Enhancing your income stream is one of the most effective strategies to strengthen your cash flow. It’s always a good idea to start by trimming needless costs, but there’s a limit to how much you can save. Once you’ve streamlined your expenses and established a viable budget, it’s time to focus on augmenting your income. For those not eager to invest more hours into their current employment, I propose the solution of a side hustle.
There’s a plethora of unique avenues to earn additional income. Most side jobs typically fit into one of two categories: immediate cash flow ventures and long-term, sustainable, and scalable prospects.
So, should you prioritize instant cash flow or a sustainable income?
WHAT IS AN IMMEDIATE CASH FLOW VENTURE?
Just as the name hints, quick pay tactics are excellent for instances when you need a financial boost promptly. Such ventures are handy as they often require minimal time or effort to bring in money.
Efforts such as taking online surveys, website testing, fulfilling short tasks online, mystery shopping, and online selling all fit under the umbrella of quick pay methods.
On the bright side, starting these ventures requires neither exceptional experience nor substantial investment. Another convenient option is becoming a driver for ridesharing services like Uber or Lyft. Or consider delivering meals via GrubHub or Postmates.
WHAT IS A SUSTAINABLE INCOME SOURCE?
On the other hand, sustainable income sources need a bit more planning and consistent management. For example, freelancing is a lucrative avenue but requires specific skills and a client base that pays. This might necessitate online courses, mentorship, or even setting up a personal website. However, it can potentially pay much more than short-term gigs and offers longevity.
Sustainable income sources, such as babysitting, dog walking, tutoring, bookkeeping, or lawn care/snow removal, are continuous and scalable yielding avenues you can sustain for months or even years. They do involve more effort and dedication, but the payoff tends to be rewarding.
QUICK PAY VS. SUSTAINABLE INCOME: WHICH TO CHOOSE?
When deciding which fits best, it’s crucial to evaluate a few essential criteria.
WHAT IS YOUR TIME AVAILABILITY?
Making extra money does require some time investment, unless you can rake in passive income. However, even earning passive income requires initial time and energy. If you’re investing, it might involve waiting for your investment to flourish. Always be honest and realistic about how much time you’re willing to invest in your extra income source. Adapt your schedule accordingly.
What is your earning goal?
Having a specific monetary aim is a crucial factor most overlook. Are you seeking $100 extra or $1000? Your earnings goal might greatly impact the type of hustle you select.
Also, consider your reason for wanting the extra cash. Is it to pay off debt or just to fund discretionary activities like dining out or vacations?
HOW LONG DO YOU PLAN TO CONTINUE?
Not everyone wants to have a side job indefinitely, and that’s understandable. If you don’t plan on quitting your day job, you probably don’t want to spend your free time working on a sustainable extra income source endlessly. You should consider a time limit for your side hustle.
WHAT SKILLS ARE YOU ACQUIRING?
Long-term benefits are crucial. Can you see yourself driving for Uber continually, especially if the company introduces substantial changes? Will you stick with babysitting which pays less when you could be making more with accreditation or a degree?
The selection of the method to supplement your income is entirely at your discretion. However, it should always align with your objectives and aspirations. Consider mixing an immediate cash flow side gig with a sustainable income source to diversify.
Let us know what you prefer when it comes to making extra money and why! Share your thoughts in the comments.
