Earning an income is the first step to achieving financial freedom, so having a side hussle or a few can accelerate the process and reduce the time needed to achieve the goal of earning enough passive income to retire and be happy. Or just pursue your hobbies and passions without being to worried about how much income you make from them.
It’s important not to spread yourself to thin, for example there’s no point spending hours collecting cans for a few dollars when that same amount of time can earn you much more. Unless you like collecting cans for some reason, which make it more of a lifestyle choice.
My 5 streams of income for 2021/22 are:
Consulting
I do a few hours per week consulting a small group of clients that I have been working with for many years. I help them with ecommerce and IT. After many years of doing this in my own business it’s a fairly easy process and I enjoy it as well.
Not something I’d do full time though.
Casual Work
Yes i trade time for money, occasionally. I enjoy the work, the social interaction, meeting people and being productive. As long as it’s not more than a few days per month. And I get many more requests than I can fill.
Selling Stock Options
Also been doing this off and on for many years. Selling put options is not something I can do very often and consistently as the low risk setups I’m looking for don’t happen that often. I’d rather have the capital allocated elsewhere or just be available in a line of credit for when opportunities arise.
Trading Forex
Trading forex is a very risky endeavor and not exactly a stable source of income, nevertheless I manage to get a positive outcome on my trading many months of the year and hopefully that will continue.
Any income will also be mostly used to build a passive income stock portfolio.
Musician
After a long break due to lock downs I’m back out doing gigs. Not many but it seems there will be bookings for three or four per month. At $250+ each it’s a great night out, I get to make lots of noise, new friends and enjoy the social interaction.
Stock Dividends (not yet)
Building a stock portfolio and earning dividends is something I’ve just started and will be writing about in depth soon. I’m planning on making this a reasonable source of passive income.
Another method for obtaining investment funds is selling stuff that accumulates over the years on Ebay or Facebook marketplace. I don’t consider this as income as the items were purchased with previous income and now I’m just selling them to make some of that income back.
There’s a few other projects that I’d like to work on though the above takes up quite a bit of my time so I will slowly work on them time permitting.
Well that’s my list, I hope you have yours or have inspired you to work on one.