I became a fan of multiple streams of revenue ever since I started hating my one, single W-2 job.
Even with my emergency savings account, I detested the idea of one person or one entity dictating my cash flow.
If you’re like me, or simply want to make more money on the side, here are seven recommendations for you to increase your income without getting another job.
Update your W-4.
The only thing I detest more than relying on someone else for all my income is giving The United States Government an interest-free loan.
Can I get a “Hell yeah?”
I’m sure I heard something.
Too many of us give Uncle Sam too many interest-free loans between April 15th and April 15th year after year. The IRS reported that it refunded $125 billion in tax refunds last year in 2015 with an average refund of $3,120.
A great start to seeing more money in your budget without getting a second W-2 is to update your W-4. Increase the number of allowances you claim on your W-4 so that you owe or are owed near $0.
You’ll keep more of your paycheck each month, resulting in better cash flow. Sometimes that matters more than whether or not you get a tax refund.
Most of us have more stuff than we need. Try watching Minimalism: A Documentary about the Important Things and tell me you don’t agree. Consequently, stores are bigger and cars are bigger and TVs are bigger, and everything is bigger.
Many of us have tools and exercise equipment we don’t use. We have clothes we bought a year ago that still have their tags.
Most of us have more gadgets than we know we have or need. When I got my first laptop, it was special. When we got our first iPad, it was special. For this article, I did a quick search, and my household of two has three laptops and two tablets. Laptops and tablets aren’t special anymore.
This overabundance is an opportunity to make money. All of these items, new and used, can be sold. You can sell used clothes on sites like Tradesy and Material World. Sell new clothes and gadgets on eBay, Facebook Marketplace, and Amazon.
Get a roommate.
A quarter of a million millennials live at home with their moms and dads. That sucks for them, but it’s an opportunity for you. If you have an extra-large closet, you can rent it to someone in need of independence. That may be an exaggeration, and it may be illegal, but you get my point.
People need a place to live and rent’s expensive. Having one or more roommates will either increase your income or decrease your expenses. Either way, you’ll have more money.
If you don’t want a full-time roommate but have the space for an occasional guest, try Airbnb or competing marketplaces to make money on your extra space. Alternatives to Airbnb include VRBO, Tripping, and Couch Surfing.
After a vetting process, you can rent your extra space to travelers looking for a homier or a more affordable experience than a hotel. You can pick and choose what dates to rent your space, so you’re not constantly hosting. When you travel away from home, you can make money while you’re away.
This is a great way to make more money. And other areas of the sharing economy, including driving for rideshare businesses while you run errands, can be a good way to make a few extra bucks.
My name is John Schneider and I’m a blogger. You should be a blogger, too. I think most people could make money blogging about their expertise, their hobby, or whatever they want.
I think most people could make money blogging about their expertise, their hobby, or whatever they want.
When you start a blog and create a following, your site traffic is money. You can monetize your site with affiliate advertising, such as Google Adsense, and Amazon.com affiliate codes. You can add particular affiliates that are appropriate for your particular niche. You can even sell your products and services.
If you make art, design clothes, are into woodworking, or do any number of creative things, you can monetize your hobby and sell your creations in a store on your website. If you already have a hobby, you may as well make money doing it.
Data is king in these days of statistics and algorithms. Businesses and organizations want to know more things about more stuff.
Write a book.
This suggestion may be another version of monetizing a hobby, but Les Brown says that the graveyard is filled with a library of unwritten books.
With sites such as Smashwords and Amazon’s Kindle Direct Publishing, it’s never been easier to publish a book. If you’re already writing or want to be a writer, publish your book.
Granted, for every story you read about a self-published author who rakes in $500,000 a year, there are thousands of stories of self-published authors who make nothing.
As a self-published author of three books, I know from experience that it isn’t easy. There is a social strategy, though, to get one book in front of a lot of people or gain a following by self-publishing books regularly.
As co-blogger Miranda Marquit would caution, don’t self-publish a book through a company that needs an unreasonable amount of money from you first.
If you’re already writing or want to be a writer, you may as well try to earn some money. If nothing else, you can tell your next date that you’re a published author.
These are just seven ways to have a second, third, or fourth income without needing an equal number of jobs. It just takes a little creative thinking. Hopefully one of more of these ideas will help you increase your income or, at least, inspire ideas of your own to make more money.