Having a side gig will help you boost your income for sure, but as you anticipate, it will be eating up most of your time. Juggling with a 9 to 5 job and another gig will keep you busy 24/7. So, what solutions do you have here? You can look closer into side income-generating investment ideas and tips. You don’t have to work overtime or take a second job to deal with this. The tips below will help you tackle the extra-money plans you have. From small adjustments to big investments, you can find everything below.
Research better bank accounts
Yes, the first tip we can give to all people interested in making an extra buck is to pay attention to their bank account. Choosing a better bank account can save you a couple of hundred dollars per year. If your interest rate is less than ideal, find a bank whose accounts has decent rates. Some even pay 25 the average interest rate (only 0.06%), so go ahead and research your options.
This is not going to turn you into a rich person overnight, but it will save you money, in the long run.
Enrol in paid surveys
Paid surveys may be the easiest way of making some extra money. Whether you’re a busy student, mom, or savvy entrepreneur, you can take some of your spare time and do something useful with it. A series of reputable and trustworthy platforms specialize in paying users to fill out surveys, and get to know better what consumers think of their products, brand, and services.
This will help you add to your monthly income up to $200. It’s not much, but you can put it in your savings account. In the end, it will matter. Here are some platforms you can use to find reliable online surveys: Vindale Research, Survey Junkie, and Swagbucks.
Cash-Back platforms are a goldmine
Cash-back platforms are incredible! You’re most probably making all your shopping online. Why not use this to your advantage and get a percentage of your purchases back? The best thing about cash-back deals? They are applicable besides your usual discount codes and sales that you find online.
The easiest way of making money is saving them. And although this isn’t the idea that will turn you into a millionaire, it’s a great way to save some hundred dollars monthly.
Forex Trading is your best friend
This is a big boys’ game. You need to conduct your research and learn some Forex trading basics. After you get an idea behind the whole system, ensure you research which broker has the best deals for traders. CFD Forex brokers comparison tools are amazing for this purpose. You will get a detailed insight into each broker, and you will be able to make more informed decisions.
When choosing your broker, ensure you research the following.
Check if they are affiliated with any regulatory agency. The regulatory body will depend on your location.
Check what transaction costs are practiced by the broker. Sometimes, it’s better to choose reliability over low transactions.
See what deposit and withdrawal requirements and conditions the broker has. Unreliable brokers will turn the withdrawal process into a nightmare, where you will lose money, your hard earnings.
Check the platform itself. To tackle this, sign up for a trial version of the broker’s platform. Check its functionality and how user-friendly it is. News feeds and educational resources are other two other things you should look into when choosing your broker.
Stocks
Stock investments are also incredible if you want to build a fortune. But you will need more information on the topic, especially if you’re completely unfamiliar with the concept. Nerd Wallet has an incredibly detailed article on how to start your stock investment adventure, but below are some key takeaways from the article.
Decide what type of stocks you want to invest in.
Open an investment account, to manage your portfolio easier and keep a closer eye on your returns.
Research and learn how to differentiate between exchange-traded funds and individual stocks. There is a difference, and you want to be fully informed before making an investment decision.
Set a budget and stick to it. You will need some money to start investing in stocks, but you don’t want to go overboard from the very beginning.
Start your adventure after good research on some of the most popular investing techniques and strategies.
Real Estate
Real estate investments are varied, and can fill in everybody’s investment needs and preferences. If you want to upsell, consider house flipping. This is a popular method to turn mediocre or average properties into incredible ones and boost their market value. Then, try to sell them for a profit. Keep in mind: this is not an investment idea for everybody. You will have to put in some time, money, and efforts. Besides, you are prone to making mistakes like choosing the wrong neighbourhood and being unable to upsell.
The second investment suggestion is the rental business model. Buy a property, make it look better and furnish it with the latest consumer demands in the niche. Then enjoy the monthly rent money that will enter your account.
Part-time Uber driver
Some really do find pleasure in driving. If you’re in a similar position, becoming a part-time Uber driver is a great suggestion! Even if you feel like driving for Uber only a couple of hours a day, at the end of the month, your balance will be several hundred dollars more generous. Besides, you will meet new people, interact with them, and a better opportunity might pop up for you!
Takeaways
There are so many easy and profitable ways to boost your monthly income. All the suggestions presented above are legitimate ways of making money, and some of them might even turn you into a real self-made millionaire. Enjoy the opportunities above and try to mix them for higher monthly income. Depending on your spare time and skill, you can choose to mix two, three or even four of those!
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May 30th, 2019 by financetwitter
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