Do you find yourself struggling to make ends meet on your full-time income alone? You’re not alone. According to recent data from LendingTree, nearly half of Americans are looking for ways to earn extra cash to cover basic bills and living expenses. Luckily there is a variety of ways you can make additional income on the side even while working full-time. Here are some expert tips to get started.
Generating Passive Income Sources
Passive income can come in many forms from investing in dividend-paying stocks to creating an asset like a blog or real estate portfolio that earns money down the road. The key is finding something that works for you. Stephen Davis, CEO and founder of Total Wealth Academy, suggests investing in real estate syndications to generate steady cash flow, which can be less volatile than the stock market.
Discovering Freelance Opportunities
Freelancing is another great way to make extra money while working full-time. You can offer a variety of services from voice acting to graphic design, and use your existing talents to earn additional income. Freelancing also allows for flexibility in terms of when and where you work. Online marketplaces like Voices.com make it easy for voice actors to find paying gigs, with the average freelance voice actor earning anywhere from $100 to $2,000 per job depending on the project.
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Marketing Crafts on Etsy
If you have a hobby like painting or digital design, why not turn it into a source of income? You can easily start a profile page on Etsy and market your talent to potential customers. This allows you to earn money while doing something you enjoy, whether it’s in your downtime or while watching your favorite TV show. While there are fees associated with selling on Etsy, it’s a great way to get your crafts in front of a large audience.
Selling Renewed Products Online
Another way to make extra money is by selling items you no longer need or by refurbishing low-cost items and selling them online. You can start by searching your own home for duplicate items you can sell, or by shopping at garage sales for items that you can fix up and sell at a higher price. With a bit of research, you can quickly learn what items are considered valuable and become a pro at garage sale shopping.
Disclosing Passive Income in Your Tax Returns
As you start earning additional income, it’s important to keep track of it and report it on your taxes. Failure to do so could result in costly penalties down the road. Self-employed income, including income from side hustles, is subject to self-employment tax and must be reported on Schedule C of your tax return. It’s always a good idea to seek professional advice to ensure you’re handling your taxes correctly.
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Earning extra income while working full-time can be a challenge, but it’s not impossible. Creating passive income streams, finding freelance gigs, selling crafts on Etsy, and selling refurbished items online are all great ways to make additional income. Just be sure to report your income on your taxes to avoid any legal issues. With a little hard work and determination, you can start earning extra cash and improve your financial situation.