Your income potential isn’t limited to your annual salary. Here are a few creative ways parents can boost their monthly cash flow.
When you’re juggling your career and family life, the last thing you’re probably thinking about is how you can add more to your already full plate. Yet, personal finances – namely making ends meet and funding future goals – tends to be the largest financial stressors on Americans today. Unless you’re in the top 40% of wage earners, chances are high financial stress is weighing heavily on you. And even if you are one of the top 40% of wage earners, you could still feel like you’re struggling in certain areas despite economic growth (USA Today).
Fortunately, your income potential isn’t limited to your annual salary. There are a host of income producing ‘side hustles’ that may be perfect for you. These secondary streams of income could serve short-term goals like paying off debt or saving toward a future purchase, or they could create a sustainable income stream that supplements your regular income on an ongoing basis.
Here is a short list of perfect side hustles for a working parent who would like to generate more money when it’s convenient for you and your family.
Create an Online Course
Are you an industry expert in something? Sales, marketing, computer code, interior design, photography? You may be able to take your expertise from your regular job and create an online course to teach others. Sure, there will be an upfront investment in your time and resources to create the course and sell it, but once you have it built it can be something that generates passive income for you for a long time. Just look at this real-life example shared in Forbes How to Make Over $100,000 Per Year Creating Online Courses.
Write a Book
Self-publishing can be a lucrative endeavor these days with Amazon making it easy for people to publish their works without having to go through the rigorous process of publishing houses. Writing a book isn’t for everyone, but if you’re someone who can write and has either a story to tell or an experience that would be beneficial to others, you may consider putting pen to paper and tapping into your creative cognitive.
You know all those baby clothes that are neatly packed away in your closet and labeled by size? Maybe it’s time to let it go if you’re done having children. Between resale groups on Facebook, Etsy, and other resale sites, you could make some extra money on stuff you’re ready to get rid of. Kid gear, furniture, appliances, kitchen gadgets, and exercise equipment are all excellent examples of things people look to buy off resale sites. People know they get find gently used items and avoid paying sticker prices for the items they need.
There is a whole money-making industry on simply renting out something or services. From renting out a room or whole property through Airbnb or offering rides through Uber or Lyft, to renting out your truck when people have large loads they need to transport or party equipment, you could pretty much find a service that makes it easy to monetize your goods and services or start your own rental business.
Freelance or Consulting
You can offer freelance or consulting services in areas like writing, graphic design, interior design, baking, marketing, social media, resume writing or photography. Whether you do these types of jobs in your regular career or just have a creative skill people would pay money for, freelancing a service could be a beneficial side hustle to help you meet your financial goals.
The truth is there is really no limit to how much money you can generate here in America. I know of someone who works a full-time government job who decided to rent out bounce houses years ago. As other businesses renting out bounce houses closed, he bought up all their equipment. As a result, he is now the largest provider of bounce houses in his local area and generates a six figure business from renting bounce houses on top of his regular full time job. His business grew to the point where he has employees who do all the set up and tear down. His business takes very little of his time but generates a healthy income stream.
If you have vision and can seize opportunity, more income could very easily be yours.
NEXT FRANKly SPEAKING POST…
Ever wonder if you should just hire someone to clean your house? In the next installment of FRANKly SPEAKING, I’ll help you figure out what your time is worth and when it makes sense to outsource your household tasks and projects and when it doesn’t.
As always, I invite you to reach out to me – in real life – with any comments, feedback, or questions! [email protected]
Disclaimer: The information contained in this article is for informational purposes. None of the information provided in this article is intended as investment, tax, accounting or legal advice, as an offer or solicitation of an offer to buy or sell, or as an endorsement of any company, security, fund, or other securities or non-securities offering. Please consult with your accountant, finance professional, and/or legal counsel regarding your specific circumstance. Reproduction of this material is prohibited without written permission from Frank Shields, and all rights are reserved. Read the full Disclaimer.