No matter how much money you make, you always want more. Either because you consider that what you earn is not enough or because you have a project in mind that requires a strong investment, one that will allow you to quit your job and become your own boss.
Building multiple streams of income is not a luxury, it’s a necessity. Click To Tweet
Either way, finding a way to make extra money will allow you to pay off debt and save for the future. But what is the best way to generate income apart from your work?
If you could find a method to increase your income through an activity other than your job, you would be increasing the chances of creating your own company.
Find below which are the most effective ways to generate additional income according to experts.
1. Create a blog.
A great way to make extra income is to start a blog. Although it can take time to build a quality audience large enough to make the blog profitable, once this goal is achieved there are many ways to make money by taking advantage of this asset.
Darren Rose is a living example of this modality. He owns several blogs, but the most recognized is problogger.net where he teaches his audience how to create and monetize a blog.
He is also the creator of Digital Photography School, a blog where he shares tips to help anyone get the most out of their digital cameras.
Through methods such as: Advertising, affiliate marketing, selling his own products and consulting, Darren Rose lives 100% of his websites.
You can start by connecting your blog with Google Adsense (It is a program that allows you to place advertising on your blog). In this way, every time someone clicks on one of the advertising banners on your blog you will receive money. Over time you will add other products and increase your income.
Also read: How to make money with a blog.
You can also read: Step by Step Guide: How to create a blog easy and fast.
2. Make videos on Youtube.
This is a trend that has been growing rapidly. With our wonderful mobile phones, nowadays anyone is empowered to create and edit high-quality videos.
You can make videos of any area that is of interest to you: video games, exercise, cooking, music, movies, etc. Then create a Youtube channel and just like with your blog, you can connect your channel with Google Adsense.
This platform will insert advertisements that will appear automatically when you play your videos. When your visitors click on those ads, you will receive money.
Your YouTube channel and your blog can be connected and be part of the same business.
3. Write a book (It’s not as hard as you think)
Some people dream of getting to write a book but few get to do it. Either because it is not an easy task in terms of the time it takes to do it or because we believe we do not have the ability to do it, very few start.
But, the truth is that writing a book is another brilliant way to generate passive income, since you are creating an asset that will generate money forever without the need to continue working.
Previously it was necessary to find a publisher that would be in charge of editing, promoting and distributing the text in order to bring it to the market. However, the internet has opened a door of opportunities for new authors, facilitating the promotion and distribution processes without the need to go to a publisher.
There are several paths you can take. For example:
- Write a series of books and publish them on Kindle, Amazon’s platform.
- You can publish and promote your book yourself through your own website.
- You could record an audiobook and publish it on Audible.
If you have a product to sell, Amazon is the platform that will allow you to reach the largest number of customers, without worrying about having a warehouse, inventory or sellers. Amazon takes care of everything, allowing anyone to sell products.
3. Invest in real estate.
This is definitely one of the most popular ways to generate passive income. Owning an asset that makes you money is a brilliant, low-risk way to build wealth. Although starting is not easy due to the high initial investment, it is a very profitable business. There are several alternatives, such as:
- Rent: It consists of the purchase of a property, either new or used, to rent. Depending on the type of property and its age, its profitability will change. Factors such as valuation will always be an advantage.
- Buy and sell: This method consists of acquiring a property to sell it later at a higher price. The best option is to buy off plans to make the most of the appreciation of this property and to be able to sell it at the real market value when it is finished.
- Invest in a construction project: This mode has two options. Or the direct purchase of a lot by an investor or invest through a construction company. This is how shopping centers or residential complexes are built.
- Use Airbnb: There is an option where you should not invest a lot of money. Do you have a room available in your house? Airbnb can be the solution to your problems, list your property on this platform and receive money for short-term rentals. Take into account the prices of the area and define when you will rent that space that you have available.
Do you want to know more strategies to make extra money? You can read the following articles:
51 profitable businesses easy to start.
Earn money from home: 21 alternatives with little investment.
And remember that if you are really interested in creating your own business, you can purchase our book “How to create a company while working: Discover how to manage your time, manage your money and motivate yourself while creating a company and working for another” , where you will find all the information you need to found your own company, without having to leave your job.
