A new year is here, which is also means it’s time to start making resolutions.
What’s first on your list? If you’re anything like most people, you’re resolving to achieve financial freedom, or at least improve the state of your personal finances.
At a time when many workers are living paycheck to paycheck, adding in the effects of the COVID-19 pandemic, it’s easy to see how most people are looking for ways to increase their income.
We’re here to help.
In this article, we’re sharing a couple of alternative sources of income you could explore.
1. Affiliate Marketing
In 2022, affiliate marketing spend is forecast to hit $8.2 billion, 10 times more than it was in 2012. This means more and more businesses are discovering and embracing the benefits of affiliate marketing.
As an affiliate marketer, your job is to promote a company’s products or services on your blog, social media page, or other digital channels. You earn a commission for every sale the company makes.
Sounds like something you can do?
The best part is there are several affiliate marketing programs you can join without breaking a sweat. However, your success will depend on your strategy. If you want to use YouTube as your affiliate marketing channel of choice, for example, you need to create quality videos that can get lots of views.
Read this resource here to learn more about affiliate marketing.
2. Invest in Stocks
You’ve probably heard of people who’ve become overnight millionaires because they invested in a certain company’s stock.
Latest example? Tesla stock investor.
Unless you live under a rock, you’ve probably seen the unbelievable rise in Tesla’s share price. There are new millionaires in town, and they owe their newly found success to Tesla.
You can also follow the same path. After all, more than 50 percent of all Americans invest in the stock market.
However, while some stocks will gain value so fast, most will take time. Investing in stocks is a patient man’s game, but it’s one that returns fat rewards.
3. Invest in Rental Real Estate
Rental real estate is a prime investment for people who want to earn passive income. Just buy or build a rental unit, rent it out, and wait to collect rent every month.
The problem with investing in real estate is it’s capital-intensive. If you don’t have good capital, it’s impossible to become a real estate investor and make money off it.
However, if you’ve got investment capital ready, don’t look past real estate. As long as you get the location of your rental unit right, you stand to reap big rewards.
4. Start a Part-Time Business
If you’re in a 9-5 job, starting a business might be out of the question.
Well, not so fast. Did you know you can start a profitable part-time business?
The secret lies in building a business around something you’re passionate about. For example, if you’re passionate about pets, you can start a pet walking business, something you can do after your day job.
Alternative Sources of Income: Have Your Pick
To get rich, one thing must happen: your income must increase.
For most people, this means having multiple sources of income. With this guide, you now have four alternative sources of income that you can explore. Have your pick!
Our blog has lots of money tips and advice, so keep reading!