Last month I shared my story about living in poverty for a period in my life. While it was difficult, I was able to break free from generational poverty, but my financial situation was still less than desirable. I was drowning in debt, living paycheck to paycheck, and my income was growing at a super slow rate.
I wondered how certain successful people could quadruple their income in such a short amount of time, build successful businesses, retire early, and become millionaires next door. Then, I read an article online that stated how the average millionaire has 7 streams on income. Bingo.
I realized that just having one job would never help me really get to where I need to go with my finances and my life. Currently, I’m paying off my debt. When I reach that goal I need to boost my emergency fund and invest in retirement and the market more. Then, I need to set aside some money for other savings goals and my son’s college education. Then, I may need a new car by that time so I need to set aside money to buy one in cash since I am very against car loans. The list will literally go on and on for the rest of my life.
Realizing You May Need More Money
Your health and quality of life should always come first. There’s no argument about that. I understand how some people would rather take a pay cut to be happy and fulfilled in their lives. I can respect that. However, I don’t think it’s realistic or fair to assume that everyone can live comfortably and meet their goals after cutting their pay.
If you’re making $120,000 per year at your job then yes, you may be able to survive if you take a pay cut. If you’re like me and don’t earn $100,000+ annually or even close to that, you probably can’t afford to take a pay cut and may need to be earning more actually. If you need to pay off debt, want to build wealth, or simply earn more to keep up with the cost of living, you may want to consider establishing some additional streams of income. Working two jobs or having a side hustle is great, but it can really burn you out.
On the other hand, you may not have enough money to pursue activities that require less regular work like investing in real estate. Here are 4 low-cost ways to create extra streams of income.
1. Start a Blog
Blogs are very easy to monetize, but I wouldn’t say it’s particularly easy to actually start earning a regular profit. Full-time bloggers have probably put in countless hours working on their content, marketing it, building credibility, and securing partnerships with others.
To earn an income blogging, first you need to have a decent amount of traffic. In order to get traffic, you need to post quality content that is not only interesting and engaging but actually helps your readers solve a problem. You can earn money off your blog by:
- Posting ads through networks like Google Adsense, Media Net, the Blogger Network etc.
- Referring your readers to try products and services that can actually help them through affiliate marketing – Michelle is a bloggers who earns an average of $50,000 per month from affiliate marketing and it’s all legit. Check out her affiliate marketing course if you’re serious about earning more passive income with your blog or website.
- Partnering with brands you like and support to share sponsored content on your platform
- Selling your own products and services from your blog
Monetizing a blog can take a while and it’s not ideal for someone who wants fast money. But overtime, it can start to become a passive source of extra income even if you aren’t earning much money at first. I’m definitely no expert on blogging income, but almost every month my blog itself generates some form of income and it pays for the initial set up fees I had to cover itself while leaving me with some extra profit too.
My progress has clearly proved that you can monetize a blog even with little experience. I’m still learning how to grow my blogging income, but why not learn with me and start your own blog to create content that you are passionate about on a platform that you can monetize. My step-by-step tutorial guide will help walk you through how to start a professional blog that you can monetize in just minutes.
2. Sell a Product on Etsy
Etsy is a great place to sell your hand-made or custom creations and products. I have no doubt that some people make a full-time living selling on Etsy. If you already have a job though, you probably aren’t interested in working on Etsy full-time.
This is why you should consider creating or selling a product you can resell again and again with little maintenance. Latoya from Life and a Budget recently shared how she earns a passive income from selling digital products on Etsy. I absolutely loved her post on how to earn a passive income with Etsy and I just might consider developing some type of digital product myself so I can let it sit on Etsy and generate sales over time.
3. Write an Ebook
Writing an ebook is easier than ever these days. I’ve published one before, and I’m currently working on a new project right now. Do you have any special credentials or an interesting experience to share? Can you explain a complex topic in a way that easy for others to understand?
Writing an ebook and sharing unique knowledge, information, and resources with others is a great way to diversify your income without spending too much money upfront. First, you need to find a topic that actually offers a solution to someone’s problem. You need to make sure your content is valuable enough that it will prompt others to actually spend money to receive it.
My friend Alexa knows a lot about SEO so she decided to create a digital guide to share all her proven tips and organic search strategies that really work with other bloggers and website owners. She sells her guide for a low price but she receives income from the sales she makes every month without doing much any additional work or advertising on her part. Another friend of mine, Kristin who blogs at Believe in a Budget wrote a book about side hustling, panel studies, and mystery shopping and it brings in income each month with little promotion on her end.
4. Start Freelancing
Freelancing is one of my favorite ways to diversify your income. I wouldn’t have been able to make as much progress with my financial goals if I hadn’t started freelance writing last year as an additional stream of income. It didn’t cost much to start earning money either. I basically started this blog and got a coach to help prepare me to pitch my services to clients. I made back my initial investment in weeks and now I write for about 13 different websites. In reality, that’s 13 different streams of income plus my full-time job!
If you don’t like to write, there are plenty of other things you can do as a freelancer and it all depends on what you’re interested in. I have a friend who loves photography as a hobby but he recently landed a gig taking photos at a local horse racing track. I’m trying to talk him into booking portrait sessions with people as well or shooting weddings. Freelance photographers can also sell their photos online for cash to earn money as well.
With freelancing, you may need to put in more time and effort in than these other opportunities I mentioned. But you can put the extra money to good use by saving or investing it to build wealth. Plus, you can control how often you work and who you work with as a freelancer.
P.S. I am hoping to get in the running to win an award for all my writing work at this year’s Financial Blogger’s Conference. If you could take a minute to click on the image below to nominate me for the ‘Best Freelancer’ category I’d be honored! Thanks for your support 🙂
My Favorite Resources
Survey Junkie – Earn money taking surveys online
Opinion Outpost – Another legit survey company I like. My husband uses this site to earn extra money we can spend on dining out
Become a Pinterest VA Today – Want to earn money as a Pinterest VA? My friend Kristin created this course along with Gina Horkey to help others earn a full-time income from flexible VA work.
Earn More Writing – Learn how to start freelance writing from a writer who went from $0 to $225,000 per year.
Making Sense of Affiliate Marketing – Most bloggers I know are raving about this course and that’s because it’s awesome and really works if you want to make money from affiliate marketing.
Learn How to Start a Money-Making Blog in 10 Days
My free blogging course will teach you everything you need to know about starting a blog, increasing your traffic, and how to monetize it quickly so you can earn money doing something you love.