Having more than one stream of income holds a whole lot of benefits.
If there’s one lesson this pandemic has taught us, it’s that jobs and businesses can be fragile.
The response of almost every government around the world to COVID-19 has surely taken its toll on our businesses and while our economy is gradually getting back up on its feet, this doesn’t ensure us our jobs and businesses complete protection in the case of another recession such as this.
So, it is best to be prepared with multiple streams of income to keep you backed up in case one of them crashes down, God forbid.
But before you go jumping into figuring out how to start-up your next stream of income, it is only practical that you consider these three overriding points:
This is a common thing to neglect to keep in mind when looking to set up a new stream of income.
Do you have time to dedicate to your new supply of income? What are some things that take up most of your time? Do you think you can give up some of those activities that are less important to make room for your secondary source of income?
A lot of people jump right in head first, not recognizing that all of this will come at the cost of time, no matter the type of income source you’re looking to set up.
Some sources of income will cost less time while others will cost more. Some will have a better ROT (Return On Your Time) whereas others may have less.
Are you willing to add another 8 hours a day for your secondary source of income, doubling your current work time? It may seem hard to think about it now, but in the long run, it might turn out to actually be quite worth it.
So take some time to pause and think about it. Discern within yourself how much time you have to sacrifice. Do you have 8 hours a day? Or 4? Or only 1 hour a day? Write it down. It is important to know and keep at the front of your mind while making your decisions. This leads us to our next point:
Every successful stream of income comes with some sacrifice. There will come a time where you will have to make a decision, whether you will give something up like your own comfort, a personal hobby, time (which we’ve mentioned above), money, or even pride.
Yes, there will be times you will have to lower your pride, which is something we humans have a hard time letting go of. You will come across a situation where you will have to set aside your ego and ask help from others, whether that’s monetary support, physical labor, or asking “stupid” questions to “smart” people to try and solve a problem, or anything in between.
What are some things you think are worth sacrificing for your second stream of income? Think about it and prepare to build up the strength to let it go.
On the other hand, it’s also important that you think about what you would absolutely not be willing to sacrifice. Write it down and keep it somewhere close. This way when the day comes that you are asked to sacrifice that thing you can remember what is most important.
Passive or Active
One other thing to ask yourself as you seek a second stream of income is, what kind are you looking for? Are you looking for a passive or active stream of income?
Active income pertains to income obtained by actively performing services. It typically takes up your time and energy. Passive income pertains to earnings received from work that doesn’t require any physical involvement. It is income that is created whether you are actively participating or not.
Most people dream of having their second stream of income to be passive, not realizing there are still some things to look out for when dabbling into this type of income.
The thing is, each type of income comes with its own expense. Seeking a passive stream of income may require you a different set of objectives as compared to that of the active income, which may or may not be suitable for what you hoped.
Passive income will often take time to grow. It won’t happen overnight as compared to active income where you put in 8 extra hours of work and you are immediately paid for those 8 hours.
Bottom line is that it’s always good to think ahead, it prepares you for what you will possibly have to face. It will make it easier to make decisions on where you want to come up with your second stream of income.
With all that said, here are just a few ways you can add to your current stream of income:
Getting a Job
Getting multiple jobs at a time can be difficult, but for some, it can be easy. This, of course, depends on numerous factors. There are certain things to consider and questions you need to ask yourself before you go and pursue a second line of work such as, “do you have this certain skill set?” or “what is your educational background?”
Often a second job will be during odd hours and may not be as well paying as a “professional” job, but may provide that extra boost you are looking for.
This is obviously a more active way to earn money and will come at the cost and sacrifice of your time. But as we mentioned above this is a simpler and quicker way to earn money for the effort you put in.
Investing is a great way to prepare you for the long-run. Investing is typically thought of as a much more passive way to create income, but this will depend on what you are investing in. For the sake of this article we will narrow the categories to the big and well known ones: real estate, insurance, dividends and stocks.
Before you invest in something, definitely do a lot of research on where you plan to invest. There are countless companies worth investing in, it just takes a little bit of hard-looking to find the right ones. But if you don’t get the proper education and do the proper research you could end up losing what you have invested in.
Investing will usually start out as an active way to earn as you are learning, but will transition into a much more passive way to earn as time passes. It will come with the cost of sacrificing your time and money up front. You won’t be able to spend that money on the newest gadget you have had your eye on. Instead you are going to have to wait for your money to grow. As time passes, investing will require less from you and will be a more passive form of income.
Start an Online Business
It’s all the rage these days. Since the pandemic, a lot of physical stores and restaurants had to shut down and we had to suffer a lockdown. Thankfully this all happened during the era of the internet, making the process of selling through an online store as easy as 1-2-3.
There are two ways to get your business going online, that’s either to set up your own personal website or to sell your products out on e-commerce platforms.
You can set-up your own personal website through online platforms like WordPress, Squarespace, and GoDaddy. The advantage of making your own website includes controlling your own design and layout, and widening the variety of your inventory.
