How to earn more money while keeping your full-time job.
Many people would love to say goodbye to their 9 to 5, but with a year like this one, it can be scary to walk away from a salary and health benefits. Your current employment may not even provide you with enough financial security. Luckily, there are ways to earn additional money while keeping the security that comes with full-time employment. Learn how to diversify your income to protect your financial health.
Why should I diversify my income?
Diversifying your income means that you have multiple revenue streams. You don’t rely on one paycheck. Having a full-time job typically means earning a steady paycheck. Your employer may also provide health insurance and allow you to contribute to a 401(k). However, if you rely solely on your full-time job for revenue, you may end up in a bad financial situation if you were laid off or downsized. In addition, your full-time job may not cover all of your expenses.
A full-time job may be hard enough for you to manage, but if you have some extra time, you could earn more by adding new revenue streams.
How can I diversify my income?
There are many ways to diversify your income. Some options make sense if you have a special skill or business idea and others involve making your current earnings work harder for you.
1. Start a side business.
One way to diversify your income is to start a side business that taps into your skills. Almost anything can be turned into a side business from consulting to making crafts. If you already have a side business you can earn more by diversifying your offerings.
There are costs associated with launching a business. You may need to pay for licenses, permits, insurance, equipment or supplies. You may also need to pay for marketing and a website. If you create an LLC, you may also need to pay an LLC tax in addition to taxes you pay on your earnings.
2. Let your money earn money.
If all of your savings is in a regular savings account, it’s not going to earn you money. If you put your money into a money market account, you could be earning higher interest. Other ways to have your money earn you money is to put it into a Certificate of deposit (CD) or short-term bonds. You could also contribute more towards your 401(k). You won’t be able to access the funds until a certain age, but your money can grow faster.
3. Invest your money wisely.
You can earn passive income by investing wisely. You could invest your money into stocks, which can yield high returns, but is also riskier. Seek advise from a financial advisor before investing in stocks. You can also invest your money into real estate. You can earn equity in your home by paying down your mortgage. If you purchase a secondary property, you could earn passive income by renting it or posting it on sites like Airbnb.
4. Take on a side gig.
The gig economy has grown rapidly in recent years, partially due to the launch of ride-share companies like Uber and Lyft. You can earn extra money by giving rides, delivering groceries, freelance writing and more. You can work when you want, so it won’t interfere with your full-time job.
If you need fast funds to pay for expenses, you might not have time to earn additional income. A personal loan can help. You can request up to $10,000 in personal loan funding 24/7 online at BrighterPays.com. Make your request today.
This post is not intended to be a solicitation for a loan. BrighterPays provides these blogs for entertainment and informational purposes only. Remember to consider all your financial options before making any decisions related to credit.