5 Ways to Make Enough Side Money to Eventually Quit Your Job

by | BiggerPockets.com

(This post was first published on Entrepreneur.com, but they allowed me to re-publish here on BiggerPockets because they rock!)

Nearly everyone dreams of quitting his or her day job, whether it’s tomorrow, next year or in the next decade. However, there is a wide chasm between “dreams” and “action” that many people never seem to cross — and it’s usually due to finances.

Obviously, if you want to quit, you need to find another way to make enough income to pay your bills, save for the future and enjoy life.

But what’s the best way to do this?

How can you make enough “side income” now so you can quit your job in the near future?

Here are five great ways to make side income while still working your day job:

Webinar PNG(Before I get to the post, I wanted to take a moment and invite you to this week’s BiggerPockets Webinar — because it’s on this very topic! We’ll be talking about “How to Quit Your Job Through the Power of Real Estate Investing!” This webinar will be on Thursday, November 19th at 5:00pm Pacific (that’s 8:00pm Eastern, 7:00 Central, 6:00 Mountain). If you can make it, click here to hold your spot! And now back to the post!)

How to Invest in Real Estate While Working a Full-Time Job

Many investors think that they need to quit their job to get started in real estate. Not true! Many investors successfully build large portfolios over the years while enjoying the stability of their full-time job. If that’s something you are interested in, then this investor’s story of how he built a real estate business while keeping his 9-5 might be helpful.

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1. Invest in Real Estate

My eyes were first opened to the idea of “passive income” after reading Rich Dad Poor Dad by Robert Kiyosaki. Although not a real estate book, it taught me the value of owning assets that produce income, which led me to real estate. Real estate investing is not always passive — and not always easy — but it can be highly profitable. In addition, there are hundreds of ways to invest in real estate. For example, you could:

  • Flip houses
  • Own rental houses
  • Become a “house hacker
  • Own vacation rentals (AirBnB)
  • Rent out duplexes, triplexes and fourplexes
  • Buy and rent out apartment complexes

Real estate investing is my favorite way to create side income because it runs like a locomotive. It might take a little time to build up, but once it’s running, it goes a long way with less effort and is hard to stop.

network-equals-net-worth

Related: I JUST Quit My Job to Invest: These 4 Lessons Helped Me Get Here

2. Write a Book

Many people have dreams of writing a book, but very few ever do. They think it’s too hard, that they don’t know enough, don’t have enough time, aren’t smart enough or whatever other excuse they can come up with. But the truth is: You can write a book, and that book can help you make additional monthly income.

There are several avenues you can take when writing a book, and there is no “best route.” For example:

  • You could write a series of shorter topic-specific books and publish them on Kindle.
  • You could self-publish through your own website and sell to your existing customers.
  • You could partner with a larger platform and sell to its audience (as I did).
  • You could work to get published through a major publishing company (probably the most difficult path).
  • You could record an audiobook and publish it on Audible.

Writing a book today is not as tough as it once was, as there are so many avenues with which you could publish. The keys are no longer held by elite publishing companies in New York City. The keys are now in your hands.

3. Sell a Product on Amazon

I’m slightly addicted to Amazon Prime, as my local UPS driver can attest to. It seems every day I have a package or two waiting at my doorstep — and it’s usually from people just like you. Most of them probably never touch the product that I’m buying.

That’s right: You no longer need to have a warehouse, inventory or employees to buy wholesale products and sell them at retail. Amazon has leveled the playing field, and now anyone can sell products.

wholesale-buyers-list

A friend of mine, Chris from UpFuel.com, decided to sell products on Amazon. He researched bestselling ideas, contacted a manufacturer in China and had the perfect model designed, and then he had the product shipped to Amazon’s fulfillment center in the United States. He now sells his product on the site, making thousands of dollars a month in profit.

The best part? Chris doesn’t ever touch the product, and it largely runs on autopilot at this point.

4. Sell Your Skills

Chances are you are good at something in the business world. Perhaps it’s accounting, data entry, video production or writing.

Whatever you are good at, there are likely people out there willing to pay you good money to run that part of their business for them. Smart business owners know that they should focus on what they are good at and hire out the rest. This is where you can come in and make side income doing what you love.

In addition to freelancing, you could also become a consultant. For example, my friend Joshua Long turned his knowledge of Infusionsoft, ClickFunnels and other marketing systems into a full-fledged consulting business, where he helps CEOs identify existing opportunities in their businesses.

So what are you good at? What will other people pay you for?

negotiate-deal

Related: How to Quit Your Job & Invest in Real Estate Full Time: Steps 1, 2, & 3!

