Let’s say that you need more money to sustain your lifestyle and that cutting down on your lifestyle is not something you’re comfortable with. The obvious course of action would be to get a second job. However, what if this is not enough?
No matter how competent or well-organized you are, your day is only 24 hours. You have no more time for an additional gig at one point, so you have a difficult decision.
So, if you’re in a similar spot where you’re short on cash and getting one more job is not a realistic plan, here are the top 8 alternatives you could make.
Side hustles and gigs
The biggest problem with getting a second job is not in the effort or the time required – it’s about the long-term commitment of time and effort. A side gig, on the other hand, is a one-time project that you usually agree to complete for a fixed price. It’s a one-time effort to earn a one-time payment. Sure, it can take you as much time/effort as a regular project, but once it’s done, your obligations stop.
This flexible work arrangement is great for people with short-term financial goals, like making an emergency fund, financing a major life event (a wedding), etc. Some of these people just need a small financial boost but are otherwise more than happy with their current earnings.
Creating passive income
A passive income helps supplement your budget regardless of whether you’re working. You can run out of time to get more jobs, but a passive income is earned regardless of your effort. In other words, while you can have a limited number of jobs at once, you can have unlimited passive income streams. After all, this is how the upper class has the time to travel the world.
So, what are these passive streams of income?
Generally speaking, when we say a passive income stream, we usually refer to rental properties, stocks that pay dividends, and similar assets. Alternatively, you can lend money via P2P platforms, collect interest, and make an online course/content that will generate passive income in perpetuity.
In his iconic book Rich Dad, Poor Dad, Robert Kiyosaki said you should treat every dollar you own as an employee, working toward earning you a new Porche. So, if they’re just sitting in an account, a safe, or a drawer, they’re idling, not producing any value. You should invest in them instead.
So, how do you invest? First, you pick a platform that you want to invest via. This is a digital broker of your own choosing. Then, you register an account and make a deposit. Third, you find the asset you want to buy and make a purchase. The best part is that this takes just minutes without research (which takes most of the time).
To stay safe, you must diversify your assets. Don’t put all into stocks; put something into commodities and even cryptocurrencies. There are more crypto platforms than ever, which means that the field is rapidly expanding, as well as the number of crypto you can invest in.
Photography, writing, and music
Never before was it so easy to monetize your talent and creativity. You no longer need a publisher or even an agent to make it as an artist.
Making music and uploading it to SoundCloud is a popular way for many musicians to break through. Just remember that, in the music industry, it’s not about the sold albums/songs but about sold tickets. You’re using this to get a clout that you’ll later monetize.
Another option is finding a platform to sell your stock photos on. Remember that you don’t even need expensive equipment to do so. So many platforms out there specialize in selling stock photos taken by smartphones.
You can also try to write stories and sell them on Amazon Kindle Direct Publishing. The production cost of this is not that high. Many people already have a novel in them, and they would write in their spare time. This way, they can publish it for free (or $1, which would cost them to get the right stock photo on Canva).
Renting (or subletting) your space
You should always look for the assets you have available. For instance, if you have an extra room, garage, or storage space, you can sublet or rent this out for a bit of extra profit.
Previously, we’ve mentioned the concept of rental income being a passive income, but the truth is that you can collect rent money even if you don’t own an entire extra apartment. Why not sublet a single room?
Now, if you don’t own a place, this could be a bit tricky or even completely illegal in some cases. So, make sure to check this with your landlord. In any case, getting an extra roommate should already fix your finances.
Many people are making money dropshipping, and you may want to do the same. Just keep in mind that the operational costs of this business model are low and are offset by the fact that it’s complex and not easy to run.
Of course, you don’t have to go the dropshipping route. You can just buy products from across the globe and sell them locally for a product.
Lastly, selling products online is generally a good thing to do when trying to declutter your home. You would be surprised at how many items you believe are completely worthless people are willing to buy.
While this is technically a job, the truth is that, as an online teacher, you have the privilege of making your schedule. You don’t have to go through the agency but can start your course, find a few students, and get as many weekly classes as you believe you need or can handle.
You probably think we’re primarily talking about language, algebra, and programming, but these are just some things you can teach. The truth is that you can teach virtually anything online. Some have made a fortune coaching people in games like League of Legends or UFC 4. With more and more gamers in the world and cross-platform gaming becoming a bigger and bigger thing, your student base is growing daily.
Once you establish a good enough relationship with your students, you’ll learn that this model is the most flexible yet.
Creating online content
Creating online content can be incredibly lucrative; just bear some things in mind.
First, it takes more effort than you think. Producing content takes so much time.
Second, the competition is incredibly numerous, so you need either an authority (IRL title or resume that will make people want to listen to you) or superior content.
Lastly, you want to consider monetizing in several ways since getting canceled or demonetized is easier than you think. Therefore, always have a plan B is a sound plan. For instance, while streaming on Twitch seems great, you can also try YouTube and Kick. Even Twitter is picking up as a streaming platform lately.
Not to mention that you should clip your content and upload it online regardless of your live streams.
You should also consider starting a Patreon page, allowing all your fans to donate and support your content this way.
Never before were so many money-making methods so accessible
We’re not suggesting that you shouldn’t get a second (or another) job or that it’s somehow a bad idea. We’re merely suggesting that it might not be the best option if you’re currently short on just a bit of cash or already don’t have too much time under certain circumstances. Fortunately, you have more than this one option available. Carefully consider everything else on your plate and make the best choice.