In today’s world, there’s no such thing as job security. It’s important — now more than ever — to secure the bag by way of multiple income streams. It’s getting harder and harder to rely on 9-5 jobs to keep a roof over our heads, especially with layoffs and pay cuts being so prevalent in today’s market. I don’t mean to sound doom and gloom, but if you’ve been contemplating a side hustle (or two), this is the time to do it. Here are five ways to master multiple incomes:
The Side Hustle
Your side hustle can be your passion project (for ex., writing for digital outlets), your stepping stone into entrepreneurship (selling your art) or something you do just to bring in some extra cash flow (like Lyft or DoorDash). It’s the job in addition to your full-time job that can provide that extra cushion you may need every month. Need to make extra money but not really sure what to do as a side hustle? Here are 30 ways to make money on the side according to Inc.com. Here’s another great list sharing 50 ways to make money on the side. The good news is – there are many options.
A Side Business
This is for the woman who dreams of leaving their day job to become their own boss. Are you an artist? Business coach? Spiritual healer? Acupuncturist? There’s no time like the present to start creating a profitable business. It’s so hard to feel stuck in a job knowing that you’re ignoring your true calling. It may not be easy to fit it all in, but if not now, when? Carve out a few hours a week to get your business idea off the ground. Share it with your network (you may need to offer free services at first as you build), deliver amazing results on each project, market, market, market and start adding those dollar signs once you have few deals under your belt.
Who doesn’t want to earn passive income? Making money while you sleep sounds like a dream come true. However, it does take a bit of work before the income can become “passive,” per se. Creating an e-book or a course showcasing your expertise is a great idea for bringing in passive income. If you have a blog with a decent following, ads may be an option for you. Keep in mind, passive income isn’t something that will make you rich fast. It’s a slow process that grows over time. If you’re interested in learning more, here are some ideas to get your wheels turning. The list of passive income ideas can go on and on. It’s a matter of finding the one that is right for you.
We’re living in the era of Airbnb culture. I know many homeowners and renters who rent out their space for extra funds while they travel. Many of them opt to stay with family for a short amount of time while renting their space in order to save up for a car or finish paying up debt.
You may feel like you just don’t have the time to bring in an extra income, and that may very well be the case. However, it’s worth it to explore what you spend your free time on — Netflix? Youtube? If you need the extra cash or want to build that dream business, it is doable. Restructuring your time and priorities is the first place to start. Your bank account will thank you later!
Have you tried any of these side hustles? What’s worked for you and what hasn’t? Let us know!