Life in unpredictable. People can lose jobs, get sick, get into debt and encounter other problems that can put an individual’s financial security at risk. The best way to protect oneself against an unexpected blow to regular finances is to earn a secondary income that can be put to use in times of need. However, juggling multiple jobs on the long run can be tiring and time consuming. Instead, it’s best to consider alternative income options to improve finances. Secondary income options can complement a regular monthly income if a financial need arises. So, read ahead to find out several excellent ways to generate a sizable parallel income:
The best way to assure yourself a monthly or an annual income without doing any work is to invest money. You can invest in the stock market, real estate or a business. If you are a beginner, it’s best to put your money into tried and tested ventures. For example, consider real estate investment trusts where you can invest money in a traditional, high returns market with professional help. REITs trade on major exchange stocks, are extremely liquid and come with special tax dividends. They may be risky, but are an excellent option to generate a considerable amount of passive income for future use.Freelance
Don’t have time to go to an actual job? Don’t worry, you can always freelance. Freelancers are not salaried employees, therefore can set working hours and a pace conveniently with a non-contract employer. Consider freelancing from home whenever you have time. You will be secured by a secondary form of income, which will protect you in case of layoffs or sudden needs for money.Write an e-Book
Writing an e-book will take you less than a month if you work fast. But, you will be able to get an income out of a book for number of years to come. Unlike traditional books, e-books are easy to publish and sell online on platforms like Amazon. Your e-book doesn’t have to be a grand novel. Write things you know about, for example gardening or shortcuts in your city. Tap into a niche market and watch as the money rolls in.Auction off Old Things
Need cash but don’t want to take on a second job? No problem. Look around in your house for valuable things you can auction off online on a site like eBay. You can get far better bargains for your old things online than at a yard sale. Look for things your grandparents owned; they could be considered antiques and could be worth a lot of money.Become a Research Subject
No, you don’t have to subject yourself to scary experiments. We are talking about surveys, focus group studies and polls. Companies conduct a lot of such opinion-based research for marketing, and are more than willing to pay regular people to participate. You won’t earn a lot of money, but even a couple of dollars is worth it to basically show up and state your opinion.
So, what do you think? Do any of the suggestion above sound appealing to you as a wonderful alternate income generator?