Making some extra side hustle cash doesn't actually have to be that complicated. However, there are several clear paths forward. At the end of the day, it all boils down to what your goals are and just how much you're looking to automate your income.
The goal is to maximize your real and additional income salary to a point where you are generating enough free cash flow to reinvest in secondary income streams. How do you do this? Well, try to get the highest paying job you can!
The current debt crisis in America is substantial.
Ask for a raise! Utilize services, such as Glassdoor.
Some companies really force employees to leave to get a raise, and then come back for another raise. This industry jumping promotional strategy is very common and could work.
Or, there is another theory for your primary salary — generate enough to have a little excess cash flow, but do it at a place that you can work stress free and have time to dabble in other projects.
This allows him to easily cover all of his expenses, but the shorter hours and flexibility in his job allows him to pursue his secondary income generating ideas!
Either way, the great thing about your primary salary is that you can usually get benefits, such as health insurance, that really protect you while you are pursuing your other ideas!
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For many individuals, this person is their spouse, who also brings some income diversity to the table. Just like I mentioned above, if your spouse has income, try to maximize it.
I would throw in some caution here: if your spouse works real and additional income the same company, or in the same industry as you, you are not diversified, and should something happen, you could be in a world of hurt. Companies do go out of business, companies do lay employees off. There is nothing wrong with working together, but realize that you are not diversified and you should be trying to maximize other income streams as a result.
Investment After employment, I think that most individuals gain income diversification through investing. It is important to look at why we invest: because at some point we plan on using this money for something.
For most, it is saving for retirementand the investing is done through vehicles, such as a k or IRA. But investing is not just about stashing money away for a rainy day — that is what an emergency fund is for. Investing is about having enough capital to generate income. Investing generates income through dividends, interest, and return of capital.
Additional income can be earned through your employer with avenues like overtime, bonuses, back pay, and commission. Be sure you understand supplemental income tax in those cases. From selling crafts to walking dogs, there are plenty opportunities to earn side income, no matter your skills or background. No matter what you choose, supplemental income can help you improve your financial standing more quickly and give your budget a healthy buffer. As inspiration, we compiled 37 supplemental income strategies and second job ideas.
You really want to maximize the first two, and stay away from the return of capital as much as possible.