Whether you are saving up for a home or boosting your retirement funds, it’s important that you are able to find new ways to earn extra money. In this economy, relying on a single income stream won’t do any good. Fortunately, there are a number of ways to bring more cash to your savings. Here are a few you might want to consider this year:
- Write freelance
Do you have a passion for writing? Why not turn it into a profitable venture? Working as a freelance writer is the most accessible option if you prefer working from home and want to improve your skills. Moreover, the market for freelance writing is broad. Whether it’s writing children’s books for Kindle or providing content to websites, you won’t have a hard time looking for a job that suits your skills.
- Get started as a virtual assistant
Virtual assistants or VAs are basically remote assistants. Professionals from the legal industry to the real estate sector rely on VAs for handling repetitive and tedious tasks. While you don’t need advanced skills to prepare documents or provide customer support, it helps if you have a thorough knowledge of a client’s industry. Still, your client may train you in handling certain processes.
- Start a business out of your hobby
Did you know you can turn your hobby into a business? If you are a gamer or an artist, you can set up a business that targets fellow enthusiasts. It requires the right amount of capital to get started, but you can always get your friends to invest in your idea or acquire a small business loan. In case you’re not sure how to go about it, you can always ask business owners you know. They lay down the basics, from getting the right permits to finding a great location for your store. There are also guides you can follow, so if you are looking for a beginner’s guide to start a vape shop, you can find the resources you need online.
- Share your knowledge
If you are an expert at something, you might want to get paid for sharing what you know with others. Starting an online course is easy. There are platforms like Udemy, Coursera, and Skillshare where you can set up a series of tutorials for topics you are an expert in. You also have the option of publishing your courses on your own YouTube channel. You just need to create great content that people like so you can monetize your videos.
- Start an investment
If you are looking to generate passive income you can always do it the traditional way: investing in the right vehicles. Consider investing in stocks, precious metals, and real estate. It’s also a great year to invest in cryptocurrencies such as Bitcoin. It doesn’t take much to learn how to be a passive investor, so long as you get the right advice from the right people.
If you have financial goals this year and beyond, consider adding a new income stream. There are other ways you can do that, but the ideas in this list offer a great start.