For many people, financial freedom is a mirage. They may think they see it on the horizon, but they’ll never attain it. Why? Because most people are not willing to do what it takes to get to the point where you never have to worry about money anymore.
The first step towards financial freedom is developing multiple streams of income. These income streams will then go into investments that will help yield passive income while you sleep. If you don’t know where to start or how to go about the process of making extra money, here are a few ideas that will help you get started.
Become a Freelancer
If you have a unique skill set that’s in demand across the globe, you can sign up on freelance websites like Upwork and Fiverr, and offer your services as a freelancer on these platforms. Then when you land a client, you can do their work after hours.
If you’re thinking “yeah right, how’s that possible”, consider that the freelance market in the US alone is valued at over $1.2 trillion. If that’s not enough to show that this industry is indeed huge, we don’t know what is. The good news is there’s just about a huge demand for freelancers in many industries.
From artificial intelligence engineers to data analytics experts, organizations are looking to hire people with these types of expertise in a freelance capacity. And if your skills are not in demand, now is a good time to go learn those skills –there are many free resources that you can use.
Become a Real Estate Agent
Or… rehab and flip properties part-time. If you decide to become a real estate agent, you can get the certifications in a short time and start practicing. Then, look for new and upcoming real estate projects that you can partake in.
For example, developers like Paul Ognibene or Urban Spaces develop or renovate new buildings all the time. See if you can get a head start on selling these by talking directly to the developers. Selling these properties can generate huge commissions for you leading to massive profits.
Drive on Ridesharing Platforms
If you own a car, you can make bank in the evenings or during the weekends driving on ridesharing platforms like Uber and Lyft. If that seems like a chore, note that these drivers typically earn an average of $24 per hour minus tips.
This is why ridesharing platforms like Lyft state that some of their full-time drivers earn over $55,000 a year. That being said, it’s not unusual for people who drive part-time –mostly over the weekend earn between $400 and $1100.
Have you ever compared the prices of an item on different retail store websites and noticed that one store’s price was significantly lower than the other? If yes, you can take advantage of this to do something called retail arbitrage.
All you have to do is find popular or hot products going for cheap in one store, purchase many units, and list them for the regular or slightly lower price on another platform.
For example, if Walmart is offering a 70 percent discount on your favorite fishing gear, buy them in bulk there, list them on Amazon for 5 percent less, and sell them. The average profit margins for this are between $300 and $2,000 monthly.