The finance equation: income – expenses = savings shows two ways you can increase your savings. The first is by cutting down on expenses and the second is by generating more income streams. I would be tempted to say that generating more income streams is the more effective route to take, but keep in mind that even the highest earner who lives a profligate lifestyle is not likely to last when his source of wealth takes a hit. That being said, there is only so much you can do to cut down on spending, but there is no ceiling to the amount of income you can generate. These 5 ideas will help you diversify your income into several streams and not just generate more money for you, but protect you when you lose one or more major income streams.
- Get more out of your regular job: This is your number one source of income, the source that pays bills and feeds you – and for most people, the singular source that pays the most. While we talk about having side-hustles and all, you can start here to try and boost your income. Whether it’s through working extra shifts at work or simply asking for a raise – based on terms agreed with your employer. Try to get as much income as you possibly could from your regular 9 to 5 for a start, then look for other means to diversify your income streams.
- Freelance: The beauty of freelancing is that you don’t need to learn any new skills to start. Whatever you’re proficient in, or are passionate about, you can get a freelance career in. Writer, tutor, teacher, designer, programmer – name it. If it can be done on a computer, you can earn money freelancing with it. To get started, you should decide on the skill set that you have that is likely to be in the most demand and generate the most income. When you figure it out, you can begin looking for a freelance platform to sell your services on.
- Sell products: This requires that you dedicate your time to it for a start, but can grow to become a source of passive income. If you want to follow this path, be sure you’re ready to market it aggressively if you want it to succeed. Here are some ideas for products.
Make t-shirts: we’ve all seen ads for t-shirts on social media. T-shirts that have your name or job title on them, or those with witty inscriptions on them. If you are creative enough, go the witty inscription route and inscribe people’s names as an added service. Anyone can inscribe names on a t-shirt, but smart statements are more valuable.
Sell your photos: if you’re a photographer – whether by profession or as a hobby – there are several sites that pay royalties for hi-res photographs.
Sell your ebook: platforms like Amazon make it easy to host your published work for people to buy. Just be sure to market it properly so it can get a high rank.
- Start a blog: Contrary to what most people think, blogging takes a lot of hard work and requires commitment if it is to be an income stream for you at all. To be successful at blogging, you must be able to create quality content, market effectively and have a proper monetization strategy. The potential to make a lot of money through blogging is high, but so is the work involved. Blogging is not a passive income stream as most people think, if you stop working at it, it’s value will steadily reduce until there’s nothing left.
- Become a tutor: If you look around your neighborhood, chances are that you’ll find a few parents of schoolchildren who are hunting for a tutor to help improve their kids’ school grades. You can teach a few classes each weekend for a fee. If you have other skills like playing the piano or cooking, you could tutor anyone who’s interested – both parents and children. Tutoring isn’t restricted to schoolwork and random skills though. Whatever your niche is – be it computer programming, painting or makeup artistry, organizing a class for it on a regular basis is a nice way to earn a little money on the side.