We often focus most of our energy on where we can save money, however another very viable option is to create additional streams of income to help meet our financial goals, whether that’s to make more investments, pay off debt or anything in between. So, we’re here with a few tips on how to create additional streams of income to help you reach financial freedom, whatever that might mean to you.
Hone In On Existing Skills
One of the best things you can do to create additional streams of income is to hone in on your existing skills. Rather than needing to learn a brand new skill, this is a good short-cut that can help you to get started quickly. For example, perhaps you plan an instrument or can speak multiple languages, so you could do online tutoring for quite a significant amount of money per hour. If you love to read and have a good eye for detail, you could do proof reading. If you find cleaning therapeutic, you could do this a few times a week in an office block or in homes. If you’re good at crafts, you could make greeting cards and sell them at local fairs. You don’t need to start from scratch in order to make money, so have a think about what you’re good at and this could be a good starting point.
Find Something You Care About
Whilst we’re on this topic, we’d recommend that you do something that you care about and enjoy. When you’re putting time into something in your free time, likely after you’ve finished working another job, you need to have some motivation to help you focus on it before the money starts coming in! When you’re tired and don’t feel very committed, when it’s something that you enjoy and you care about, it will give you that extra push. Earning money doesn’t need to be a chore, so try to find ways for it to coincide with things you are good at and enjoy!
Take Time To Learn New Skills
If you fancy learning something a bit different, then this is a good opportunity to learn new skills. If there’s something you’ve been wanting to learn for a while, or you’re completely open to trying something new, then the world is your oyster! From blogging to photography, investing to online marketplaces and everything in between, there are so many different side hustles out there for you to try. Some take longer for you to start making money than others, and some will take longer to learn, but you can do some research based on how much money you’re wanting to make and how long you have to start making it. There are so many great tutorials and videos online to help. One piece of advice is to make sure you’re not buying into any “make money fast” schemes, where people promise you will make money with small upfront investments. This may be tempting, but don’t buy into it.
Consider Investing
One of the most viable side hustles that most people can learn is investing. Investing comes in so many different forms, from stocks and mutual funds to property and cryptocurrency. Anyone can teach themselves to invest properly, although it’s not something you should rush into, as it’s easy to get things wrong and lose money. So, give yourself a good amount of time to learn all about your chosen investment path, how the industry works, the most common scams like forex scams and take the time to learn about different people’s perspective on the industry, rather than listening to one person and taking it as a rule.
Start A Part Time Job
There are all kinds of influencers out there saying you can make money quickly, however there is also nothing wrong with simply getting a part time job. Think about when you have spare time in your week and look at local part time jobs. Even working an extra 8 hours a week can make a big difference to your income for the month, so don’t overlook this as an option, particularly if your home commitments are relatively low. From local restaurants to cleaning companies and dog walking, this can be a great option for plenty of people who don’t want the responsibility of generating income from scratch themselves!