How You Can Add Additional Streams of Income to Your Finances

If you want to improve your finances, you can simplify your strategy into two primary methods. First, you want to make more money and boost your income. Second, you want to reduce the amount that you spend.

In practice, however, things are a bit more complicated. Saving money and cutting down on your spending is a whole article in itself, but this time, we’re going to focus on how you can increase your income. While the obvious answer might be “get a better paid job”, there are plenty of other ways to make money.

Secondary Jobs

Again, this might seem like an obvious option, but it can be a very effective way to earn more money. Some people find that two part time jobs offer more pay and more flexible hours than one single stream of income. However, you do have to plan your days out more carefully to make sure it’s worth it.

For starters, factor in the commute to both jobs. In an ideal world, you will be able to pick up a remote job and save money that way, but this doesn’t always work out. The time and expense of the commute comes directly out of your earnings.

You should also consider the hours you work and whether one of both of your jobs will ask you to work overtime. You don’t want the jobs to clash, but you also don’t want any wasted downtime between one workplace and another.

Some people have a day job and a night job, which allows them to work unusual hours. Night shifts do tend to offer increased pay, but having two jobs with such different schedules might make it hard to manage your sleep patterns.

Side Hustles

A similar option is to pick up a side hustle. The main difference between a side hustle and a secondary part-time job is that you have complete control. A side hustle is your business idea, and you can pick your hours, workload, and customers.

Some people keep a side hustle around that just earns a little bit each week. It’s a few hours of work and it can add a small income stream to your finances. Even a little bit can help you build your savings or pay off some debts, so it all adds up.

Side hustles can also grow into larger businesses. Some side hustle ideas include freelance writing, pet sitting, drop-shipping, or selling products that you make at home. You can even combine some side hustles to make more money with your time. For example, if you pet or house sit, you can still take a laptop with you and get some work done online.

Whether you decide to grow a side hustle or keep it small, the trick is to learn how to manage your time wisely. This way, your time and your effort won’t go to waste.

Set Up a Business From Home

What is the difference between a business and a side hustle? The primary difference is scale. A side hustle is designed to be just that, something on the side. It’s an extra source of income in addition to your primary work.

A home business is something different. While it can start as a side hustle, the idea is for the business to grow into your main source of income. This requires a lot more work and investment to succeed, as you will have to look for customers and work on a productive workflow and schedule.

First, you need an idea that will work. Some side hustle ideas, like freelance writing, can be profitable businesses in their own right. You need to focus on a niche and build a reputation in the field.

Most successful freelancers have certain skills that can be monetized and need to be honed either through education and qualifications or a lot of practice. This is what will set your business apart from your clients, because you have the time, drive, and skills to complete certain projects.

While home businesses are increasingly popular and viable with the rise of remote working, it’s a good idea to think about van-based businesses as well. Handyman and landscaping jobs are always needed, as are delivery driving and courier services.

Starting an e-commerce business from home is another great idea. Apparel ecommerce not only transforms the way consumers shop but also opens up opportunities for aspiring entrepreneurs wondering how to start a small clothing business from home. With just a few clicks, one can set up an online storefront and reach customers across the globe, bypassing the high costs of traditional retail. This model empowers small business owners to offer unique and personalized fashion options that stand out in the crowded online marketplace.

Investing and Passive Income

If all of this sounds like a lot of hard work, you might like the sound of passive income. A passive income stream is, if not automatic, a very passive way to slowly earn money. Generally, this involves investing some money and allowing it to appreciate over time, while the regular dividends provide your income.

The most common way to earn passive income is through real estate. By buying and renting property to tenants, you can earn a nice amount of income, especially if you grow your portfolio. However, real estate isn’t always truly passive. If you are a landlord, you are responsible for managing and caring for the properties you own so they remain habitable.

If you want to keep things as passive as possible so you can focus on other things, you can hire a property manager who will take some of your income in return for keeping everything running. This way, you can grow your estate.

Look for real estate agents and providers to find potential properties to rent or sell later down the road for a profit. You can also look for properties yourself depending on the type of real estate you want to invest in. For example, Elle Residences is a luxury residential development where you can buy properties that will appeal to people wanting to enjoy the Miami lifestyle.

Of course, real estate isn’t the only way to invest your money. The most traditional way to invest would be stocks and bonds, where you invest in a business in the hopes of benefiting from its profits. You can also invest in goods like whisky barrels or even collectables.

When investing, it’s important to be aware of the risks. HIgh-risk investments like cryptocurrency might seem tempting, but they result in losses more often than not. Only invest money that you can afford to lose, and build a diversified portfolio so you don’t lose everything if something falters. The key is to reduce risk as much as possible.

