If you want to earn extra money, you need to do more than make money. To many, earning big bucks is synonymous with investing or buying bonds and stock, or at least exchange-traded funds or mutual funds. But that isn’t always the case.
To grow your money, you need to learn about how else you can invest it. Here are other ways to grow your wealth:
Start a Business
A high starting point is to figure out what type of business you want. An ice cream business franchise, for example, is a great but simple way to start a business close to home. You can open up an ice cream parlor that the community folks can go to or hang out in.
To better help you decide what type of business to go for, you should at least know what kind of companies are allowed in the USA. You can choose from starting a retail or wholesale business, product or service business, franchise or independent business, and storefront or online business.
Once you’ve worked your way through these choices, it will be easier for you to decide what type of business you should start.
You can also consider the industry, niche, or topic of your expertise as a starting point. If you have lots of knowledge about dogs, you can open a dog care center or a dog-walking business. If you love to make crafts, start a craft supply business. As long as it’s your interest, go for it.
Take Side Jobs
Accepting side jobs or gigs may sound mundane, but if you look at the hundreds of options, it doesn’t seem so ordinary anymore. In fact, according to the 2019 MBO Partners State of Independence in America Report, there are 15 million Americans involved in the side gig industry, contributing $1.28 trillion to the U.S. economy.
To find the best side, freelance, or temporary job for you, start by listing the skills you have. And then work your way to find work that fits your skills by knowing what open schedule you have. To find side gigs, check out websites that offer tons of opportunities.
Blog or Vlog
If you love to write or be in front of the camera, you can invest in equipment that can help you start a blog or vlog (video blog). For writers, a good laptop is a significant investment. If you want to take it further and add videos to your blog, invest in a good camera and sound equipment.
Other Options
There are many services today that enable homeowners to rent out their houses. You can do the same. Sign up for an Airbnb listing to rent out your house, condo, apartment, or even a spare room in your home. You can also sell items you don’t want or need anymore.
Remember, an excellent opportunity is the one that has a high return on investment potential but comes with moderate risk. To know if you’re ready to invest by choosing any of the options mentioned above, you should be able to decide if an opportunity is a good one on your own, without relying on what others tell you, but how?
If you want to do more with the extra money you have and are ready to take a risk, then that’s the time that you’re truly up for new investments.