There are many reasons everyone needs multiple income streams. Simply put, earning extra cash on the side can improve life because there’s no need to live paycheck to paycheck. All types of debt, such as student loans, credit-card payments, and other bills will be taken care of as well.
There’s a misconception that one should have a lot of free time to do extra jobs. It may be hard to balance time at first, but it will be a breeze once you get the hang of it. One of the easiest ways to earn passive income without doing much work is to buy and resell things online.
An online shop is easy to open nowadays since there are platforms with convenient features that let you set up in no time. You can buy and resell basically anything you want, but it’s smarter to go for items that are trendy and of value. Here are some ideas to help get you started.
If you are a recent college graduate, then you know how expensive textbooks are. You can put up your old textbooks for sale because there are students who will buy them used at a much-lower price. Offer to buy old college books from other students if you know any.
If you’re not a student, there are best-seller books that still fetch a pretty penny depending on the edition and condition. The first-edition series of The Lord of the Rings is valuable and can command thousands of dollars at an auction. Look out for older books at flea markets, consignment stores, or even your old attic.
Brand-Name Clothes and Accessories
There’s a reason quality always trumps quantity—high-quality items last for a really long time. Fast-fashion clothes wear down after a couple of uses, so they’re seasonal and they virtually have no resale value. Brand-name clothes, on the other hand, are hot on the resell market because they’re durable and well-sought.
High-end clothing and accessories from popular brands such as Gucci, Coach, Calvin Klein, Michael Kors, and Prada are always in high demand. If you own a couple of pieces that you don’t use anymore, you can put them up for auction if you can. To save on shipping, you can bundle clothes together.
Collectible Records and Record Players
Nostalgia is a powerful thing, and that is why vinyl records and record players are still around despite the existence of music streaming. Thrift shops and consignment stores always have a section for these items, and they are especially valuable if they’re collectibles. There are albums with a higher resale value than that of others, so do your research beforehand.
Handmade Arts and Crafts
Hobbies that involve making bath bombs, candles, soaps, art, and one-of-a-kind items can become a lucrative source of extra income. You can buy from several hobbyists or directly source those from the makers to sell them online for a profit. It’s even better if you make them yourself because you can decide the quantity and price of your arts and crafts.
Old Coins and Jewelry
Coin collecting is an excellent hobby, especially for those who are interested in history. There are old coins that were minted before 1970 that can be sold at a rate higher than their face value because of their high silver content. Jewelry that is in silver or gold that is no longer used or is broken beyond repair can be sold by its weight.
Reach Financial Goals Faster
There are so many things you can do with multiple sources of income apart from settling debts and bills. In today’s economy, people with full-time employees can only get by with their salary on average unless they have a high-paying job. Hitting financial goals and saving up is ideal for anyone.
Whether those goals are saving for a holiday, reaching retirement in comfort, an emergency fund, or buying property or a car, an extra income is a way of reaching those dreams faster. Other people may look to the side business as a way of escaping the nine-to-five grind. Testing the waters by building the opportunity side by side with a full-time job is a smart move to test the waters.
Do you agree that everyone must have a side hustle to diversify one’s sources of income? Share your thoughts in the comments.