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How to Earn a Second Income Apart From Your Job

How to Earn a Second Income Apart From Your Job

We all have financial goals in life. Your goal may be to pay off your debts, save up for an emergency fund, prepare for retirement, buy your first car or your first home. Whatever financial goal you have in mind, earning extra income apart from your full-time day job can help you reach your ambition a lot sooner.

Your second income can come from many things. Of course, it will partly depend on your skills, knowledge, situation, and schedule. Earning extra income can either be passive or non-passive.

Here we suggest some other sources of income you can consider:

Passive Income

What’s great about passive income is the ability to earn without the need to make an effort on a regular basis. However, you need to spend money first before you earn money. Here are a few ideas on how to earn through passive income.

  • Investment property: When you buy the right rental property, at the right price, at the right location, you can expect a return on investment through positive cash flow.
  • Royalties: These apply when you have intellectual property in the form of music, books, manuscripts, computer software, patents and more. This option may generate less income, but it can help diversify your earnings.
  • Dividends: Investing in stocks or bonds can provide passive income.
  • Interest: High-interest savings accounts are probably the safest form of passive income. Take advantage of a high-yielding savings account and see your money grow over time.
  • Internet advertisements: Earn extra income online through internet advertisements by writing blog posts, creating a Podcast show, or producing Youtube videos.

Non-passive income

Non-passive income is anything you actively do to earn. While you don’t need to spend money initially, this form of extra income needs your talent and hard work. Here are some non-passive ways to earn extra money.

  • Freelancer: Take advantage of your skills set by applying as a freelancer. Freelance jobs include photography, web designing, copywriting, video editing, and more.
  • Small business: There are plenty of business opportunities out there. You can start a small business like painting houses, landscaping, walking dogs, a beauty salon, and many more.
  • Sell things: It can be your preloved items or something you make like baked goods, t-shirts, digital products or beauty products.
  • Part-time job: If you still have the capacity, and if it’s okay with your current employer’s policy, then why not consider applying for a project-based or a part-time job?
  • Uber: If you have a new vehicle and if you qualify as an Uber driver, this can be a great gig to do during your spare time.

There’s endless opportunities to earn extra income, especially with the technology available today. With a little bit of hard work, research, and well-informed decisions expect that you can reach your financial goals sooner.  

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