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As globalization makes more products available with a few clicks, prices of commodities and goods continues to increase, and the economic landscape can change in a heartbeat, having additional funds has become crucial to secure economic stability and freedom. For many, having only one source of income cannot suffice to meet financial goals and to ensure financial security. This is why many people have started to supplement their full-time income with additional funds.
There are a variety of ways to get additional funds. The possibilities range from anything from side hustles such as filling out surveys for Amazon gift cards and tutoring, to passive income streams from investment or renting out property. If you are looking for inspiration for diverse avenues for additional funds to supplement your full-time income, then continue reading.
Freelancing and consulting
A very flexible and lucrative way to earn extra money is by freelancing. Freelancing is an umbrella term which covers various ways to charge for your skills. This could for example be writing, graphic design, programming, marketing, or some other field. There are numerous freelancing platforms, in which you can bid on tasks or be contacted about your skills. By leveraging your expertise, you can pick projects which fits your schedule, so you can earn extra from utilizing your skills.
If you are a professional with considerable experience in your field, you can consider consulting. There are many companies who seek out to pay experts for advice and guidance on specific projects. There are various websites on which you can relate to clients who are seeking consultancy services, so you can find one which matches your expertise.
Gig economy jobs
Gig economy is a new phenomenon which has increased in popularity along with the growing demand for quick access to services. The gig economy refers to gigs which are directly related to a service, in which you get paid per gig you do. There are various platforms offering gig economy jobs, which can span from driving and delivery to walking dogs and clean houses. This type of job allows you to work on a flexible schedule, where you choose your work hours.
Because there is a great variety of types of jobs available, there is something for everyone. If you do not have a car for delivery and driving, and you do not like dogs or cleaning, you will be surprised to find many other options. These include assembling furniture, provide handyman services, or moving.
Renting out assets
Passive incomes have started to become popular, as it is an easy and simple way to generate funds without too much effort. If you own property or other valuable assets, you can rent these out to generate a passive income. For many, real estate is the most natural way to do so. If you have a spare room or an entire property available, you can rent these out.
You can either choose to rent out long-term, in which you find a long-term tenant paying a regular fee, or you can go for short-term rental, where you rent out your place for shorter periods for vacation purposes. You can also choose to rent out other assets such as your car, tools, and equipment.
Investing for passive income
If you want to build a passive income over time, you can start engaging with investing. The stock market offers various avenues, providing viable options for long-term growth and income. This include dividend-paying stocks, mutual funds, and exchange-traded funds (ETFs).
You can also choose to invest in real estate. You can for example invest in real estate investment trusts (REITs) which offer another avenue for passive income by investing in real estate without the hassle of property management.
Create and sell digital products
The digital world offers great opportunities for creating and selling digital products. Such products can vary from writing books and papers, to creating digital art and videos. There are many platforms available where you can publish and/or sell your products.
Blogging and social media have also become popular ways to generate income. Here you can share your knowledge and passions or create funny content for your followers. When you build an audience, you can monetize your content through ads, sponsorships, and affiliate marketing.
Fill out surveys and market research
A simple and easy way for you to earn extra money or rewards is by filling out online surveys and participating in market research. Basically, you have to provide your opinion about various topics, services, and products by filling out survey questions, and once it’s completed, you earn money or rewards.
Companies are interested in the opinion and experience of consumers, to design and target marketing correctly. This is why companies are willing to pay for your opinion through these surveys, so they can use the data for future endeavors.
Concluding thoughts
In a digital world where service and convenience are at the core of society, the options for generating extra funds has expanded. By leveraging your skills and spend some extra time next to your job, you can quickly start generating more money, making life a little sweeter for yourself.
