In Depth: 4 Secondary Income Sources Considered

Given the opportunity to earn more money, most of us will take a leap and see where an idea leads. The internet is proof of this; it’s a bustling hive of ideas for side hustles, passive income, and all the different ways you could be topping up your personal budget.

While this advice is useful — and downright profitable for some people — it can also be incredibly confusing. There are so many ideas around, it can be impossible to decide which might actually work for you.

To try and help you make a decision, let’s go through the most popular sources of a second income, and see how they stack up against one another. Presenting the facts clearly should help you see which secondary source might be beneficial for you and your family– so let’s get right to it.

SECONDARY INCOME SOURCE: Completing Surveys Online

What Is It?

There are various sites online where companies will pay you to give your opinion. All you have to do is sign up for an account, fill out a personal profile, and then wait for surveys to be sent to you. Some sites also feature other ways of making money, which you can browse if you so wish.

How Does It Work?

You will receive a small amount of money for every survey you complete. The exact amount will depend on the site you have subscribed with, so check the payscales before you decide which site you want to go with.

Who Is It A Good Option For?

Survey sites are a good choice for people who don’t have a lot of time and don’t want to commit to a full-time business.

How Much Work Is It?

Quite a lot; surveys will vary in length, so some may take 15 minutes and others will take a full hour. You will usually receive more compensation for the longer surveys.

How Much Money Can I Make?

You’re not going to make a living from survey sites, so if you’re in need of a larger second income, it may be best to look elsewhere. If you just want a little money, however, then survey sites are a nice, flexible way to achieve this.

SECONDARY INCOME SOURCE: Becoming A Landlord

What Is It?

Simple; you buy a property and then let it out to tenants. The tenants pay you rent in return for the use of the property.

How Does It Work?

Your goal is to make enough in rent to cover your mortgage payments on the property; this is relatively simple to achieve, given the current high rent prices. Any extra that you receive in rent can be used as you wish, be it for investment purposes, spending money, or just helping to make your family budget a little more comfortable.

Who Is It A Good Option For?

Those who can afford to take on a second mortgage.

How Much Work Is It?

The initial purchase of your rental property takes a fair amount of work, though no more than your standard house purchase. With that done, there’s relatively little that you have to do, especially if you find a property manager for your rental property. If you go down the management route, you will find this is a secondary income that takes very little effort.

How Much Money Can I Make?

The sky is the limit; it depends on the properties you can afford and what you can command in rent. The potential to make enough income to rival your full-time job is certainly there.

SECONDARY INCOME SOURCE: Blogging

What Is It?

Writing a blog on a regular basis; the blog can be on the topic of your choice.

How Does It Work?

There are various different methods you can use to monetize a blog. The most common are sponsored posts and running advertising on the site.

Who Is It A Good Option For?

People who like to write, have a lot to say, and can be patient while they build up a readership.

How Much Work Is It?

A lot; blogging isn’t easy. Many people think that blogging is really simple, but it’s actually a lot of work. You will need to create content, take photos, find sponsors, engage with your readership, and run social media accounts. However, if you’re blogging about a subject you love, then you likely won’t mind this too much.

How Much Money Can I Make?

The most popular bloggers make a full time income from their blog, but it can take years to reach this point. You can make a decent side income with a blog; $100 per month is not outside of your reach if you really dedicate your spare time to making your blog as good as it can be.

SECONDARY INCOME SOURCE: Dog Walking

What Is It?

A small business where you walk dogs for owners who do not have the time to do so.

How Does It Work?

Marketing is the key for dog walkers; you will need to spread your name far and wide, both online and offline. Advertise your services, explain your rates, and provide several contact methods (email, phone etc.). Most dog walkers charge an hourly rate; you can set your rate at any amount you wish.

Who Is It A Good Option For?

People who are active and don’t like being indoors. Obviously, you will need to like and know how to handle dogs!

How Much Work Is It?

Not a lot, especially if you already have an exercise regime. One of the best things about dog walking is being able to cancel your gym membership, and instead get all the workout you need while walking– and get paid for it at the same time.

How Much Money Can I Make?

This depends entirely on how many hours you can spend walking dogs. There’s the potential to earn around $200 per month if you only do a few walks a week; though you can earn more if you’re willing to work more hours.

In Conclusion

The above four options are four of the most frequently mentioned options for side hustles. By reading through the above, you should have a better idea of what these choices entail, and if you can see yourself doing them. A side hustle that you enjoy is the best way of helping to ensure your financial future, so hopefully, you will find something that suits you.

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