Secondary Sources of Income That Can Be a Boon to Your Finances

Rohan Mathew

Secondary Sources of Income That Can Be a Boon to Your Finances

These days, it seems like all of us are having some degree of trouble making ends meet. Unfortunately, as cost of living continues to rise, a growing number of people are discovering that their primary sources of income simply aren’t enough to get by. If this describes your current financial situation, it may be worth your while to consider a secondary source of income. As you’ll find, there’s no shortage of options for people who are in the market for a second income.

Invest in Rental Properties 

A good rental property in a popular area can make you a handsome profit on a monthly basis. Just remember that not all rental property investments are going to be equally profitable. So, before committing to invest in a property, make sure to thoroughly research demand and rental rates in the area. Secondly, abstain from investing in any rental property that hasn’t been meticulously inspected by seasoned professionals. Given how much capital is at stake, the absolute last thing you want is a bad case of buyer’s remorse. When exploring potential properties, keep an eye out for multi-family development investment opportunities.  

Market Your Creative Talents 

Although many creative individuals have historically had trouble marketing their talents, the internet has made it considerably easier to get your work noticed and reach out to people who would be willing to pay you for it. So, if you have a creative skill that you think could prove profitable, there’s no harm in trying to turn it into a side hustle. To make this task easier, there are a number of job listing sites devoted exclusively to creative work. If you’re skilled at creating art, writing, editing, creating videos, designing websites or any other artistic endeavors, start exploring relevant listings. Since most of these listings are for contract work, you generally won’t have to worry about them interfering with your day job.     

Self-Publish Books 

If you have a genuine passion for the written word and a knack for good storytelling, why not put those skills to good use? While certain authors may turn their noses at self-publishing, it can prove extremely profitable for talented writers who know how to market their work. So, if you’ve penned any novels that have yet to find a publisher, consider using one of the many readily-available self-publishing platforms on the web. 

Self-publishing can be an exceptionally profitable venture for authors with extensive catalogs. After all, the more books you put out into the world, the more books you’re likely to sell – and the more books you sell, the more income you stand to make. Some prolific self-published authors are able to use their back catalogs as consistent sources of passive secondary (if not primary) income.  

Drive for a Rideshare Service 

If you’re a safe driver with a dependable vehicle, driving for a rideshare service can be a great source of secondary income. Since many rideshare services essentially allow drivers to set their own hours, you’ll be able to work on your schedule instead of being forced to adhere to one set by your employer. Needless to say, this is ideal for people who don’t have the time or energy to devote to a second meticulously-scheduled job.  

Allow Businesses to Advertise on Your Vehicle 

Another easy way to get paid for driving is allowing local businesses to advertise on your vehicle. The preferred types of vehicle-based advertisements vary from business to business, but in many cases, you can expect the client to place a car wrap around your vehicle. This ensures that other motorists, pedestrians and other onlookers will be able to catch a glimpse of the client’s logo and contact info. 

If allowing businesses to advertise on your vehicle strikes you as an appealing venture, just remember that scammers often set up fake vehicle advertising operations and trick drivers out of sizable sums of money. So, as a general rule of thumb, abstain from working with clients who expect you to spend your own money on supplies. 

You’d be hard-pressed to find someone who isn’t currently experiencing some degree of economic insecurity. With rental rates and other essential living expenses rapidly on the rise, it’s become increasingly difficult for many of us to comfortably get by. As such, anyone dealing with cost of living issues should consider seeking out a secondary source of income. Whether you’re in dire financial straits or are simply looking to make a little extra each month, the options outlined above are certainly worth considering.