Have you ever wondered how billionaires get their money and why it continues to rise despite rising inflation and rising living costs?
Especially now, when most people’s jobs aren’t enough to pay their bills, they ask how they may improve their income with their limited time and nine-to-five work.
According to Yahoo Finance, most millionaires rely on seven different sources of income to create their fortune.
This is the money you make through your job or paid work. Typically, you are exchanging your time and abilities for money. The main advantage of earned income is that it is usually steady and reliable, and it can pay all or a portion of your essential living needs.
This is the profit you make from selling assets such as real estate, art, or cars.
Interest is a common source of extra income, and it is typically created by bank accounts and bonds. However, interest income is affected by inflation.
This is a sort of passive income that can be generated by owning dividend-paying equities. Its advantage is that it is profitable and serves as a partial buffer against asset price declines.
This is the amount of money you can make by renting out properties like office buildings, residences, or apartments.
Earnings from a business
Owning a business is useful for many people who want to enhance their earnings. The earning potential of business income is limitless.
Intellectual property, such as trademarks, property, or patents, can contribute to a consistent and predictable source of income.
However, how much you earn is based on monthly sales.
That being said, it’s important to remember that building these streams of income takes time.
You’re not going to start making money from them immediately. Moreover, another way to make money if you feel these streams of income won’t cut it for you, is to try a part-time job.
What part-time jobs can you try?
Here are some productive alternatives to make an extra $1000/month:
Use your skills
Do you excel at writing, editing, graphic design, or administrative tasks?
Whatever your expertise, you may monetize it by creating freelancing profiles on sites like Upwork and Fiverr.
Become an Uber driver
Companies like Uber, Lyft, and Gett — and in Pakistan, Careem, inDrive, and Byeka — all recruit self-employed drivers to transport clients to their destinations.
What’s the best part? You have control over when and how long your labor. If you reside in a big city and own a car, this is an excellent opportunity to earn an extra $1000 every month.
We know people who only take rides to and from work that are close to their offices. They claim it helps them cover their fuel costs.
Become a food delivery driver
As long as you have a valid driver’s license, no criminal record, and a smartphone, this is one of the simplest part-time occupations to obtain—and you can start working right away.
Become a handyman
You may always offer your services on websites like www.craigslist.com or www.taskrabbit.com if you know how to mend items around the house, hang pictures, make furniture, and fix computers and televisions.
You can share your services in Pakistan via WhatsApp conversations or social media posts.
If none of these apply to you, other choices such as private instruction, copywriting, and content writing are also incredibly profitable.
Teachers we spoke with claim to earn up to $400 per month teaching tuition to children five days a week. You might accomplish as much or more depending on where you live, who you educate, and your level of skill.
Just keep in mind that a job is a job, even if it’s a side hustle. If you’re thinking about going freelance, you should spend a couple of hours a day applying for jobs or establishing your profile and portfolio.