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24 May 2022 | By The Lending People

5 ways to build up your wealth

It’s safe to say that most people would be pretty happy to have some extra cash. So why not find some new ways to make some for yourself?

Have you ever thought, ‘you know, I really wish I had a little more money’? Well, instead of wishing it, why not make it happen? There are plenty of ways to make some extra cash on the side while holding down your everyday job. It could eventually become your full-time gig, paying even higher than your 9-to-5 if you play your cards right.

Changing your mindset about money

This is really important – so much so, we wrote a full article on it. If you don’t change your mindset, you could find yourself overextending, which could then lead to financial issues rather than financial gains. Changing how you think about money will help you set goals, so you know what to do with that cash and the best ways to make it work for you.

You can then use your new income to help pay off debts, reach financial goals, make investments or save for the future. The tough bit is deciding how to make the extra cash. We’ve pulled together some ideas on ways to get your next side hustle started, so you can start to build your wealth.

  • Sell your unused items

Unless you’ve been living a very minimalist lifestyle, you’ll likely have a couple of bits and pieces around the house you’re not using. But one person’s rubbish is another person’s treasure, so putting those items up for sale – whether online, at a market or throwing a good ol’ fashioned garage sale – can turn those items into some cash. You can also declutter a bit, too, which is handy.

  • Take on freelance gigs

Depending on your profession, you may be able to supply your expertise, services and skills on a freelance basis. That way, you can do what you know outside of work hours and earn some extra dosh.

The downside of this is you are basically increasing your workday, but you will bring in some extra cash, so it’s not like you’re working for free. This is a good option as long as you enjoy what you do and have the time to do it, otherwise you might burn yourself out.

  • Turn a hobby into your side hustle

This is a great one, as it lets you practice your hobbies while also turning them into something lucrative. Whether you’re a musician, artist, seamstress, gamer, crafter, gardener, teacher/tutor or handyman, there’s someone out there that will enjoy your skills.

You do need to be a little careful with this one, as you don’t want to turn a passion into a chore, so make sure you don’t overdo it.

  • Turn your knowledge into a video course

A great way to create an income stream without having to spend hours and hours each week managing it, creating an online video course lets others learn from you without much input once you’ve made it.

The tough bit is filming and editing it, as you’ll want to make it look fairly professional, otherwise people won’t want to watch or buy it. But after that, the hard work is done, and money will role in as long as people are watching.

There are plenty of websites that support these kinds of courses, like Udemy, Skillshare or Coursera. Alternatively, you could just upload to YouTube. Keep in mind, you may need to use social networks to generate some buzz around your work from time to time.

  • Renting out (part of) a property

This is a bit more of an extreme/advanced one, as it depends on having a property to begin with that you can rent out. If you do fall into that category, though, renting out part of it or the whole thing can be quite lucrative.

If you’re living there, renting out a room to a housemate or as something like Air BnB can be a nice way to make a little extra income. You could then use this income to fund some renovations or even help buy a second home, living in one and renting the other out.

Don’t rush in too fast

The important thing to remember is building a new revenue stream won’t happen straight away. You’ll want to take your time, do some research and see what’s viable. You can also start small, build something up, and once it’s running nicely, start another project.

By slowly establishing several different income streams, you’ll be able to build your wealth up quite nicely.

This blog is provided for general information purposes and is not a recommendation you enter into or exit any particular loans or insurance policy. Information on the website does not consider your particular circumstances, including your objectives, financial situation or needs. We recommend you seek advice from a financial adviser before taking any action as appropriate. The Lending People Limited (FSP240365) is a licensed financial advice provider and can provide advice on some types of personal loans. Find out more about The Lending People and how we may be able to help you.

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