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Generating multiple sources of alternate income rather than your regular income and without affecting your regular income can have a major impact on your finances and investment. Even a small amount of extra income can go down big in clearing your debts or creating huge investments. We often hear about, the importance of diversifying our investments, but diversifying our income streams is just as important, particularly in difficult economic times.

For example to earn a little extra income of $1500 income the following are the ways to look at 

  1. Savings account:  1500 a month so $18000 a year kept in a saving account for a year with interest 4% will need to save $4,50,000.
  2. Investment account : To earn $18000 from investments at 10% , you would need to invest $180,000.

The point is that relatively small amount extra income can go a long way.

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Now, we get into ideas which can lead you to earn extra income, you can choose the way you like depending on your interests and personality. You may have certain skills, training, knowledge that will dictate what is best for you.

  1. Rental Income from Real Estates:
  • You can earn from your properties which you own. You can rent out one if you have two properties and with the rent of one property, you can pay the EMI of the other.
  • You can also create boys or girls hostel if you own more flats or a big place which can yield you more income than domestic rents.
  • Make sure you are selecting right people and legal aspect is taken care of or else you may land in serious issues.
  1. Buying Space for ATM centre: 
  • This is one best way to create additional income. Usually, big buildings and malls have space under the corridor and steps left vacant we can rent it to banks for ATM which pays you good rent.
  • But the rent depends on the area location where it is to yield your earning.
  • In the same way, if you have any open places near big malls, you can rent it out for parking as its big issue for many malls owners.
  • You can also buy parking slots and rent it out at your own apartment and create a regular extra income.
  1. Creating Website and Blogs:
  • The machine is over and its is known how to breathe and live in the information age, where no one cares where your office is located and how many staff you have etc., so creating a blog or website is less expensive nowadays which can yield your good income.
  • You can create for your to sell or to market any product or for others who are in this business. This may be a slow process but you can earn smartly in no time.
  1. Advertising Hoardings on your Building and Terrace:
  • If your building is on main or on the sub-roads to the main road you can put some banners or hoardings on your building or at the terrace or even you can use garden if you have one at your home for this purpose.
  • You may need some permissions and authorization for generating this type of incomes if you have an option to it just think it over.
  1. Interest Income from your Investment:
  • This is the easiest way for you to earn extra incomes from your money when you use it as an investment.
  • You can either save you money in your bank account for the bank to yield interest for your savings for a certain period of time.
  • You can also lend money from your investments at fixed rate of interest to your trusted people for generating extra income.
  • For this, you need to have cash on hand or pool of money from which you intend to create extra income.
  1. Dividend from Stocks or Mutual Funds:
  • This is the most familiar way many use this way to create an extra income from their own income you can either receive a dividend from your stock or from your mutual funds.
  • The dividend depends on the performance of the stock or mutual funds you invest on which depends on the market situation.
  1. Royalty Income:
  • Your talent can help you to generate extra income. You can out something on Amazon kindle and share it with the world you can make it for a decent expense which people will be interested to buy and to read in.
  • There are many online offering sites which offer to display your talent but at very decent royalty which you can earn which in turn becomes a good extra income for your investment.
  1. Referral Business Model:
  • If you’re in business, you can create a good strong business model and share it by which your overall business strength and ideas increases.
  • With this referral model not only your business expands but also you will be able to earn extra incomes from your business.
  1. Renting out cars:
  • These days there are many BPO’s and other software firms which provide a cab for the employees for which they take cars and SUV’s on hire you can buy a few and rent it out for the companies which hire.
  • By this, you not only increase your assets but you can create an extra income from the cars you buy.
  1. Teach, Coach or Mentor:
  • You can Teach any class about which you know well and on which you have interests or coach swimming classes or skating classes which can yield you good extra income.
  • You can do the web consulting if your a doctor or lawyer and online marketing about your profession if you’re a chef or a physiotherapy consultant doctor.

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