With the constant rise of prices plaguing the economy, it’s high time that you look for more channels or ways to earn more money. After all, depending on only one main source of income isn’t the wisest decision. Whether you need it or not, it will be very useful for you to have additional income. Thus, here are some ways you can make additional income this year:
- Do Online Surveys
For all kinds of businesses, it’s important for them to learn what their customers think. A very effective way to do that is to conduct surveys or focused group discussions. Because of this, many companies outsource their surveys to another company. This company, then, puts up these surveys online and pays customers to answer them.
You can easily find websites that will pay you to answer surveys related to retail and consumer products. You simply need to pass the survey provider’s qualifications, and you can provide your opinions in the surveys. These surveys can range from five minutes to an hour. This is a very easy way to earn some cash on the side by taking surveys during your spare time. You can check out TeachMePersonalFinance to see some recommendations on sites where you can get paid to answer surveys.
If you need more, here are examples of websites that pay you to take surveys online:
- Global Test Market
- Rakuten Market
- American Consumer Opinion
- VIP Voice
Photoshop and Illustrator skills are quite sought-after nowadays, especially with the great demand for content creation, social media management, and public relations. With this, if you have a talent in graphic design, you can use your skills to generate some cash on the side. This is just one of the things that you can do as a freelancer.
When you become a freelancer, you are an independent contractor who doesn’t commit to an employer for a long-term period. Freelancers work independently for different clients or companies and are charged by the hour. There are many advantages in working online as a freelancer, and one of them is having control of your own time. As a freelancer, you can offer various services relating to photography, writing, editing, programming, designing, website creation, consulting, marketing, project management, business plan making, accounting, social media management, and more.
If you have a knack for teaching and are fond of children, you can start tutoring kids and get paid for it. With so many helicopter parents going around, parents actually pay a lot for their kids to get tutored.
Nowadays, tutoring can be done online or offline. You can either conduct tutoring sessions in the child’s house, or do it in the comfort of your own home. You only need a webcam, laptop or computer, and a stable internet connection. You can either set this up on your own or by signing up on a platform that offers online tutoring services. Either way, you can get paid to teach subjects like math, science, English, or even foreign languages if you can do so.
If you have things that you no longer use or need anymore, you might as well sell them and make money. Much like tutoring, you can also do this offline or online. Doing it offline will mean hosting a good old garage sale. Here, you have to organize your things and set aside those you want to put up for sale. Afterwards, you can announce that you have a garage sale through print-outs, flyers, or even social media posts.
On the other hand, if you want to do it online, you can simply post your stuff on selling platforms like eBay or Craigslist. Once a person is willing to buy it, you can ask the buyer to deposit the payment to your account. Then, you can ship the items to the buyer’s address. It’s as easy as that.
If you have a spare room or house that you are not using, you might want to consider renting it out on Airbnb. Airbnb is an online platform where people can rent out vacation homes. Since there are more and more people travelling, you will be able to get some guests to stay in your home or apartment in no time. This is a way to get passive income. If it’s your first time, do some research online on how to be an Airbnb host.
- Invest in the Financial and Cryptocurrency Markets
Having investments are an important way to achieve passive income. You can do this by investing in the stock market, commodities market, cryptocurrency market, mutual funds, and foreign exchange market. Depending on how much risk you want to take on, you may choose from any of the options above.
Just a word of caution: don’t go into these markets blind. Make sure that you thoroughly research on each kind of market and financial product that you will be investing in. These markets can be a bit tricky if you are not very knowledgeable about them.
Real estate is one of the few assets that don’t depreciate. As time goes by, real estate or land only appreciates in value. Thus, investing in real estate can be an opportunity for you to earn passive income.
This is very practical for people who are busy. If you are employed full-time, you can just buy a condominium unit or a house, and then have someone rent it out. This way, you will get income every month, and you don’t even have to work for it. You can also hire a property manager to help you coordinate with the tenants if you really don’t have the time.
- Become a Virtual Assistant
Another way to make money on the side is to become a virtual assistant. All it takes is some organization skills, effective communication skills, Microsoft skills, and time-management skills. If you have those, you can perform the duties and responsibilities of a virtual assistant, which includes answering calls and emails, organizing reports and databases, managing social media accounts, transcribing meetings, scheduling meetings, and more administrative work.
Personal finance is something that each and everyone of us has to learn. Stop living from paycheck to paycheck and start taking charge of your life. If you search hard enough, there are tons of ways you can earn more income this year. Whether it be online or offline, you can do or find something that will earn you active or passive income. Consider the different ways mentioned in this article and, soon enough, making additional income will be a piece of cake for you.