Financial freedom is a goal that everyone should strive for. Simply speaking, this refers to having the financial means to do whatever you want, whenever you want. For some people, this means being able to comfortably pay for your mortgage. For others, this means going on vacation whenever they want.
If we have learned anything from this past year, it’s that the world is an unpredictable place. You never know when your life could be turned upside down, as demonstrated by the coronavirus pandemic. In 2020, thousands of people were left without jobs and struggling to make ends meet.
For this reason, you should focus on generating multiple streams of income rather than relying on one paycheck a month. There are many ways that you can start generating a secondary or even tertiary stream of income.
Here are some of our favourite ideas to help you get started.
Start Freelancing
Freelancing is one of the best ways to make some money on the side because you are essentially your own boss. You can choose how much work you would like to take on, what services you want to offer, and how much you want to charge for them.
You can freelance with many skills. Some of the most popular include photography, photo editing, digital marketing, and web design.
Open Up a Side Business
Opening up a business doesn’t have to be as difficult as it seems, especially since the majority of companies are now based on the internet. E-commerce has been booming since the beginning of the pandemic, so take advantage of the changing tides.
Find a gap in the market or try to focus on selling something that you are truly passionate about.
Start Investing Your Money
Making money is fun. However, investing your money and watching it grow is even more enjoyable. If you are a newbie to investing, the stock market is a great place to begin.
Don’t just take trading advice from strangers or friends; make sure to research what you’re investing in. Take a look at this stock app list to get started.
Create an Online Course
If you are skilled at something, be it cooking, public speaking, or even exercise, you can build your own online course and sell this to potential customers. Do your own workshop and help share your skills with others.
This is a great way to generate passive income as you need to create the course and watch the money roll in.
Start Delivery Driving in Your Spare Time
Another option to make money in your spare time is to become a delivery driver. Reach out to platforms like Door dash, UberEATS, or Instacart. Don’t panic because you aren’t generating hundreds of dollars from your secondary income in a matter of weeks. These things take time. Make sure to build your brand, value your work ethic, and be patient with your earnings. Slowly but surely, you will be on your way to financial freedom.