Generating multiple streams of income can and will have a major impact on your personal finances. Even a little extra income, maybe even $250 - $500 a month can go a long ways to helping you pay down debt and increase your investments. We always hear about diversifying our investments, but diversifying and multiplying our income streams are equally important, if not more!
Just think if you could earn an extra $1,500 per month? That's an extra $18,000 per year! Are you thinking about it a little differently now? You would have to have $1.8 million in your savings account, which most accounts are now 1% to make $18,000 in a year. If one of your investment accounts has $180,000 dollars in it and it returns at 10%, that would be a good way to make $18,000. For a lot of people, getting an $18,000 raise in one year at work is very difficult.
So just think if you have an extra $1500 dollars per month, You could cover a car payment or two, pay off a credit card debt, and even cover some of your mortgage. My point is even a little extra per month is very helpful and goes along way.
When I'm thinking about earning extra income, I'm not thinking about going to work at Home Depot, Starbucks or Walmart. I'm not hatin' on those jobs, I'm just thinking that there is a different way to get the same results.
1. Take online surveys at home
My 15-year-old son told me about that. See you can always learn something from somebody! Probably the two most popular and legitimate survey sites are Swagbucks and MyPoints. You can make money by taking surveys, watching videos and surfing the net. That's pretty much what we do with our spare time anyways. May as well will bring in a little money while doing it.
2. Become a Graphic Artist
My oldest son started making Logos on Fiverr for anyone and everyone. He was 14 when he started doing that and he still does it at 24. It's been a great side hustle for him. Fiverr isn't exclusive to graphic design, check it out, there be something there for you too.
3. Virtual Assistant
Become a Virtual assistant, There are a lot of companies that use virtual assistants because they don't need the physical presence of an assistant. A valuable virtual assistance can make upwards of $30 - $50 or more per hour.
4. Build a Blog
Making money online from home requires very little cash investment and the best part is you can do it on your own schedule from your own home. Setting up a blog takes just a few minutes, and the best part it doesn't cost very much at all. If you like to write, you're creative, this might be your spot.
This should just get you thinking at least, There are many ways to make money online. Be creative, use your skill set, be bold and go to work. A little extra money may take you a long ways. Maybe even over to Hawaii, or Italy, or France, or the Bahamas...