The Easiest Way to Boost Your Income
As I mentioned last week, saving more money boils down to two simple strategies:
Make More Money
Spend Less Money
Cutting expenses is straightforward – skip the wardrobe upgrades, cancel unnecessary subscriptions, etc. But when it comes to making more money, things get interesting.
The average person settles for a 3% annual inflation raise or begs for a promotion at work. Instead of relying on climbing the corporate ladder, I prefer to take matters into my own hands by building additional income streams of $10,000+ per year.
But why $10,000? Because it’s realistic and doable for most people with busy schedules. We aren’t talking about forming a $100,000 business empire (yet) – this is merely creating something part-time to supplement your main income.
Here are three side hustles I’ve done to make $10k+ that could work for you too:
Start a Service or Freelancing Business: Identify skills you have that others are willing to pay for — like tutoring, graphic design, or even lawn care. These are often things you naturally do and thus overlook as becoming solid income sources. The beauty of service or freelance businesses is that they tend to have low startup costs and offer flexible schedules. You can start small and scale over time. In high school, I started a graphic design freelancing business which still makes me thousands per year. It’s my passion and something I would do in my free time anyway, so why not get paid?
Launch a YouTube Channel: Posting a video of yourself might be intimidating or even embarrassing — I never imagined myself talking to a camera either. The thing is, since so many people are afraid to get started, there is limited competition to begin with. Further, you can create a channel without even showing your face. While certain niches are more saturated than others, if you have a passion for something with a real audience, give it a shot. Even small channels can make serious income as long as they provide value to viewers.
Try Reselling or Flipping: My coworker earns $1,000+ per month by decluttering items in his home and reselling them online. If you’re anything like him (or me), you have random clothes and gadgets spread across your home taking up space. People are willing to spend good money to buy these things. With platforms like Mercari, Poshmark, and Facebook Marketplace, you can pinpoint these buyers and start making money while clearing out your space.
Need a Budgeting App to Help Reach Your Financial Goals?
I recently converted to a budgeting app called YNAB. If you’re tired of losing control of your money and want to see real progress made, click here for a free 34-day trial.
Latest YouTube Video:
Jack Bogle’s Simple Rules For Investment Success: Check out 6 beginner-friendly investing lessons from the legendary, Jack Bogle (Founder of Vanguard).
Your feedback and suggestions are always welcome, so feel free to let me know what you think!
Keep Saving,
Steve | Feasible Creative
"Formal education will make you a living; self-education will make you a fortune” - Jim Rohn
Disclaimer: The content provided in this newsletter is for informational and educational purposes only. It is not intended to be a substitute for professional financial advice. Please consult with a financial advisor before making any financial decisions.
This newsletter may contain affiliate links, which means I may earn a commission if you make a purchase through these links, at no extra cost to you. Thank you for supporting me!