11 Ways to Create Multiple Streams of Income and Increase Your Cash Flow

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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.

10. Tutoring

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.

11. Freelancing

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?

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1 Important Disclosures for Laurel Road.

Laurel Road Disclosures

  1. VARIABLE APR – APR is subject to increase after consummation. 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.

2 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student Loan RefinanceFixed rates from 3.999% APR to 7.804% APR (with AutoPay). Variable rates from 2.480% APR to 7.524% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.480% APR assumes current 1 month LIBOR rate of 2.07% plus 0.91% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score
  2. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

3 Important Disclosures for CommonBond.

CommonBond Disclosures

  1. Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). The following table displays the estimated monthly payment, total interest, and Annual Percentage Rates (APR) for a $10,000 loan. The Annual Percentage Rate (APR) shown for each in-school loan product reflects the accruing interest, the effect of one-time capitalization of interest at the end of a deferment period, a 2% origination fee, and the applicable Repayment Plan. All loans are eligible for a 0.25% reduction in interest rate by agreeing to automatic payment withdrawals once in repayment, which is reflected in the interest rates and APRs displayed. Variable rates may increase after consummation. All variable rates are based on a 1-month LIBOR assumption of 2.08% effective July 25, 2018.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Education Refinance Loan Rate DisclosureVariable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of August 1, 2018, the one-month LIBOR rate is 2.07%. Variable interest rates range from 2.72%-8.17% (2.72%-8.17% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.
  2. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision at http://www.citizensbank.com/EdRefinance, including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
  3. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled, must be in repayment of their existing student loan(s) and must make the minimum number of payments after leaving school. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident. The co-signer (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a co-signer will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned.
  4. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  5. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
  6. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.
  7. Average savings based on 18,113 actual customers who refinanced their federal and private student loans through our Education Refinance Loan between January 1, 2017 and December 31, 2017. The calculation is derived by averaging the monthly savings of Education Refinance Loan customers whose payments decreased after refinancing, which is calculated by taking the monthly student loan payments prior to refinancing minus the monthly student loan payments after refinancing. The borrower’s savings might vary based on the interest rates, balances and remaining repayment term of the loans they are seeking to refinance. The borrower’s overall repayment amount may be higher than the loans they are refinancing even if their monthly payments are lower.
2.57% – 5.87%Undergrad
& Graduate
Visit Earnest
2.80% – 6.38%1Undergrad
& Graduate
Visit Laurel Road
2.48% – 7.52%2Undergrad
& Graduate
Visit SoFi
2.47% – 7.99%Undergrad
& Graduate
Visit Lendkey
2.57% – 6.65%3Undergrad
& Graduate
Visit CommonBond
2.72% – 8.17%4Undergrad
& Graduate
Visit Citizens
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.