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Cents and Sensibility: Multiple Income Streams

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What is your talent and how can you make money using it?

With the government shutdown and high unemployment rates, now is a better time than ever to find ways to bring in another stream of income (or two).

Can you bring in additional bucks by baking, cleaning, landscaping, organizing a space, painting, or sewing?   Use what you have and make it work for your benefit.  Here are  five examples of how you can turn talent into multiple income streams:

Freelance Writing: Do you have a unique ability to write and a specialty in grammar, spelling and communication editing? If you have the skills, there are a number of online resources for finding freelance writing gigs. You can become a freelance writer for periodicals, newspapers, or magazines while making extra money. Today, almost any job can be done on a contract or freelance basis. Check out sites such as Sologig, Elance.com, which can lead you to contract, consulting, freelance or temp work.

Tutoring: If you have a college degree, use your downtime to tutor students in the subject that you received your degree. You can open up your home, visit the home of the student, or tutor online to make additional income. Also, stop by the neighborhood schools and ask if your services are needed. Colleges are great resources for tutoring.

Life Coaching: Do you have the ability to encourage others to live up to their highest potential? If so, becoming a life coach may be a good fit for you. I am currently a life coach with a flexible schedule, joy of helping others, and another source of income.

Swim Instructing: Non-swimmers can pay at least $10 per hour to learn how to swim with typically four to 10 other swim mates. If you are a good swimmer, you may be able to teach a couple of swim classes per week or on the weekends at your local park district or YMCA. Some colleges and universities offer swim courses as well. Keep in mind that some places require that you be a professional lifeguard or hold a special certificate.

Home Staging: People are having problems selling their home. Staged homes sell 30- to 50-percent faster than their counterparts. You could be another set of eyes to stage their home for a faster sale. Offer your services and use designing skills to make additional income. Start by researching companies that gives certificates for home staging, you may be able to have contract work with that company.

The bottom line: Figure out your talent and utilize it as a source for income.

Credit: Dr. Karen Ratliff

Credit: Dr. Karen Ratliff

About Dr. Karen Ratliff

Dr. Ratliff is a certified life coach and professional educator, assisting many people in accomplishing financial, career, and educational goals.  She is also the author of “Tightening Your Bootstraps: 104 Tips to Kick Your Debt to the Curb Now.” Keep up with her budgetary advice via Twitter @drkarenratliff.