Thursday, April 4, 2019

Multiple Income Streams: Ways to Earn Extra income

One way of making a major impact on your finances is to start generating multiple streams of income. Adding an extra $500 monthly will go a long way towards paying down debt or increasing your investments. Diversifying our investments is often said to be important as a way to earn extra income, but diversifying our income streams is just as important particularly in difficult economic times. Let’s first see the value of an extra $1,500 per month before we talk about things to do to generate extra income and multiple income stream ideas.

The first thing about extra income has to do with savings account. To earn $1,500 a month ($18,000 per year) in a savings account at 1% (the current rate for top paying savings accounts), you would need to save $1,800,000.

Investment account is the second thing to consider when it comes to adding extra income to your income. To earn $18,000 from investments at 10%, you would need to invest $180,000. Looking at the best robo advisors or online discount brokers is a good place to start.

Employment is equally important in earning extra income. For many, to get $18,000 in raises could take several years of dedicated service to your employer.
Financial freedom should also be considered in earning extra income. Extra income of $1,500 per month could cover car payments, help pay down credit card debt, or cover some or even all of a mortgage payment.

The next thing is to talk about things that can be a source or sources of extra income. Getting extra job is usually what people expect when it comes to adding extra income but this is not so. The factors below can be considered when it comes to generating extra income.

The first factor to be considered in generating extra income is flexibility. The ideal source of extra income will allow you to call the shots when it comes to your time. Particularly if you have a full-time job, the last thing you want is being tied down to working a set number of hours each week at a second job.

Scalable is the next factor to be considered in generating extra income. This means looking for income sources that have at least the possibility of generating substantial amounts of income.

Sustainable is the next factor to be considered in adding extra income to your income. The ideal extra income source will continue to generate cash even when you’re not working at it. The idea is to build something that can eventually function without you.

The enjoyable factor should also be considered in adding additional income to your income. This means you should make sure the source of your extra income is one that you enjoy doing.
Make sure the source of your extra income is inexpensive. It should not require a big financial investment.

Below are extra income ideas that can help you generate extra income for the running and sustenance of your family and self. Make sure you choose something that fits your interests and personality. You may have certain skills, training, or education that will dictate what’s best for you. Or you may want to learn a new skill, so you can do that while earning extra income.

The first extra income idea is taking paid surveys at home. You can earn money at home through taking surveys. Companies desperately want your opinion, and they are willing to pay for it. The trick, of course, is knowing where to find the paid surveys that pay the best. Two of the most popular and legitimate survey sites are Swagbucks and MyPoints. Not only can you make money taking surveys, but you can also make money by watching videos and even surfing the net. They also offer significant cash back for online shopping.

The eBay Store is another means of earning extra income. You can easily run a store on eBay without actually having a physical store. You can also buy products that you can resell on eBay. But you can also create an online store to market products that others are selling on eBay and share in the commissions generated by the sales. Recently I interviewed a family friend who started her own eBay store and now makes five figures from home.

One of the best ways to earn extra income is to start an Online Business. This actually requires very little capital to start with and it can be easily run in the comfort of your home. One of such business is to start a blog. This is what most people started with.

Realtor is another means of earning extra income. This may seem like a crazy time to start selling real estate. As prices go up, more would-be realtors enter the market. But you have to start sometime. You’ll need an initial investment to obtain your real estate license, but over the long term have the potential to make a substantial income.

One common way most people earn extra income is through website design. With the continued growth of the Internet, website design has become a growing industry. Unless you already have the know-how, you’ll need to spend some time learning the technology. But there are plenty of online resources available, and the best in the business can earn a great income.

Graphic Artist or Designer is another means of earning extra income. There are a lot of ways to generate money through graphics. Just the logo business alone could keep you busy if you have the artistic skills necessary to develop cool graphics.

Becoming a virtual assistant is another means of earning extra income. This does not require your physical presence before you do what they need you to do. An example is a virtual assistant from India working for people in the US. It is possible to earn as much as $30 being a virtual assistant per hour. UpWork is a starting place for such job.

Freelance Writing can also earn you extra income if you delve into it. If you have a knack for writing, you can earn great money writing for others. Not sure how to start? Contact bloggers, who are always looking for great writing. As blogs grow, they can afford to pay freelancers good money for quality articles. Websites looking to build links also hire freelancers to write guest posts to be published on blogs and websites.

Home Business is a great idea for earning extra income and potential for home business are limitless. Running home business greatly reduces your initial investment and this is one of its benefits. You can run creative memories stores, operate a video business or sound studio from home.

Selling a product can also earn you extra income. You can design children’s game and market it to your friends and neighbors who have kids. This can be a lot of work but the pay is also huge.
The last thing we will talk about in earning extra income is working on Fiverr. Perform micro-outsourcing jobs for people looking for your expertise. From graphic design, voiceover to writing greeting cards. Anything you like is possible on Fiverr’s digital platform


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