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Most of us enjoy the idea of having extra spending money. Some of us are desperate for extra cash. No matter where you fall on this spectrum, you should know that there’s currently an abundance of ways you can make money – all using technology you probably already have.
The Power of Income Diversification
Picking up side gigs and setting up passive income are two examples of income diversification. Basically, the idea is to add new and different income streams to your financial infrastructure. In addition to making money with your full-time job, you can pull income from a variety of different sources.
This is powerful for several reasons. First, you’ll have more total income coming your way, meaning you’ll have more spending power. Second, you’ll be protected against catastrophic losses; even if you lose your full-time job, you’ll have backup income you can use to stay afloat. Third, you’ll learn new skills and meet new people, broadening your long-term prospects.
High-Tech Ways to Make Extra Money
So how can you take advantage of modern technology to make extra money and diversify your income?
1. Freelance writing. One of the most accessible ways of making extra money online is freelance writing. Depending on your current level of skill and your long-term goals, that may mean writing articles for SEO, writing for a specific publisher, or even starting your own blog. There’s practically unlimited flexibility here, and while pay may be low to start, you can eventually work your way to a more lucrative side hustle.
2. Property investing. Property investing isn’t a new idea, but it’s much easier now that we have more sophisticated communications technology. With the help of a property management firm, along with online listings and online landlord portals, you can start investing in properties across the country, or even all over the world. Generating rental income this way is passive, and you’ll simultaneously benefit from long-term property appreciation.
3. Digital art/graphic design. If you have a knack for the visual arts, you can consider creating digital art or practicing graphic design to make some extra money. Designing some logos, providing illustrations for written content, or creating advertisements could help you make significant extra money.
4. Tech support. Are you highly familiar with troubleshooting tech issues? Do you know how to set up new systems and devices? You may be able to offer remote tech support as a side gig.
5. Web design. Depending on your skillset, you may be able to design or create websites from scratch. Every year, millions of new blogs and new businesses need websites – and people like you to make them.
6. App coding. You can learn the basics of coding in just a few months. After a couple of years, you’ll have enough skill and experience to create almost anything you want. Programming is highly in demand, so you should never be short on opportunities if you choose this direction.
7. Social media management. We all use social media, at least to some extent. These days, most major brands and even small businesses rely on social media as one of their primary channels for outreach and customer engagement. That’s why more people are entering the world of social media management, writing new posts, adding new followers, and engaging with communities to keep them active.
8. Creating videos. If you have some decent lighting, a decent microphone, and the ability to write basic scripts, you can produce your own videos. Depending on your goals, that could mean producing videos for an employer or just creating your own content to start a YouTube channel of your own.
9. Podcasting. The number of active podcast listeners has grown consistently for more than a decade – and audiences keep growing still. Podcasts are popular in part because you can listen to them while accomplishing other tasks, and there’s no indication that the desire to multitask will go away anytime soon. If you can start a podcast on a topic that people want to hear, and you face limited competition currently, you could end up making a lot of money this way.
10. Consulting/teaching. What skills and knowledge do you currently have that you want to share with other people? Chances are, there’s at least one thing you’re very good at. That’s why many people turn to consulting or teaching, with the help of video conferencing and other tech upgrades, for extra cash.
These are just some of the ways that you can make extra money online and with technology you probably already have. If you exercise your creativity, you can probably think of dozens of additional new ways of generating revenue.
Experiment to find out what makes you the most money and what makes you happiest.