If everything is getting more and more expensive over time, the job market is tough, it’s hard to gain financial know-how, and your 9-5 isn’t making your financial dreams come true, how can you survive and thrive financially? It might be time to consider some strategies to make extra money.
Becoming financially stable and meeting personal finance goals might require that you look into some ideas to make extra money. While boosting your income might seem impossible, especially if your full-time job is not exactly fulfilling your financial dreams, there are a number of strategies that you can consider.
Consider our tips to inspire some creativity to make extra money.
1. Side hustles to make extra money
A side gig, moonlighting, or, as the kids call it these days, a side hustle is an excellent way to diversify your income, make a hobby profitable, and even build your confidence. A side hustle can allow you to create an additional stream of income and diversify the source of your earnings.
If you decide that a side hustle is the best way for you to make extra money, lay out the goals of your side hustle and determine if your investment justifies the output. How much time and what resources do you realistically have to invest in your side hustle ideas? Does the profit justify the input?
If your full time job doesn’t pay well, make sure that your side hustle pays enough so that you don’t end up feeling burned out. Check out our article on side hustles to consider some of our ideas to make extra money.
2. Make extra money with passive income
While side hustles usually require you to be actively engaged in some kind of activity – driving for Uber, teaching classes online, participate in marketing research, etc. – passive income activities require an initial financial or logistical investment but then require little to no maintenance as they generate income on a regular basis.
Folks with considerable investment capital might think about buying a rental property or finding a limited partnership. However, there are also passive income opportunities for those of us who have less disposable income or less desire to enter into potentially risky ventures.
Consider these ideas for low investment passive income to make extra money:
- Publish an e-book or an article with affiliate advertising
- Use the power of technology to make podcasts, YouTube videos, or an app
- Rent something you already own like your spare room on Airbnb, your car on Turo, your office on WeWork, your driveway or storage space on Parqex… the rental opportunities are endless!
- Buy a business or blog
- Invest in dividend stocks
3. Invest to put your money to work
Don’t let the technical jargon scare you off. Investing can be a great way to make extra money, even if you don’t have an advanced degree in finance or a lot of capital to invest initially.
There are many low-risk and/or low initial investment options that may be able to help you make extra money:
- CDs: Certificate of deposits are sold by banks, lending institutions, or other financial institutions and state that the holder of the promissory note will be paid a particular interest rate on their initial investment. CDs are very low risk and there are a number of plans available, from 6 months to 5 years.
- Peer to peer lending: Strategic lending to peers with good credit scores can be a relatively safe investment strategy.
- High yield savings accounts: This type of savings account allows you to make more in annual interest than typical savings accounts, with virtually no risk.
- Investment apps like FlexInvest allow you to make small investments and grow them overtime.
Side hustles, passive income, and investment opportunities can help you to make extra money to achieve your financial goals faster.
As you plot your money-making plan, don’t neglect other personal finance strategies like saving, investing, paying off debt, and creating an emergency fund. Adding money making tips like these alongside other strategies can complete your personal finance toolbox and support your financial future!
