4 Ways to Generate New Income Streams
Whether you have dreams of retiring early or want to have more disposable cash each month, developing new income streams is something to consider.
Some methods are, of course, easier to achieve than others, but there are many possibilities.
Here are 4 ways to generate new income streams.
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Take a second job
This is probably the most obvious, but if you have lots of free time on your hands, then a second job is a great way to earn extra cash. If you regularly spend your afternoons sitting in front of the TV or your evenings are rather boring, why not put that time to good use instead? Whether it be working in a bar or cleaning local offices, there are many ways to generate extra income.
Similarly, if you have a hobby, why not try and make money from it? Perhaps you make things that you could sell or have a talent such as singing or playing the guitar. Instead of treating it like nothing more than a hobby, use it to your advantage and turn your passion into an income generator.
Have your savings interest paid monthly
If your savings usually generate a decent amount of interest each year, you may be able to have this paid to you monthly instead of annually. It will depend on the type of account you have, but many banks do provide this option. Just make sure you check the interest rate, as it may be marginally lower than an account that pays annually.
It’s also wise to check whether your existing accounts are paying the best rates or if you could be getting a better deal elsewhere. Shop around from time to time and if necessary, move your money around.
Rent out a property
Property is a very popular income generating asset to invest in, although it’s not going to be right or even feasible for everyone. If it is something that you have the means to do, it could generate a pretty decent income stream.
In some geographical areas, there is a shortage of property which, due to the supply and demand disparity, allows landlords to charge fairly hefty rents. So, as well as making money down the line on what will hopefully be an appreciating asset, you could also make a decent monthly profit. There may be tax payable on the income, so it’s important to find out all the implications before going ahead.
Although this can be time-consuming and, at times, rather mundane, you can earn extra income each month by doing online surveys. Market research is essential for businesses of all sizes, and so many are happy to pay you for your opinion. Surveys differ in size and so, can take anywhere from a few minutes to an hour to complete, but if you are dedicated enough, it could be a nice little earner.
Some companies will pay you in cash, but others will give you a choice of vouchers to choose from. You need a fair bit of patience for this, but if you have some free time and want to earn some extra money, it might be worth giving it a go.