Stuck on One Paycheck? 5 Ways To Earn Additional Income While Working
From Wall Street to Main Street, Codie Sanchez is leading a revolution in personal finance and wealth. The author of "Main Street Millionaire" is on a self-proclaimed mission "to create 1 million financially free humans through business ownership."
Using her experience from nearly two decades of working on Wall Street, Sanchez has a YouTube channel that offers advice, tips and insights for ways to find fiscal independence without a degree in business or finance.
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For those who are looking to increase earnings while still working a regular job, Sanchez broke down several income streams you can build while an employee, which comes from her own personal experience. Here are five that stood out the most.
1. Service Business
Sanchez noted in her video that there are many things that you can leverage to up your earnings, with a top one being time.
"Anytime you can trade your time for somebody else's money, that's going to be your superpower," Sanchez said.
She did this herself, starting a service business that helped people in Latin America do what she was doing in the United States, essentially creating introductions and paths toward business in the region. It was done with a then-colleague of Sanchez's and a few late hours after work.
2. Consulting
Another mechanism of leverage Sanchez brought to attention was expertise, which comes only with time and experience. However, it can lead to a great source of income. You can consult in fields in which you are the top of your game and have the resume to back it up.
You can start by offering some consulting calls for free -- just don't do it forever.
"Take the thing that someone pays you for in your salary or other high area of performance, and do it one-off by the hour," she explained.
This can be pretty lucrative. As reported by ZipRecruiter, consultants can earn anywhere from $6,000 to $10,000 per month, though that number varies based on location, number of hours worked, the type of consulting done and more.
3. Info Product Site
Should you find yourself in the position of getting asked for your expertise on multiple subjects, Sanchez suggested an info product site showcasing digital products or online content (courses, guides, templates) could be another fruitful source of income.
Here, you can create a guide and post frequently asked questions which could help you generate some passive revenue. It might not be much annually, but it's not exactly nothing either.
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All you need to start this, in Sanchez's professional experience, is cash, curiosity and crowd. Take a little bit of money to create your info product, tap into a burning need and see how large of an audience is asking for this kind of expertise.
4. Newsletter Affiliate Sales
The next tool of leverage highlighted was brand awareness, which she used to turn what people knew about her and her personality into an income stream involving newsletter affiliate sales.
Start by asking these questions.
Where do people ask for your opinion?
What would you be doing even if you weren't getting paid for it?
What are the hobbies you'd like to get into?
What are you really, really uniquely skilled at?
Find these answers, and then offer them via your newsletter or audience-based affiliate marketing. Just make sure you like writing and you can commit to writing a newsletter a week for a whole year, according to Sanchez.
5. Airbnbs or Laundromats
The last leverage Sanchez encouraged viewers to take stock of is money -- advocating that when you make money, it is important for you to continue growing your money.
If you can be the backer of buying a home to turn into an Airbnb or invest in a laundromat business, for example, there is money to be made without much heavy lifting. As reported by Airbnb, it's estimated that hosts in the U.S. made an average of $15,600 in supplemental income from Airbnb last year.
Just make sure you have a partner who is willing to manage the businesses if you are putting up the cash to start these kinds of money-generating enterprises.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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