Ultimately the goal is to generate passive income streams and I have discussed the reason for this in the article ‘Why you should want to generate passive income streams’. However it will take time to generate passive income and if you want to get started in investing you will need some starting capital, therefore in order to receive immediate income it is worth considering active income streams.
What is active income?
Active income is income received for selling products or services. In order to for this income to be maintained, you are required to actively continue to sell products or services. Examples of active income:
- Overtime or a second employment
If you have the opportunity to work overtime, especially if this is paid at a higher hourly rate, then take it. This is probably the easiest source of additional income you can obtain, providing it is available. I’ve worked with people who moan about their lack of income and not being able to afford a weekend away, an extra item of clothing etc, but when the overtime is available they choose not to do it. If you don’t have the opportunity to work additional hours, it’s worth considering applying for a second job over the weekend or in the evening, of course this depends on individual circumstances whether this is feasible.
Do you have a skill that you can sell? It could be coding, designing logos, writing etc. The number of people freelancing has been increasing in recent years and is expected to increase further. People want a more flexible job that they can fit around their life and it’s getting easier to sell and advertise your services. There are now websites specifically set up for this such as Fiverr, Upwork, PeoplePerHour where you can start freelancing.
- Matched betting
Matched betting was my first side hustle, see my introduction to matched betting and my first experience of using OddsMonkey. With matched betting you’re not selling a product or service but it is an active income. Matched betting is where you take advantage of free bet promotions from bookies, you can make hundreds of pounds whilst working a full time job, it only takes a few hours a week, and best of all its TAX FREE.
- Web search evaluator
Want to get paid for searching the web? Companies such as Leapforce, Lionbridge and Appen hire web search evaluators to test and evaluate search engine algorithms for companies such as Google, Bing and Yahoo! Choose your own hours and work from the comfort of your own home (even in your pyjamas!).
Some people class blogging as passive income and others class blogging as active income. I have included this under active income as it needs to be updated with regular content and marketed. Sites like WordPress and Blogger make it extremely easy to set up your own blog even if you do not have any experience in coding. Once you have a large enough audience you won’t need to spend as much time maintaining the income, in which case it becomes more passive. However it does take a very long time to reach this point, you need to be committed for years.
- Ebay selling
Literally any product can be sold on Ebay. Clothes sell really well especially since they have low postage fees. Also, any vintage items that are not as accessible on the high street. You could sell second hand items you already have around the house that you no longer need, or you could buy products cheaper in bulk from a wholesaler or abroad. Fees have increased in recent years however as long as you ensure you are aware of the fees and sell the product accordingly to meet your desired profit margin you could still make money.
- Making arts/craft – selling on etsy.
This is great for people who knit, sew, paint, or do any sort of arts and crafts as a hobby. Etsy is very popular for these types of items. It would be a dream to make money doing what something you love and have a passion for, so why not sell the items you make?
With so many options to choose from there is no excuse to not get started earning additional income. I just wish I had started earlier!
Have you tried any of these money making ventures? Please let me know your experiences in the comments.