Creating a New Income Stream for Your Family: 7 Alternatives for Busy Parents

As inflation and consumer prices continue to rise, it is only normal to be looking for ways to boost your household’s income. However, when it comes down to building an additional income stream, it becomes immediately noticeable that the best side hustle ideas that will get the cash flowing will require a significant commitment of time and effort. 

And, while, on average, a side hustle can reel in between $6000 and $9000 a year, you might not have enough time to dedicate to freelancing or tutoring. This is especially true if your pre-existing responsibilities include childcare and a full-time job!

However, luckily, there is a lot that you can do to boost your home’s finances. And one of the best ways to do so is to set up a passive income stream. Here are some of the best alternatives worth considering in 2022. 

Self-Publish a Book

If you have always wanted to be a writer and you have had an idea for a great book, you might consider the benefits of self-publishing a book through Amazon.

While the income you’ll see from this strategy will vary depending on the quality of your book, your chosen price point, and the visibility you are able to achieve, publishing an eBook can be a great way to continue selling a product over time. If you’re struggling for time when it comes to sorting out the finer details of your eBook, this book mock up generator will save you time when it comes to the visuals, helping you to create something that catches potential readers’ eye and encourage them to at least take a look at what it is you are offering. 

And, who knows, you might even find that this was your calling all along!

Rent Out Some of Your Assets

Most households today have one or more vehicles, storage spaces, parking spaces, and garages. One of the best ways to build up your income is to rent these assets using marketplaces such as Facebook Marketplace. 

If you have been decluttering your garage or storage space, you’ll find that you have plenty of room to spare, which can lead to a consistent monthly income. If you have a car that is barely used – especially if you have just started to work from home – you might consider renting it or using it for advertisements. 

Invest – And Use the Right Systems To Automate Trading

Investing in stocks, crypto, and funds have always been one of the best ways to build passive income. However, it is only with the advent of user-friendly apps and platforms that the world of investments has become more accessible to the so-called “retail investors”.

But what if you don’t have the time to handpick the different stocks, monitor the market, and trade or sell at the right time?

Automated invested platforms and AI-powered solutions such as bit index ai can help you take the stress and effort out of investing – and even offer an accuracy rate of over 84%!

Invest in a Rental Property or Earn Through Airbnb

If you have been thinking about investing in real estate, this might just be the best time to get started. Today’s housing industry is navigating a robust seller’s market and rents are at an all-time high. In turn, if you have the necessary capital to buy a rental property, this can deliver a consistent monthly income for your family. 

Alternatively, if you already have a room, apartment, or house that you don’t use, you should consider listing it on Airbnb. Just by adding a few aesthetic touches, you can reel in an average of $924 a month – a strategy that is recommended by over 80% of Airbnb hosts!

Opt for a High-Yield Saving Account

If you are not a fan of day trading and prefer a more passive approach to invest, you might consider the benefits of building a high-yield saving account. While this might limit your capital gains, some banks offer interest rates as high as 7%. 

What’s more, this strategy allows you to minimize your investment risk and build a fund for retirement or rainy days. 

Sell Digital Products and Online Courses

If you are an expert in your field and can easily talk in-depth about a product, you might consider designing an online course, which you can submit to marketplaces such as Skillshare and Udemy. Online courses and tutorials only require a one-time effort, and can consistently deliver income. 

Alternatively, if you prefer to leverage your creative mind, platforms such as Etsy allow you to sell your DIY creations, artworks, graphics, and design. And, all you’ll need to do is take care of shipping and fulfilling each order!

Got Expertise To Sell? Start a Blog, a Social Media Account, or a YouTube Channel

Thanks to the recent developments of the Internet and social media platforms, you can now boost your income by starting a blog, social media account, or YouTube channel. Just make sure to tap into your current expertise and spend time looking for a unique perspective on your chosen subject!