Supplementing our Active Income Streams
With the cost-of-living remaining high, mortgage rates climbing above 5%, and the volatility in the stock markets taking us on a wild ride 🎢, I am a HUGE advocate of both Supplementing & Diversifying our Income Streams.
By doing so, we not only create a safety net for us & our loved ones, but we can also use it to:
✅ Pay outstanding debt
✅ Save money for a specific goal
✅ Fund a special occasion
Just before diving into my 5 TOP TIPS for Generating Extra income, I want to explain the two main types of income:
⏰ ACTIVE income is where we exchange money for time.
💸 PASSIVE income is money earned without the same time investment (think about rental income, dividend income, and royalties).
And although I am MEGA passionate about teaching individuals how to create Passive Income (particularly through smart investing), the truth is that you you need ACTIVE income to produce PASSIVE income.
😎 There’s no ifs, ands, or buts about it.
Even when some individuals love CLAIMING on social media that they built massive passive income streams without any work (and I can sing like Celine Dion…NOT). 😂
💰My 5 TOP TIPS for generating extra income:
1. MARIE KONDO YOUR HOME – Sell items that you no longer use, or as Marie says items that no longer “spark joy.” There are so many ways to do this, from a simple garage sale (or boot sale in the UK) to online sites like Ebay, Craigslist, or Facebook Marketplace. And talking about Facebook Marketplace, you may have heard recently that Meta (Facebook’s parent company) has partnered with DoorDash to deliver items purchased online from its platform. Cool!
👉🏼 By the way, you can do this for your own items and/or even consider doing it professionally for others & take a commission on each sale.
2. SHORT TERM RENTALS (current and/or holiday home) – Did you know that the typical American Airbnb hosts’s income rose to over $13,800 in 2021? Yep! And that is an 85% jump vs 2019. In fact, according to Airbnb, countries with an increase in inflation saw an increase in hosts in the second quarter of 2022, which means that more people are waking up to the fact they can make money from their current homes.
👉🏼 Understand if you are indeed able to rent a room and/or home (some types of properties disallow such arrangements) and if you are considering to purchase a new home, think about its extra earning potential.
3. CAREER CONSIDERATIONS – Certain professional roles are in high demand at the moment. Just last week Walgreens Boots Alliance announced that it is offering SIGNING BONUSES of up to $75,000 to pharmacists in some markets.
👉🏼If you are considering a career change and/or professional part-time job, make sure to do your research, choose one that is in high demand, and negotiate.
4. DRIVING GIGS– Of course we are aware of companies such as Uber and Lyft. However, there are also companies like Xpress Bags that offer people part-time jobs as luggage deliverers and Instacart that hires personal shoppers.
👉🏼The great thing with these kind of jobs is also that you get to control your hours and time flexibility is an important part of the freedom equation.
5. JOIN FREELANCE PLATFORMS – Got skills and hidden talents to share? Then make sure to let the world know about it. You can do so organically (friends & family) or by joining sites such as Fiverr, which is a freelance services marketplace connecting freelancers to people & businesses looking to hire.
👉🏼Although originally, the idea behind it was to offer freelancers the opportunity to add in some “side income”, according to reports there are many who have been able to make six-figure-plus revenues annually.
🚨 TWO IMPORTANT REMINDERS 🚨
⓵ Number One:
We are responsible to REPORT our earnings on income generated by a full-time job and/or side hustles (as well as income generated in taxable accounts) to the relevant tax bodies where we are based. So, don’t forget to keep records of such income for your tax filings.
② Number Two:
It’s important to keep in mind that sometimes an INCREASE in income can BUMP UP our tax bracket. As such, make sure to take this into consideration.
There we have it friends. I’d love to know if any of these TOP TIPS work for you and/or other ideas you may have!
Remember, to Wear Your Money Crown with pride!
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