Making money is an indisputable part of growing your income and a crucial aspect of personal finance.
It is literally the first step to building wealth.
This means that anyone looking to transform their finances must learn how to generate income on a consistent basis.
In addition, we are better off when we can earn income from more than one source.
And as a lifelong student of personal finance, I am always on the lookout for opportunities to earn more income, so you can imagine my excitement when I came across a post on IG, a couple of months ago, sharing a game-changing idea.
I can’t remember whose post it was, but I recall that this person asked readers to take some time to write out 20 things they can do to generate income.
And it had to be done in one seating.
I tried it (after claiming it wasn’t possible) and I was pleasantly surprised by the result. 😅🙈
Yes, I came up with 20 income generating ideas, many of which I will be sharing in this post.
What I loved about this exercise is that it gave me a chance to consider my interests, and opportunities that I may never have considered. I hope you get to do so as well.
This list of 20 income generating ideas is by no means exhaustive.
I encourage you to also come with additional options that closely align with your interests, skills, and current level in life.
One thing I know is that you will be pleasantly surprised by the result and may just find a few ideas that are worth exploring now or in the not-too-distant future.
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5 Benefits of Increasing Your Current Income
1. Increases financial security.
The reality of life is that the more income you have, the more money you can save and invest. And the more money you have saved, the more secure you feel.
Financial security means you have enough to cover your living expenses and are not thrown off when there is an emergency expense.
2. You have more Choices.
Increasing your income gives you more choices. Having more money creates some flexibility and room for you. Who wouldn’t want that!
3. It Creates Financial Stability.
Financial stability as the name suggests refers to you having a buffer to ensure you don’t go into debt or financial crisis when an unexpected event occurs.
4. It Improves Work/Life Balance.
Many of us are tied to our proverbial work desks because we believe we don’t have a choice, or we are so dependent on the paycheck that comes in.
Imagine what having multiple streams of income can do for you? It means you can decide not to take on more hours at work and use that time to hang out with your loved ones or try out new hobbies.
Like I mentioned above, more income gives you more choices, and you are better able to do things that serve you and the life you wish to live.
5. You arrive at Financial Independence much quicker.
Financial independence is the goal for many of us. You may have heard about the FIRE movement which stands for Financial Independence Retire Early which is made up of a cluster of millennials and Gen Z’s who are choosing to retire much earlier than 65 years unlike most of our parents.
20 Income Generating Ideas to Try
Remember to keep an open mind while you check out these opportunities.
“Every accomplishment starts with a decision to try.”
Gail Devers
- Create a digital product.
- Offer a one-off service.
- Write an e-book.
- Request an increase in your current salary or income.
- Invest in interest bearing assets.
- Become a High Earning Freelancer.
- Buy dividend paying stocks.
- Earn commissions on sales.
- Start a Side Hustle.
- Invest in a local business.
- Sell your unused items on platforms like Facebook marketplace etc
- Rent out your spare room.
- Buy a rental property. (This can be crowdfunded or independently)
- Learn a tech skill like web or graphic design and offer this service.
- Work as a virtual assistant
- Participate in Paid Surveys and Research.
- Provide an online or offline tutoring or coaching service.
- Sell worksheets and templates.
- Consider paid speaking events.
- Invest in a farm.
STOP WAITING AND START DOING
“If you wait until the wind and the weather is just right, you will never sow anything and never harvest anything.”
Ecclesiastes 11:4
I love the above quote’s no nonsense stance on why we need to act rather than remain passive(spectators on life). Many times, we know what to do or have ideas we wish to explore but rather than taking action, we sit on it waiting for the perfect time.
There is nothing like the perfect time.
It is a fallacy that has claimed more dreams than anything else.
Start today!
Start now!
And change your life forever.
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