Perhaps your grandfather worked for 40 years in the same back-braking, hard labor job, payed into a pension and then retired off it. However, this day and age, there are so many ways to diversify your income that relying merely on the salary of your day job and counting only on your pension are archaic notions. And we can be thankful for that! No offense to grandpa, but if there is a better way to do it which allows you to be more comfortable and financially secure in the end, then why not try it?
Whether you are paying off your student loan, trying to get out of consumer debt, or padding your retirement nest egg, there are many good reasons to diversify your income or to generate a multi-stream income flow. Of course when many people hear this, they think right away of large-scale investment strategies, like investing in the stock market or in real estate. However, for those who want to diversify their income even further or want to find low-risk ways of generating a side hustle, there are other options out there that might not so quickly come to mind. Paying into a pension is fantastic, and maintaining a lucrative stock portfolio is great, but here are a few other ways that you can make money on the side to generate a flow of revenue that you can fall back on.
1. Blogging and Freelance Writing
Yes this can be time intensive, but it can also bring in a nice little bit of side money to cushion your nest egg. Freelance writing for sites that will pay you to guest post is perhaps the easier option, since it is a little less time-intensive. However, if you are hoping that your side income gig can also advance your career, then starting your own blog using a company like 1&1 is the way to go. Because you can ensure that your name remains attached to every post – some blogs and sites that pay you to post do not publish the article under your name – you can ensure that you establish yourself as an authority in your industry. What’s more, once your blog grows in popularity, you will have ample opportunity to monetize your blog. One monetization technique that will also further your career is if you sell some kind of product or service with your blog: sell helpful e-books, coaching or tutoring services, consultations, an online course, etc.
2. Freelance Design Work
With all of the tools at our disposal, it is becoming easier to get involved in design work. Whether that is offering help with web design, or designing e-books, there are many opportunities out there for people willing to do that work. Dedicating a couple of weekends here and there to some design projects can be a great way to bring in a little extra money. If it is within your skill set, offering assistance to help people optimize their sites instead of designing them is a very lucrative service to get into.
3. A Penny for Your Thoughts: Focus Groups
For something a little less time-intensive, you can sign up to be a part of focus groups and get paid merely to voice your opinion on particular products or services. This is an easy side hustle because all you have to do is be completely honest, which doesn’t take a lot of energy or creativity.