Increase your income streams through side hustles

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The wealth equation is very simple yet very challenging to work with. You are wealthy when your income exceeds the expenses you are incurring. Sometimes even if you are the most frugal person on the block, you can still struggle to build wealth. In this case, you may need to increase your income streams through side hustles.

As the name suggests, a side hustle is an additional job that you take to supplement your main job. Being successful on a side hustle pave a way for multiple income streams. Multiple income streams translate into more financial security or a financial cushion that can sustain you if your main income is compromised.

Additionally, a side hustle is very important especially if you are struggling to reduce the expense side of your budget. You can use the money from your side hustle to start paying off debt, build on your emergency fund or build your investments.

Important articles:

• Starting a new company – should you quit your job?
• Think beyond income and expenses

Choosing a side hustle

Not all side hustles are worth doing. We can all agree that we are all different in terms of both personality and skills. Some people are good on forging relationships with people while others are great when they work in the background. Understand what you enjoy doing and start from there.

The following are some of the most important things you need to consider when choosing a side hustle:

• It does not have to take much of your time.
• Less effort is needed to do it.
• It should be possible to monetize it.

The points stated above are very crucial if you are to increase your income streams through a side hustle. A successful side hustle must be something that you can do with as little effort and time as possible. Do you have something that you are good at but you are currently doing it for fun? Make sure you monetize it. Maybe you are good on writing motivational posts on social media – write a book that you can sell.

Side hustle ideas to increase income streams

There are several side hustles you can do. As noted already, people are different. You need to use the criteria stated above to choose an income stream that you can enjoy. On this section we only state a few examples of popular side hustles:

1) Rent out your car or house or any asset

If you have a car that you are not using all the time, you can earn a lot of money by renting it out. You can earn a lot of money by using your car for Uber services. If you have a guest house you are not using, you can increase your income streams by renting it out.

It is very wise to buy a house (especially your first house) in an area that makes it easy for you to rent it out. That way you will not have to sell your house to buy a bigger house later in life.

Furthermore, there are several assets you can rent out for a fee. You can rent out your tractor, textbooks, lawn mower, laptop or any asset.

2) Buy and sell something

If you are good on selling things, you can earn well by buying and selling things. You can import things from another country and sell them in another country where there is a higher demand. Other people buy broken things at a cheaper price, repair them and later sell at a higher price.

Another way to increase your income streams through side hustles is by selling your skills. This may require a little bit of your time. You can be involved in tutoring students or building websites for people.

3) Starting a company or a project

You do not have to quit your job for you to start your own company. You can make it a side hustle until you are convinced that the demand for your services has gained momentum.

Examples of projects you can start are poultry keeping, vegetable farming, solar panel installations and many more.

Summary

You can increase your wealth by either cutting on your expenses or increase your income. This can be done as you increase your income streams through side hustles. You need to choose a side hustle that does not take much effort and time. The most important thing is that you must be able to monetize your hustle.