If you are interested in securing your financial situation, or having additional spending power, consider finding an additional source of income. There are many options and types to choose from. Your new revenue streams can be passive, active, or a mix. By choosing it yourself, you can find a source of income that you are passionate in. While wealthy people are not always known for their side-sources of income, this is a major part of how they became so wealthy. From NBA players who make a majority of their income from advertisements, to politicians who make most of their money from book sales, additional revenue streams are key for those who want to become wealthy. Here a several ways to diversify your income streams.
Display Your Unique Value
Everyone has unique traits. Discover the intersection of where your passion meets your skills and hone in on it. If you can be compensated for doing something you love to do – that is ultimately the goal. If you can find something that you are good at which benefits other people in some way, then you are on your way to finding an additional source of income. Understand your worth like you would understand a stock: know what values you possess and how to leverage those abilities to produce a marketable skill. Present yourself in such a way that people will want to buy you. If you know how to play piano, market yourself as an expert pianist. In doing so, people who want to learn how to play the instrument will come to you.
Secure Your Financials
To become wealthy, you need to be risk averse and avoid costly mistakes. Before you can look into other supplemental ways to make extra cash, you need to make sure that you have a consistent flow of money. Don’t worry about spending energy and time on fun side-projects until your primary source of income is secure. By investing in retirement funds like your 401k, and investing in the market through sources like binary options, you can effectively diversify your portfolio.
Here are a few ways you can get more income this year:
1. Flip Cars
If you have several thousand dollars that you’re comfortable investing in a high-risk high-reward investment, consider flipping cars. Buy a used car and then sell it for a few hundred or few thousand dollars more. If you look hard enough in the classified listings for deals, you’ll be able to find plenty of cars that are sold for less than they could be.
2. Sell Unwanted Clothing
If you have used or unwanted clothing that is just taking up space in your closet, get rid of it. You can very easily make some money from doing so.
3. Join Uber or Lyft
Uber and Lyft exploded in popularity this past year. In 2016, they will be even bigger. If they haven’t already, Uber and Lyft will entirely eliminate the taxi business in the next year. Getting an Uber or Lyft is much quicker than hailing a cab, and far cheaper. Join Uber or Lyft in your hours after work or your free time and you can make $35 per hour. You can use your own car, drive whenever you want to, and simply drive people around. It’s an easy way to make some quick cash.
4. Build Websites
If you have coding or computer programming skills, there are dozens of ways you can use them to make money. Every business that doesn’t have a website needs one, but programmers can be very costly. By offering your time and labor, this is a way for all programmers to make several thousand extra dollars per year. Most business owner, if they don’t already have a website, would jump on the opportunity to have one built for $500. For them, that’s a great deal they probably can’t find from most people. For you, that’s $500 you wouldn’t have had before.
5. Teach Lessons
Diversifying your income is a great way to increase net worth, and if you can accomplish this by doing something you’re good at and enjoy, then you’ve got it made. If you have a skill that you can teach to other people, like public speaking, writing, singing, dancing, then market yourself as an expert, find yourself a platform, and watch the dollars come in.
6. Rent Out Your Car
Services like RelayRides allow you to rent your car for $10. If you were to multiply that by 5 hours a day, 5 days a week, that’s $1,000 per month.
