Earn More Money NOW!
Today we will share three ways you can earn more money right now. Having multiple income streams can help you to live a financially free life. You never want to rely on only one source of income, such as your full-time job alone.
Things change quickly and you never know when you could get laid off or the economy takes a quick turn. Having income coming in from several different areas can ensure you have money put away and have more security in the long run.
3 Ways to Earn More
1. Invest in Stocks
2. Start a Side Hustle
3. Sell your knowledge
Invest in Stocks
Investing your money is one way to earn more. The money you invest has the potential to earn interest (more money) from it. Stocks are assets – items that turn a profit. Overtime stocks have had an average annual return of about 6.5%. This is a great way to build up your wealth in the long-term. If you can invest an initial lump sum of say $5000 and then set up auto-transfers of $500 per month you will grow your money significantly over time.
Lots of people buy materialistic items that go down in value (liabilities). These reduce the amount of money you have and often leave you in debt. When you invest in stocks you are a shareholder of that certain company. Let’s say you buy APPLE stock. You now own a piece of that company, when they do well and release new great products their share price can increase – thus increasing the amount of money you invested. If you are looking to find out more on stocks, we suggest you take a read of one of the best investing books of all time – The Intelligent Investor by Benjamin Graham.
Start A Side Hustle
A side hustle is something you do on the side of your normal day job that generates income. It is usually a hobby or something you enjoy, that you turn into a money maker. This could be anything from starting a cleaning company, online shop, delivery service, or whatever else. You would likely put in anywhere from 10-20 hours per week into your side hustle. It’s something you enjoy doing so it doesn’t feel like work and is different from your normal day job, which keeps it fun and interesting.
Check out the book 100 Side Hustles by Chris Guillebeau. He interviews 100 different people and finds out what they did to create more income. Side hustles are great because they can generate smaller amounts of income like an extra $500 per month for spending money. Where others can generate tens of thousands per month and turn into a full-fledged business. The great thing is you have the power to go big or stay small. Starting a side hustle is a great idea because they usually require low start up costs and commitments. If you’ve always had an idea to start a blog, go on YouTube, invent something, or help people learn something, a side hustle is the answer!
Sell Your Knowledge
Everyone is a professional or expert at something. Whether you are a financial advisor, personal trainer, student, construction worker, or anything else you have specific skills and knowledge. Using this knowledge to help others in that given field can turn out profitable for you. Whether it would be from doing one-on-one coaching or creating an online course. Helping others with tips and tricks to learn valuable information is key.
The experience you have in a certain field can help other somewhat fast-track to success. You have likely endured many mistakes in your field and learned along the way. There are great sites where you can offer your services online to help others around the world. Sites like Fiverr are great as you can find an expert in anything you want; designers, editors, book writers, knowledge, website design, you name it. Signing up and offering your expertise on a site like this can help expand your reach and make some extra income.
In conclusion you don’t need to quit your job to take on these other ventures, in fact it’s best if you keep your job. Creating multiple income streams is critical to living a life of financial freedom. Get rid of all that debt and have some more fun money to travel and enjoy your life. Make sure you increase your earnings over-time.
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