I want to share 3 streams of income you can easily add this year with resources you already have & 1 stream of income you can add with just a little bit of work.
- Interest Income
If money is just sitting in your checking account, chances are you’re losing money. There are several ways to have your cash making 5% or more for you right now. I wrote about some of those recently here. Over the past few years, your extra cash wasn’t a great income stream because it was earning very little interest. Now it can earn significant interest. Make sure you are leveraging this. Invest that extra cash in a HYSA, a CD, or a short-term Treasury. This will immediately add an additional stream of income leveraging money you already have.
- Cash/Rewards from Cards
If you strategically make your daily purchases on certain credit cards, you can add an additional income stream (or reduce the cost of your travel). Usually the income is greatest when it’s redeemed for travel, but if you don’t travel much, you can take it in cash. If you do travel, it’s going to help you travel nearly free, thereby saving that money you would’ve spent. I’ve written many articles on Travel Hacking (and have a whole course on the subject), so if you haven’t started this journey, you’re likely missing out on an additional income stream. The key to earning significant cash back or travel rewards is to pursue welcome bonuses on new cards every few months.
- Airbnb
A reader of this newsletter just messaged me the other day & said that since he’s planning to be traveling for awhile, he’s going to put his house up on Airbnb to make some extra income. I told him I thought that was a great idea. You can make significant extra income using Airbnb to rent something on your property. You can get really creative here to match your preferences & I’ve written a prior newsletter detailing some of the ways you can do this. I’ll link that here. Whether you rent a room, rent a basement, rent a detached guesthouse, rent out your travel trailer, or rent out your home when you’re gone, chances are there’s an additional income stream here that wouldn’t take much effort to generate.
- Real Estate Commissions
This is the stream of income that will require just a little bit of work (it’s not much, I promise). You can get your real estate license & represent a few family members & friends this year on the purchase or sale of their house. It will cost you some money to get & maintain the license, but if you just did a few transactions a year with a discount broker, this could be a substantial extra income stream. Here’s a free guide I created on how to earn an extra $10,000 each year with this income stream.
Adding additional income streams is not as challenging as you might think & you can add several streams with resources you already have.
Why not try some of these this year to support your ministry?
