Having grown up in the thick of the Great Recession, it should come as no surprise that Millennials are less than enthused by the idea of investing in the stock market.
In fact, these Millennials are approaching saving money (and working to make it) differently than in the past.
Entrepreneurs: 5 realistic (and sometimes unusual) ways to diversify your income
Now, job stability often ranks as being even more important than salary, and stockpiling cash—rather than investing it in the stock market—is the preferred way to provide long term financial stability.
Additionally, more and more people are being hit by the entrepreneurial spirit, looking to start businesses or find ways to be their own boss.
Of course, as admirable as saving money is, it won’t actually make you any more money. Even more valuable than saving money is to find ways to diversify your income. Through diversification, you gain an extra level of security and an increase in capital.
Very few people can afford to pick up a new career, but most can afford to do something on the side.
The key is to find something that fits into your skill set and that you’ll be able to naturally slide into with the express purpose of adding additional income.
Compiled here are a handful of ideas that could realistically turn into a profitable supplemental income.
Your skill set, available time, and personal interest will come into play here in determining whether any of them are right for you, but each could, without drastic lifestyle changes, become a valuable diversification tool.
1. Piano tuning
The average cost of getting your piano tuned is $80 (€68). If you’re the one actually tuning the piano, this comes out to be a fairly high hourly wage.
While, like most positions, becoming a piano tuner will require some education and training, within a shot amount of time, you should be able to start turning a profit on the side.
Best of all, if you decide to become a piano tuner, you won’t have to give up your regular job if you don’t want to. You’ll set your own schedule and work when it’s convenient to you.
If you want to make it your main career, you can. If you just want to make a few hundred extra bucks a week, that works as well.
2. Real estate investing
Many are turning to real estate investing over stock market investing, primarily because real estate is a tangible, controllable asset.
When you invest in real estate, you can actually go to the property, work on it, and increase its value.
Whereas the stock market changes daily regardless of your financial insight or goals, your ability to make a profit by investing in real estate depends mostly on your ability to flip a house.
Real estate investing education network, SuccessPath, notes that real estate investing success only comes as a result of consistent effort and dedicated follow-through.
When this happens, though, anybody can be successful. The skill set necessary to flip houses can often be learned relatively quickly, meaning that you’ll be able to make a profit almost immediately after entering the market.
3. Ride-share driving
This is another side job that you can do on your own schedule—if you only have one free night a week, that’s fine.
There aren’t many jobs out there that will pay you upwards of $10 (€8.5) per hour for a skill you already have and without asking you to work a set schedule.
Driving for a rides-share service can, without too much extra effort, help you diversify your income and build up a sizable savings account.
4. Substitute teaching
Believe it or not, you don’t have to have a degree in teaching in order to substitute teach in a school.
With only a bit of training, you can fill in at schools in your area of expertise.
This can be a valuable side income, or even a way to make ends meet when between jobs.
Depending on where you live, substitute teaching can pay anywhere from $15-25 (€12-22) an hour, providing you with a profitable side skill.
Additionally, if you like working with kids, this can be the perfect opportunity for you to help them learn, all while supplementing and diversifying your income.
This requires a bit of artistic flair on your part, and likely a sizable initial investment to buy the right equipment, but if you’re so inclined, a career as a photographer could be a great side or main option.
Good photographers can charge even hundreds of dollars for a session, and while not every photographer makes it big, it will inevitably become a useful skill to have.
Once you’ve learned a few tricks of the trade and have built up a decent portfolio, you should be able to start making decent money.
Needless to say, diversifying your income needn’t be a troubling exercise.
To get things headed in the right direction, try your hand at any one of the above revenue suggestions—with more money coming in at the end of the month, you’ll be glad you did.
What do you think about these alternatives? How do you diversify your income? I would love to hear your thoughts and ideas in the comments below!