Whether you are trying to get out of debt, or just in need of some extra cash, try looking into income diversification. When it comes to income, it’s completely normal to wish you had just a little bit more.
So how do you generate more than one stream of income?
Start a Side Hustle
In addition to your day job, starting a side business or a freelance service can make you a good sum of money. Some examples are logo design, coaching, web design, writing, tutoring, and babysitting. You can turn basically anything into a side hustle so try basing it off of your interests or skillsets. With a freelance job, you get to set your own hours and be your own boss, so you have to be self-disciplined and time-efficient. But be forewarned, building up a clientele and a steady income will take some time, so patience is key. You can use websites like Fiverr, Craigslist, or even make your own website to sell your services.
Get a Part-Time Job
If you are trying to pay off your debt or build up your savings, you might want to look into getting a part-time job. Working at a local coffee shop, retail store, or restaurant are always good options.
Become an Uber and Lyft Driver
Reselling Items Online
Do you enjoy thrifting or shopping in general? You can find items for cheap in your local thrift stores, garage sales, and secondhand shops. If you have a good eye for brand-named clothing, vintage style, or antiques, you can resell the items you find and make some extra cash. You can also sell items around your house or clothing that you no longer need.
Invest in The Stock Market
This is the most passive income source, though it does have its risks. You can start investing with just a couple hundred bucks. If you are interested, you can open a brokerage account. Some well-known brokerage firms are M1, ally, and TD Ameritrade.