Hustling + side-hustling = Bustling
A little extra cash didn’t hurt anybody! But beyond our day jobs, are there ways to generate an extra boost to our bank accounts? Enter: passive income and side hustles.
Before we dive onto the extra income bandwagon, let’s understand what passive income is. As the term suggests, passive income is money you’re making without spending too much active time or energy on it. Sounds too good to be true? Kind of. But with the right knowledge and setup in place, your passive income can be a reality. Let’s see how.
Here are 3 popular ways to generate a passive income. Making money while we sleep? We’ll take it!
1. Investments: the most common way to generate a passive income is by making investments. You could make profits on your investments, get a dividend payout, and interest on your principal amounts. Go ahead and set up a diversified portfolio if you haven’t already done so. Remember to automate your investments so you don’t have to do extra work creating them every month.
2. Real estate: Rental income from real estate is another great way to generate some income, in addition to your day job.
3. License fees and royalties: while this is not that common, you could make money off of some intellectual property that you’ve licensed out for someone else to use. Or royalties on a book you’ve published.
Now that we have these passive income sources in place, let’s look at ways to hustle beyond your regular job. These require energy and time, but can be lucrative ways to keep an income coming in (and paying at least some of your bills), independent of your job. Hello, financial independence!
1.Content creation: a. creating content for yourself has gained more popularity in the past 3-5 years. Have knowledge or a passion that the world can benefit from? Go nuts and share it. Once you have good engagement, you can make some moolah from endorsements, and ad revenue sharing depending on the platform you’re publishing to. Go, you influencer, you! Here’s a fun piece we wrote earlier on how incredible women content creators are breaking stereotypes!
b. freelancing: if you enjoy writing, editing, designing, or website-creation there are startups and large companies that you can reach out to, for some paid gigs in these areas. The thing to note here is that you’ll have to hunt for clients, build a portfolio, and continue networking. So make sure you’re factoring in some time for all that!
2. Become a coach: this is for the slightly more experienced folks. If you think your expertise and experience can help folks you’re a few years ahead off, consider career or life coaching. There may be some training you’ll need to undergo for this, but it’s a space for which demand is growing by the day!
3. Become a virtual assistant: you can function as an EA for people virtually! Managing calendars and helping people organise stuff can be a good source of income. Pro tip: find clients outside India in countries like the US to get paid the big dollars here. ;)
There are of course several other ways to hustle - from taking online surveys, to becoming an affiliate marketer (but be wary of any upfront investments you are asked to make in this space).
Pick what you enjoy the most - and make sure you are still giving your day job your all.