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.
What is it that most Americans have that can be both an advantage and a disadvantage at the same time?
It’s having too many things in their homes and not know what to do with them.
According to the LA Times, there are 300,000 items in the average American home.
While this is something to be concerned about, it too can be beneficial as we continue to spend more time at home during this season.
After you read this article you will be surprised at how most of the stuff you have lying around your homes can be good sources of income.
Here are 10 ways you can earn from what you have lying around your house:
1. Sell and Deliver Food
Is your refrigerator running? Well, you better catch it because food is number one on our list.
Selling food has never been made simpler thanks to e-commerce marketplaces like Shopify, Ecwid, and Facebook Marketplace. People have taken to these websites to sell their fresh, frozen, and baked goods.
You will have to look for a meat supplier first if you’re planning on selling either frozen meat or packed cooked meals. But the internet cannot make that step any easier than it already is with just a Google search.
If it’s vegetables you’re choosing to sell, various articles and videos online provide a step-by-step guide on how to grow leafy greens and root crops in your backyard. For instance, Thompson & Morgan have a whole article on the Top 10 Easy to Grow Veg, Fruit & Salad.
2. Sell Stored Photos and Videos
If you’re a photographer, videographer, or a graphic artist, you may still have some unused media all stocked up in your hard drive.
Why not put them to good use instead of just leaving them there, taking up storage?
Phillips accepts photos, paintings, graphics, and artworks of any kind, which they will be posting up for auction online.
3. Sell Original Music
Musicians are at a leveled advantage during these times. If you have your instrument with you, which I’m sure you do because you are a musician. And once you have your recording equipment ready, with just a bit of hard work you will be making money in no time.
Soundtradr helps musicians publish their original work online and allows them a platform to sell.
TuneCore, on the other hand, can help you spread your music through the vast majority of social media and music platforms like Spotify, Apple Music, Youtube Music, TikTok, and oodles more.
The best part is, TuneCore promises that 100% of the revenue you earn from your music goes solely to you. In other words, they do not get a single cut from your work, zilch.
4. Sell Arts and Crafts, Sculpters and DIY Projects
If you’re into arts and crafts, DIY, clay sculpting, or woodworking; surely, you’ve got your chisel set and crafting tools with you at home.
Marketing platforms such as Facebook Marketplace, Shopify, and Ecwid can help you sell your handmade projects online. All you have to do is go through an easy signup and listing your items up for sale should be a piece of cake from there!
Not to mention there’s Etsy, another e-shop website made especially for original and unique handcrafted items.
5. Rent Your Dogs
This might come out as strange to you, but hear us out! Renting your dog to others could actually do you some use.
This allows you to finally be able to clean up the house, finish a project you never thought you could finish, or just lay back on your couch to watch Netflix without worrying about walking the dog, feeding him, or cleaning up his poops for a certain amount of days.
Additionally, Borrow My Doggy provides its lenders with user feedback from other dog renters which you can review. This gives you the peace of mind knowing that your dog is in good hands.
6. Blog or Sell Your Writing
Everyone’s a writer nowadays, even those who never really studied writing attest they are writers. In that case, let me tell you that you can earn in the security of your own home by writing!
An article by Vanessa Gowora states that the highest-paid blogger of 2019, Gina Horkey, founder of the Horkey Handbook blog, earns roughly $25,000. Although you won’t instantly be making that sum of money writing blogs at the beginning, writing as early as now can give you a head start toward there.
You can also have your work published as an e-book over at Amazon if you’re confident your writing deserves to get out there.
7. Sell Your Old Toys
Toys are another addition to our list of items to earn from! Whether you’re a collector, a father, or mother, or just have that old toy from when you were younger, you can always choose to sell those old toys or figurines online.
Neat Stuff Collectibles is a website made especially for hobbyists and toy owners to sell their toys online. Or you can always just post your toys up for sale on Facebook Marketplace or on Facebook “Buy and Sell” Groups, like The LEGO® Group.
8. Sell Your Old Books
Do you have way too many used books? Do you need to make more room on your shelf for newer ones? You may want to consider finally letting go of some of the older ones.
Amazingly, you don’t have to feel the bitterness or guilt when you choose to de-clutter away. Thanks to a few websites we found online, throwing your books away doesn’t have to be an option!
Decluttr is a great way to sell your used hardbound books online! They even allow you to sell other things of other categories too, i.e. LEGO toys and old DVD’s.
Bookscouter, on the other hand, focuses more on the buying and selling of textbooks; although, in some cases, they’d still allow you to sell hardbound books.
Now, if you’re the kind-hearted sort of fellow and wish to have your books donated instead, you can do so at BetterWorldBooks. But in case you happen to change your mind, you can also choose to sell your books there as well.
9. Rent Anything Useful
You read that right! Anything in your house that you deem useful, can most probably generate some income.
How you ask? With the help of My Garage Rentals, you can post your tools, bicycle, toys, your guitar, DSLR camera, and many more up for rent for people to use and for you to benefit from.
My Garage Rentals consists of a community of trustworthy lenders and provides its users with safe and secure transactions.
You can always review a lender or renter’s profile for feedbacks and comments, this helps steer you toward verified and careful borrowers.
10. Rent Your Home
If you’ve checked your entire house and have not seen a single thing you can use to benefit from, even with the help of the websites we’ve shared with you here; then we’re left to say, use your house!
Just make sure you have the place sanitized afterward or at least check if your renters are healthy, just to be on the safe end.
These are just some of the many ways you can take advantage of your stuff, we’re sure there are countless more out there.
What do you think of our list? Let us know if there’s something we’ve missed that you think should be on this list. But we sure hope this helps you get-by during this time of crisis.
For anything rental-related, message us on our Facebook page or visit us at My Garage Rentals.