The obvious way to earn a second income is to get a part-time job. If you are not currently working, this is an excellent way to start as it gives you the freedom and flexibility to start other passive income opportunities. The other option is to simply work from home full time which frees up commute time so you can focus on building more income streams.
Money is important. Of that, there can be no doubt. If you don't have enough for your basic needs, and a few necessary wants, there's no chance of you being content or happy in life. Everyone knows this of course. In fact, the need for money is why most of us go to work. But it’s never really enough is it? There's always some place we want to visit or some gadget that we want to buy but we can’t because of our barren bank accounts. So how do we get that extra bit of money that we're always craving for? Leveraging the power of the internet to generate a steady stream of passive income is the answer.
Buy a small business: A local small business, like a car wash or a laundromat, is a great way to put money down on a money-making venture. Automate it so you don't have to be on the premises unless you're collecting money. Go into a local business with your eyes wide open - study the books, especially on income and expenses, and examine water and utility bills if your venture will be open 24 hours.
The thing is, I’m not talking about buying brick-and-mortar buildings. I tried that many years ago with my father-in-law, and with devastating results. We tried to buy a duplex once, and the deal fell apart after we realized we weren’t really prepared for the purchase. I secretly wanted to become a landlord, but at the same time, I knew it wasn’t for me.
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Most of us think of investment income as just the cash flow we get from bank interest, bonds, share dividends and property rents, some of which comes via a super pension. But a more complete view is to also consider how growing the value of your investments can add to your spending potential. This total return approach generates income from both income and growth to optimise spending from your portfolio across all market cycles, aligning cheap and expensive investments to your goals.