No matter your income level, it is always good to plan for the future to ensure that you will be financially stable to enjoy life to the fullest in your later years. While we will be lucky if there is any social security left when we retire, but even at that, we cannot rely on solely that income, so it is great to have income coming from other sources. There are plenty of ways you can have passive income coming in, it just may all depend how much you can invest up front.
You may not think of paying off debt as a way to increase your income, but if you think about how much you are paying monthly, let’s say you are paying $400 a month towards a credit card bill. If it takes you two years to pay off at that rate, you are tying up those expenses every month, so instead if you are able to pay off the balance as quickly as you can, you will have an extra $400 a month to use to save for your future, which compounded over time huge.
Credit Card Rewards
Sort of along the same lines as paying off debt not thinking of as extra income, comes credit card rewards, but you can gain financially just by making your normal purchases. With so much competition between credit card companies reaching for your business, they will offer cashback rewards in the form of points redeemable for gift cards, or even a check back to you once a year to spend any way you’d like. As long as you don’t go on spending sprees just to earn rewards, you can get money back just for making purchases you normally would make on your monthly expenses.
Start a Blog
Now this doesn’t necessarily take much of a technical background, but it definitely takes knowledge of how to generate income via ad clicks, and a combination of search engine optimization, marketing, and keeping up with content, over time you could actually generate quite a bit of income. You can also purchases already working websites that have a following, although will be more money, but as long as you can keep the content fresh and keep up with social media, it could be a moneymaker.
Take Your Talents to the Web
Sure, it may take plenty of clicks on your YouTube video in order to generate real income, but it is worth a shot, especially with the amount of junk that goes “viral” these days, you probably can’t lose, you never know, maybe some how-to videos could actually generate an interest. I have a friend that does a weekly Whiskey review online and has generated a pretty good following, the trick is to regularly keep up on it, otherwise any lag could mean onto the next video and you could be out
Lend Money with Interest
One of the newest approval for a personal loan I’ve seen has nothing to do with the banks, but more of a peer-to-peer where you can loan money and fund a personal loan, along with many others, and earn back interest at the same time. I guess the only downfall would be potential defaulting on the loan, but you do get to review the borrower’s overall financial picture and ask any questions you want, to ensure your money will not only be put to good use, but will be paid back.
Become an Uber/Lyft Driver
One of the greatest inventions in my opinion has been the on-demand cab service Uber/Lyft, which replaces the need to call a cab with a huge waiting period, charging virtually anything they can. If you are over going out on the weekends, or even want some company and don’t mind driving around in your spare time, why not earn extra money and become a driver, using your own car. Just beware of the 2am crowds, which could be interesting or a disaster all in one.
Invest in Real Estate
Here is really where it takes a ton up front, and monthly mortgage payments for that matter, but you net the largest return in rental income, whether that is a local condo or a beach property, depending on your income. It may take a pool of money set aside for emergencies if any maintenance is due to the home, but the trick would be to buy several houses and have those rental income sources coming in monthly, but not all of us are in that financial position just yet, but hopefully someday!