5 Realistic Ways to Earn Extra Income - NYCM Insurance Blog

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Mar 8, 2021

5 Realistic Ways to Earn Extra Income

Jar of coins spilled out on a table

Check Out These Tips For Making Extra Money And Achieving Financial Wellness!


You might be surprised to learn that increasing your monthly income with skills you already have is both possible and achievable. While many believe that earning extra money is too difficult or time consuming, the truth is - it doesn’t have to be. With the right attitude and a little hard work, you can create multiple sources of income that work for you and your lifestyle. It’s important to know that diversifying your streams of income can help ensure financial security. You can also utilize extra income to pay off debt,  save for big purchases, and even help save for retirement. Check out these five realistic ways to earn a side income.

 

Tutor Online


Whether you had straight A’s in school, or just happen to be knowledgeable about a specific topic, tutoring may be the perfect side hustle for you. Tutoring is all about how well you can communicate your knowledge to another person. With today’s technology, you can tutor in almost any subject online and make it work with any schedule. It’s best to do your research to find a well-established and reputable website to offer your services through. Some websites will link you to prospective clients, while others will hire you as a subcontractor to teach their classes. You might even consider designing your own website and offering your services there.

 

Provide Delivery Services 


With more and more restaurants opting to include delivery service, there is more opportunity than ever to pick up this side hustle. You can apply to be a driver for food delivery companies, local restaurants, and even grocery stores.

 

When applying for these types of positions, there are a few things you will want to research. First, you’ll want to see whether you will be hired as a subcontractor or an employee, as it will make a difference when filing taxes. Second, you’ll want to know how this type of position might affect your auto insurance and whether or not you may need to acquire additional coverage. If so, contact your local agent to discuss the specifics of your new side hustle.

 

Start Freelance Writing or Editing 


If you have a talent for writing, free-lancing can be extremely lucrative.

With the demand for online content at an all-time high, the need for writers and copy editors has been on the rise. You can research online platforms that will connect you with potential clients based on your experience and compensation requirements. Although this is something that you can easily do in your free time, it’s important to understand that you will often be working under deadlines. Be sure to create a comprehensive calendar for your timelines and due dates.

 

Start an Online Business


Do you have a specific skill or hobby that you can monetize into a profitable side business? Starting an online business can be an extremely profitable way to share your talents with others! For the highest profit margins, you’ll want to look for options that require little to no overhead if you aren’t already investing much into those talents. For example, if you have a background in social media or marketing, you could start an online social media management company, or if you enjoy creating digital art you may consider opening a digital print shop. Although this method of making a side income may take more time to get started,  it can be  profitable and fulfilling if you’re willing to put in the work. The options for starting a small online business are truly endless.

 

Flip Furniture


For those who are good with their hands and enjoy crafting, this just might be the side hustle for you. You can take older pieces of furniture and “flip” them for sale the same way you might a house. Consider using furniture you no longer want, or finding a few thrifted pieces in your community. A little refinishing can go a long way! Changing the paint color, adding new hardware, and reupholstering are all simple ways in which you can change the look of an older piece.

 

Creating multiple sources of income in combination with healthy financial  practices can lead to having more financial security overall. If you are interested in learning more about improving your financial wellness, check out the link below for our budget tracking tips!