Having multiple streams of income is one the most trusted ways of reaching your financial goals in shorter time duration. Most people consider having multiple streams of income as a difficult and tiring process that involves a lot of work. But, in the current digital age that is not the case.
It has now become easier than ever to have multiple streams of income with less effort. All you need is to be focused & strategic with your time and effort. Here are some very common ways to have an alternate source of income;
1. E-books
Pick any topic you have expertise in and write an e-book. The process of writing and publishing an e-book is much easier and inexpensive than writing a regular book. The reason is that you don’t need major publishers to publish your book. You can publish it through amazon or just self-publish it.
Even the writing part of it can be delegated to someone else. You can hire a ghostwriter to turn your idea into words. The best thing about this is that it is a passive source of income which means that you need to just put your effort in once and it will keep earning you money for a long duration.
You can easily find all the details like the topics, how to price your book, how to publish it easily, etc online.
2. Pet sitting
This is a very fun way to earn some extra money on the weekend. If you love animals, then this is a very easy way to an additional income. You can customize your services according to your preferences.
For example, you can choose to pet sit only during the day if you don’t want to be responsible for them during the night. Alternatively, you can also do dog walking if pet sitting sounds like too much work.
The best part about this is that you can charge hourly which will allow you to make money even if you have a few hours to spare per week. Also, people are very fond and protective about their pets, with enough experience and trust you will be able to charge good money for this.
3. Share your knowledge
No matter what field you are in, there is a good chance that someone is trying to get into that field. If you have spent some time in your regular job, then you can host small classes, seminars, and online master classes for people who are trying to get into the field.
You can also have online classes on various soft skills that people struggle with. The key here is to choose a topic or subject based on your experience. This means that you have to be credible and people should be able to trust you with the knowledge that you are offering.
4. Monetize your hobbies
This is the easiest but underrated way to make extra money. No matter what hobby you have like photography, writing, designing, music, sketching, etc you can freelance your service and monetize it. There are also skills like guided heritage walks around the city or food walks or hosting house parties, that you can do over the weekend and earn some extra money.
If you choose something you are really passionate about, then you will enjoy the process of making money as well.
5. Investments
While investment is not an additional stream of income in the short term, with time and consistency, it can create one of the most rewarding streams of long-term passive income.
Investing is vital to beat inflation because the interest on savings accounts (4-5%) at present stands far below the inflation rate (above 7%). This is the reason why you should invest instead of just saving. A strategic investment portfolio can help you overcome the burden of inflation and give you the financial freedom to live a comfortable life in your retirement.
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The main reason for having a side hustle or multiple streams of income is that it gives you the freedom to not rely on your day job for all your financial needs. With proper research and a little extra effort, you can have multiple additional incomes. Also, since these are all forms of business, you will always have the potential to make any of them your primary source of income if you want to.
Whatever your income is, the key to building long-term financial wealth is how you use this money to invest in your future and make more money out of it.
Click here to read how a few bad financial habits can affect your long-term financial security.
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