Many families live paycheck to paycheck. If an emergency hit their household, they wouldn’t be able to comfortably cover all of the essential expenses. While this is an uncomfortable financial experience, it doesn’t have to be the standard in your home. First, it’s important to create some financial margin in your budget. In addition to managing your money well, consider five unique ways you can bring in extra money for your family in 2020.
1. Content Creation
While there are still people who don’t truly realize how much money you can make online, it is definitely a viable way to make things happen. While the skills are unique, the process is not. You can use platforms like YouTube, Facebook and Instagram to showcase your products and services. Use compelling content to draw an audience of interested buyers. This will look different for each content creator. If you’re a professional organizer, you can use your YouTube channel in order to give tips and demonstrate your expertise. As you consistently produce content and develop an audience, you can book consultations, get new clients and secure partnership deals with major brands and influencers.
2. Grocery Delivery
There are tons of people who loathe the idea of going to the grocery store. Standing in line is such a chore that many don’t like. As a result, they’d much rather hire someone else to do the dirty work for them. If you’re really good at picking out the best products and know your way around the grocery store with ease, consider becoming a grocery delivery worker. You can control the number of hours you’d like to work. You can also earn extra money in tips by providing excellent customer service.
3. Real Estate
If you’re thinking that you barely have enough money to cover the roof over your own head, you might assume that you can’t afford to invest in real estate. Truth be told, you can. You can actually earn money from rental properties you don’t even own. The key is to learn how to secure and manage AirBnB properties through a specific process. It’s definitely possible to earn money on properties you don’t own without a major financial investment. Once you’ve taken an AirBnB course to learn the strategy, work on applying it. Through this strategy, you can earn multiple streams of income through numerous rental properties. Further down the line, you can make a plan to purchase your own properties to generate even more income. Plus, once you own the properties, they become income-generating assets that you’ll be able to pass down within your family.
While you might have a few friends who have used an eBay account to sell a pair of sneakers, you don’t always meet a full-time or even a part-time reseller. Reselling is an amazing way to bring in extra money because it allows you to do it on your own time. Whenever you make a sale, you ship out the product. You can find deeply discounted items at your local thrift stores or the clearance sections of your regular stores. When you find a valuable item, check the comparative prices of the sold versions. If you know you’ll make a good profit off of the item, buy it and add it to your store. While eBay is known as the original reselling platform, it’s not the only one. Poshmark and Depop are perfect apps for the young, fashion-forward women. TheRealReal is for those who prefer high-end fashion. It doesn’t really matter which niche you enjoy. It’s really about tapping into that market with consistency and quality.
5. Foreign Exchange Trading
Because so many people trade through the foreign exchange market, and spam audiences on social media about their success, it’s easy to tune it out. However, it’s an excellent idea to learn how to trade and invest your money in the foreign exchange market. It’s significantly larger than the U.S. stock market. Plus, when you know what you’re doing, you can make money when the market is up or down. There are plenty of apps that allow you to learn from the comfort of your home on your smartphone.
When you’re first getting started, it might feel as though you’re not making any progress. Things might seem slow at first. However, study your craft and work hard. As you remain focused on your goal, you’ll change your family’s financial reality in the long run.