Y’all know I love ballin’ on a budget, right? Well, one of my favorite tips to give fellow budget ballers is, “DIVERSIFY YOUR INCOME STREAMS!” Luckily, there are lots of ways to achieve this. Read on to discover some of my favorite suggestions on how to earn extra money…
Freelance – There are so many options for freelancers today. All you need to do is a quick search online and you will find tons of websites designed for freelancers. Many of them work like this: Someone looking for a job to be completed will post a listing, and interested parties will make an application. If your application is accepted, you submit your work and the money will hit your bank or PayPal account. If you have skills that can be put to use over the web — such as writing, photography, or web design–this could be a great fit!
Start a blog – A blog won’t make you money overnight, but if you have something you are passionate about (a niche!), starting a blog is a great step towards generating income in the future. Once your blog is going, and you’ve built up an audience, there are a number of ways to make money — from sponsored posts to affiliate marketing.
Invest – Another way to make money is by investing. However, this is not something you should dive straight into. Take the time to read feedback, such as these thinkorswim reviews, which enlighten you to various brokers and investment products so that you are informed on the pros and cons. Before you can invest, you need to make sure you are aware of your attitude to risk and that you only invest within your means and your comfort levels.
Share economy – The share economy is booming…and for good reason! You could drive for Lyft, deliver Instacart orders, or rent out your spare room on Airbnb. But if these aren’t for you, there are other ways to earn a bit of cash while also helping out others. Evaluate what you have and consider if sharing might be of value to someone. For example, if you live in an area that is close to a lot of businesses, you could look into renting out your driveway.
Sell your belongings – Last but not least, it is likely that you have some stuff in your house that you aren’t particularly fond of anymore, nor do you need. You can sell these items online to make a little easy money. Need some inspiration? Check out this video —
Looking for a second income source but not sure what would be a good fit? Let’s bounce around ideas in the comments! Or feel free to shoot me an email.
Do any of you have any “wins” when it comes to diversifying income streams that you’d like to share? If you do, drop ’em below!