You’ll never find someone who says no to money. Our capitalistic societies and materialistic cultures have made sure of that. Unfortunately, not all of us have as much money as we’d like to have. Whether it’s a student looking to pay tuition fees, a corporate employee who wants to buy a house or a new car, or a stay-at-home mom who wishes to make any kind of income – we’re all in need of some extra cash. The good news is, there’s a myriad of ways to increase your income without utterly destroying your health – the trick is to play it smartly. If you’re not sure where to start, here are a few ideas to get you on the right footing.
Turn Your Hobby into Business
If you often feel burned out by your job, you may get a lot of advice that it’s time to change jobs. However, when reality sets in, you’ll realize that your commitments and responsibilities just keep you chained to your bill-payer. Instead of heeding into the rebellious adolescent spirit, how about you call upon your childish dreams and revive your spirit with a beloved hobby? Since you’re now an adult, you’ll have multiple ways through which you earn income while pursuing your passion. Consider providing your services as a freelancer in your strong areas, be it writing, designing, tutoring, photography, or any other job that can work as a side hustle.
Monetize Your Online Platform
How do you like the idea of making money without having to work for it? If that sounds like the dream job to you, then creating a passive income stream is the closest you can get to that. Although you will have to do some work, it doesn’t have to be as tiresome or daunting as a routine job. In fact, there’s a myriad of ways to monetize your hobby and earn passive income from it. This strategy is most commonly used in blogs, vlogs, podcasts, websites, and any online platform where you can recommend or refer products to your audience in return for getting a commission for every referral you make.
Try Matched Betting
Here’s a unique yet exceptionally smart idea for some extra income. Have you ever heard about matched betting? As Paul King from Odds Monkey explains, matched betting uses a “back and lay betting” strategy which enables players to earn real money from free betting credit. In simpler terms, you can use the free bets offered by online bookmakers, as part of their strategy to attract new customers, to bet for and against one outcome at the same time. That way, regardless of the results, you’ll be sure to secure a win.
Rent Out a Room or Space
If you own a house or property that you don’t use, or you only partially use, there’s a lot of ways you can use it to make a profit. Here’s another simple idea for a passive income stream: how about you rent out the property or, at least, a room or part of the space? If you’re living in a house with extra rooms, you can offer to rent them for travelers or students. If you run a business and have some extra space, you can turn a room into a co-working space, rent out your equipment for individuals, or set up some kind of a partnership with another business where you both benefit from your respective services.
Cell Phone Tower Lease
In order to improve their service, telecommunication companies are installing more cell phone towers across the country. Many people are unaware that they can have another benefit in addition to a better phone signal. A wireless carrier may offer you a lease contract for a cell tower if they find your property suitable for installation. You can either receive regular passive income or a lump-sum payment if you decide to sell your cell tower lease.
Log in Overtime Hours
Perhaps working more is not the easiest way to make extra income, but just hear us out. There are times where you can do the same amount of work yet get paid double – that doesn’t sound too bad now, does it? That’s often the case with working on holidays where the pay is multiplied. If you’re free and have nothing better to do, then perhaps that’s a great way to spend your holidays.
Recalculate Your Taxes
Technically, this isn’t another way to make more money, but it’s definitely a way to increase the value of the money you earn. There’s no way around paying your taxes, whether you pay it right away or on a quarterly basis. However, you can recalculate your expenses and cut out the items that can’t be reimbursed – there are high chances they can be tax-deductible.
At the end of the day, in addition to looking for ways to make more money, a little personal finance management system can go a long way in making your current income more satisfactory. You can save money by implementing a lot of strategies. Whether you cut back on expenses, save commuting money by working from home, freeze your money in certificates of deposit for future investments – saving money goes hand-in-hand with increasing your income.