In today’s tough economy, more and more people are looking for side jobs and alternative sources of income. A corporate job is no longer safe, as exposed by the recession that hit the United States in 2008. Hence, it’s just a smart, proactive move to find ways to earn a side income while working in a regular 9-5 job. However, it’s not going to be a walk in the park.
Below are four simple yet effective ways to earn an alternative source of income.
Making Money Online
There are lots of ways to make money online and despite the scepticism that surround the average Internet entrepreneur, it’s really possible to make even a full-time living off the Internet.
The best part of the “make money online” or the MMO industry is that you can turn your hobby into a profitable venture. If you enjoy writing, there are a plethora of writing jobs in freelance websites like Odesk.com and Freelaner.com. You can also set up your own blog or website and earn through advertising spots on your page. If you have a knack for Photoshop, you can sign up with Fiverr.com and offer logo and photo editing services. If you are the type of person who loves creating things like souvenirs or small decorations, Etsy.com will let you open your own art store for your creations.
Another way to make money on the side is to sell electronics and similar types of gadgets through online platforms such as eBay.com and even social networking sites like Facebook.com and Instagram. Electronics are by far the most common and most sellable item online.
You will probably need a couple hundred dollars (or even a few thousands) to start reselling electronics online. Find a reliable wholesaler of electronics like cellular phones, laptops, tablets and other similar types of gadgets. Make sure you get a good price from your supplier and start marketing your products.
Investing in Tax Liens
Tax liens are attached to real estate properties with outstanding tax obligations. Basically, a tax liens or sometimes a tax deeds investor bids to pay the lien on a property. In exchange, the tax lien holder becomes a de facto creditor of the property owner. It should be noted that a tax lien investor is entitled to earn an interest rate which is 3-36% of the tax lien.
Offering Professional Services
If you are licensed professional, then you’re quite lucky. Offering professional services on a freelance and part-time capacity is very common not just in the US but worldwide. You just need to have the right credentials and licensing.
If you’re a licensed CPA, you can easily find freelance work with small businesses especially during the tax filing season. A licensed financial planner can also earn a side income through consultations and wealth planning/protection. Several other professional services including business consultancy, market research and mentoring/coaching are also in demand in the open market.
For those who are not professionals and don’t have professional licensing, offering other services like tutorials to HS students and music lessons are also good alternative sources of income.