Almost nothing in this world is free. Nevertheless, there are some things you can do to even the odds and afford some of life’s little luxuries. Thanks to the modern technology, there is a whole new world of hacks to help you generate additional or passive income right from the comfort of your own home. Using the web to make extra money is less complicated than most people assume. The key is to know where to look;
Online Loans
Sometimes, setting up an internet ‘side hustle’ is too time-consuming or complicated. If this is the case, low-interest online loans are your best alternative. Instead of going to a bank for a personal loan or even resorting to disreputable lenders who, most often than not, have offers that are too good to be true, microfinance is the way to go. Do your research to make sure you don’t end up biting off more than you can chew.
Trade in Cryptocurrency
Cryptocurrencies like Bitcoin or Ethereum have been in the news over the past year, and with good reason. As we’ve seen in recent times, some of these digital currencies have seen a surge in value, with Bitcoin going up by several thousand dollars in only a couple of months.
The Blockchain technology market is forecast to exceed $2 billion by 2021. You can grab a slice of the pie by trading in cryptocurrency over the various online platforms and potentially profit handsomely.
Online Tutoring
Websites like Skooli, Tutor Me or Tutor.com can provide you with the necessary tools to get into online tutoring. Likewise, you can utilise platforms like Upwork or Freelancer to search for tutoring opportunities. Depending on your skills, you could be tutoring others on a wide range of subjects including math, science, or foreign languages. Teaching others how to play a musical instrument can also be done over the internet.
Rent Your Home
Using online platforms such as AirBnb is a great way to make some money on the side. For a fee, you can rent your home to travelers while you are away, or you could just rent a single room. Depending on where you live, be it a touristy area or not, the financial benefits can be considerable. The average daily AirBnb rate for New York City in 2018 is $165, which can quickly add up to some handy coin.
An equally tantalizing idea is a home exchange solution. This is where you switch homes with someone else for a predetermined period of time, giving you the option to visit a different place without having to pay for accommodations.
Start a Blog or Vlog
Blogs and vlogs are probably the fastest and easiest way to start generating passive income. However, revenue generation will not happen overnight with either of the two options, and you will have to put in a great deal of work over months, if not years before your online asset is working for you.
Both options have their pros and cons: On one hand, blogs require little initial investment to get started, while you will need to set yourself up with a great-quality camera and microphone if you want to have a successful vlog. On the other hand, vlogs can and will generate more revenue, faster. Both, however, can be done while traveling.
Conclusion
In today’s world, a 9-to-5 job will not guarantee you everything that life has to offer. With a bit of tenacity and ingenuity, you can create additional streams of income that can help you afford those extra pleasures that make life more rewarding.
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