This article was created in partnership with Western Union.
Today’s competitive work environment and the rising cost of living have put many people in the difficult position of struggling to make ends meet. For some, the income from their full-time job simply isn’t enough to pay off student debt or make mortgage payments. In these instances, creating multiple streams of income is often a smart solution. Fortunately, modern technology makes it easier to earn some additional cash on the side.
Ways to earn multiple streams of income
In an article for Forbes, financial planner and author Jeff Rose notes that clients with a high net worth often have numerous income streams they rely on every month. Here are some ways to earn extra cash from different sources.
Financial investments
Investing is often seen as the golden ticket to passive income, which has remained the choice of many a wealthy businessman over the years. Historically, investing in stocks or funds has required a fair bit of knowledge, initial capital and the help of a financial advisor. While those investing parameters remain important, the industry is now more open to anybody with extra cash and an internet connection.
Investing in index funds is a great way to start out, as they are low risk and often don’t require any interaction beyond the initial investment. Index funds like the S&P 500 cover a wide range of markets that have delivered reliable results over time. With these funds, even if one or two markets fail, it is still possible to make good returns. Whichever investment strategy you choose, it’s always a good idea to seek financial advice, and never invest more than you can afford to lose.
Freelance work
If you have the type of skills that can be offered remotely — like writing, web design or data entry — then you can make extra money working online in your spare time. These days, many young professionals known as digital nomads make their living working entirely online. Many remote jobs don’t require adhering to scheduled working hours and can be completed on your own time.
Freelance writing, in particular, is an easy way to enter the online freelance market. Many professionals use freelance writing as a way to add to their multiple streams of income, as it can be done from home and often pays fairly well. No matter your niche — whether it’s finance, travel or medicine — there is somebody out there looking for articles to be written by an experienced professional.
You may even find yourself gaining international clients. In the case you need to make or receive payments from abroad, you’ll need a reliable money transfer service. With the Western Union® app, you can send funds directly through your bank account to 200 countries and territories worldwide.
E-commerce
Setting up an online store is not as hard as it sounds. Even if you don’t have your own unique product to sell, you can set up an online store on Etsy or Shopify to resell existing items. In many cases, you don’t even have to purchase the items beforehand — you can sign up with a supplier and, once you’ve received a certain number of orders, you can arrange for items to be shipped in bulk to individual addresses.
This can be done completely online, and with a bit of initial work, the majority of the process can be automated. How successful you are in this line of work relies largely on your marketing, which is where you should spend your initial capital. If set up correctly, this can be a very profitable addition to your streams of income.
Benefits of having multiple income streams
Implementing multiple streams of income will always require a small initial investment, whether in time or money. In most cases, the amount of time or money you invest will determine the size of your profit.
If take the leap to pursue a new income stream, you’ll likely enjoy a number of benefits. Obviously, having additional revenue sources helps to relieve financial pressures. It can also protect your income security if you face trouble with your full-time job or other income stream. Additionally, having side hustles can be personally rewarding, as many people use the opportunity to pursue work they enjoy.
Whichever path you choose, having multiple income streams can be a smart way to secure your financial future and build your wealth in the long term.
