Income Ideas

I’m a huge proponent of cultivating multiple streams of income, and supplementing those with additional one-time chunks of income. To facilitate this, I’ve compiled a list of ideas for earning additional revenue.

Residual Income

Stable income that you receive without having to regularly perform any work is called “residual income”. For example, owning an apartment building provides income from rent without you having to trade your available hours for dollars.

Create a website

Of the ideas on this page, this is the most likely to bring you substantial residual income. But how do you get started?

I’d recommend buying a small notebook (like a pocket Moleskine or a cheap composition notebook) and writing every┬áidea you have down, no matter how stupid or impossible to implement. Carry it (and a pen) with you everywhere you go. When you get an idea, immediately write it down. Once a month or so, review your notes to see if any of them still seem interesting and plausible.

Next, make it! Now this is the key to making lots of websites: Don’t worry about the logo, or how awesome the website is going to look, or getting a Twitter account for your new site, or getting traffic, or making company t-shirts, or hiring staff, or any of the details that can wait until after you’ve actually put together something functional. Nothing kills an idea faster than worrying about the tiny details too soon.

Once your website is up and running, tell your friends. Put some ads up. Make some money.

Invest in mutual funds or exchange-traded funds

Focus on no load funds that have very low expense ratios. I’d also recommend finding a way to avoid paying fees to buy or sell. For example, Ameritrade offers several no-fee ETFs.

Buy some apartments

Although this is a viable idea, I don’t know anyone that does this that would recommend it to others. It takes a lot of work, and carries a lot of risk.

One-time Income

Although residual income is preferred, it is nice to get an extra little chunk of money every now and then.

Apply for credit cards or open new bank accounts

Many credit cards and banks offer a bonus when you signup. You can take advantage of these offers to make a little extra money.