Spring Forward to New IncomeApr 05, 2019
The spring season has traditionally been associated with newness, rebirth, and growth since ancient times. This makes it the perfect time of year to look for ways to diversify your sources of income with new revenue streams.
Having multiple streams of income can protect you should something happen to your primary job. Passive income streams can also help you to have an easier and more comfortable retirement.
Consider these strategies to create new, additional sources of income:
Turn Your Hobby into a Source of Income.
Turn a skill into a side business. Ideas include: hosting painting classes at your community center, selling homemade crafts or excess produce at a local farmer's market, or offering personal training classes in the park. The possibilities are nearly endless.
Create and Sell Information Products.
Why not write an eBook that teaches others about your particular hobby, skill, or interest? Amazon, Smashwords, and other venues make it easy to create and sell your own publications online.
Offer Online Classes for a Fee.
An additional way to earn income from your skill or hobby is to create an online class around your interest and offer it for a fee. Udemy, Academy of Mine, Pathwright, and SkyPrep are just a few of the several vendors that make it easy to create and sell courses.
Invest in Rental Property.
Investing in rental property can be a great way to create additional income streams. Just be certain that you know your neighborhood, consult an attorney to draw up a proper lease, and conduct background checks on prospective tenants before renting your property.
Try Affiliate Marketing.
Why not create a website with links to third-party vendors and earn a commission? Increase trafﬁc to your site with blog posts that you or others create and enjoy the proﬁts.
Take Advantage of Peer to Peer Lending.
Invest in people. Third-party sites like Lendingclub.com and Prosper.com connect investors with borrowers for private loans with an 8 to 12% return. Invest small amounts over multiple loans to reduce risk.
Once you get them going, you’ll welcome the security and convenience that passive income streams can bring you - and spring is a perfect time to start!
Michelle R Russell
© The Prosperity Process, LLC
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