Investing is a great way to increase your savings and grow your retirement nest over time. But setting up an investment portfolio can be challenging for some people, especially those who live from paycheck to paycheck. Recurring expenses, such as apartment rent or groceries, and unplanned costs, like hospital bills or increase in tuition fees, can deter you from setting up an investment portfolio that’s consistently growing in interest and paying dividends. Fortunately, it doesn’t take a Wall Street pro or a high net worth individual to tie together the right financial plan that allows them to reap the compounding effects of investing. Here’s five tips on how to earn extra money for your investing venture.
Seek a Better Paying Job
Perhaps the best way to earn extra money for investing purposes is to change to a higher paying job. Either negotiate your earnings with your existing employer or choose to leave your existing job altogether and find a new one with better earnings and perks. If you are working a low-income job, invest in higher education. Expanding your skills and boosting your resume makes you more marketable to employers, which can be used as leverage to negotiate higher salaries and better work perks.
Do Some Freelancing
Whether it’s photography, ghostwriting, driving, or any other skill you can provide as a service, working as a freelancer can earn you extra money. Of course, this will entail pouring extra hours and effort into freelance assignments, which can vary depending on what type of work you select. Writing on the side can take as short as an hour hour while working as a wedding photographer can take up your entire afternoon or evening. Nowadays, it’s easier to find freelance jobs, thanks to web-based platforms like LinkedIn, Upwork, and Fiverr. Signing up for a basic account doesn’t cost users but you’ll do need to put in the effort to build a reputable portfolio and attract contractors.
Build a Blog
If you have time and an area of expertise, creating a blog and accumulating site traffic over time can lead to paid advertising and affiliate links. You may have stumbled upon stories of successful bloggers making six figure salaries every year by just writing one or two blog posts a week. Although this should be considered as the exception rather than the rule, it’s definitely possible to make extra money as a blogger. In fact, given time and high-quality content, you can even turn your blog into a full-time job.
Rent Your Home
If you travel a lot and leave your apartment or house unoccupied, you can rent it out for the time-being to a tenant for some extra cash. Again, thanks to the Internet, sites like AirBnB and Craigslist have bridged millions of homeowners who’ve been wanting to rent their room or home for some extra cash to tenants who need the temporary space. Besides renting your home to tenants, you can also make your humble abode available for some overnight pet stays, which can net you up to $50 per night just for letting pets sleep at your place.
Sell Things Online
A no-brainer way to earn some extra cash is to sell your unneeded stuff to people. Make money online by joining online marketplaces, like Amazon and eBay, and selling items, such as used books, electronics, clothing, eBooks, and so forth. If you have novelty items and creative pieces you make at home, you can also sell it for extra cash.
These are only five of the dozens of cash-generating sidelines and tactics you can try out. In the long haul, what’s important is that you remain active and and driven to improve your financial well-being. Continue to experiment and correct ways to steadily increase your earning potential and retirement nest. More importantly, have a plan of action on how to reinvest the extra cash. You want to invest in the right financial assets for maximum capital appreciation and minimal risk.