4 Unconventional Ways to Increase Your Income

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By Jacob Maslow

Life is beautiful, but it’s got its fair share of challenges. For most people, making a living is something that they spend a rather large part of their life figuring out how to do and then executing. For some who are career driven, this is an easy decision where the career of choice plays an essential and crucial role in structuring the years of their life. In contrast, for others who are more passion-oriented, finding a career that aligns with or provides for their passion may be more challenging.

One thing is sure, no matter how you make your income with how the world is turning, it never hurts to find ways to expand your wealth and increase the amount of income you enjoy. Thankfully, with the expansion and growing viability of Web3, there are a lot of ways that you can start to increase your revenue and grow your wealth.

Here are some methods to consider if you have been wondering how to earn a little extra money.

1. Get Involved With Cryptocurrency

Okay, so yes, the world is turning more toward cryptocurrency, so it may be a bit of a stretch to call this ‘unconventional’. However, the truth is – this is still a very new tech and a new concept. One of the biggest challenges that cryptocurrency faces, in general, is a lack of understanding from the public.

For those passionate about cryptocurrency, this is more than just a possibility but a very present reality and indicator of where the concepts and use of global currency are heading. The cryptocurrency industry and the blockchain are alive and well, both in worth and value and in sustainable investment. Companies like Gryphon Digital Mining and others believe in the future of crypto to the point that they are developing sustainable methods of crypto-mining that keep environmental health and safety front and center.

One of the dangers of creating the blockchain, which makes Web3 viable, is energy consumption. Since the entire system relies on data mining that can require as much yearly energy consumption as some countries, finding sustainable bitcoin mining methods is necessary.

The good news is that if you don’t know much about cryptocurrency, incredible resources can help you quickly learn all you need to know and educate you so you can start investing. Investments in cryptocurrency can be volatile, but with the right direction and consistent management, you can turn cryptocurrency into something that gives a satisfying ROI.

Pros:

  • Ability to invest and trade in a new asset class
  • Potentially high returns with proper research and management
  • Complexity of the technology offers an educational opportunity
  • High liquidity, which allows for more frequent transactions and faster return on investment

Cons:

  • Very volatile, with high potential risks associated with trading in cryptocurrency
  • Difficulty in understanding and manage because of the complexity of the technology involved
  • Regulations across countries vary heavily, leaving investors vulnerable to sudden changes in legislation
  • Lack of transparency can create difficulty when identifying reliable projects or exchanges.

2. Rent Out Space You Own

Another incredible way to make money is to rent out your own space. Whether it’s a spare bedroom, an extra garage, or just some additional space in the yard, renting out property can be incredibly lucrative and provide a steady income stream. You don’t have to rent the entire thing – subletting part of your living area or home is becoming increasingly popular.

This works exceptionally well if you live in a densely populated area with high demands for rental homes or apartments. A great example is Airbnb rentals, which allow people who own homes but don’t need them all the time to make money off those properties.

Pros:

  • Easy access to extra cash flow without having to take on extra jobs or responsibilities
  • Potential to make money from a space that you already own
  • Can be done part-time, with some minimal upkeep requirements from the owner
  • Increased demand in certain areas can mean higher rental rates for you and a steady stream of renters.

Cons:

  • Risk associated with renting out property and potential damage or destruction caused by tenants.
  • Possible issues with unreliable tenants who don’t pay rent or lead to disruptions in the neighborhood.
  • You will have to source good tenants and stay on top of paperwork and legalities associated with renting out property.
  • Local regulations can be prohibitive in certain areas, making it challenging to find ways of legally renting out space.
  • Depending on the value of the rental space, you may need to pay taxes or hire a lawyer for assistance.  ​

3. The Cleaning  Side gig

Another great way to make extra cash, especially if you have the time, is to pick up some cleaning jobs. With real estate being such a lucrative business, many homeowners, landlords, and Airbnb hosts constantly seek help maintaining their properties. Keeping their properties in tip-top shape is imperative to hold and increase value over time. So, finding ways of tapping into this market might be easier than you thought.

While it’s not glamorous work, it’s typically available and easy to accomplish.

Pros:

  • Easy to find work without having to search or apply for many jobs.
  • Can be done part-time and with flexible hours, allowing you to work when it is convenient.
  • Often does not require any specialized skills or knowledge of the industry.
  • Most homeowners are willing to pay a premium for good cleaning services.
  • Work can often be found through personal connections or referrals.

Cons:

  • Physical labor and time consuming, which can make it challenging to manage multiple jobs at once.
  • Risk of injury due to the need to use specific cleaning products and equipment.
  • Low pay rate for many individual cleaning jobs, requiring multiple jobs to make a decent amount of money.
  • Difficult to scale up and increase income without investing in additional labor or resources.
  • Lack of job security as demand for cleaning services can fluctuate heavily depending on the economic climate.  ​

4.  Going Back to School

Here is a big one – but also something that could be worth the time, effort, and stress it represents. Regarding education, it can be hard to break away from the cultural idea that it is only meant for young adults. One of the most significant flaws of the education system is that older teens and young adults are forced to think about their lives in terms of careers and education too soon.

For many people, going through school is more about cultural expectations than passion and career. So, if you find that in your thirties or even forties, you have found a career path that you truly want to pursue – don’t let returning to school stop you. Taking your time to grow before spending copious amounts of debt on education can be beneficial.

If your path leads you to be a non-traditional student – don’t let that deter you from following your dreams and working hard to make your dream career come true.

Conclusion

Ultimately there are so many creative ways that a person can start to invest back into themselves and find ways of increasing their income. These are just a few ideas representing basic methods, such as investment into new technologies, side hustle jobs, and a return to education for a new career path.

FAQs

What are the risks of investing in new technologies?

Investing in new technologies can be risky, as there is no guarantee that your investment will pay off. There are also times when you may not know enough about the technology or the industry to make an informed decision. It’s essential to research and look into all aspects of a potential investment before committing to it. Additionally, it’s essential to assess the risk-reward ratio of any potential investments and decide if they are worth pursuing.

How much money can I make with side hustles?

This depends on many factors, including how much time and effort you put into it and how much demand there is for your services. Some people can make a full-time income from their side hustles, while others may only make enough to supplement their regular income.

What is the best way to go back to school as an adult?

The best way to return to school as an adult is by researching and finding the right program. It’s important to research potential schools and programs thoroughly before making a decision. Additionally, assessing how much time and money you can afford or are willing to invest in your education is essential. Finally, it’s helpful to seek advice from advisors or other adults who have gone through similar situations.

 

Do I need to invest additional labor or resources to increase my income?

It depends. If you are starting a side hustle, you may need to invest in additional labor or resources to succeed. However, the investment may involve time and effort instead of money if you’re pursuing a career change or returning to school. It’s essential to assess your circumstances and decide what investments make sense.

 

What is the best way to break away from cultural expectations about education?

The best way to break away from cultural expectations about education is by understanding and accepting that your path may be different than others. Everyone has a unique journey, and it’s important to embrace that. Additionally, seeking advice from adults or mentors who have gone through similar situations can help understand how to navigate an unconventional educational path. Finally, never stop learning; staying curious and open-minded will help you find success on your terms.

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