Seven Ways To Supplement Your Income

By  //  August 8, 2019

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Everybody loves having excess money and financial flexibility, as it can solve a lot of problems.  (Pixabay image)

Everybody loves having excess money and financial flexibility, as it can solve a lot of problems. For example, with extra money, you can save for retirement, go on vacation, or make a down payment on some beautiful property like Orlando real estate.

Unfortunately for most people, the income from their job isn’t enough for them to simultaneously pay their bills, support their family, and save for the future.

However, for these people, there are ways that they can supplement their income. This can allow them the financial freedom and flexibility to do whatever they want. Here are the seven best ways to supplement your income. 

Invest

Investing your money into the stock market or other financial projects can be a great way to supplement your income. One idea is to find projects that appear to be on the brink of success and then invest in them before they take off.

Alternatively, one can play the stock market and buy stocks that have fallen to a low price, then wait patiently for them to rise back up to their perceived market value.

However, no matter how you choose to invest there is always some element of risk involved. There’s no guarantee that the project you invested in will be successful or that the stocks that you buy will rise in value.

In addition, investing could take a lot of time as you will need to understand the economy and be able to identify market trends in order to make smart and calculated investments.

However, with some time and a little luck, investing your money could greatly supplement the income of your job and maybe even surpass it. 

Work Part-Time

Working part-time at a second job can be one of the most basic and effective ways to supplement your income, but it is an extremely unpopular method.

Most people that have a steady income work dozens of hours a week already, so adding more work hours is an unattractive option. However, if you really need the extra money and don’t mind working the extra hours, then working part-time at another job can be a great option for you.

It will be another steady source of income for you that won’t fluctuate based on forces outside of your control. If you can handle it, a second job can allow you to rack up a lot of money quickly, allowing you to have some extra financial freedom. 

Freelance

Freelancing can be similar to getting a part-time second job, but has some slight differences and can offer some more freedom. For example, you could be a freelance writer or editor and work from home.

This is great as it allows you to supplement your income from the comfort of your home. In addition, you can decide how many projects you take on a week, allowing you to plan your schedule better.

However, freelancing usually requires some sort of skill like editing or writing, meaning you’ll have to have some talent in order for it to work. In addition, the job security is relatively low, meaning you could lose your supplemental income in the blink of an eye. However, if you have the skills to make it work then you can earn a lot of money freelancing.

Start a Small Business

Starting a small business is another great way to earn some extra cash without putting in a massive time commitment. When defining small business in this sense, we mean extremely small in size that typically involves only you.

These “business ideas” can include starting a local landscaping company that works on local yards for a fee. Alternatively, you could make your own T-shirts or other homemade products and sell them for profit.

Starting a business, even one this small, still takes some effort and time and it’s not always guaranteed to work. However, if done correctly you could have a massive hit on your hands and rake in a lot of income.

Sell Old Possessions

One of the more creative ways to supplement your income is to sell off old possessions. You will be surprised how many of those unused items that clutter your house actually have value.

As the saying goes “One man’s trash is another man’s treasure.” One can earn a sizeable amount of cash by simply organizing unwanted items and selling them at a garage sale or yard sale.

This isn’t a huge time commitment and also allows you to clean the clutter from your home while still earning a decent amount of cash, making it a win-win scenario.

Babysit or Pet Sit

One easy way to supplement your income is to babysit or pet sit for your friends and neighbors. This can be especially lucrative in the summertime or around the holidays when people primarily take their vacations.

Babysitting requires more effort as you need to watch and provide for the children as if you were there guardian, but it is not an overly difficult task and can pay very well.

Pet sitting and house sitting is easier to do, but might not pay as well. However, you could still earn a decent amount doing both.  They are all great options to earn some extra cash, but they all have the drawback of depending on someone else, meaning you could go periods of time with no supplemental income.

Participate in Surveys or Focus Groups

This is one of the quickest and easiest ways to earn some extra cash as it takes a minimal amount of effort.

Companies place a high value on market research and because of this will pay a decent amount of cash for you to contribute. Simply taking a few online surveys about a company and their products or participating in a focus group could net you a decent amount of cash.

All you have to do is give up some of your time, be honest, and tell them your opinions. This may sound like the perfect way to supplement your income, but it does have its drawbacks.

You may not earn as much doing this as you would doing other things to supplement your income. In addition there’s no guarantee that there will be an ample amount of surveys or focus groups for you to participate in, meaning your secondary income could dry up for extended periods of time.

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