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By Beth Morris
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Is your job failing to provide you with money to spend on the things that you always wanted to have for yourself? Since you most likely have free time other than the typical eight hours of sleep per day, you should use it to earn additional income.
If you need further convincing as to why you should seek to build a source of income aside from the one that your current job provides, you should consider talking to a financial advisor or planner like those from Capstone who can walk you through the nitty-gritty of how to plan out your finances going forward. But if you already want to get straight to it, here’s how you can create a supplementary source of income:
Build an online store
Shopping online has become a common activity for some, especially those with tons of money to spend but don’t want the inconvenience of driving into town. However, instead of settling at becoming an online shopper yourself, why not try selling products via the Internet?
You might want to consider registering a seller account first at an e-commerce platform such as Amazon or eBay. You can set up shop in your chosen e-commerce platform in only a matter of minutes, thus allowing you to focus more on spreading the word about your online store and targeting potential buyers.
Once you’ve established yourself as an online seller, you can then consider creating a dedicated website for your onlinestore where you can have fuller control of all the profit generated by your side business. Just remember to retain your day job for the time being until you can already live comfortably using the earnings that your online store receives.
Work as a Freelance Writer
You may have a knack for writing about anything under the sun, but your current job might find you doing anything but that. However, since you don’t spend your entire day working at your job, you can use your free time in an income-generating way by rekindling your passion for writing and finding work as a freelance writer.
Website owners and bloggers who find very little time to write content – especially if they have a hectic schedule – often hire freelance writers and pay them to create articles and posts. Once you become a freelance writer for a website owner or blogger, your research skills will be put to the test, thus making you learn more about specific topics in a more active way compared to when you stumble upon a random article on the Internet and read it in your spare time. Best of all, you can work anytime you want as a freelance writer.
Rent out any unused rooms In your house
If you have a house of your own, there’s a chance that you might have at least one spare room left unused: especially if you live alone. Instead of letting that extra room gather dust and cobwebs, you can rent it out to anyone looking for a place to settle. Just make sure to thoroughly screen yourpotential tenant first by asking questions about themselves and gathering information about their financial history.
Start a customized T-shirt printing business
Some people love to flaunt T-shirts with eye-catching designs printed on them. However, not every major retailer might have the kind of design that they want printed on their t-shirt whether it be a worded statement, a picture of their favorite movie character, the logo of their favorite band, or some other striking image.
If you’ve got any graphic design skills, you can start a customized t-shirt printing business that you can run on weekends. Just ask your potential customers what design they want to have printed on a t-shirt. But if they submit to you an image of a movie character or a band logo, you should contact the original artist, or whoever has the copyright to it first, and politely ask if it’s okay with them to have it printed on a shirt. If they aren’t okay with it, you have the right to refuse to sell a customized shirt bearing the said image as you wouldn’t want to run afoul with copyright laws.
Conclusion
Most self-made millionaires have at least three streams of income. But even if becoming a millionaire isn’t on top of your priority list, you should warm yourself to the idea of having an extra source of income aside from your day job. After all, there’s no telling when you won’t be able to do your job anymore due to old age or an accident that might leave you handicapped. Thus, you should immediately start applying the above tips on how to create a supplementary source of income so you won’t have to worry about where to get money to buy something you want for yourself or any basic needs in case your salary runs out.
Beth Morris writes articles for Capstone, where she focuses on financial topics suited for different businesses. Beth believes that a business’s financial health can make or break its success over time, which is why she utilizes her articles to help businesses manage their finances better. Beth keeps her financial knowledge up-to-date by reading different resources during her free time and by managing her own business. If she’s not too busy, she spends time with her family.
