Whatever the reason, right now, you might be feeling a little uneasy with the huge swings in the market. You’re not the only one. An emergency fund can help immensely during downturns, but what are some of the options to help increase income?
Ways to generate income
One of the best ways to make money is referred to as passive income. This does not mean it’s income you haven’t worked hard for. Instead, it means you continue to make money on it long after the work has been done. The most obvious example of passive income are stocks and investments, but it’s not the only option.
Do you run a blog or website? Are you making use of affiliate links or paid advertisements? While most advertisers will want blogs that are updated frequently, you can make use of affiliate links in your blogs almost immediately. Anytime you link a product in amazon, for instance, you can turn that into an affiliate link. When someone clicks that link and purchases that product, you get a slight monetary payout from it. Enough times, and it adds up!
Side note: if you don’t have enough clicks on your affiliate Amazon links in the first few months, Amazon will close your affiliate account, so don’t set it up prematurely. If you have zero visitors to your blog daily, first get readers then work on setting up your affiliate link account.
While no longer considered passive income directly, mining for bitcoin is one option to increase your income with only a little upfront cost. Need help doing the painstaking dirty work of mining bitcoin? While it can be lucrative, it’s time-consuming, to say the least. Have someone help you out at this website, since mining can be tedious.
Selling no longer used items
If you’re looking to downsize or simply get rid of things you’ve deemed as “junk,” you may want to peruse eBay or similar websites to see if some of your odds and ends would be worth selling. ThredUP is a huge online consignment store that allows you to resell your gently used clothing.
They don’t accept all clothing, but if you are fashion-forward, this might be a great option for you. You won’t become a millionaire doing this, but if you’re looking to clean out your closet anyway, it can’t hurt.
The side hustle is alive and well
Could you summarize what you for work in a short series? Would people benefit from it?
If you answered yes, then set up a webinar, but here’s the catch – don’t charge for the first one. Instead, gather those emails from people who sign up, and host a short webinar with just enough information to be slightly helpful and engaging, but without giving away too much. Now, use those same email leads to offer a longer paid course, or direct consulting.
Some careers are inherently better for consulting but don’t sell yourself short. There is a multitude of people online that are always trying to improve their skills and obtain new knowledge.