This post was written by Lucas Parker and is shared here with permission.
Now, more than ever, there are plenty of accessible ways for us to make money. All information is available at our fingertips. It just takes time, effort, know-how, and some initial investment. We could be even trying to get out of debt, save for our retirement, or simply complement our income. Whatever the motivation, there has never been a better time for us to make money on the side. And to do that, we do not have to sell our entire home, just yet. Making money takes work. Thankfully, there are ways to make money with not so much investment, due to apps, basic investment tools, shopping strategies, etc. Usually, these types of methods do take some initial work but can set us up for long term passive income. Here are some key points on how to make it happen.
1. Making a website
Whatever our field of expertise is, we can always benefit from having a website. Everyone is online nowadays and for good reason. Having a website is the number one best way of getting our message across. And if our subject does not fit in a book or an online course, the choice is clear. As with all things online, we are spoiled for choice when looking at how to go about it. We can use WordPress, Weebly, or any of the wide available web-creation platforms. The key point is to sell online advertising. This can be done through Google, for example, but that is a whole other subject. Whenever someone visits our site, we get revenue from the advert. This is valid under the presupposition that we have quality content that plenty of people want to see or read. Also, the content should be constantly updated for a steady stream of viewers. Alternatively, we can make YouTube content. If done properly, it can prove to be the best way for us to convey our message. And best of all, it allows us to set up ads on our videos.
Sooner or later we all end up with a lot of clutter. There are two options, donating to charity, garage sales, or one of the more modern methods. eBay, Craigslist are just two of many popular platforms that are often used for such endeavors. Anything can be sold there, furniture, clothing, electronics, you name it. We will not be able to sell our old stuff with the prices we have acquired them for a long time ago. But still, it is a nice bonus to have.
3. Multiple bank accounts
Today, there is a big number of banks that we can have an account in. And having two of them is not a bad thing. In fact, it is often helpful as different banks have different conditions such as interest rates and maintenance fees. Having multiple places to save money can be very convenient and we are less likely inclined to withdraw. Most banks do not even require us to be physically present for the transactions. Everything is online nowadays, and most of them have apps that allow us to manage our accounts remotely, wherever we are.
4. Investing in high-dividend stocks
Investing in the stock market is the go-to option, especially for people who know next to nothing about it. It requires great knowledge to come out on top and with profit in the stock market. In particular, look for the high-dividend ones. Dividends come in two forms: stock and cash. Companies give shareholders cash based on profits, for the cash type. Or, additional stocks might be given out, also based on the company’s success. Dividends are given for different reasons. The commonality is that they represent a way for companies to reward shareholders for their investment.
5. Real estate
Real estate is one of the most popular and secure ways of ensuring a steady future source of income. The caveat is that usually, it requires a larger investment at the start. It comes down to either turning the piece of real estate for profit or keeping it for rental money. There are obstacles to overcome if we choose to go down this route. Besides the initial investment, we need to know that the place we are investing in is perspective. In other words, we need to have clear judgment if it will bring us profit from rent in the future. Once we have established the property and have tenants in it, it is just a matter of upkeep, which is usually minimal.
6. Inevitable loans
Sooner or later we all come to a point where taking out a loan in inevitable. Whether we need it to finance our first investment or cover past expenses, a loan can significantly help us in future endeavors. Believe it or not, this is also a field where we can save money. Banks tend to have a significant amount of terms and conditions in order to apply for a loan. Credit rating, the required amount and many other factors, influence the interest rate that we will get at the end of the day. There are alternatives to these processes. There are organizations that can offer us so-called unsecured personal loans. These are done online, fast and with very little procedure. It is easier to negotiate the interest rates and remember, time is money in this turbulent market.
Making extra money on the side has never been more accessible to everyone. Building a solid ground for financial independence is riddled with challenges and hard choices. One of the best ways is to cut spending, which can prove to be a tall order for many of us. These side gigs most likely will not make us rich, definitely not in the short run. But combined with the main events, our primary sources of income, a lot of options can open for us. A lean, conscious, and calculated financial plan is key if we truly want to take responsibility and make the steps towards financial independence.