Year after year I hear about individuals struggling living from paycheck to paycheck. The memes where it shows paydays and all of the bills taking all of your money is something that has become normal. It is normal to work hours for an employer only to go home and never really experience the fruit of our labor beyond paying your bills. I don’t believe that should be a way of life for no one. That’s why it is important to create additional streams of income for yourself. You need a bigger savings account than you have, an emergency fund, a vacation fund, a spending fund, etc. This is your opportunity to change the trajectory of your financial life. SO I have devolped a list to help you. I know for a fact that you can make a minimum of $1, 000 per month doing most f these. If you do it for year by the end of the year you can have $12, 000 saved up.
1. Uber/Lyft-Uber and Lyft provides an excellent, guaranteed, and consistent second income. It works through an app that you can download to your phone. Kind of like a private taxi service people will request a ride and the system will filter it through to the nearest rider which if it is you the app will send you a request through an alert. You have a limited amount of time to answer it. You can average up to $1000 per week full time and half of that part time. It can be used as a good mean to a second income.
2. Hyer Car- It is a peer to peer rental car service that allows you to to rent your car out to approved individuals. It requires a strong background check not only from you, but also the person that is renting from you. They must be pass the background check with flying colors. They also are required to pay for full daily full coverage insurance which is provided through HyreCar that will fix your car in the event that it is involved in a car accident while the vehicle is in their possession. You can limit the mileage per day and if they exceed the set miles they would be required to pay an overage fee. This is also a great second income if your car is just sitting because you work close to home or take public transportation to avoid traffic. I have seen people charge as much as $80 per day. $80 for 30 days is $2400.
3. Airbnb- If you own a house or you rent an apartment (most apartments lease agreements don’t allow you to rent out your apartment or a room in it; you would have to check your agreement or with your landlord first) you can rent out a room or two in your domain. Again you would post the apartment after going through their process, then someone could book the room via that app and it would be up to you to approve it or deny it based on their profile. Airbnb has their own process for the customers that they have to go through. I have friends who have bought houses just for airbnb.
Example: If you have – 3 bedroom home and you decide to rent out two rooms and charge $50 per day and the rooms are booked for 30 days that is $3000 extra per month. Now lets say you use the whole house of 3 rooms and you are booked for 30 days thats $4500 extra per month.
In my opinion this is better than having a rental property because in the even that they don’t pay there are no court procedures or legal fees. They are required to leave. Also I personally know people who pay friends to let the guest in and they change the sheets and clean the house for them for a small fee.
4. Amazon- Amazon is one of the biggest companies in the world. It also has surpassed Walmart. The reason is because it gives individuals the opportunity to sell products whether it is theirs or not to other people. So there are website available like tactical arbitrage that allows you to search the entire web in minutes for products for example an iPad, Xbox one, a 4k tv at a wholesale or discounted price. Once it locates them you can buy them and sell them on Amazon and make a profit. I know people who make 6 figures a year doing this full time.
5. Start a blog-You can start a blog and make additional income through what is called affiliate marketing. Its where you can write a blog and make suggestions of other company products to your audience. The company will provide a link and you would insert that into your article and when people click the link and purchase they give you a commission for that purchase. Its a way to bring in additional income.
6. Real Estate- Real Estate is probably the oldest second stream of income ever. You have many different options on here that I can go into but I don’t have the time to.
•Wholesale Real Estate-Is a new phenomenon where someone with a distressed home sells their property to you at a discounted price. You contract them with a purchase agreement created by your lawyer. You and the seller of the home sign the agreement and you then find a buyer for the home.
For example: So lets say you and the seller agree to the price of $30k but the house when fixed up is worth $70k. The buyer wants a home he can atleast make a 30% ROI. If you set you price at $49, 000 you then are at the 30% range that the buyer wants to see. Remember we contracted the distressed property at $30k. So what happens to the other $19k. When the closing occurs you are cut a check for $19k that is your money. So the seller gets $30k, the buyer get ther property for $49k he pays and you get the $19k. I can teach on this for a long time.
•Rental Property- Rental property is when you take the house you bought or own outright and you rent it out to tenants for a profit. Its simple as that.
•Buy, Fix, and Flip-This is where you buy a property that may be outdated or distressed and you basically purchase it at a discounted price either from a wholesaler, a bank once the house hits the auction due to foreclosure, or from a friend. Once you purchase it you would then fix it up. It is usually cheaper to use independent contractor who are talented and experienced. You can then either rent it out for a year and then flip it or flip it right away for a profit.