5 ways to generate additional income

5 ways to generate additional income

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0 Reads  Author: Gaby Lim

additional incomeDo you want to earn more while you’re working full-time? This is not an article on scams or get-rich schemes.  These tips would require you to set aside a few hours to set your plan in motion.  In short, it will still take some work to make your money grow.

The good news is, these ideas won’t require your entire attention just to make them work.  Read on and learn some simple and practical ways to earn on the side.

Shift your savings to a bank that pays a higher interest

Before you settle on putting all your savings in a particular bank, research first.  One of the easiest ways you can increase your income without stressing too much is by putting your money on bank that pays a higher interest. There are banks that have no maintaining balance and minimal initial deposits but could still let you earn interest. There are banks that require higher initial deposits but could also give you a higher interest yield per year. You can also read up on online high-yield savings banks. These banks don’t earn as much interest as they used to, but they still pay higher interest than traditional banks. Check your options and see what fits you best. Bank interest rates may not seem like much, but they’re still better than letting your savings remain stagnant.

Participate in a focus group study

Focus group studies hire individuals to participate in their research by answering online or telephone surveys. In some instances, your physical presence may also be required. The sponsoring company or organization then pays you to participate in their research. Check out the Australian Market and Research Society to learn more about this method.

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Invest your money in dividend paying funds or stocks

Another good way to earn would be to invest in dividend funds or stocks.  Research on companies that are known to increase their payouts yearly. When you get an insurance plan, you can also ask your agent for a plan that pays dividends after a few years.

Rent it out

Rent space or any other gear you own. You don’t need to build a house, apartment, or condominium from ground up before you become a landlord.  If you have some extra space in your house like a basement or attic, rent it out.  Of course, this would still require drawing up contracts, interviewing people, fixing what needs to be fixed, and so on and so forth. But the hard work will be worth it once you start collecting the monthly rent.  You can also rent out items you own like bikes, furniture, photography equipment, tools, and the like.

Sell your used stuff

Check your home for things that you don’t need or use.  Books, clothes, furniture, and appliances that you’re not using or that can be replaced with something new can be sold to people looking for a good buy.  If you’re not keen on organizing a garage sale, check out e-commerce sites like eBay or Amazon that lets you advertise and sell your stuff.   Instagram and Facebook have also become popular online selling tools.

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