With today’s fluctuating economy, unlivable wages, and the ever-increasing prices of commodities, the only viable solution is to create more streams of income. Relying on the income you get from your full-time job alone is not enough to maintain a comfortable lifestyle, especially if you’re supporting a family.
Those who are aware of this situation juggle their full-time employment with part-time or freelance jobs, some even doing so much as having two or three side hustles just to keep themselves afloat. Having multiple income streams offer people a semblance of financial stability even if one stream dries up.
This mindset, combined with the power of technology, paved the way for the gig economy to boom because more people are exposed to flexible and temporary jobs through the internet. Taking on gigs that allow people to use their wide skill sets and increase their income streams are becoming more popular.
Side hustles are known for their remote working environments and flexibility regarding tasks, wages, and duration, which is why it’s an attractive income stream for many professionals. If you’re looking for ways to increase your streams of income, here are a few options that you can consider:
Side Hustle #1 Become an Insurance Agent
Insurance plays a big role in protecting the future of policyholders, which makes it an attractive investment that is both practical and necessary. Health is no longer the only aspect that can be insured nowadays, as there are also insurance policies for life, disabilities, and properties that you may own.
This is why becoming an insurance agent is a great way to build an extra income stream, particularly if you enjoy the idea of saving lives. For instance, you can start selling Medicare insurance that offers accessible healthcare for the elderly who may have missed out on getting a policy when they were younger.
Of course, you would need to partner with a reliable insurance field marketing organization or company and get a license as well as a certification before you can begin insuring lives, but it can be worth every step in the process. You can earn money and save lives simultaneously by becoming an insurance agent.
Side Hustle #2 Rent Out Your Vacant Room
Becoming a part-time landlord is another great way to get passive income. You can fix up your spare room at home and offer it to potential tenants who are looking for temporary or long-term affordable accommodation.
You can also rent it out to vacationers or tourists that prefer cheaper alternatives to traditional hotels through home-sharing platforms like Airbnb. Doing so can give you a first-hand experience of working in the rental property industry, which is useful if you plan to pursue business in the future.
To begin, you will need to create a listing of your home and include all the necessary details of it on your chosen home-sharing platform. The next step to becoming a host is to take pictures, create house rules, and set an appropriate price to market your home to your potential guests.
Side Hustle #3 Be a Freelance Writer or Social Media Manager
If you have a knack for writing or are knowledgeable about social media analytics and you want to make use of your skills to increase your earning potential, then you can become a freelance writer or social media manager. Both of these gigs are remote and can be done through a laptop at home.
The best thing about becoming a freelancer is that you can pick what niche or industry you want to work in based on your personal interests. For instance, if you want to write about the adventures of being a homeowner, then you can work with real estate companies that target potential homebuyers.
Or if you prefer engaging with communities, then becoming a social media manager for your chosen business is the way to go. Having such a platform will allow you to hone your accumulated skills and utilize them to reach a wider audience for the company you’re working for.
Side Hustle #4 Enter the Ecommerce Industry
With more people preferring online shopping over brick-and-mortar stores, now is the perfect time to enter the ecommerce market. You can join the league of online sellers that are catering to consumers both nationwide and in international markets.
You can start small by selling your old items online, or you can create a business out of it and offer your own products. Of course, the best way to build your brand is by picking a niche rather than trying to sell a wide range of products.
That way, you can target a specific buyer audience instead of the general market. Ecommerce shops can be a low-maintenance, passive income stream, but can be easily scalable if you plan to focus on it fully in the future by being an entrepreneur.
There are many other gigs that you can work in as you find financial stability. The only thing you have to remember is that you should never take more jobs than you can handle because this can defeat the purpose of having multiple income streams.