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How To Create Multiple Streams Of Income To Make Extra Money

How To Create Multiple Streams Of Income To Make Extra Money

Having multiple streams of income is becoming more and more common as freelancers, work-from-home entrepreneurs, writers, and other types of flexible jobs are out there. With the laptop becoming more widely available, internet-only companies cropping up left and right, and internet access becoming available at almost every coffee and food show, it’s no surprise. Having multiple streams of income (some of which are even totally passive, meaning zero work involved) allows you to retire early.

Here’s how to make extra money:

1. Become a Freelancer

Over 15 million people are self-employed in the U.S. as of May 2015. Being self-employed is becoming less of a dream and more envied than ever, and people are doing it. You can find freelance work in these areas:

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  • Writing
  • Web design
  • Graphic Design
  • Programming
  • App development
  • Customer service
  • Consulting

This list isn’t nearly extensive. There are tons of other ways you could freelance. To find work, check out:

Yup, even Craigslist. Poke around these sites and see if any of the work catches your fancy. You might like being a freelancer!

2. Become an Uber Driver

Uber is a taxi service ran entirely by “freelance” drivers – ordinary people with no formal taxi experience who have a car and are willing to drive people around for a fair rate. If you’re wondering how to make extra money, using your car, helping others get around could be the answer.

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3. Rent Your House or Spare Room with AirBNB

AirBNB, if you haven’t heard of it, is a way for travelers to stay in people’s homes. If you have a spare bedroom or guest house, you can rent it out to people traveling in your area who can’t find a vacant hotel room or want something a little more homey. For bonus points, show them around the area, tell them about local cuisine and the best “secret” spots to go. They might give you a better tip!

4. Invest in a Rental Property

This strategy takes more time and money to commit to than the others, but it can be very rewarding if you do it well. Befriend a local real estate agent and get them to show you the ropes of purchasing a property. Once you have it set up well, renting can be passive income other than looking for tenants and fixing up the place every so often.

5. Rent Your Car on Turo

Turo is similar to AirBNB in that you’ll be renting to travelers. However, instead of renting a space to sleep, you’ll be renting them your vehicle. If you’re not using it, you may as well make extra money off of it – just be sure to have great insurance coverage and read the rules thoroughly.

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6. Start an eCommerce Store

Opening an online shop is actually a lot easier than you might think. You can have one up-and-running in less than an hour using a tool like Shopify or BigCommerce. And, once you get it set up and running, it has the potential of being another passive stream to make money.

Don’t worry if you don’ have any experience, there are plenty of free resources to help you get started with your online store and marketing “hacks” to help you make your first sale.

7. Write a Blog

If eCommerce isn’t your cup of tea, you can still make money with your own website. Creating a blog has never been easier – you can even get started for free with tools like WordPress or Blogger. What are you passionate about? Cats? Computers? Backyard chicken coops?

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Start writing about your passion in your blog. Writing high-quality content consistently on the same days every week will get you going in the right direction. There are other things to worry about, like SEO (Search Engine Optimization), but you don’t need to know about that to get started.

Once you acquire a steady following, there are tons of ways to make money off your blog, like:

8. Teach Something

The final idea I have for you on how to make money is teaching. You don’t have to be a professional teacher or coach. Do you know a lot about basketball? Can you play the piano really well? How about math, English, science, or even video games? You can get paid to teach almost anything. To get started, sign up for a site like eCoaches, Udemy, or Cogno.

I hope this article has taught you how to make extra money with multiple income streams. Good luck – and let me know if you find success in any of these methods, I love success stories!

Featured photo credit: http://getrefe.tumblr.com/ via 66.media.tumblr.com

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Bill Widmer

Content Marketing Expert

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Published on November 20, 2018

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The truth is, there are many “money saving guides” online, but most don’t cover the root issue for not saving.

Once I’d discovered a few key factors that allowed me to save 10k in one year, I realized why most articles couldn’t help me. The problem is that even with the right strategies you can still fail to save money. You need to have the right systems in place and the right mindset.

In this guide, I’ll cover the best ways to save money — practical yet powerful steps you can take to start saving more. It won’t be easy but with hard work, I’m confident you’ll be able to save more money–even if you’re an impulsive spender.

Why Your Past Prevents You from Saving Money

Are you constantly thinking about your financial mistakes?

If so, these thoughts are holding you back from saving.

I get it, you wish you could go back in time to avoid your financial downfalls. But dwelling over your past will only rob you from your future. Instead, reflect on your mistakes and ask yourself what lessons you can learn from them.

It wasn’t easy for me to accept that I had accumulated thousands of dollars in credit card debt. Once I did, I started heading in the right direction. Embrace your past failures and use them as an opportunity to set new financial goals.

For example, after accepting that you’re thousands of dollars in debt create a plan to be debt free in a year or two. This way when you’ll be at peace even when you get negative thoughts about your finances. Now you can focus more time on saving and less on your past financial mistakes.

