In today’s tough economy, it’s virtually impossible to strike it rich on a regular nine-to-five job, working five days a week for the next 30 years. Food, housing and utility costs increase by the week. Meanwhile, paychecks seem to stay the same.
While many Americans struggle to make ends meet, live paycheck to paycheck and essentially work simply to pay off debt, in order to experience the finer things in life, it is imperative to have multiple streams of income. Even an extra $500 a month can be valuable when building credit and wealth.
Bringing in multiple streams is income is vital for protecting yourself and your family against the constant ups and downs of the economy. See below for seven super ideas for diversifying your income stream.
Make YouTube Videos
In this age of communication, anyone with captivating-enough video content can make money with YouTube. Videos can be created on any area, such as sports, music, gossip, news, food critique. Attach Google AdSense to the videos, which will place advertisements with your videos. You earn money when viewers click on those ads.
The videos will have to be interesting to gain an audience; they must be promoted on social media. And there must be new videos uploaded frequently. Once a video grows legs, it can generate long-term income. Just ask Rosanna Pansino, who turned her YouTube baking channel into a $2.5 million profit in 2015.
Sell Your Photography Online
Do you have a burning desire for photography and a good eye for taking good pictures? If so, there may be a way to turn your hobby into a lucrative side hustle. There are several photography websites that can provide you with platform to sell your photos. They may charge a percentage of each sell or a flat rate for photos sold.
You can create a photo portfolios on several sites with hundreds or thousands of pictures in each portfolio. Each photo can uploaded to the sites and sold again and again and again, making residual income while you sleep.
Purchase Rental Property
Mark Twain’s famous quote “Buy land, they’re not making it anymore” still rings true.
So buying property and renting it out is a great way to ensure lasting income. Monthly rental payments yield cash flow from rent every 30 days.
Most times, property owners get a loan to pay for the property. They begin with an initial 20% in startup capital before securing the loan, but each month, tenants pay off the loan. Once the mortgage is paid off, your profit margin increases dramatically.
Write an E-Book
Do you have an interesting story to tell? Can you captivate an audience? Well, a side career as an author just may be the path for you. Selling your own literature online does not require a lot of upfront money. Anyone can become a self-published author.
There are no books to have printed nor physical product to ship. All you need is time, a few computer programs and time.
Offer a Service
Dog walking, car detail, lawn care service, tax filing and fast food delivery are all services that offer quick cash in your spare time.
Start a Travel Blog
If you are a globe-trotting road warrior, viewers can live vicariously through your adventures while you make money from it. Take Johnny Ward, for example. Born in Ireland, he started his travel blog after visiting the U.S. and Thailand. His viral explorations made him a millionaire.
Sell a Product
After cutting the feet out of a pair of pantyhose and wearing the hosieries to feel more comfortable, Spanx owner Sara Blakely turned her invention into a multi-million-dollar company. One well-thought-out product could turn a part-time side gig into a very profitable endeavor.