Having multiple sources of income today is a smart move. If you think that single employment would allow you to become rich or to have sufficient savings, then you should take a good look at how sensitive the world economy is and where you fit in it. An extra source of income is not only a fall-back just in case the full-time employment disappears. It is a driver to increase financial gains, a smart move to become more financially stable and capable. An extra income increases security because only a single source can be risky – unless this single source of income is a multi-billion dollar company that rakes in millions of dollars every month.
But even the most formidable companies that rule the business world have differentiation when it comes to what they sell. They also consistently expand and seek new markets. If such companies do this for the sake of stability, and continuous income and growth – then why should not an individual follow suit? Multiple sources of income increase financial growth open new opportunities to maximize talents and skills and add a layer of financial security.
While there are various choices, it is important to note that the extra source of income should be sustainable and easy. It should be sustainable in a sense that it can be maintained for a long period of time, even as a side hustle, and that it can earn even while you are asleep. Given that you could already have another full-time job, this extra source of income should not take too much of your effort or time. It should also be easy; meaning, it should also be aligned to your interest and passions. It should also be the kind that anyone can help you with.
Rental property. This is perhaps one of the attainable passive income ideas that you can have. If you have a good space in your house, then you may want to have someone rent this. If your space is as good as it can get, then you may want to register this in online platforms for short-term or long-term rents. If you have money to spend, you can even buy an apartment and put this up for leasing.
Home services/deliveries. If you have some special skills or interest in cooking or car repairing, then why not sell your services in your local neighborhood? You can try home deliveries for home-cooked food and treats, babysitting, house cleaning, or car repairing. The capital for these local side hustles is nearly zero. You don’t need to travel far even, because your “clients” are your neighbors.
Make money from hobbies. What are your interests and hobbies? If you take great pictures, then you can try selling your works online. There are companies that are willing to buy good pieces while you earn from a royalty. There are even online platforms that can help you find clients. They will appropriate the royalties you could get based on the arrangement with the clients. Do you have a skill in dancing? Why not try being a dance instructor for your neighbor’s kids? Make your hobbies count. Not only would you have extra income, but you can also enjoy it in the process.
Online selling. This is popular nowadays, and some online platforms make it easy for you to be a seller online. The best thing about this option is that you would not need a physical space that could cost you. You simply have to register yourself as a seller online in order to reach an audience. Do you have your own products like homemade soap or customized perfume? Can you do personalized planners? The better. People who buy products online are always looking for variety. Another advantage of this option is that marketing and promoting your products will also cost zero. You can simply market your products using social media platforms and blogs. Not only can you reach a wide audience, but your marketing ventures also won’t cost you a single cent.
Buy-and-sell from small-scale and local producers. One of these days, you might find the interest to travel in an area occupied by an indigenous community. If you do, do so not just for leisure and sight-seeing. Do so as an integration and business trip. Indigenous communities have unique products that do not make it to the main markets due to the unavailability of farm-to-market roads. You may want to make a partnership with the community in order to sell their products. This is, of course, not only a buy-and-sell. This could be a long-term relationship wherein you can help promote the local culture by helping the community’s products reach a
wider audience. This provides an opportunity for local producers to earn more. It also provides you an opportunity for extra income.