One thing that 2020 has taught us that our traditional jobs are not stable and multiple streams of income are necessary for stability and peace of mind. Multiple streams of income help you when life happens and you and/or your family hit a rough season and your main source of income is not enough.
Financial security nowadays is not tied to just one single source. You probably have seen these past couple of months an uptake in you tube videos, podcasts episodes and social media posts that encourage you to embrace multiple passions and businesses. Having multiple streams of income give you the flexibility to have options if something changes with your tradition job.
WHAT MAKES A FLEXIBLE AND GREAT SOURCE OF INCOME
When planning on generating a great source of multiple incomes here are some factors to consider:
flexibility with your time: Income that allows freedom of time and work around a schedule to work for you and your household.
Sustainability: This is income that is generating money for you and functioning without you working for it.
Passionate: If you are going to be working hard on building a side hustle or business chose something that is enjoyable to you and you are passionate about it!
Scalable: look for a source of income that has the ability to grow and generate a substantial amount of income
Let's get into some options that I have used and others that I have found for you to bring in more diverse income and help you build up financial security for you and your family's future!
VARIOUS STREAMS OF INCOME TO CONSIDER
Physical products. If you have a talent in making things or DIY or want to start selling branded products start an etsy shop or e-commerce store. You can use sites like Shopify to sell your products and promote them on your social media channels. Coffee mugs, planners, logo created t-shirts the sky is the limit in this area.
Digital products. This is the age of digital education! If you have ever wanted to write an e-book now is the time to do it! E-books, digital courses, coaching offers, fitness plans, stock photos, tutorials, video content, masterminds are all lucrative opportunities to make extra money. If you have an idea or want to teach others in a specific niche then start now!
Start a blog. It requires very little investment and if done correctly you can make a lot of money blogging. You can set one up in minutes and there are tons of posts on the internet on how you can start one step by step. Check out my post on how to start a blog in 2020.
Virtual Assistant. This is one of the hottest new job titles coming out of 2020. There is lots of opportunities to not only become a virtual assistant but start a business in this career. You can look for job opportunities as a virtual assistant on UpWork, Remote.co, Freelancer.com and LinkedIn.
Paid Surveys. I havent tried this yet but I am definitely going to give it a peek! I read a few posts that talk about how to earn money with paid surveys. With paid surveys companies will pay you to sit down at your computer and answer survey questions from home! Sounds so crazy! Here are two companies I found:
Affiliate Marketing. If you are a consumer of goods and have a social media platform and/or blog or YouTube sign up for affiliate marketing. Affiliate marketing is a performance based marketing system in which a business rewards one or more affiliates for each visitor or customer brought by the affiliate's own marketing efforts aka links shared. Once you sign up to a company's affiliate program you can share products with your audience and pay commission!
Start a freelance business. If you are bake brownies or cookies. If you sew. If you like to apply makeup. If you like to take photos. If you are a graphic designer. Then think about branding and starting to promote and sell your services! You can start simple with ads or posts on Facebook or Instagram and build from there.
Rent your place on AirBnb. This all depends on your location but another way you can make passive income is renting a room in your place via AirBnb or HomeAway. You can rent your room out anywhere from $25-$250 a night. This is a good opportunity if you have extra space in your house.
Sell your stuff. There is so much money just sitting in my closet! Clothes that I have barely worn. Furniture in good condition just sitting in my garage. If you need some cash then post your belongings online. You can use Facebook marketplace of sites like Poshmark. I personally like Poshmark because it is easy to use and hassle free.
The Gig Economy. You can make money building skills all by having a gig. Gigs are shorter bits of working with different clients. Think about things you wish you can hire someone to do in your day to day life. Good tip is to niche down in this market. You can check out site like Thumbtack.
I hope these 10 different ways to add additional streams of income to your pockets helped you guys to start thinking about and brainstorming different things to try out this year in 2020. We are living in uncharted territory but the silver lining is that it is an opportunity to set out of your comfort and step forward into something you are passionate about!
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