10 ways to earn extra income – The rolling pin

Generator multiple streams of income can have a major impact on your finances. Even an extra $500 per month could go a long way towards paying off your debts or increasing your investments. We often hear about the importance of diversifying our investments, but diversifying our sources of income is just as important, especially in difficult economic times.

Let me show you how valuable even an extra $1,500 a month can be. Next, I’ll list the factors to consider when deciding how to generate additional income, followed by 10 multiple income stream ideas.

The value of a second income

A few years ago, I was talking with a friend about the income I earn online. At the time, I was making about $1,500 a month. He asked why am I so excited about this income since it is far less than what I get from my job. So here are a few different ways to look at an extra $1,500 per month:

1. Savings account: To earn $1,500 per month ($18,000 per year) in a 1% savings account (the current rate for the highest paying savings accounts), you need to save $1,800,000!

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2. Investment Account: To earn $18,000 from 10% investing, you would need to invest $180,000. Looking at the best robo-advisors or discount brokers online is a good place to start.

Best Online Discount Brokers

  • Ally Invest: Ideal for new investors and those looking for a very easy to navigate website.
  • TD Ameritrade: Ideal for more experienced traders looking for a rich set of tools and resources.
  • E*COMMERCE: Offers trading platforms and tools for any style of investing.

3. Employment: For many, obtaining an $18,000 increase could require several years of loyal service with your employer.

4. Financial Freedom: An extra $1,500 a month could cover car payments, help pay off credit card debt, or cover part or even all of a mortgage payment.

The fact is, even relatively small amounts of extra income can do a lot.

This makes a great source of additional income

We could all go out and find a second job at Home Depot or Starbucks to earn some extra income. As you can imagine, however, that’s not what I have in mind. When evaluating how you can generate multiple streams of income, consider these factors:

Soft: The ideal source of extra income will allow you to make the decisions when it comes to your time. Especially if you have a full-time job, the last thing you want is to be forced to work a set number of hours each week at a second job.

Scalable: Look for sources of income that have at least the possibility of generating substantial income.

Sustainable: The ideal supplemental source of income will continue to generate money even when you are not working there. The idea is to build something that can possibly work without you.

Pleasant: Generating additional sources of income takes a lot of work, so you might as well enjoy what you’re doing.

Cheap: I don’t like income-generating ideas that require a large financial investment.

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11 extra income ideas

So now we come to some ideas on how to generate additional income. You want to pick something that matches your interests and personality. You may have certain skills, training, or education that will dictate what is best for you. Or you might want to learn a new skill, so you can do it while earning extra income.

While not a one-size-fits-all solution, here are 10 additional revenue ideas to consider:

  1. Take paid surveys at home: I was skeptical at first, until my 17 year old son started making money from home by taking paid surveys. Companies desperately want your opinion and 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 legit survey sites are Swag Bucks and MyPoints. Not only can you earn money by taking surveys, but you can also earn money by watching videos and even surfing the net. They also offer significant cashback for online purchases. Read more about MyPoints in our review here.

Related: Best gambling apps that pay real money

  1. eBay store: Now it’s easier than ever to run an online eBay store. You can, of course, acquire products to resell them on eBay. But you can also create an online store to market products that others sell on eBay and share the commissions generated from the sales. Recently, I interviewed a family friend who started her own eBay store and is now making five figures from home. Watch the interview here.
  2. Start an online business: Making money online requires very little cash investment and can be done on your schedule from home. You can create a blog, much like I did from 2007. Creating a blog only takes a few minutes and costs very little. You can learn more in my tutorial on how to start a blog.
  3. Real estate agent: It may seem like a crazy time to start selling real estate. As prices rise, more and more potential real estate agents enter the market. But you have to start one day. You will need an initial investment to obtain your real estate license, but in the long term you have the potential to generate a substantial income.
  4. Website design: With the continued growth of the Internet, web design has become a booming industry. Unless you already have the know-how, you will need to spend time learning the technology. But there are plenty of online resources available, and the best in the business can earn a significant income.
  5. Graphic artist: There are many ways to generate money from charts. The logo business alone could keep you busy if you have the artistic skills to develop cool graphics.
  6. virtual assistant: Today’s virtual assistants can do just about anything for you that doesn’t require their physical presence. Many virtual assistants from places like India work full-time for people in the United States. The best virtual assistants can earn $30 to $50 per hour. The place to start if you’re interested is UpWork.
  7. Freelance writer: If you have a knack for writing, you can make a lot of money writing for others. You do not know where to start ? Reach out to bloggers, who are always on the lookout for good write-ups. As blogs grow, they can afford to pay freelancers for quality articles. Websites looking to build links also hire freelancers to write guest articles to post on blogs and websites.
  8. home business: The ideas and potential of a home business are limitless. I know people who run creative gift shops, run a video business or sound studio from their homes. One of the great benefits of running a home business is that it significantly reduces your initial investment.
  9. Sell ​​a product: I have good friends who designed a children’s game and are in the process of producing and marketing it. It’s a lot of work, but they are passionate about the work. And the potential gain is huge.
  10. bonus idea: Fiverr. Carry out micro-outsourcing missions for people looking for your expertise. From graphic design, voice over to writing greeting cards. Everything you love is possible on Fiverr’s digital platform. Read our full Fiverr review

Generating income (as well as minimizing expenses) is the foundation of smarter money management. Although earning extra income takes work, the payoff can be enormous. If you want to take the plunge, here are some additional resources to consider:

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