Multiple streams of income is an important step to creating financial freedom. There are so many ways you can make money online and it’s slowly becoming a new norm in our society.
Not only is it easier than ever to earn money just by having reliable internet, but it’s also probably one of the best investments you can make for your future.
Side hustles are the starting point of building a life of financial freedom. I mean that’s why you’re here right to learn about money and how to travel the world while doing it!
In order for you to achieve financial freedom and location independence, it’s super important that you create multiple streams of income, especially ones that can be earned online.
It’s okay to be intimidated by the thought of taking on more work outside of the workplace, however, some of the options that I’m going to list below aren’t actually going to take up too much of your time.
Don’t give up an opportunity to make some money just because you don’t think you’ll have enough time.
Life is all about creating opportunities for yourself that no one else can offer you and making money online does exactly that!
- E-Commerce Store
E-commerce is a growing industry “In 2019, retail e-commerce sales worldwide amounted to 3.53 trillion US dollars and e-retail revenues are projected to grow to 6.54 trillion US dollars in 2022.”
Online shopping is one of the most popular online activities in the world, which means that there’s tons of money to be made in this industry.
If you’re really good at something you should figure out a way to brand it, sell it and make a profit.
You can get into selling physical products through dropshipping or you can personally ship products out yourself. I personally create and sell hand-printed tote bags on Etsy, you can check out my most popular collection here!
Another option is to sell digital products like e-books, online courses or planners. I also sell digital planners on Etsy and I plan on expanding my digital product collection quite a bit over the next few years.
Although starting an e-commerce shop is not easy, once it’s up and running there are ways to automate tasks and start earning money passively!
I’d suggest having at least $500 to invest if you want to sell physical products and $100 for selling digital products.
- Teach English Online
Teaching English online is a fabulous alternative to teaching in-person abroad. This is a better option for digital nomads who want the freedom of travelling and earning money at the same time.
Not to say that you can’t do that as a teacher that teaches in person, but you’d most likely be working on a 9-5 schedule with limited time off and vacation time restrictions.
In the true Digital Nomad fashion, you can teach English online from anywhere in the world.
There aren’t any general upfront costs to becoming an online teacher other than getting the right education and teaching certificates like your TEFL or TESOL.
- Sell Old Items
Do you have any old items that are in good shape but you just don’t have any use for them?
If so then why haven’t you sold them and made some money yet?!
Selling your old stuff online is literally one of the easiest and least time-consuming ways to make money online.
Unless you decide to run ads or boost your posts with paid advertising, there aren’t really any costs associated with selling your stuff online.
Some people actually go as far as to make a business out of this and will buy and re-sell items online to make a higher profit.
- User Testing
Did you know that you can get paid to take surveys and test things online?
I know it sounds too good to be true but there are real companies out there that are willing to pay you money to test out websites, software, ads and so much more.
This is another side hustle that does not require any costs to get started.
You can become a freelancer in almost any industry and make a part-time or full time living.
Freelancing is also becoming a new norm in society and it’s mainly young people bringing about this change.
To name a few, the most common types of freelancing careers are Copywriting, Web Development, Marketing, Photography/Videography.
Most of these skills can be self-taught without a huge financial investment. Platforms like Udemy, Teachable & are a perfect place to start upgrading your skills.
After that, you’ll need a brand, audience and experience to start making a living, it won’t be easy but it’ll be worth it.
You can invest anywhere from $100-$5000 in your education and business to become a successful freelancer.
Blogging is one of those side hustles that take quite a bit of time before you start earning a significant amount of money.
It’s a lot of fun to get started and see your growth, but it’s going to take some serious work and dedication to start earning money from it.
Standing out is key in the blogging world so start thinking about how you’ll stand out in the niche that you want to go into.
You can start a blog with $0 or $1000, I didn’t spend a dime growing my Instagram account over the past year and I’ve already seen a bit of a return already from it.
Choose a platform you’re comfortable with, then start learning the ins and outs of blog writing, photography, videography and digital marketing.
Blogging is just like any other business so create a plan and take it step by step.
Investing your money is something that should be reserved for those who are in a stable financial position. Be sure that your debt is paid off, you have an emergency savings built up and are in a position to take risks.
Investing comes in many forms and depending on your finances and where you’re at in life it will be different for every person.
As a 23-year-old, I’m currently focusing on investing in paying off my debt, building online businesses, stocks, mutual funds and hopefully in the next 5 years real estate.
I’d suggest analyzing your finances and looking into the best type of investments for you depending on how much money you have.
Also, investing doesn’t have to be for the rich check out my blog post “How To Save Money On A Low Income”.
I currently actively have an account with Wealth Simple where I keep my emergency fund in a high-interest savings account. This means I earn a small percent of money every month on my investment.
In the end, side hustles aren’t for everyone, it takes a lot of hard work and dedication to spend your extra time trying to make an income online.
It definitely isn’t always easy but in the long run, it’s so worth it. Imagine if you take on one of these side hustles every year for the next 7 years, soon you’d have 7 streams of passive and active income that might even out-earn your day job income!
Take the time to choose a side hustle that works for you and your schedule then make that money!
I hope you enjoyed this read and found some interesting ways you can make money online.
Feel free to share it with your friends and followers!