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How to Effortlessly Track Your Spending

Stop manually tracking your spending.

Leverage powerful analytic tools such as Personal Capital and these money management apps to do the work for you. This tool has worked for me and has kept me motivated to why I’m saving in the first place. Once you login to your Personal Capital dashboard, you’re able to view your net worth.

When I’d first signed up with Personal Capital, I had a negative net worth, but this motivated me to save more. With this tool, you can also view your spending patterns, expenses, and how much money you’re saving.

Use your net worth as your north star to saving more. Whenever you experience financial setbacks, view how far you’ve come along. Saving money is only half the battle, being consistent is the other half.

The Truth on Why You Keep Failing

Saving money isn’t sexy. If it was, wouldn’t everyone be doing it?

Some people are natural savers, but most are impulsive spenders. Instead of denying that you’re an impulsive spender, embrace it.

Don’t try to save 60 to 70% of your income if this means you’ll live a miserable life. Saving money isn’t a race but a marathon. You’re saving for retirement and for large purchases.

If you’re currently having a hard time saving, start spending more money on nice things. This may sound counterintuitive but hear me out. Wouldn’t it be better to save $200 each month for 12 months instead of $500 for 3 months?

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Most people run into trouble because they create budgets that set them up for failure. This system won’t work for those who are frugal, but chances are they don’t need help saving. This system is for those who can’t save money and need to be rewarded for their hard work.

Only because you’re buying nice things doesn’t mean that you’ll save less. Here are some rules you should have in place:

  1. Save more than 50% of your available money (after expenses)
  2. Only buy nice things after saving
  3. Automate your savings with automatic bank transfers

These are the same rules that helped me save thousands each year while buying the latest iPhone. Focus only on items that are important to you. Remember, you can afford anything but not everything.

How to Foolproof Yourself out of Debt

Personal finance is a game. On one end, you’re earning money; and on the to other, you’re saving. But what ends up counting in the end isn’t how much you earn but how much you save. Research shows that about 60% of Americans spend more than they save.[1]

So how can you separate yourself from the 60%?

By not accumulating more debt. This way you’ll have more money to save and avoid having more financial obligations. A great way to stop accumulating debt is using cash to pay for all your transactions.

This will be challenging, depending on how reliant you are with your credit card, but it’s worth the effort. Not only will you stop accruing debt, but you’ll also be more conscious with what you buy.

For example, you’ll think twice about purchasing a new $200 headphone despite having the cash to buy them. According to a poll conducted by The CreditCards.com, 5 out of 6 Americans are impulsive spenders.[2]

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Telling yourself that you’ll have the discipline to not buy things won’t cut it. This is equal to having junk food in your fridge while trying to eat healthy–it’s only a matter of time before you slip. By using cash to make your purchases, you’ll spend less and save more.

A Proven Formula to Skyrocket Your Savings

Having proven systems in place to help you save more is important, but they’re not the best way to save money.

You can search for dozens of ways to save money, but there’ll always be a limit. Instead of spending the majority of your effort saving, look for ways to increase your income. The truth is that once you have the right systems in place, saving is easy.

What’s challenging is earning more money. There are many routes you can take to achieve this. For example, you can work long and hard at your current job to earn a raise. But there’s one problem–you’re depending on someone else to give you a raise.

Your company will have to have the budget, and you’ll have to know how to toot your own horn to get this raise. This isn’t to say that earning a raise is impossible, but things are better when you’re in control right? That’s why building a side-hustle is the best way to increase your income.

Think of your side-hustle as a part-time job doing something you enjoy. You can sell items on eBay for a profit, or design websites for small businesses. Building a side-hustle will be on the hardest things you’ll do, be too stubborn to quit.

During the early stages, you won’t be making money and that’s okay. Since you already have a source of income, you won’t be dependent on your side-hustle to pay for your expenses. Depending on how much time you invest in your side-hustle, it can one day replace your current income.

Whatever route you take, focus more on earning and save as much as possible. You have more control than you give yourself credit for.

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Transform Yourself into a Saving Money Machine

Saving money isn’t complicated but it’s one of the hardest things you’ll do.

By learning from your mistakes and rewarding yourself after saving you’ll save more. What would you do with an extra $200 or $500 each month? To some, this is life-changing money that can improve the quality of their lives.

The truth is saving money is an art. Save too much and you’ll quit, but save too little and you’ll pay for the consequences in the future. Saving money takes effort and having the right systems in place.

Imagine if you’d started saving an extra $100 this next month? Or, saved $20K in one year? Although it’s hard to imagine, this can be your reality if you follow the principles covered in this guide.

Take a moment to brainstorm which goals you’d be able to reach if you had extra money each month. Use these goals as motivation to help you stay on track on your journey to saving more. If I was able to save thousands of dollars with little guidance, imagine what you’ll be able to do.

What are you waiting for? Go and start saving money, the sky is your limit.

Featured photo credit: rawpixel via unsplash.com

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