With the high inflation rate, buying a car can be tough. Therefore, having other ways of generating income is crucial. You can try some side hustles to supplement your main income. Just remember the first and most important step is starting. That idea in your head will never generate income if you never act on it. The person who came up with dash cams seemed crazy initially, but it became a success.
According to 10-8.com, almost 72% of state patrol vehicles now utilize in-car video systems compared to 2000, when only 11% of highway patrol vehicles and state vehicles had dash cams. Don’t be afraid of taking the first step. Here are some quick ways to earn money.
1. Renting Out Your Property
If you have a piece of property that isn’t currently in use, consider renting it out. Rent money is a form of passive income where you don’t have to be even there to generate your cash. You may not have a property, but you may rent an extra room in your house.
2. Freelancing
This is a way of getting that extra coin during your free time or may even become your permanent source of income. Your 9 to 5 job may not provide enough income to support yourself and buy you that new car. You can offer your skills to freelancing companies, make some extra dollars, and save money to buy your car.
You can also start your freelancing platform to connect with companies needing your work and then contact freelancers. The benefit of freelancing is you require no cash to start but only your skills, and you can do it from home.
3. Online Influencing
You should also consider online influencing. Just invest in a good camera and lighting and become consistent in creating your content. You can then approach brands that align with your niche and ask them to pay you commissions for promoting their brand.
As your brand grows, you’ll realize that more brands will approach you to promote their product. You can also try affiliate marketing, where you promote products, and when customers buy through you, you get commissions. This extra income can help you buy that new car.
4. Selling on E-commerce
Since the onset of the coronavirus pandemic, some industries took a hit while others boomed. For example, according to Statista, Ford’s revenue took a hit, decreasing by 22% from 2019 and falling to $127 billion in 2020. However, most of the shopping went online, leading to increased profits for most e-commerce platforms.
You can start your platform by building your website on Shopify or Ecwid. They try to bring traffic to your website by running Ads or promoting it. You can even generate sales through drop shipping, where you don’t have to own the item you want to sell; instead, you can add a product from another e-commerce website and increase its selling price to gain profits. That way, if someone orders a product, you can order it for them and let the other e-commerce platform do all the work of shipping for you.
5. Selling Your Old Items
You should also try reselling items you no longer use in your house. Another option is to repair something and increase its value to sell it for an even better price. According to Statista, Americans who pawn electronics when they need cash are about 30.1% of the population. This is a good way to earn cash quickly to buy that car.
6. Teaching Your Skills
Never treat any skill you have for granted. People right now are making money teaching people to do certain skills. If you’re skilled in playing musical instruments, cooking, coding, knowing a different language, or any other skill, consider focusing on teaching that skill to others and getting paid in return. Most people think they must put their skills into action to gain money, but you can also teach it.
Managing your finances is vital to attaining financial freedom. A car, as Robert Kiyosaki would describe it, is a liability as it takes money from your pocket. You have to pay for its insurance, fuel, and maintenance. However, if you use your car to generate income, it becomes an asset. Make sure that after earning money to finally get yourself that car you have always wanted, it can generate revenue for you.