5 Additional Streams of Income to Achieve Your Financial Goals Faster
It seems like a light switch went on and suddenly it’s the age of side hustles, new businesses an entrepreneurship. As a dual business owner, I understand the benefit of additional streams of income in addition to a salary job. My husband and I have been able to greatly accelerate our financial goals due to the additional salaries we receive from side income. Yes, salaries.
In speaking with individuals who want to learn from my serial entrepreneurship mentality, many feel they aren’t talented or creative enough to think of a business idea. They incorrectly feel there’s no way to earn additional income.
We’ve generated a list of five additional streams of income to add some budget wiggle room and help you to achieve your financial goals exponentially faster.
1. Work overtime
If your job allows, working overtime is the simplest way to earn additional income. You are already familiar at this job and know how to navigate the system to get overtime approved.
Our ELP Budgeting Services clients often receive their monthly budgets and get extremely excited that their goals have an end date. The immediate response is often to pick up some additional hours at work to speed up the process. It doesn’t require a lot of leg work. Even one extra shift per pay period can make a notable difference in the time it takes to achieve a financial goal.
2. Tailor your day job into a side hustle
Here’s where we tap into your creativity. If you’re ready to be your own boss and have fun while doing it, a side hustle is for you. But how do you know where to start? At ELP Budgeting Services, we suggest our clients tailor into additional income what they are already trained and knowledgeable in.
Let’s say you are an accountant by day. An excellent side hustle is bookkeeping for small business owners. It requires no additional skills or overhead and the entire profit is yours to use towards your financial goals.
3. Sell Items and Clothing No Longer Utilized
Take a look around your home. How much clothing hasn’t been worn in at least a season? How many items are just laying around without a purpose? Those same items started off as money in your pocket. Who says they can’t return? Gather your gently worn clothes and items and sell them in online boutiques or social media marketplaces. While you will likely earn less than what you paid, it’s more than you’ll earn by keeping purposeless items.
4. Get a Fun Part Time Job
If you’re going to work more hours, why not make it enjoyable? This is the perfect way to get paid while having a good time. Are you health conscious? Look for a part time job at your local juice bar. Food and beverage connoisseur? Pick up some hours bartending and serving at a local restaurant. Do you love the beach but can’t seem to find the time to make it? Get a job as a lifeguard. You’ll make money while enjoying the scenery.
5. Low Commitment Gigs
At ELP Budgeting Services, we are the first to understand time and commitment. If you are looking for extra income but do not want the long-term commitment, gigs such as babysitting, coaching, or handyman work could be for you. You get to pick and choose when you are available and for how long. Either way, the money earned will catapult you into your financial utopia.
Whether your financial goals are saving, debt cancellation, or investment extra income will accelerate the process to achieve them. Let ELP Budgeting Services help you develop a personalized monthly financial plan to reach each financial goal quickly. Here’s how!