Top 14 Ways To Earn A Second Income
Are you looking for a second income? With prices soaring and the property market a mess, more and more families are finding it difficult to make ends meet.
It can take as little as $100 a month sometimes, just to take the pressure off, although plenty of people are earning hundreds, if not thousands per month as a second income.
Affiliate Income
Affiliate income refers to the commissions businesses will pay when you refer a new customer. Usually, but not always, these businesses are operating online.
A great free resource to get you started earning affiliate income is the SiteSell Affiliate Masters Course.
Automated Income
Automated income is the classic "earn while you sleep" income - you set something in motion, and it just keeps paying you indefinitely. You can get this form of a second income by investing cash, or by setting up a business that doesn't require you to show up and work in it.
Online businesses are the most likely to fit this bill, but there are automated businesses offline as well.
Business From Home
The beauty of earning a second income via a business from home is that the work requirements of your business can easily and flexibly work in with your other work and family commitments.
On the down side, it can get lonely and be diffficult to maintain your motivation - and your family may complain that you are "always on the computer".
Capital Gain Income
A capital gain occurs when you buy an asset, like shares or property, and then sell it later for a higher price. Sometimes, the capital gain occurs simply because time has passed and the market is rising, and sometimes you actually need to take action, for example renovating a property, to make the capital gain occur.
Here are some resources that can help you learn about making capital gains:
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Adrian and Amber Zenere are Professional Architects and Real Estate Developers with more than 25 years experience who've put together the Real Estate Development Club where they reveal all the tricks of the trade that helped them to knock years off the learning curve and reap the significant financial benefits that Real Estate Development has to offer.
Data Entry
Many companies require large amounts of data entered, and some will allow you to do this work at home. Be aware, though, that there are some dodgy operators around who will try to take money from you to "introduce" you to these companies. You should never have to pay to get a job!
Direct Sales
If you get on well with people, you can consider direct sales. If you are genuinely passionate about the company you are promoting, direct sales can be an enjoyable way to earn a second income. Direct sales includes party plan selling, shopping centre promotions, and in-home consultations.
Make Money Online
A very popular choice these days, because there are so many different ways to make money online. You can try affiliate marketing, creating information products, subscription-based membership sites, drop-shipping, selling on eBay, being a Pay-Per-Click site publisher, or freelancing through online marketplaces.
Here are some great resources to learn about creating a second income through an online business:
MLM - Multi-level Marketing
Multi-level marketing has been around for over 60 years. Originally, multi-level marketing had a strong resemblance to party plan selling, with groups of people gathering in loungerooms to listen to presentations, but today the majority of MLM systems use "attraction marketing", often via the internet, in which prospects are attracted by interesting and useful information, and may never even know that the free information they enjoyed was funded by a multi-level marketer.
Mortgage Income
There are a variety of creative real estate investment strategies, in which you effectively become a mortgage lender. Variously known as "wrapping", "lease-to-buy", "vendor finance", and "joint venture purchasing", these strategies will allow you to earn a higher return from a property investment. A positively geared investment property produces a second income.
Here are some resources that can help you learn about making a second income from property:
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Jill McIntyre made over $600,000 in just 18 months through Cashflow Positive Property deals. Her site is packed with detail to give you an easy step-by-step process to build your own Cashflow Positive Property Portfolio - the specific steps she follows, the resources she uses, the names and contact details of people who have helped along the way, and copies of the tools she's developed.
Multiple Streams Of Income
Of course, you are not limited to a single source for your second income. In fact, it is best if you diversify into multiple streams of income, to give you protection against shifts in particular marketplaces.
Part Time Work
Don't overlook the obvious. There are many opportunities for ordinary part-time work - cleaning, retail, security, babysitting, hospitality and entertainment, just to name a few.
Passive Income
Passive income is income which doesn't require you to exchange your time or services for money. Investment income is passive income, and some businesses can produce passive income.
Second Life Income
The internet site Second Life is a virtual world, in which you can have a virtual job earning virtual money. The funny thing is that real estate in Second Life is actually worth real money, and you can build up items and locations in Second Life which you can then sell - making a second income from Second Life!
Other virtual worlds and multi-player role-playing games can also earn you real money - as long as you are disciplined about it.
Work From Home
Even if you don't have your own business, you can often find work that you are allowed to do at home. This is usually computer-based work - writing, programming, editing, moderating forums, data entry, and so on, but some call centres are set up to have operators working from home. In addition, more traditional cottage industries such a piece work in the garment industry, and childcare, can also be done from home.
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