As this economy tightens our belts with inflation, you may wonder how you can make your money go farther, or be able to save up for retirement. The key to success is approaching these forms of passive income as a learning process and doing as many of them as you can. You may need to set up a goal and list steps or a project management system to manage them in your free time.
1. Diversify Investments
Remember that having a lot of investments does not equal diverse investments. It means you need to have one of each: Stocks, Bonds, Real Estate, Investment Accounts, Cash on Hand, Social Security, Retirement Account, 401k and IRA, Pension, Health Insurance, Life Insurance, Savings and CD’s.
2. Create a Passive Income
While to some this suggestion means joining an MLM company and delving into network marketing, for others it means turning a hobby into an income stream. Consider keeping a monetized blog, writing an ebook, or contributing to a paying magazine, online periodical, niche blog, or niche website.
3. Find/Create a Part Time Job
Find simple local jobs you can easily fit around your schedule and use to fund those investments in section one. Consider turning a hobby into a part time job or using your knowledge to teach others. Other ideas may include being creative and figuring our what your town or neighborhood needs and filling it.
4. Go Freelance
Freelancing means you sell photography, articles, or other media. This could mean selling stock photos to reseller sites or posting articles to writing sites for sale.
Lending to friends and family is not always a wise idea. Consider setting your sites in signing contracts with companies who lend to small business owners, women business owners, and women in other countries. The payout in a month or a year can be double or more of the original investment.
6. Grow Food
While you may need to file for a business license or permits, you can consider putting in a patio garden or small backyard garden, or even fruit trees, and selling the produce at flea markets and farmers markets on the weekends. At the very lease, you can reduce and almost eliminate your grocery budget.
7. Reallocate Existing Income
While this may not seem like an income source, reallocating funds from one part of your budget and making serious budget cuts can create what feels like more income. Consider cutting back entertainment and eating out, and then, finding ways to lower your utility or housing costs.
8. Consider Taking on an At-Home-Job
Work-at-home careers often let you set your own schedule and offer positions for as few as five hours per week. Types of positions include selling airline tickets and providing customer service for products already sold, brand name computers, for example.
9. Secret Shopping and Product Reviews
Secret shopping asks you to go and purchase certain items at stores or restaurants and then rating the product and the service experienced. Product reviews includes products shipping to your home, after you try them you fill out a survey.
10. Tutoring and Consultations
Consider signing up for tutoring sites or consultation sites and putting your skills to use teaching others. You get paid per meeting and are able to pass on valuable knowledge in your area of expertise, without much further effort on your behalf.