You can also choose to sell on e-commerce websites such as Amazon, Etsy, Facebook Marketplace, and more. There are a lot of benefits to utilizing e-commerce websites to sell your products like you wouldn’t have to worry about coding and designing your own website anymore.
Making income from an online shop will take some patience as it will require a huge portion of your time and effort, just as you would with a physical shop.
Stream or Upload Content
Thanks to media sites like Youtube, Twitch, and Tiktok, you can make money out of your own hobbies and interests.
We all know by now that people have become celebrities and millionaires only through Youtube and Twitch.
And all it really takes to get started is a desire to create and the motivation to keep pushing through.
Making money out of websites like Youtube won’t promise instant success, in fact, it will take you a whole lot of time and effort before you can really start making money off of these platforms.
Whether you’re a writer, a graphic designer, or a voice actor; finding a freelance part-time job is easy and we highly recommend you give it a try to include it as your second source of income.
Websites like Upwork, LinkedIn, and VoiceBunny are great platforms when it comes to freelancing.
Side-line freelancing will come at the cost of your skills, ideas, and efforts. The amount of pay will also depend on the type of work you’re in.
Rent Your Properties
Suffering from a cluttered garage? Is your car just sitting idly by? Renting out your personal property is another great way to add to your income.
Renting out your belongings is an example of a passive income, not having to actively perform in any way but to just passively allowing the cash to flow in. The great thing about this is it does not take the upfront cost of your money. Instead you can do it with just the things you already own. While you are out there spending your time working your belongings that normally sit in the garage are now spending their time working for your sake.
Consider renting your things with us at My Garage Rentals, we allow you to rent out almost anything, just make sure that others will find it useful to rent. Whether that’s your appliance, tools, camera gear, or even your clothing, you can list it for rent at My Garage Rentals.
Head on over to www.MyGarageRentals.com today to find out more and avail of our services.
Accumulating material possessions has always been an issue of the human heart since the beginning of time.
It has come to a point where we’ve accumulated too much stuff that we no longer know what to do with our things.
And then renting came into the picture. People found a way to make use of the many things they already have at home, with the benefit of earning and saving money in the process.
The first known rental happened in the 1930s when a truck seller rented his truck to a customer who only needed it for a day.
And thus, rental shops emerged and gradually spread around the globe and even evolved to the online rental shops we use today.
If your question is, “Why should I rent? Why don’t I just buy?” We’ve written down 20 reasons that might just convince you to rent.
Why Should I Rent?
1. It’s cheaper to rent than to buy something brand new.
2. And because it is cheaper, renting can help with financial deficiency. For example, if an individual could not afford to buy a house, they should consider renting.
3. Additionally, it gives you the opportunity to experience using expensive and luxurious products that may be difficult to afford.
4. Moreso, renting allows you to save money and can help with your budget planning. Thus, it is considered a frugal practice to rent.
5. When you need something only temporarily, like a tool, a car, a commercial space, and more, we recommend renting.
6. Renting will save you space around the house since the item isn’t yours and will be returned, you wouldn’t have to worry about where to pack it when it is not in use.
7. Less waste is dumped if you choose to rent. About 1,980,262,621 of waste and counting are being dumped worldwide this year.
8. Renting gives you the freedom to try out different hobbies before you truly pursue them. You can rent musical instruments, photography equipment, sports gear, and much more, most of which can be quite costly investments.
9. Maintenance and repairs are not going to be an issue.
10. You don’t have to worry about durability and lifespan either.
11. Renting out your own items will allow for extra income and keep your things from remaining idle at home.
12. It doesn’t just allow for extra income, it will also eventually pay you back and cross over the original value of the product, making it as if you got the item for free, to begin with.
13. Thanks to online rental shops, you can rent at the comfort of your own home and with just the tapping of buttons.
14. Online rental is a big contributor to the sharing economy, which is an important factor to keep in mind since almost everything revolves around the sharing economy these days.
15. If you’re looking to buy something brand new, you might want to review the item first, and renting that item can help you with that. Renting will assist you in deciding whether that particular product is worth purchasing at full price or not.
16. Renting provides you access to a wide collection of media such as books, comics, music, and movies. You can finally read the whole Harry Potter series or watch the whole Matrix trilogy without having to buy them at their standard price.
17. Did you know that renting dogs is a thing? By doing so, you can gauge whether owning one is really for you or if it’s companionship is just something you need occasionally.
18. Thanks to peer-to-peer rentals like Airbnb and VRBO, traveling out of town and finding accommodation elsewhere is made easier.
19. Renting promotes sharing.
20. 43 Million Americans rent, according to a study by Harvard.
Why Should I Use My Garage Rentals?
My Garage Rentals is a neighbor to neighbor online rental shop. Our main focus as a rental company is connecting communities with each other, making renting quicker and more secure.
We also provide a $1,000 guarantee for any unfortunate damages, giving our users the peace of mind knowing that they’re renting with us will be safe.
Unlike other online rental shops, My Garage Rentals doesn’t focus on any specific category of item. You can rent almost anything with us, as long as it’s wholesome and something useful.
Visit www.MyGarageRentals.com and give our services a try. Rent with us today!