular office hours. Etsy is a great platform where you can sell your homemade creations. If you offer a skill or service you can freelance like photography, writing, graphic design or website maintenance – you probably need little more than a simple website to get started. You can even walk dogs or pet sit after work or on weekends if you want. Sites like Rover.com allow you to easily let people know you’re available for their furbabies.
We’re cautious about pyramid schemes, but some people earn a supplemental income selling products like Avon, Rodan+Fields, and PamperedChef to name a few popular ones. As we mention sales as a potential income source, just be very wary of any sales opportunity that requires a steep upfront financial commitment and lots of inventory!
If you’re looking for ways to increase your income, perhaps one of these passive income or side-hustle ideas resonates with you. And don’t forget, you can always look to promote or negotiate a higher salary at your current job too. With just a little ingenuity, earning more money could be well within reach.