Additional Sources of Income

Who wouldn’t like some extra money, right? Whether you are in the process of eliminating debt or diligently setting aside money for retirement, an extra source of income is always a nice thing.

So where is this money supposed to come from? Well, obviously one option is to get an extra job during the time you are not at your current job. Depending on your circumstances, this may be required to make ends meet. However, wouldn’t it be even better if you can earn an extra income with a little less involvement than an additional job?

When trying to think of a way to make a little money without too much time required, I think of the possibility of selling old junk (err…treasure) on eBay or selling old books online. From people I have talked to and articles I have read, it is quite possible to earn a nice amount of money selling things online. At this point, I have yet to try this myself though.

Any other options? Well, depending on your skills you can try your hand at some freelance work in your field of business. For instance, I am a computer programmer by profession with experience on the web, so I have tried my hand at doing some side business. Here and there I will land a small project that pays a nice amount, but the work is not consistent.

The ideal scenario would be to find a source of passive income. So what is passive income? Basically, it is a source of income that does not require your direct involvement to be earned. Potential sources of passive income may include rental property, product royalties or network marketing. You may have noticed the advertising on this site, that is one attempt to earn a few dollars via a source of passive income. As much as rental property interest me, I don’t feel I have the knowledge or capital to enter that arena.

What other sources of additional income have you thought about? Have you attempted to create a source of passive income?