5. Start a Blog

Finally, a good way to make side income can be with a blog. Although it takes time to build up a following, once you have that following, there are numerous ways to monetize the blog.

Jeff Rose from GoodFinancialCents.com uses his blog to build up his authority as a certified financial planner, driving traffic and income to his business. At the same time, his blog allows him to monetize in other more passive methods, such as affiliate marketing, online products and consulting.

To succeed at blogging, it’s important that you:

  • Focus on writing quality content.
  • Work hard at getting that content out there to the world.
  • Build your email list from day one, so you can market to those people later.

Blogging is definitely not a “sit at home in your underwear and make easy money” kind of activity. It requires diligence, quality, and time. However, blogging can be incredibly rewarding.

There is one common theme with all of the above methods for making side income. Do you know what it is? They all take work. That’s right, you’ll never achieve the kind of lifestyle you want if you don’t work for it. So get out there today and start hustling. You’ll be able to quit that job faster than you ever imagined.

What side streams of income are you working on?

Let’s talk in the comments section!

About Author

Brandon Turner

Brandon Turner (G+ | Twitter) spends a lot of time on BiggerPockets.com. Like... seriously... a lot. Oh, and he is also an active real estate investor, entrepreneur, traveler, third-person speaker, husband, and author of "The Book on Investing in Real Estate with No (and Low) Money Down", and "The Book on Rental Property Investing" which you should probably read if you want to do more deals.

12 Comments

  1. Chad Carson

    Brandon,
    Great post and helpful list! I love the locomotive metaphor for real estate income. Takes a while to get going, but then it just keeps steaming from there.

    I’ve done 1 (real estate investing), 4 (consulting for real estate), and 5 (write a blog). I have #2 (a book) in the pipeline, so hopefully you can help with that:) #3 (selling products on Amazon) doesn’t interest me as much, but who knows someday. Even within real estate, there are so many different income streams I’ve used – fix-flips, rentals, lending, master leasing, assignments, commissions, finder’s fees, etc.

    I’ve also found that all these related skills I’ve had to learn in real estate (bookkeeping, tax accounting, legal and contracts, title searching, construction, development, etc) would open up doors for other careers if I wanted or needed to. That’s the fun part about being an entrepreneur. The opportunities are endless when you start getting in motion.

  2. Dan Simpson

    Personally, I’ve always made money flipping stuff off of Craigslist. Furniture, appliances, and electronics are good for that. One way I do this is looking for people on there who are having moving sales and want to move a lot of stuff fast. I go make an offer on a few items that I think I can resell on Craigslist and then resell it for more. It does involve some heavy lifting but it’s worth it. Dressers and clean beds are the things that always sell well in my area. Good working appliances will also sell well, the key is just buying at a low price and being the first one to see the ads and get over there and buy. All cash, too 😉

    Garage sales, estate sales, and auctions are another good way to buy stuff at a low price that can be resold at a cash profit. You do have to live in a large enough area that has plenty of deals to profit from.

  3. Kevin Izquierdo

    I love this article! you ARE GOOD at SOMETHING, you just have to find it. My side hustles include Interior carpentry, Teaching how to play Guitar, Make music videos for bands, do Session work for other musicians, and sell things on eBay and Craigslist (my favorite thing to do).
    Find something youre good at and hone in on it. Unfortunately, these skills do take time to build into something you can start charging people.

  4. Dillon Broadard

    This is the kind of influential stuff that I plan on working toward in the future. Gaining knowledge and using what I know to help other people. This is a list of all the things that I must try myself. I’ve started a blog, one for those who know next to nothing about how real estate works. Let’s hope I can pick up a following and lead them to financial success.

  5. Curt Smith

    I was hoping someone would post a link to something concrete, real, actually making money at that’s passive?

    Folks may have missed the link embedded in text above:
    http://www.goodfinancialcents.com/passive-income-ideas

    Yet another fluffy list of theoreticals. Left entirely up to the person to struggle through starting from zero.

    Anyone actually making non-real estate passive income from some activity you can post real details about?

    We’ve got 29 rentals, details on how to buy and manage rentals are all over BP. I think there’s merit for diversification of income streams as well each may have a different time frame in the day or week when you do that work. Landlording is mainly a 1 week a month job, excepting any fixing, remodeling. This leaves 3 weeks a month to do something else? That is if one isn’t as Chad Carson reminds to slow down and smell the flowers. 🙂

    I don’t mind lists without details. But I’ve been around the block so can fill in the blanks. I’m speaking up on behalf of the new person who needs the concrete and detailed jump start. My links (above) into the Warrior Forum is getting closer to solid facts on how to set up an on line store. Any other real examples of passive income tactics?

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