The pace of inflation and the change in lifestyle needs is increasingly weighing upon the slim paychecks and hence, it is need of the time to look for a passive income option or building another income stream to help bridge the disparity in income, expenses and saving. So, here are the ten methods of earning that extra income.
Display skills openely:
If you have a hidden creativeness inside you then open up and show off to the world. There are a number of online platforms like Etsy and other, where your handmade crafts or pieces could get buyer for a descent amount.
Use ebay for old goods:
Your old stuff, particularly bikes and cars could really be needed by others and is an opportunity for you to make more money over a garage sale. So its better to list your entry on eBay at first.
Dividend paying stocks -
Equities are one of the best investment mode, but if you select a company that has a robust dividend payment track record then it will get you both regular income flow as well as growth advantage over a period of time.
Blogging for marketing:
Companies can pay people who could write promotional articles for products. This could either be done through Blogging or affilicating with certain broker services like Commission Junction, Google Adsense etc.
It is almost impossible to forget the age old way of generating passive income through renting a property. So, if you have the money to put into real estate, then it is a best way to get a regular reasonable flow in the form of rental income.
Harness writing abilities:
If you are a great writer or have a comprehensive knowlege of a certain subject, then you could take up freelance content writing assignments on websites like elance or Freelancer. Moreover, the current trend of eBooks is also an opportunity to seal for a handsome income.
Many are minting money by creating a variety of apps for smartphones and tablets. The app market is full of items right from helpful things such as personal finance to music players and games. That's a chance for programmers to get their share of income/
If you really hold a great unique quality, which has the potential to be offered as a consultancy services then it should never be late to work partially in this field. A consultancy service could attract more income than a regular paycheck and therefore really create a difference. Services like interior decoration to financial planning could all come under this roof.
Music and Photos:
You would have noticed that almost all businesses use some form of pictures or music on their websites to market their products and services. That creates an opportunity to convert your hobby into making money by offering your photos or music to businesses in exchange of royalty fee.
If you have interest in researching companies and have idea of how stock markets work then you could engage into stock investing techniques. But a line of caution, this involves risk and so should be followed only if you have the confidence and expertise.