Have you ever felt constrained by your current salary and wondered just how you will ever get about fulfilling your financial goals and aspirations? With living costs on the rise, and the job market getting more and more competitive each year, one income source isn’t going to cut it. Having multiple income sources is something that you can develop early on in your career and have it grow into an efficient system over just a few years.
If you are smart enough and willing enough, there are multiple avenues through which you can draw in some passive income to supplement the monthly salary you receive from your full-time job. In fact, some of these side-income jobs don’t even require you to exert yourself too much. That said, they can make a world of difference to your monthly earnings. Simply put, they can afford you a few of life’s luxuries that you may otherwise have to forgo.
Continue reading to understand how you can get your hands on different sources of income. Some of these were particularly beneficial to me; however, it all depends on your skill set, inclination and the motivation you have to earn a side income.
Listed below are some viable extra income ideas that you can choose to incorporate into your life such that you too can enjoy some extra cash in your bank account.
Given the extent to which our country is overpopulated, you can be sure that babysitters are always needed. In the same vein, care for the elderly is also an option. If these aren’t your type of thing to do, consider pet-sitting. There are many pet parents with dogs or cats who sometimes need someone to either walk their dog or just tend to their pets while they’re away. Caregiver positions often come tethered to flexible work hours. This is, therefore, a great side income hustle.
If you feel that your paycheque isn’t enough but feel you have plenty of marketable skills and the time to spare, you can always take up freelance jobs. Freelancing full-time in itself has the potential to be fairly lucrative. However, you can first consider some smaller gigs to better understand whether doing this full-time makes sense.
Despite the fact that minor jobs come linked with minor payouts, if you do several of these jobs, you can amass a fair amount of money over time. Consider a micro job if you wish to do something that’s fairly easy to do, doesn’t require any commitment and can be completed relatively fast. Think consulting assignments that can be wrapped up in a matter of weeks or even days.
Although several different types of passive income sources exist, tutoring is a fairly popular route. It’s often possible for those with a basic college education to tutor students in elementary and high school. You don’t have to be an engineer or developer to teach high-school-level math or English if you’re good enough at it. India is poised to become a tech superpower over the next decade, and being good at some of these relevant disciplines should put you in demand as a tutor.
One of the most popular avenues via which those who earn multiple streams of income draw supplemental income is via rent. If you have any space to spare that you aren’t using, you can always rent it out. Popular places to post about your space include Airbnb and Meta’s Facebook Marketplace.
Although the upfront preparation involved in preparing an online resource like an eBook or course can be significant, it can also bring in ample returns. Further, it isn't a burden to maintain this resource once it is ready to be shared.
While launching an online store can bring in money, you must do adequate research, find a manufacturer, employ marketing initiatives, and determine how to carry out orders. Rather than doing all this work, you can simply sell a product online (like on Amazon) directly without increasing the burden of your responsibilities. In fact, several sellers send their products directly to Amazon’s fulfilment centre and don’t actually even see the product themselves.
This is one of the easiest ways to make money on a blog, website or YouTube channel. Simply register for this advertising program for free. You are then given a code that you must add to your website. After selecting the ad that you want to appear on your website and where it should appear, the highest paying ads will begin appearing. These will then bring in revenue to you.
If you have a fair number of followers on a social media platform like Twitter, Facebook, LinkedIn, or Instagram, you have the potential to leverage your followers to your advantage. This holds true provided you promote the products and services of a company that thinks you are an appropriate model for them and feels that you have the right target audience. These companies will then be willing to pay you in lieu of a promotional tweet, post or story relating to their goods.
Now, read this one with a pinch of salt. Among the many side income ideas, trading on the stock markets is always an option. That said, you need to be willing to spend some seed money at the onset of this journey. If you have the right skills - or have invested the time needed to learn them on resources like YouTube - you can try trading online.
Although there is no guarantee that your trading positions will bring in money, if you stick to a viable strategy you have previously tested, you increase your potential to score on the stock markets. If you are uncertain, start small, learn and then think about dropping more money.
Blogging serves as a viable source of passive income. Several entrepreneurs have made income passively via sponsored posts, book deals, affiliate links, courses and so on. This side gig will require you to put in work from the offset. That said, organic measures serve as one of the most sustainable methods of generating an audience. One of the biggest advantages of running a successful blog is that you can use it to accrue different streams of income.
A side gig worth looking at involves you selling photos to stock image sites like Shutterstock and istockphoto. This option is excellent as most smartphones today are capable of capturing great photographs. High-quality photos are most sought after on these websites so be sure to list them so that you can earn an income via royalties.
If you have a flair for marketing, you should consider employing your sales skills to refer clients to varied entrepreneurs and companies. Individuals like photographers and DJs, for instance, are always on the lookout for new customers. If you bring them a client willing to sign a long-term contract, they will likely be happy to foot your referral fee.
If you are a musician, for instance, consider writing and licencing your music such that you can receive money each time someone wishes to use your music in a project. This is an excellent way to enhance your regular income in case live music performances don’t pay out or in case you don’t perform live.
Provided you have the inclination, intent, and desire to add to your regular income, there exist several passive income streams that you can tap into. If you are constantly learning new things and growing, the chances of your having skills that are marketable are high. Supplemental income is capable of tremendously boosting your ordinary salary and enhancing your life considerably.
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A1. One of the best sources of income in India is rental property.
A2. Some side income ideas include the following.
A3. Some of the most profitable streams of passive income are as follows.
A4. Some passive income ideas include the following.