Are you finding it difficult to survive in this pandemic situation?
Do you want to secure more funds for future calamities?
How about having some additional sources of income?
It does not hurt to make some extra money while you are sitting on the couch after work.
Or you can start a side business apart from your regular office work.
You just need to invest your time and money wisely.
When it comes to investment, we often say ‘don’t put all your eggs in one basket’; the same should also be applied in terms of income streams.
Your income streams should also be diversified and especially in difficult economic times.
So, let’s find out five great ideas for additional sources of income and how beneficial it is in this article.
Benefits of Multiple Income Sources
· Pay your debt
When you have extra source of income, it becomes easier to pay off your debts. You can pay credit card bills, loan or mortgage of your apartment. The salary you earn might not be sufficient to pay the debts. The extra income helps you put off weight of debt from your shoulders.
· Job security
When you are making money from multiple streams, you don’t have to worry about the job security. Especially in the current pandemic situation, many people lost their jobs. Those who have side incomes were able to survive without going deep into debts. The side income may not be same as your regular pay but it helps you survive with the basics.
· Personal safety net
Even if you have emergency fund, one day it will run out. But if you have a side income, it can build over time and you won’t end up being homeless. The extra income gives you a personal safety net especially in hard times.
· Save for big purchases or vacation
You might have a wish to visit your dream destination at the end of the year. But you can’t pay for the trip with just your regular salary because you have to pay bills and buy groceries from it. So, the side income will help you in achieving your goal. You can save the side income on monthly basis and by the end of the year; you will have enough to go for dream vacation.
5 Ideas for Additional Sources of Income
1. Taking paid surveys at home
One of the most easy and best ways to earn side income is by taking paid surveys at home. You just need to give few minutes and earn money then and there. Companies desperately look for customer feedback and want to know your opinion and for that they are willing to pay you. You just have to take surveys. You can do them while having your breakfast or while watching TV. Some of the popular survey sites are Swagbucks, MyPoints, and Pinecone Research etc. They don’t only pay you for the surveys but you can watch videos or play games and get paid.
2. Start an online clothing brand
Even if you have small amount of investment, you can start an online clothing brand. A.M. Custom Clothing is a t-shirt printing company that prints your designs, logos, etc. on demand. You can learn from online T-shirt printing companies that how they run a successful business without putting huge investments. If you have a small order or want to buy in bulk, A.M. Custom clothing prints t-shirts on demand. You only make a product when you receive order. In this way, no additional overhead costs are to be entertained. You just need a good user-friendly website and good customer service and you will be able to earn a good amount as side business.
3. Freelance writing
If you have good command on English language and you love to write then it is the best opportunity to make money. You need to do freelance writing and get paid. You can write reviews, academic articles, research papers etc. Some websites even look for people who write guest posts to be published on blogs and websites. So there are many opportunities in freelance writing.
4. Sell products on Amazon
If you know a friend or someone who makes different products that are in demand then you can sell them Amazon. Or you can export different products from countries like China or India at cheaper rate and in bulk and put them for sale on Amazon. You don’t even need to export them at your place; you can get them directly shipped to Amazon’s fulfillment center. So, you will be free of hassle of creating a website, marketing your products, customer service or refund requests. All these will be done by Amazon, you just need to sell your product and develop a presence directly on Amazon.
5. Invest money in shares and gold
Commodities like gold, silver, shares are some of the most invested products. Whenever there is economic turbulence, people cash their stocks and shares and buy gold out of it. Gold is a precious metal and because it is rare the price is high. You can either invest in gold by buying bars or by investing in gold mining companies. You can sell the gold coins or bars when the price goes high or you need money for your use. If you invest in gold mining companies, you get a regular dividend which is a good side income. And you can also sell shares to get your investment back at a profit. Seeking Freedom is one such website that provides ideas on how you can achieve freedom from a regular job and create multiple income streams. If you want to know more about multiple ways to buy gold, you can check Seeking Freedom website.
So, this is how you can have multiple income streams with little or no investment amount. You just need to invest your time and little hard work can bring a regular side income. This income will help you in paying off your debts, plan vacations etc. Now, you have to decide which ideas you will implement and earn extra money. If you know more ideas for additional sources of income, do mention them in comment.