Which Income Booster Is Right For You?
No matter what season of life we’re in, we could all use a little bit more money. And even though it’s getting better (at a snail’s pace), given today’s professional climate, if you’re a working mom juggling a thousand different projects, finding additional sources of income can be limited. However, whether you’re trying to increase your savings, pay down debt, or just make an extravagant purchase, here are some palatable options for ways to supplement your income.
The Side Gig
The first question to ask yourself is what are you able to initially invest into building a side income? Is it time? Money? Starting a side gig could be an amazing way to acquire some extra cash if you have the time to spare. This doesn’t have to be something as rigorous as your day job, either. If you like animals, you could become a dog walker and get in some cardio while you make money. If you’re crafty, explore your creative side and sell your stuff online. After all, it won’t seem like extra work if you enjoy what you’re doing.
The Freelancer
Businesses are always looking to outsource work to people with specialties. Write blogs and other content for a company’s website, or design engaging graphics. As a freelancer, you have the power to set your own rates, schedule, and policies, making it perfect for busy moms with tight agendas.
Rent Out a Room
Do you have an empty room in your house or apartment? If so, renting it out is another alternative way to supplement your income. Students and traveling professionals have made the demand for short-term leases skyrocket. If you’re a new landlord, several online resources can make this process easier, from finding tenants to running background checks to drawing up leases.
Flip a House
Flipping a house may seem like a huge undertaking, but if done well, the payoff is absolutely worth it. Between crowdsourcing, private lenders, and DIY repairs, you don’t always need to invest a ton of money into a home to turn a significant profit. The key to being successful in this market is to sell your fix-and-flip house quickly so that you can move on to your next property.
Invest
We’re not here to tell you how to invest, as there are multiple strategies that work quite well, depending on your level of risk, the amount of time you have to put into studying and staying on top of market news, your emotional fortitude, etc. But what we can say is that investing can be a great way to grow wealth. If you’re not sure where to start, we recommend researching Index ETF funds as an ideal entry point - and from there, find resources that speak to you to learn more. From The Budgetinista to ElleVest to The Financial Diet to Girls That Invest, the resources are out there - and you might be amazed at how easy it actually can be.
There’s no shortage of ways to cushion your wallet with some extra cash. All it takes is perseverance and a little bit of creativity. With these tips, you’ll be on your way to meeting all your financial needs and goals.
