What are the Best Alternative Sources of Income
Almost everyone desires to make more money to achieve his financial goals in life. If you are wondering how your colleague at work, who earns the same salary as you, has bought a new house, car and other expensive amenities even when you are struggling to manage your finances somehow, chances are your colleague has utilized his or her time and knowledge smartly to generate passive sources of income.
Building multiple streams of income is no longer a luxury, it has become a necessity for all individuals whether employed or professionals. In the current situation of widespread unemployment and mounting job losses, depending on their only source of income from their job can be a risky way to live.
Earn Higher Interest on Your Savings
One of the easiest ways to increase your passive income is to shift your savings to a bank that pays a higher yield on your savings. Although it doesn’t sound like much (especially in this low interest environment), little things do add up and eventually interest rates will rise.This is also important to
Invest in Dividend Paying Stocks or Funds
If you’re looking for current income, investing in the dividend paying stocks (or dividend funds) is a good way to earn money regularly. Pay particular attention to those companies that have long histories of increasing their dividend payouts each year. This is also important to know what are The Best Ways To Control Your Finances
Rental Income
Generating rental income from house and real estate can reap huge benefits. If you buy a house at rock bottom prices and put it out on rent and your rental income is substantially more than the EMI you pay each month, then you have made a killing. If you have no loan/mortgage on the house then all the rental income can be used for either living expenses or saving for long term goals.
Start your own blog or website
Owning a blog or website is big business these days in cyber world. For those who don’t understand, blogging is simply an art of writing short articles about various sources of interest and publishing them online. Blogs can be about your personal life, the society, politics, entertainment, gossip or a combination of all of them. All you need is a computer, phone, laptop or tablet. You earn money from blogs when you have a lot of visitors.
Provide Consultancy
As a lawyer, accountant or engineer working full time, it is not unlikely that your services may still be required on an ad hoc basis. You can provide these services at your spare time upon request in exchange for a decent fee.
Be an Insurance Agent
Insurance Agency is one of the most profitable assignment offered by the insurance companies. You can have a licence to sell insurance products, selling life insurance policies, general insurance and annuity products. This will not only serve the people’s interest but will also be providing an extra source of income to you.
Be a Real Estate Agent
If you’re willing to put in the time and have an interest in real estate , why not become a real estate agent? This can bring good financial rewards, depending on how hard you work it, and how good you are in communicating.
Part time Teaching or Coaching
Teach a class, or offer coaching and consulting services, to help other people do what you already know how to do. For example, if you’re a writer, offer to be a writing coach to graduate students who are writing their dissertations. Web consultant and online marketer earn a substantial income from intranet-based training courses. .
Work as an Editor
You can also offer to edit papers or provide tutoring for a course you already had success in. Many printing houses need freelancers to edit their articles. You can also write reviews of events and If you’re a tech whiz, offer to review and comment on latest computer Apps.
Write Articles and books
If you’re a writer it seems perfectly natural to start writing your own articles and books. It’s now easier than ever. You can write articles for websites, blogs and paid reviews and can earn extra money.
Start an online business
The likes of Facebook, Google and Amazon are all online businesses. Online businesses make money through advertisements on the websites, commissions or selling a product or service. To make money from an online business, you must either have a forum where people regularly interact, sell products or services people need etc. Most successful online businesses started from people’s bedrooms.
Be a virtual assistant
Virtual assistants are people who are employed to remotely work from home or in any location that is not your typical office place. All you need is a laptop, Internet and telephone. It’s increasingly getting popular as a source of earning income for stay-at-home mums.
Become a paid Chauffeur on weekends
If you have passion for driving and you want to earn an extra buck, then professional driving can be considered to generate extra money. Though this is a kind of low key assignment but If you have the strength to work an extra day or two, then why not try ? These days many high profile person prefer to hire part time Chauffeurs .
Plasma Donation
Consult your physician first and if you’re cleared you might be paid handsome amount for each donation. In some countries you get rewarded for donation of plasma but not in all countries Generally, you are allowed to donate up to two or three times per week in the U.S.A.
These are some of the alternative sources of income to compensate your regular income and live comfortably as depending on the only source of income from your employment cannot be viable in current scenario.
If any other important source has escaped attention, kindly share your valuable ideas.
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