Multiple Income Streams: Five Ways to Make Side Income

charlie_imageAs most of our readers know I spend a lot of time focusing on how to save money. Whether it be through reducing your fixed expense, to saving money online, and to saving money by switching your home phone to Ooma. It doesn't matter. It's all exciting to this thrifty guy! BOOM!

However, there comes a point where you can't save any more. You've squeezed every nickel out of your fixed expenses. You've bought all your clothes from Goodwill and your house is set to 60 degrees every night when you go to bed. At some point you just realize that you are going to far to the extreme to save money. It eventually feels weighty and you realize you need to refocus.

That is what I'm going through right now. I've been realizing lately that I need to shift the focus to back to increasing my side hustles. How can I leverage my skills to make a little extra dough on the side? Can I get a show me the money yell (Jerry McGuire)? In writing this blog I feel like it gives me a platform to show what has worked for me and at the same time holds me accountable. So with that said, here are few ideas I hope to implement over the next 6 months to increase my multiple streams of income.

  • Peer-to-peer lending – lately I've been eyeing using Lending Club to start my ventures into Peer-to-Peer lending. Initially, I think I'll start out with investing a small amount of about $150, and see how I do at first. I'm skeptical about lending to folks I don't know (or folks I do know for that matter), and it could be a risky venture if the economy takes a nosedive. Goal: Make $50 by April 2016
  • Dividend Investing – I want to start planting seeds of investing like a farmer plants corn seed every spring (a spin on words based on my last article). I want to start focusing on how to invest in companies that have little debt, low p/e, and payout good dividends. The hope is to make a small initial stream of income that can slowly grow to a large income flowing river. Goal: make $100 by May 2016
  • Tax Lien Investing – about seven years ago I started investing in tax liens in Nebraska and Iowa. It was paying 18-24%, and was a good source of extra income! I hope to start investing in tax liens again in the spring and summer of 2016 and cash in on these high-interest rates.
  • Selling Chicken Eggs – over the last two years I've started selling my farm fresh eggs. Lately, I've increased my prices to $4/dozen and $5.50/18 pack. I will start tracking my sales with an egg envelop system. Goal: Make $220 by April 15, 2016 and reinvest egg money in peer-to-peer lending.
  • Starting my “special” blog class – Aaron and I are developing a new online course with some new media that we hope to capitalize on. Goal: is to generate $500 by November 2016

Well, those are a few of the goals and ideas to start my side hustles. I'd be interested in from some of our readers on ideas to make a little extra moolah. Leave a comment below with any suggestions and I just might use it!

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  1. Great post, Charlie!! We’re eyeing dividend investing for after the debt is gone. Brian over at Debt Discipline just wrote a post about P2P lending this week too. Sounds like it might be another good option.

  2. Interesting. I’ve read a few books about tax lien investing over the years but it always sounded quite complicated (at least for someone like me in the UK – we don’t have such things here). How did you get started with that investment type, if you don’t mind me asking? Could you point me to any useful resources on the topic?

  3. Great job Martin!! Keep up the great side hustles! If you pick up any other side hustles, then be sure to let us know! Thanks for the comment!

  4. Great plan. I will also be trying some of them. Some of the things I do are finding items at garage sales and goodwills. I resell items at a consignment shop ,Craigslist, eBay. I make about an extra $1000 a month.

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