It used to be landing your first job after graduating college was all you needed to be financially secure. These days, savvy young adults are learning to create multiple streams of income for themselves, so their primary job is never their sole source of income.
Here are 11 different income streams you can start today without spending a penny or overwhelming your schedule:
Passive income streams
If you have no time to devote to additional income streams, there are ways you can still earn money. Many traditional passive income strategies require an upfront investment of time or money. These three options can earn you money right away:
1. Turn your car into a billboard
Advertisers want car owners to turn their rides into mobile billboards using car wraps, vinyl decals that won’t destroy your car’s finish.
Freecarmedia.com pairs car owners with advertisers, offering drivers up to $400 per month for wrapping their cars. The advertising campaigns last anywhere from six to 24 months, and you can sign up for another advertiser whenever the previous campaign ends.
2. Become a referral source
Small businesses are always looking for new customers, which means you might be able to earn money by offering referrals to your favorite local businesses. Start by making a list of businesses you regularly use (your landlord, gym, financial advisor) and would be happy to recommend to friends and family. Then contact the owners and ask if they have any cash referral marketing offers available.
You can also earn money through referrals to banks, to technology companies such as your Internet service provider, and to digital services, such as Amazon Prime or DreamHost.
3. Rent out your parking space
Does your home or apartment come with a garage space or other off-street parking? If you’re willing to perfect your parallel parking skills and scrape off your car in the winter, you could rent out your parking space to a neighbor without a garage. You could do this directly by setting up a contract and payment schedule with a neighbor, or you could use a service such as JustPark or Parklee to rent out your space. Your neighbor will appreciate the off-street parking, and you’ll love the monthly rent.
Hobby-based income streams
Earning money on the side doesn’t have to feel like work. You can turn the things you enjoy into ways to earn additional money.
4. Become a dog walker or pet sitter
Turn your love for animals into a side gig that earns you money. Dog walkers with flexible schedules can earn money taking the pets of busy people out for midday walks. This is great for the animals, who get lonely during the day while their owners are at work. You can often find clients by posting fliers in local pet supply stores.
Alternatively, you could become a pet sitter for folks who are going out of town and don’t want to kennel their four-footed friends. Like dog walking, you can often find clients at local pet stores, although you can also find clients online. Dogvacay.com is like Airbnb for dogs; local pet sitters accept bookings for dogs in their homes.
5. Create a review site
If you are a voracious consumer of anything – books, music, movies, video games, or tech gadgets – you could make your passion a second income stream in the form of a review-based blog.
You can create a free site on Blogger or WordPress, and include Amazon affiliate links to whatever it is you are reviewing. You will receive a small percentage of any purchases your readers make when they buy through the affiliate link.
6. Make YouTube videos
Videos on YouTube run the gamut from tutorials to entertainment, and signing up for Google AdSense advertisements on those videos can earn their creators money.
In addition to creating compelling videos, you will also need to promote your videos on social media if you want to earn money from this particular hobby.
7. Design mugs or t-shirts
Artists, photographers, and designers had to make and maintain their products to make money on their designs, but that is no longer the case. Zazzle and Cafe Press now allow designers to imprint their art onto various products, such as mugs, t-shirts, cell phone cases, and tote bags.
When someone buys your design, you earn a royalty, and the site takes care of the production and shipping for you.
8. Referee or coach a sport
Sports lovers can turn their passion into income by becoming a referee or a coach for local recreation sports leagues. Both youth and adult leagues need knowledgeable referees and coaches for their games, and these positions are paid.
Similarly, if you are an expert in a certain sport, you can teach those skills for money. Local YMCAs and JCCs are always looking for teachers. Budding gymnasts, golfers, hockey players, and baseball players can use your expertise in improving their athleticism.
Side hustle income streams
If you have the time and the energy, a side hustle can be one of the more lucrative ways to create multiple income streams for yourself. Side hustles can be a little bit like a part-time job, but since they are self-directed, you can increase or decrease your time commitment depending on your needs and availability.
9. Become a server for a catering company
If you work a regular Monday-through-Friday schedule, you can pick up some pretty good money working on the weekends as a server for a catering company.
Catering companies usually have enough staff for weekday events, but they need additional staff for weekend events, which tend to be larger.
Whatever your area of expertise, you can find students who are struggling with the subject matter. You can offer to tutor students at the local university or community college, or to local elementary or high school students.
If you’re not sure how to find clients, Tutor.com will allow you to find students who need your skills.
College students and recent graduates are in a great position to start as freelancers since they have experience in both research and writing. No matter where your interests lie, there are outlets out there that are looking for fresh and original content.
You can find freelance opportunities on websites such as UpWork, Elance, and even on Craigslist.
How to increase your cash flow
The best way to protect yourself financially is to create multiple streams of income. Incorporating one or more of these income streams can help you to reach your financial goals and protect your financial future from life’s ups and downs.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.97% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at email@example.com, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
APR stands for “Annual Percentage Rate.” Rates listed include a 0.25% EFT discount, for automatic payments made from a checking or savings account. Interest rates as of 11/8/2018. Rates subject to change.
Variable rate options consist of a range from 3.27% per year to 6.09% per year for a 5-year term, 4.64% per year to 6.14% per year for a 7-year term, 4.69% per year to 6.19% per year for a 10-year term, 4.94% per year to 6.44% per year for a 15-year term, or 5.19% per year to 6.69% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 3.27% per year to 6.09% per year for a 5-year term would be from $180.89 to $193.75. The monthly payment for a sample $10,000 loan at a range of 4.64% per year to 6.14% per year for a 7-year term would be from $139.65 to $146.76. The monthly payment for a sample $10,000 loan at a range of 4.69% per year to 6.19% per year for a 10-year term would be from $104.56 to $111.98. The monthly payment for a sample $10,000 loan at a range of 4.94% per year to 6.44% per year for a 15-year term would be from $78.77 to $86.78. The monthly payment for a sample $10,000 loan at a range of 5.19% per year to 6.69% per year for a 20-year term would be from $67.05 to $75.68.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.28% effective October 10, 2018.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate|
|2.57% – 6.97%1||Undergrad & Graduate|
|2.51% – 8.09%4||Undergrad & Graduate|
|3.02% – 6.44%2||Undergrad & Graduate|
|2.50% – 7.24%5||Undergrad & Graduate|
|2.79% – 8.39%6||Undergrad & Graduate|