When buying a home or rental, you should have AT LEAST 3 months of living expenses saved up first. That can be tough if you’re solely depending on earned income from your job. You have to increase your income outside of your 9-5.
Here are 3 ways:
1) If you have a 2nd car that just sits in the driveway unused, rent it out on Turo (it’s like aribnb for car rentals) Just renting your car out 2 days per week, you could earn an extra $400+/month (varies depending on location + car type)
2) What’s one thing that people are always asking you questions about? Recipes? Fitness? Fashion? Write an ebook sharing your expertise and sell it on gumroad. A $20 ebook x 50 copies sold per month = $1,000/month (minus fees)
3) Do you have a spare room or basement? You don’t have to rent it overnight on airbnb. You can rent it by the hour to creatives who need a space for photo shoots using sites like Peerspace just a few hours a week could earn you an extra $500 or more.
When it comes to increasing income, think outside of the box. There are so many ways to make $$$.
Your income at your 9-5 is capped, but you have limitless earning potential at your fingertips. #NoExcuses2020
Great suggestions!! Definitely looking into creating an ebook. What are thoughts about renting space if you have kids?
Hey! It depends on the type of space you’re renting and what kind of renter you’re looking for. If you are renting out a room in your home or your basement, you may want to find a renter that isn’t sensitive to a lot of noise. I have a little one and I know how noisy they can be 🙂
You may want to consider short term rentals if you have kids so there’s more flexibility.