1. Invest in Real Estate
While investing in anything can generate extra income (with the proper strategies), Jason Hartman recommends real estate investment because other investments are sometimes misleading, and don't always generate the kind of positive cash
flow generated from real estate investment. Although real estate investment will take up some of your time, it's a great way to benefit from passive income and build savings for a budget. Here are some tips:
- Recognize the importance of location.
- Know when the time is right.
- Use leverage.
- Know every property is different.
- Create positive cash flow by renting.
- These are only basic tips. For more information on the subject, try reading 5 Tips to Start with Real Estate Investment.
2. Sell Things on eBay
If you have extra stuff, such as old textbooks from college, eBay could be the perfect option to make a little extra income. On the other hand, if there aren't any extra items lying around, garage sales and clearance sales often provide items worth a pretty penny online. Choosing a “niche” and branding yourself can help quite a bit with online sales. Find something, such as electronics,
you'd like to sell and focus on. Here are some tips to g
- Open an account.
- Consider buying items to create positive feedback.
- Brand yourself and decide what to sell.
- Take high quality pictures of every item.
- List each item, adding a detailed description.
3. Write Online
There are numerous ways to make money writing online. Freelance writing is an option, as there quite a few people out there who are willing to pay for well-written articles. There's also the possibility of blogging for money to create a passive income, writing promotional material for various companies and corporations, and writing for article directory sites which generate a passive income.
4. Baby Sit or Pet Sit
If you have any neighbors with kids or pets, they might be willing to pay for a pet sitting or baby sitting service. To get started, ask around your neighborhood to find anyone who might benefit from your services and create promotional materials. Some ways to promote yourself include:
- Website or blog.
- Business cards.
- Word of mouth.
Consider leaving flyers and business cards around local daycare's, veterinarian's and doctor's
offices, supermarkets, bus stops, and anywhere else you can think of to get local business.
It never hurts to make extra income, but it might be a good idea to take a close look at your budget as well. Are there any areas where you're over spending? If so, it might be necessary to make some cuts.
The Young Wealth Team