Broad Strategies to Turn Small Sums of Money into Significant Income
So many of us are living paycheck to paycheck. And though many people are not far from that or worse, many are still not financially independent.
So for many of us, the idea of creating a steady stream of income from our businesses is a bit of a fantasy. Wouldn't it be great if you could somehow generate a consistent income through your web site or blog with a tiny budget and little work?
A slow, consistent flow of money is the thing that any entrepreneur dreams of. It's a lot better than having a few big checks here and there, which will often lead to a lot of spending and quickly the money will be gone again.
You know what I always say:
Start small, grow slow!
You build a real business by slowly building and not by making a few big leaps and then lying back and thinking you are done.
It's hard to make investments to create a long-term income source. So, you want to look for investments that generate revenue on a consistent basis.
There are many strategies to transform one-time-incomes into repeat-and-refill sales. And we will look at some cool strategies to do so.
7 Specific Ideas for Turning One-time Cash into a Lasting Income Stream
I get how easy it is to say, “I’m tired of my day job.” Almost daily I watch friends get laid off and get their hours cut and I’m the guy with a steady 9-5 who keeps thinking in my head, “if only I could turn this job I love to do into a career I love to do.”
If you feel like you’re answering this question a lot – “How do I turn what I love to do into a steady income stream?” – youre not alone.
Judging from emails I get, this question really affects a lot of job-holding creatives and entrepreneurs. I’m getting a lot of emails that cover:
- “I’m working a job I hate to pay the bills.”
- “I’m worried my idea is too risky to invest in.”
- “I’m stuck and need to make a change.”
Or something similar.
#1: Drive for Lyft, Collect a $1,000, and Invest It
Since the economy is still stagnant, with little growth in the number of full-time jobs, many Americans are looking to side gigs to ensure they can keep the lights on and put food on the table. Thanks to services like Lyft, Uber, and TaskRabbit, anyone can become a part-time chauffeur, errand-runner, or house flipper.
Look, doing this full-time is a great way to earn some extra cash. Instead of part-time, you can choose to drive one new type of ride-share vehicle per month. And you’re in luck — I’ve put together a super-strong list of cash-making opportunities for you to consider. Some of these companies pay weekly, and others don’t pay until you’ve hit a certain amount of revenue, but they all can help you at least magically grow your side-gig income.
#2: Take a Survey, Open a Micro-Investing App, and Invest in Dividend Stocks
One of the simplest ways to make money online is through paid online surveys. However, paid online surveys often attract only people who are willing to work for offers that could expire at any time and the rewards for completing these surveys are typically very small.
But, there’s a way to make paid surveys work for you. You just have to be willing to spend an hour or two a week taking surveys.
The first step is to register with several legitimate paid survey sites, such as Listology, Green Panda Survey, Survey Voices, Survey Monster, My Survey, Opinion Outpost, and i-Say.
These are all great sites that pay cash to their users. Once you register with these sites, you will start to receive emails from them when there are paid surveys available on their platforms. You should apply for the surveys that they send you so you can start earning money as soon as possible.
#3: Earn a Checking Bonus and Open a High-Yield Savings Account
Too many people bank with just one bank and don’t bother to keep their options open. Instead they might look for a high-yield savings account, which is more liquid and can be withdrawn from easily, while leaving the cash in the checking account. But there is no reason to put your money in a checking account anymore in order to qualify for a high-yield savings account. Most banks offer savings accounts that come with a high-yield checking account. There is no downside to linking the two accounts.
Since both accounts are under the same bank you can also minimize the number of bank statements you receive, and you will usually have access to more online and mobile banking tools. Put your money in the savings account, and make it available for the high-yield checking account. It’s that simple.
The best banks pay 1% interest in savings, and between 0.05% and 0.5% in checking. You will never find better rates on traditional high-yield savings accounts, and you won’t have to worry about remembering to do each month.
#4: Use Trim to Reduce Your Bills, then Pay Down Your Student Loans
You saw how you can use the Consumer Cash Machine to quickly pay off your debt using your extra cash.
But when you start living a debt free lifestyle, it’s important to find a way to generate that extra money on a regular basis.
You can do it by setting up good spending habits, but one of the best ways to regularly increase your income is to start a side business.
One way to do it is to take advantage of what I call “trim,”.
(do you like that exciting buzzword? I do!)
Trim is a way to reduce your fixed expenses so you can pay off your student loans faster and bring in more money.
#5: Use Your Stimulus Check to Buy a Bike, Start Delivering for Postmates
(or another delivery service), and Make Extra Money With Ease
Let’s say you’ve just received your first stimulus check. Or maybe you’ve been saving cash for awhile, and your savings have come to a good point, ready to be moved into the market. And you might be thinking “How can I turn my money into steady income?”
How would you like to turn fast cash into steady income?
You can do just that with a simple method of investing, which I call ‘investing for income.’ With this method, you’d invest small amounts in a wide variety of properties, and collect the rent checks, which can then be used to purchase more investment properties.
Just imagine it: your extra cash is slowly turning into an income stream for life!
But to build an income-producing portfolio using this method, you need a very wide variety of properties. The reason for this is because some of the properties will fall in value by small amounts, while others will appreciate significantly. However, with this method, your portfolio’s overall value will still build over time.
#6: Search for Old Money, Buy an Online Course with Your Savings, and Ask Your Boss for a Raise
Instead of investing in a risky business idea, you can invest in yourself. This way, you can increase your own value and have a skill under your belt that can be sold. Here are three ways to create an income without doing anything else. You create an income, build a portfolio, and diversify your assets by learning how to invest in your skills.
It’s not about what you know, it’s about what you can prove you can do. The most secure way to make money as an entrepreneur is to start a business in the service industry.
You should start by taking a look at what people are buying on Craigslist, eBay, and Etsy, the kind of jobs that are harder to automate, and the skills that are harder to perfect.
For example, coding and web design are hard to learn on your own without the right resources. If you’ve ever fallen in love with a skill in your life, it’s an instant head start.
Investing in a course or two about your skill of choice is the fastest, most secure way to make money without risking your own livelihood. Walking out of your job to pursue a startup is the riskiest approach. Investing in yourself is the least risky of all.
#7: Sell Your Stuff and Invest in the New You
“Let me tell you a story. There was a man who had three sons. He wanted his sons to learn not to judge things too quickly. So he sent them each on a quest, in turn, to go and look at a pear tree, that he observed growing in a nearby field. The first son went in the winter, the second in the late spring, and the third in the summer.”
“The youngest son, made the mistake of judging the tree by its looks. He told his father that it looked rotten, and had no value at all… The middle son gave a more reasoned judgment about its probable value… He said that it was exactly the right time of the year to judge whether the tree was good or not. If it was good, he thought it would probably be worth a lot of money. ”
“The eldest son, when he went to look at the tree, found that it was exactly the right time of year for judging whether the tree was good or not. He shook the tree, and the fruit fell to the ground. He picked the fruit and took it to the market, where he sold it for a high price… ”
The Bottom Line
If a product solves a problem, people buy it. Making a living takes a little more than solutions, but it’s a start.
Making a living as an entrepreneur follows the same road map as creating a business to solve a perceived problem. These similarities can be seen in our own life. Example:
Seeking quick cash has given rise to telemarketing and social selling – but at a cost and with mixed results.
A more informed approach to business development focuses on using market research to locate problems or opportunities and fix them. Here’s how to tap into your bottom line today.