Having several streams of income is a great way to become financially free. The goal is to eventually earn more money from your passive income as opposed to your full-time job, leading you on a path of creating wealth and earning millions of dollars. However, making residual income is not easy. To be successful you must come up with a plan and a schedule to be able to allocate your time efficiently. The start of financial freedom is having multiple streams of income. There are dozens of ways to escape from your 9-5 job and ways to become your own boss.
Here are a few ways to earn more money on the side:
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Start your own Business Or Online Service
Many people dream of starting their own successful business to earn more money. Well, in this digital age it is easier for anyone to do so. Decades ago, you needed to rent an office space in order to have an official business. Today all you need is your cellular device and a plan. Creating an online business or service can reduce the cost of operating out of an office. This allows 24/7 online access to communicate with clients and ship products anywhere in the world. E-Commerce is the present and our future. According to Statista, retail e-commerce sales in the United States are projected to reach 735.4 Billion by 2023. That is a lot of online goods and services being purchased if you want to earn more money! Whether that is starting a blog, YouTube channel, wholesale products, dog-walking, babysitting, contracting service, reviewing resumes, or tutoring! Anything is attainable if you put your mind to it!
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Invest in Financial Products
There are a number of reasons to invest 10% of the income that you make. If your investment spike arises, it would help you earn a great sum of money.
-Bonds are debt instruments which the investor loans money to the insurer in exchange to pay the interest plus the return of the bond’s original amount once the bond matures. This is usually a very low-risk investment especially if you invest in a government-issued bond.
–Certificate of Deposit is a great way to put your money in an account and allow it to accrue interest in a short period of time. Several years ago CD rates were only 0.1%. Now you can find many CD rates accruing at 2.4%.
–Stocks
Dividend stocks are one of the easiest ways for investors to create passive income because you’re effectively getting paid to own them. As the company brings in earnings, part of them is siphoned off and paid back to investors as a dividend. This money can be reinvested to purchase additional shares or received as a cash payment. The same amount of money can buy more shares of a stock, mutual fund, or ETF at lower prices.
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Become an Uber/ Lyft Driver
According to RideGuru, Uber drivers make on average $2000 a week while working 40 hours a week. That is quite a lot of money for only a side occupation! Depending on the city you live in, carshare drivers can make up to $50 an hour driving people to their destinations.
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Sell your clothes in consignment shops or online
Do you have good clothes that you just do like to wear anymore? If so, try selling them online! There are so many platforms that allow individuals to make personalized blogs to sell clothes from! Check out the link to find the site that is best for you to sell your clothes on.
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Join an Affiliate Marketing Company
Affiliate marketing is the process by which an affiliate earns a commission for marketing another company’s products or services. As an affiliate marketer, you can independently advertise a companies products and earn more money on the side. If the individuals you are advertising to, buy into the service or product then you can make a profit. This is similar to earning more money by being a brand ambassador or the new Instagram famous craze of making money from the companies you love! You refine your ability to influence people into purchasing the product and you can earn a piece of the profit from each sale the company makes. The sales are tracked via affiliate links from one website to another. It is one of the easiest ways to earn passive income.
Building passive income is a great way to transition into becoming an entrepreneur. There are tons of ways to earn more money in the United States! In this capitalist society people exchange their time for money. To make this system work for you find a way to make residual income and use it as a leverage to earn more money. The key to accumulating wealth is building a business that can cover your monthly expenses and eventually getting that revenue to be higher than your annual salary.
