How to boost your monthly income: The easy way
Your monthly income may not be at its highest potential, but it can certainly be increased with some simple strategies. Strategies that you may recognize as passive income strategies. If you are wise enough in terms of passive income strategies, then you can make yourself quite of a wealth. Below are some simple strategies that will help you boost your monthly income and live a more than comfortable life.
A lending club is a good opportunity
Safe investments are a real thing, and there cannot be a more secure way of investing in interest rates at a lending club. However, the alternative for which you must search is a peer-to-peer lending platform, where investors finance loans and then get interest rates as high as 10% on a yearly basis. This is about then times more than a traditional interest investment could give you. Of course, there are some risks to which you expose yourself and your money, but generally, this type of passive income is a good one for starters. There are some great ways to minimise the loss as well. For instance, you could start with an initial deposit of $2,500, as the starting investment rate is 25%. This will give you the opportunity to invest in approximately 100 loans, which is more than profitable for a starter. This way, if a loan goes bad, you won’t be losing too much and you can sleep unbothered at night.
Cryptocurrency passive income is a thing – And you should try it
With all the hype around cryptocurrency you have at least a vague idea of how it works. And if you had enough vision when the mysterious currency emerged, back in 2009, you might have some of those yourself. The great part about this type of currency is that it has the potential of building for you a wealth. Even now, when the prices are not that lower as they were in the past. Check here all cryptocurrency prices, if you are interested in such things. But back to the matter. You have quite a few investment opportunities when it comes to these tokens.
- Decred – the perfect place to start mining if you want an easy grow and carefree mining platform. Decred is a self-funded crypto platform, where investors have a share of the platform’s currency even at the very beginning. You can learn more about this matter by researching online, but as crypto investors claim, this may be the safest solution for a beginner.
- AKR – is a mining platform which offers each investor, even at the beginning of their journey a “delegated proof of work”. It works literally all around the clock and you virtually have to put NO EFFORTS. This is what we call “passive”.
- NEO – another passive crypto income for those searching to round a bit their monthly income. The network works on “Gas” – this is the name of this small cryptocurrency.
Rental properties – The years-old solution to passive income
A fantastic way to give your income a little boost is a cash-making rental property. We don’t say that you don’t have to make some efforts at the beginning, not even that this is a completely passive income source – because it isn’t. But we do say that a rental property that has high levels of tenant retention is a great solution. More on the traditional spectrum, you have to buy a property with a high market potential, work on its appearance a little and then cash the monthly checks. For beginners: start searching for properties near commercial centres, parks, universities or even in industrial areas. This way you will attract high-quality tenants that are willing to pay a little extra for the perks offered by the location itself. Afterwards, make the property more appealing, safe and offer your tenants a little extra. A laundromat, a dryer, a completely furnished kitchen, these all will allow you to add to the monthly rental fees.
Make money out of tasks you already do
We guess that you already spend some time on the internet, shop online, browse the web. If you don’t, you should start doing so, because platforms such as InboxDollars or Swagbucks will offer you some money for this. The compensation plan available on these websites will allow you to make some extra cash monthly without doing anything you already do.
Although not all the suggestions above are completely passive ways to make some extra cash and build a true fortune, they are easy ways of doing so. Today’s world is filled with similar opportunities and if you identify those that work for you, you can even blend them and multiply the extra income. However, a pro tip is to never quit your job. All these suggestions can be managed in your spare time, for more financial security.