5 Ways to Create a Second Income Stream to Support Your Family

How secure is your job? How safe is your savings plan? The majority of us make keeping our families financially stable a top priority. If you don’t want to put all of your eggs in one basket, it’s a good idea to build multiple sources of income. This way, if one source falls through, you have another ready to keep you afloat. Here are five solid ideas to net you more money monthly.

1. Invest. If you have the capital, you can invest in common areas like real estate. Or, you can invest in a guaranteed income plan, which can help you fund those big life events we’re looking forward to in the future.

Investments are a good option for those who have a career which doesn’t allow them additional time to take a second job. If you’re already investing, but want to minimize risks, diversify.

2. Start a home-based business. The biggest thing keeping us from getting that second or third job is the time we want to spend with our families. You can stay close by and make extra money by beginning a home-based business.

Choose a skill, and start earning money from your home office, garage, or kitchen. Can you style hair for special events? Refinish furniture? Prepare taxes or design websites? All of this can be done without having to spend 16 hours of the day away from home.

3. Go video. It’s true that many vloggers aren’t getting paid what they used to on YouTube, but there are still plenty of ways to make money with video. If you’re always on the internet, you can make video compilations of clips people are searching for, product reviews, and more.

If your favorite thing to do when you’re not at work is play video games, consider live streaming it. Believe it or not, this is very lucrative for some people.

4. Sell a product. No, we’re not talking about multi-level marketing here. We’re strictly discussing the development of a product that you can sell again and again to generate passive income. You produce the product once, and people keep buying it.

The best example would be an instructional eBook or eLearning course. Something like a guide to touring a specific location or succeeding in a certain industry is very valuable to others. Put it on your website, on Amazon, wherever – and let sales happen without lifting another finger.

5. Provide goods and services based on what you already have. As we well know, hotels and taxis are now in heavy competition .If you have extra space at home, or a reliable vehicle, this is an easy way to earn a little extra.

Alternatively, you can start selling stuff you no longer need. Collectibles, toys, clothes, and other items you already have means you won’t need to take a risk in investing money to get started.

These days, it’s not always enough to hold down one job. Give your family more financial freedom and security of snapping up an extra income source right away. It’s the perfect opportunity to exercise more creativity and independence in earning.