3 Sidelines That Can Make You More Money

Whether you are running a business or working for a larger company, there are plenty of ways you can earn some extra income. Here are five of the most common sidelines for you to think about.

Buy to let property

You’ll need a fair amount of investment – or an excellent credit rating – to get yourself a buy to let property. But, it’s one of the best ways of earning a little extra income. You will find that buy to let landlords tend to get cheaper mortgages than residential property buyers. Simply because the banks understand you will be making money from it. And, to put it bluntly, that makes you less of a risk. However, don’t think this is an easy way to make extra cash. You’ll need to put a lot of work in to get the best return.

First of all, you’ll need to find your property. This can take time and effort, and you may need to think about building in extra rooms to maximise your earnings potential. You’ll also need to think about maintenance – who is going to fix things when they go wrong? They are your responsibility, not the tenants. Insurance might cover you for some of the damages that happen. Check online landlord insurance comparison services to find the best deal. However, get everything right, and there is no reason you can’t get an excellent extra income stream.

Sell your stuff

Selling your old stuff is a great way of earning a little extra cash – and it could even turn into another career. Start with things that you just don’t use anymore, like clothes that don’t fit, books, or records. Make sure everything is in good condition and take some photos. Upload them to your eBay account, write some honest descriptions about what you are selling, and then sell them to the highest bidder.

Once you have sold a few things, you will begin to understand what sells and what doesn’t. Then you can use the money you have made to invest in other secondhand products, polish them up, and sell them on for more profit. It’s never been easier to start a second income, and if it’s successful, you may even find it becomes a full-time hobby.

Investing

Now, before we begin talking about investment, it’s important to understand a few things. Firstly, you should never play with money that you can afford to lose. Investing is, essentially, gambling, it just a has a much safer sounding name. But they are just the same thing – you put your money into something and hope for more money back. Well, the simple truth is that there is no such thing as a sure thing. And that goes for whether you are gambling on a fruit machine or the success of a multinational company.

But – it can pay off. Get some practice in with some investment software – there is plenty of it about. You will learn a surprising amount by playing games, and you will begin to understand the processes involved. The real thing? Well, there’s a lot to cover there – far too much for this article. So check out this guide to investment to get you started.

Good luck with the new sideline!