I don't know about you, but my day job income just never seems to be enough. I am constantly looking for ways to increase the amount, both short-term and long-term.
Diversify and have multiple income streams. This makes it so you are not totally dependent on one form of income, like your job. Unexpected things happen all the time. No form of income is guaranteed, but if you can produce income in multiple ways, you decrease risk.
- Invest-Traditional- I am addicted to the stock market. I check my brokerage account multiple times a day. I continue to look for new opportunities. I love the high I feel when I make unrealized/realized gains. And then there are those "magic" dividends that "magically" appear. I love those dividends, especially when they are in a reinvestment program. The "magic" produces "magic" that produces "magic" that produces "magic." Ah, the joys of compounding.
- Invest-Alternative- Peer-to-Peer lending has been taking the world by storm. I recently got in this action, as an investor. My personal goal is to "invest" in a handful of loans a month, and use the interest I earn to reinvest. Again, compounding. What a beautiful thing.
- Freelance-You have skills that other people have, get creative and put those skills to work! Check out our blog post on freelancing for more insight.
- Online Business- With websites such as Etsy and eBay, people can now turn their hobbies into a profitable online store. I have read countless stories of individuals who make some serious money, creating goods and selling them online. A bonus is there is limited overhead cost! If only I was more crafty...
- Revamp the Old-School Service Business- Some services are always going to be needed. Think dog-walking, lawn mowing, errand running, house cleaning, baby-sitting..In fact, the money that people are making baby-sitting is at an all time high. Don't believe me? Check out a site like Care.com, where you will find countless ads for sitters paying $15+/hr. That can add up to some serious pocket change.
- Get a second job- This may seem like common sense, and many people may groan. However, a job like waiting tables/bartending can produce some cold, hard cash if you work prime hours.
- Sell your stuff-Everyone has stuff that is just sitting around, never being used. Clean it up and sell it! Vintage decor, furniture, instruments..."one man's trash, is another man's treasure."