Given the opportunity, most people could think of a way to use a little extra cash, whether that’s splashing out on a dream vacation or topping up their savings. Increasing your income needn’t mean a change of career or even a change of job, as you can supplement your wage by adding in a new income stream.
Be Creative
Whether you are into fan fiction or felting, you can make money from your creative endeavors if you put a little work into it. Gone are the days when you needed to pursue a publishing contract to make money from writing. Self-published authors and eBook writers can make money from their work by putting it out there themselves.
Similarly, online marketplaces for craft and creative projects can provide a second income for those who are able to put the time in to market their goods as well as make them. Some people specialize in seasonal items to provide a little extra cash for the holidays, and others maintain their craft business as an ongoing side-hustle to make some money from their hobby.
Become a Trader
Taking on the stock market may sound like a huge undertaking, but it is actually relatively easy to learn how to invest in penny stocks and turn a profit. This is a great option for those who cannot afford to buy shares in some of the bigger and better-known businesses out there. You will need to put in some work to research the best companies to invest in, and you will need to be disciplined about devising a rule book for yourself and sticking to it.
There are many “experts” who will try and persuade you that penny stocks can make you millions in days, and they are usually trying to increase their own earnings rather than yours. However, there is money to be made if you put the work in and follow proven strategies.
Become a Property Mogul
Investing in real estate may sound like an option for those with ample cash to spare, but it is no longer the sole preserve of the hugely wealthy. As with so many things, the proliferation of the internet has opened up a number of channels, allowing investors to grab a slice of the property pie with investment opportunities available even for those with less than $100 to invest.
Go Freelance
What are you good at? Whether that’s web design, photography, coding, or anything with a commercial value, you can do some freelance work on the side to bring in some extra money.
Some freelancers use online platforms and regular job listing sites to find clients; some approach businesses directly to market their services. Others use social media and word of mouth to pick up commissions. When it comes to putting yourself out there, the way you drum up business will often be determined by the type of business you are in.
There are plenty of ways to supplement your salary that you can get into even if your startup budget isn’t huge. You never know — you may find your side hustle becomes more profitable than your day job.
