Additional Income: 3 Ways To Bring In Some More Cash
The ongoing COVID_19 pandemic has hit many of us hard, not only in terms of our health and lack of freedom but in terms of our finances. Redundancies are up, the number of people having to rely on welfare payments just to cover their rent and buy food is up, and well, most of us could do with a bit more cash in our bank account right now.
Thankfully, for many of us, bringing in some additional income is far from impossible. Sure, it might take a little bit of initial investment and a lot of time and effort, but when times are tough, having more than one income stream to fall back on can be the difference between making that mortgage payment and not. When things are not quite so tough, it can be a way of paying for a few little luxuries here and there, helping you to save towards a big goal or for you to put away for the future.
Here, we look at just three ways you can bring in a little bit of extra cash to help you out.
Rent Out A Property
Do you have a vacation home that sits unused for most of the year? Maybe you have an apartment in the city which you have not quite got around to selling yet, or maybe even a spare room at the other end of the house. Rent it out! Whether you take in a lodger, rent a residential property out to long-term tenants, or even put it on Airbnb for short-term rentals, it is an easy and passive way of making some extra money. Just make sure you follow rental rules and your properties are up to standard – click here for more help with smart home monitoring to keep it safe.
Diversify Your Investments
If you already dabble in investments, why not look at switching it up a bit? You do not want to rely on a single source of income. You do not want to focus on a single stock market, either. Look at opening a brokerage account, enabling you to add to your profits by investing in stocks and bonds.
You could even consider peer-to-peer lending to add to your revenue stream by investing in new and emerging companies. The loan is then repaid with interest that generates extra income for you. Of course, these come with their own risks, but it can be pretty exciting and if successful, the return it yields can be phenomenal.
Start A Side Hustle
Do you have an innovative or creative streak that generates something that others are willing to pay for? Maybe you have the skills that can fill a gap in someone else’s business? Maybe you could even pursue a hobby such as interior design?
Become a virtual assistant in your spare time, taking on jobs such as social media management, SEO, content creation, consulting, or even creating websites. Or, how about writing your own ebook and self-publishing for Kindle or some other ebook site? The world really is your oyster here!