Why would someone who already has a business or a job want to generate more income streams? How does earning even a small fraction of your usual salary have any impact at all on your life? You wouldn’t believe how much it can! It is a great idea to diversify your income streams and earn from them. The extra income that you earn will also help you in your difficult times, if you have to face any in future. They also make for excellent savings for future so you can buy your loved ones gifts or even invest in things you always thought of as a far fetched luxury.
You could be earning just a fraction of what you earn at your job as second income but still feel pretty excited and happy about it because it can help you get a lot of things done. Suppose you earn 1000 dollars every month from your second income stream. This means you get 12000 dollars annually. To get such an increment at your job, you would need to wait for at least a few years dedicating your time to your employer. If someone wants to earn 12000 dollars every year, they would need to open a savings account or an investment account which will take at least 10 times more money to begin with. Imagine getting the same results you would get after investing 120,000 dollars without actually spending any money. Great, isn’t it?
A second income source will help you save money, pay bills, clear debts, and not go broke. It will help you afford little luxuries for instance, you could send your child for dance lessons, with the money you earn via your second income stream.
To be clear, this about income, not simply cash. It is not being said to liquidate your savings account, structured settlements, investments, structured annuities, or real estate.
Now, if you are convinced that having multiple income streams at your disposal is actually a pretty awesome idea, you should learn what a good source of second income is like. There are certain characteristics your income source should display before you consider it as a legit stream. These are:
- The stream should not be expensive
- The very significance of a second income stream pretty much vanishes when it requires you to make major investments.
- Why would you want to spend your hard earned money on another venture when you could generate income without doing so?
- You should enjoy the second job
- It is very important that you enjoy or at least don’t have much hate for your second job.
- If you hate what you do, it will lead to more stress rather than improving your situation.
- The stream should be sustainable
- In case you are too busy and cannot work your second job, the source shouldn’t just disappear but still keep getting you money.
- The stream should be flexible
- When you are already busy in your first job, you want your second job to be something where you are in command.
- It is always a good idea to look for options which are flexible.
- The stream should be scalable
- The stream of income should ideally have the possibility of expanding and turning into something bigger and much better.
Now that you know what features make a second stream of income a good one, you can start looking for ideas which meet at least a few of these conditions. Here are some ideas which will help you get started with the process of generating more income easily.
- Take paid surveys at home
- This is probably the easiest way to earn money.
- All you need to do is sign up for a website which offers paid surveys, express your opinion, and collect money.
- Surveys are important for companies and they want to hear what people want so they can expand their business which is why they are ready to pay you.
- Start a business online
- An online business requires very little monetary investment which is why it is a great option to earn some extra money.
- It is super easy to start a blog and get paid for it once it becomes popular enough. There are many online tools available which will help you get more traffic to your blog so you can increase the potential to earn money.
- SiteSell is also a great place to get started when you want to begin a blog that earns you money.
- Start your own eBay store
- It is very easy to run an eBay store and sell stuff through it. Countless people surf through the website looking for items and if you can acquire and resell certain items, you can earn a decent amount of money.
- You can also create a store which will market other stores and then collect your commission.
- Freelance writing
- Do you like to write? If yes, then you can start writing everyday for a few hours and earn a decent amount of money.
- Content writing is a growing business and many blogs and websites pay money for quality articles.
- Website designing
- Website design is a skill which is in demand because of how much people use the internet.
- If you spend some time learning the technology, you will find that it is not exactly a difficult task to do so.
- A few hours everyday should get you the money you want.
- Make and sell your own stuff
- If you have a certain skill, you can use it to sell things you make on your own.
- For instance, if you have a knack for craft and art, you can make some artsy items and sell them to earn extra money.
- What’s more? You will actually enjoy doing it while you increase your income.