5 Ways to Supplement Your Income in 2020

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(Newswire.net — January 22, 2020) — Are you unsatisfied with the amount of money you make? Do you want a little extra cash in your pocket for spending or saving? You’re not the only one. Chances are there were lots of people who set a New Year’s resolution to “make more money” in 2020. And it’s a totally achievable goal—you don’t even need to get a promotion or take a new job. Here are 5 easy ways to supplement your income in 2020.

  1. Invest in Securities

The best and most desirable way to supplement your income is to develop a passive income. For the uninitiated, a passive income is any money you gain from doing absolutely nothing (well, almost). A great way to develop a passive income is to invest in securities.

Stocks are the most commonly traded securities, and you can easily invest in the stock market from the comfort of your own home. When you buy stocks, you’re essentially buying a small portion of a large company, and you’ll receive a small share of the company’s profits. The more stock you own in one particular company, the more dividends you’ll receive, so be sure to put your initial profits toward buying more shares. If you’re patient and you invest in a good company, you can create a significant passive income for yourself.

You can also buy bonds, which are issued by the government to fund federal programs. Try buying a mixture of bonds and stocks so you’ll have a diverse investment portfolio.

You might also be wondering about investing in cryptocurrency. Cryptocurrency is not a stock or bond, but it’s an asset you can buy that may increase in value over time. Do a little research on cryptocurrency and determine whether it’s the right investment decision for you.

  1. Buy Investment Properties

An investment property is any property that’s used for making money. There are a couple different ways you can make money with an investment property. First, you can rent a property out to tenants, who will pay you monthly rent. You can pocket the rent money or you can use it to help pay off the mortgage. Eventually, you could choose to sell the property if the value increases significantly. The only downside to renting out a property is that you’ll become the de-facto landlord, and you’ll be tasked with finding tenants and responding to maintenance requests. But you can always hire a property management company to take care of these tasks for you.

Second, you can buy a fix-and-flip property. This is a run-down property that you buy for a low price, and then you revamp the home to increase its value and sell it for profit. With a fix-and-flip property, you need to choose good contractors to help you repair the home so your costs don’t increase too much. You also need to find fast loans that don’t take too long to be approved and which you’re allowed to pay off very quickly. Hard money loans are your best bet for a fix-and-flip. Be sure to look for hard money loans in your local area so you can get the fastest possible turnaround time (for example, look for hard money lenders in Dallas, if you’re living near Dallas, or Seattle, if you’re living near Seattle).

Of course, you can make money off your primary home, too. If you don’t mind having roommates, rent out a spare room in your home to a tenant.

  1. Be a Rideshare Driver

If you have a car that’s not too shabby, you can make a lot of extra money by doing rideshare. What’s great about ridesharing is that you can set your own hours. Work for a few hours in the evening, or turn on your app if you’re driving across town—maybe you can get paid to drive someone to a place that you’re already headed to.

  1. Monetize Your Hobby

Is there a hobby that you’re incredibly passionate about? Then why not turn your passion into cash? If you create handcrafted objects, you can sell your creations online and make a profit. If you’re a master yoga practitioner, start a class and get paid to share your knowledge with beginners. Not only will you earn supplemental income, but you’ll also have fun doing it.

  1. Take Freelance Gigs

Last, but not least, take freelance gigs for any kinds of jobs that you’re skilled at. If you’ve got great writing skills, for example, you can take freelance writing assignments and get paid for them. You can take freelance gigs for anything from graphic design to event planning to photography. The more gigs you take, the most extensive your portfolio will be, and you may be able to demand higher pay for your work.

It’s not too difficult to supplement your income in 2020. Just use any of these 5 money-making side hustles.