At some point, you run out of expenses to cut without compromising your quality of life. Or unlike me, you didn’t even have that many expenses to cut because you’re a responsible human being. In either case the only way to attain financial independence at that point would be to increase your income. Living on 39 cents cup o noodles and cut up hot dogs is not part of my life plan. So I’ve thought of a few ways to go about increasing my income. And like decreasing my expenses, I’m going to start by picking the low hanging fruit first.
- Rent out my spare bedroom- Its a matter of posting it online and interviewing potential renters. But if all goes according to plan, It will mean making about $650 a month. This will go straight to paying off what’s left of my credit card debt and be rolled over to finish up other debts like my undergraduate student loans (about $23,000).
- Invest more time and energy into marketing my real estate business- Create a Facebook and Instagram page for my real estate business, ask local small businesses to have my business cards on their community boards where they advertise local businesses and events, contact business owners/bloggers I know that have a large following and ask if they could plug my business on their page. This won’t have an immediate payoff but it is easy to do (relatively easy) and will be more rewarding later down the line.
- Sell furniture/household items I don’t need- This is going to help me with my goal to declutter as well. This will only be a one time income but according to my estimate, will be a good chunk change at $200.
- Paid marketing surveys- I haven’t found too much luck with being selected for these but I’m gonna keep trying. This could also be a relatively consistent source of income albeit not significant enough on its own.