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More Recommended Ebike/Scooters

Check out these other ebikes and scooters I've reviewed:

Urban Arrow Ebike – Last year, I made one of the largest purchases I’ve ever made – I bought a $9,000 electric cargo bike from Urban Arrow. In my Urban Arrow review, I will discuss what it is and why I decided to buy this bike, as well as discuss how impactful a bike like this can be on your journey to financial independence.
Troxus Explorer Step-Thru Ebike – The Troxus Explorer Step-Thru is a fat-tire ebike that I’ve had the pleasure of riding for a while now. It has amazing power, great looks, and awesome range. If you’re looking for a great fat-tire ebike that offers a lot for the price, the Troxus Explorer Step-Thru is definitely one for you to consider. Check out my Troxus Explorer Step-Thru Review.
Hovsco HovBeta Ebike – The HovBeta is a folding ebike with great specs and a lot of interesting features, and importantly, it’s sold at a good price point. I’ve had a blast commuting with it and using it to do deliveries with DoorDash, Uber Eats, and Grubhub. Check out my Hovsco HovBeta Ebike Review.
Vanpowers Manidae Ebike – The Vanpowers Manidae is a fat tire ebike that I’ve been riding as my primary winter commuting bike and have also been using it to do food delivery with apps like DoorDash, Uber Eats, and Grubhub. After clocking in a decent number of miles with this ebike, I wanted to write a post sharing what my experience with the Vanpowers Manidae ebike has been like. Check out my Vanpowers Manidae Review.
Sohamo S3 Step-Thru Folding EBike Review – A Great Value Folding Ebike – The Sohamo S3 Step-Thru Folding Ebike is an entry-level folding ebike that offers a lot of value for the price point. I’ve been riding the Sohamo S3 for a while now, putting the bike through its paces, and I have to say, this bike has exceeded all of my expectations. Check out my Sohamo Review.
KBO Flip Ebike – The KBO Flip is an excellent bike. I’ve had a great time riding it and think it’s a versatile bike that can be used for a lot of purposes and can fit a variety of lifestyles. It’s worked out great for me as a general commuter bike and as a food delivery bike. Check out my KBO Flip Review.
Hiboy P7 Commuter Ebike – The Hiboy P7 is an excellent electric commuter bike that’s offered at an affordable price point. The range and speed of this bike are both very good, so you won’t have any trouble getting anywhere you need to go with it. As a food delivery vehicle, this is also good – with how much range it offers, you’ll be able to work all day on a single charge. Check out my Hiboy P7 Commuter Electric Bike Review.
Himiway Escape Ebike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
Espin Sport Ebike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
Varla Falcon Scooter – The Varla Falcon is an excellent scooter that offers a good amount of power at a lower price point compared to more powerful scooters. It’s not exactly an entry-level scooter, nor is it a high-powered scooter. I think it fits somewhere in-between those two categories – an intermediate scooter if I had to give it a category. Check out my Varla Falcon Review.
Hiboy S2 Scooter – The Hiboy S2 is an excellent entry-level commuter scooter that's perfect for someone looking to save some money in transportation costs and improve their commute. Check out my Hiboy S2 Review.
Hiboy S2R Scooter – The Hiboy S2R is one of the more interesting electric scooters I’ve been able to test out. It’s not a high-powered scooter, but for an everyday transport option, it’s very useful, especially given some of the unique features that it has. Indeed, for the price, the Hiboy S2R might be the best value scooter I’ve used. Check out my Hiboy S2R Review.
Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.

More Recommended Investing App Bonuses

For additional investing app bonuses, be sure to check out the ones below:

M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with just $10 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
Webull (20 free stock shares) – Webull's current promotion gives you 20 free shares valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free shares using Webull.
Moomoo (15 free stocks) – Moomoo is a free investing app currently offering 2 different referral bonuses if you open an account using a referral link. Read my Moomoo referral bonus guide for more information.
Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.

More Recommended Bank Account Bonuses

If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.

Upgrade ($200) – Upgrade is a free checking account that’s currently offering a $200 referral bonus if you open an account and complete a direct deposit. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Here’s a post I wrote with more details: Upgrade $200 Referral Bonus – Step By Step Directions.
Ally Bank ($100) – Of all the banks out there, Ally is, without a doubt, my favorite. At the moment, Ally is offering $100 to customers who open an eligible Ally account and meet the requirements. Here are the step-by-step directions to earn your Ally Bank referral bonus.
Fairwinds Credit Union ($175) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
US Bank Business ($900) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
GO2Bank ($50) - GO2Bank is an easy bank bonus that I recommend people take advantage of if they have an easy way of meeting the direct deposit requirement. I like that it’s easy to open the account and that the bonus pays out quickly. Check out my step-by-step guide on how to earn your GO2Bank $50 referral bonus.
Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link. Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
Varo ($25) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $25 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.

Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.

Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.

Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:

SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
5% Savings Accounts. I'm currently getting 5.24% interest on my savings through a company called Raisin. Opening a Raisin account takes minutes to complete, it's free, and all of your funds are FDIC-insured. I explain how it works, why I'm now using it to store my emergency fund and any other cash savings I have, and why I recommend everyone check it out in this review.
US Bank Business. US Bank is currently offering new business customers a $900 signup bonus after opening a new account and meeting certain requirements.
M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
Empower. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.

Feel free to send Kevin a message here.