How I Generate 3 Extra Source of Income Just By Working 8 Hours a Day?
You can’t go wrong with earning a little extra money. Extra income can have a major impact on your finances and will allow you to act more freely when it comes to your expenses. You’d be surprised how an extra $500 each month could really go a long way and help you out. But what does it even take to earn extra income when you already have a full time gig? Most people who need additional income, automatically think you must work a second job; wrong. After a ton of research and a bit of hustling, only in the beginning, I was on my way to making extra cash.
So how was I going about this, you ask? I will tell you how; it is a method called passive income. Passive income is basically money you earn consistently without doing much or even anything at all. Of course, like mentioned above, I hustled at the very beginning but once I got these gigs going, I was able to sit back and relax in no time.
There are various ways to earn that extra income; whether it is writing a book, selling things online or even starting your own YouTube channel and making videos; you can easily make a decent income.
For me, I wanted to make a little more and do a little less. Instead of undertaking a bunch of little things on the side, in addition to my full time job, I generated these 3 extra sources of income below within a typical 8 hour work day:
- Invested in Lending Club
This is a great way to earn extra income; I have been using this service for a few years now and have been generating amazing results. Lending Club is an online peer-to-peer lending platform where people come to get loans and where investors (looking for high interest opportunities) can lend their money to other people. Investors lend money directly to borrowers through the website, enabling both to benefit from the rate of interest established for each loan. Each note is only $25, so you can invest $1,000 and lend money to 40 people. Lending Club provides an opportunity to earn interest rates in excess of 10% per year, which is essentially about 10 times what you will earn on more conventional interest-bearing investments. Of course, like with anything else, there is some risk involved, however you’re compensated for the risk by earning a nice interest rate on the loan.
- Invest in Real Estate
Investing in real estate will take a lot of work at the beginning and a bit of maintenance here and there before you can really get this going. However, I promise you, once you do your hard work and diligence; you will potentially make a substantial income long term.
Just remember, as an investor, you may be required to put up a 20% down payment to buy the property, but once you find reliable tenants for your properties, there’s very little left to do except to wait for the rent checks to begin rolling in.
- Get Stock Dividends
Dividend stocks are one of the easiest ways for us, investors, to create passive income because we’re getting paid to own them and it’s a good way to earn money regularly. Like Lending Club and investing in real estate, before getting stock dividends, you should always do plenty of research beforehand in order to find good stocks and invest a significant amount of money to receive large dividend checks. For any of these investment opportunities, there are great online brokerage companies that offer rewards while doing it, some include, Fidelity, TradeKing and Landing Tree.
Generating income is the foundation of smarter money management, even as little extra income you receive each month can always go a long way. These top three passive income sources are how I generated extra income in addition to my full time job, however, depending on your specific skills and interests it can vary. Whether you want to do something as simple as creating a blog with ads or going as far as earning a real estate license in order to invest in properties, the choice is yours. While earning extra income admittedly does take some work, its long term payoff can be huge.
