Thursday, November 19, 2015, AM | Leave Comment
Whether you’re looking to increase your monthly income, provide a passive income source to aid in early retirement, or to pay off debt, investment opportunities that provide extra cash are a great way to meet your life goals.
Though this sounds great, many people are unsure how to invest in things that can help to boost their income.
Here is a look at some of the ways that you can add an extra income source:
If you have a little capital that you want to use to create a new income source, consider microlending.
There are a number of peer to peer lending sites that will let you lend your money to others, and gain monthly payments with interest.
You will have the opportunity to choose from low risk lenders with low interest rates to higher risk lenders with higher interest rewards.
Rent Your Stuff
Another way to gain monthly income is to rent what you already have. This can be a boat, a spare bedroom, an extra home or anything else of value that you don’t regularly use.
There are a ton of new websites that help you to do this, including Get My Boat, Air BNB, VRBO and others.
Simply list the times these things are open, price them competitively, and watch the money roll in.
You can even ask for additional fees to have them cleaned, and deposits to deal with risks of damage.
If you already have a business that can be expanded, consider adding an online component to it.
Web based businesses have a number of ways that they can become automated, allowing you to profit from expanded clientele.
An example could be the online retail business opportunities places like eMerchant Club offer.
Easy reports for bookkeeping purposes, marketing programs to reach new customers and other tools can all be included in your business with the right programs.
If you feel like you have something unique, interesting, or funny to say, then consider showing the world.
By doing an online blog or video vlog, you can show the world your unique perspective and gain a little money as well.
Ad revenue and syndication payments for well-followed blog articles can help you to earn money while you sleep.
Don’t aim for trying to find the highest-paying option. Instead, follow your passion and watch the money flow.
Of course, if you just want a guarantee of monthly money with little work involved, then taking a nest egg and turning it into an annuity is a great way to get this.
An annuity works by putting money into an account that is invested for you, and then paid out in regular monthly or annual amounts when you decide.
In some case this is immediately, and in other cases this is later, such as during retirement.
There are a lot of great ways to make a lot of money, if you have some imagination, a little startup capital and a willingness to work hard and smart.
Once you have set up one of these investments, the toughest part may be deciding the best place to spend the income.
Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on twitter: @RachelleWilber