For most people, the only method for earning income is their job. They will get up, go to into work, come home, and collect their paycheck at the end of the month – and they believe that was good enough for them. But when they start having children, they realize that one stream of income is not just enough because all of their income was reliant on one job, and if that job went away, the family suffers.
But how can you solve this problem carrying a big debt load, a full-time job, and the needs of a family? What you need to do is create more sources of revenue, even though they are not as much as your full-time job, so that if something happened to your job it would not be that disastrous.
Here is list of what to do:
Start Blogging: You can earn some income from advertisements and writing can pretty much be done whenever by filling in the gap in your time.
Start a Computer Consulting Business: it is nothing complicated, mostly just helping people select systems that match their needs, doing some tune-ups, and a few minor repairs. It is not time-consuming and earns you a regular income.
Flea Markets: Do you have stuff in your basement, attic or garage that is collecting stuff? If you do, pack up your SUV or car and go to the flea market. You can make few hundreds, even thousands, depending on what you are selling. You can go to the market every weekend or at least every other weekend.
Investments: Stocks, Bonds, annuities, etc. are great ways to earn passive income. If you are not financially oriented, you can hire a financial advisor who will help you choose the right investments for you. It is advisable to take a couple of finance classes to enable you to understand what your financial advisor is speaking about when he/she recommends an investment strategy. Done well, investments can pay off for years.
Network Marketing: Network marketing or multi-level marketing as it sometimes called is one of the most popular passive income streams. When you join a network marketing company, you become part of the team. The aim, for some, is to become a leader, such as a district leader manager of your area, because you earn more money.
Real estate: Believe it or not, real estate is a good way of earning extra income. Real estate investment includes fixing and flipping houses. This is highly capital intensive, so you can partner with someone if you can. You will attend housing auctions and bid on houses; you can get them for good price. Hire a contractor to fix up the inside and outside, have the house appraised, sell it, make a profit and split the profits between you and your partner.
Start a freelance business: Have you thought of owning your own business. You could start a side business while working full-time. For example, if you are a graphic designer, you could start your own graphic or web design business on the side. If you like to make jewelry, you can sell at craft fairs and online and make a good income.
The real goal here is financial freedom. By making yourself less dependent on a specific revenue stream, you are giving yourself independence and flexibility to make choices that you never had before.