Scouring the internet as I do for personal finance and investing information, a common topic I come across is creating multiple streams of income. By far one of the most powerful tools of wealth creation and sustainability, multiple streams of passive income is not a dream, it is the dream. By doing so, we are virtually guaranteeing ourselves financial freedom.
And while many online persona's are attempting to do so with their websites and blogs, I would like to remind everyone that for the most part, a second job will provide the largest and most immediate paycheck.
Many of us blog for three reasons 1) enjoyment 2) education 3) income. And while a successful blog or website can produce legitimate income, this is often a process that takes time (a year or more) and effort (hundreds of hours). In the meantime, a second job is your best bet to create another usable income stream.
Jobs provide the highest compensation per hour, and the payment is immediate cash. You can either get a job doing something you already do and are skilled at, or find a job in an industry or profession you would like to get involved in. Since it is not your main source of income, you can feel free to pick and choose, taking a job that is more meaningful but pays less.
I know this because I have a second job that I enjoy very much, and happens to be very lucrative. I’ve been bartending and waiting tables since I was a teenager, and I count my blessings that I have a skill that is 1) always in demand and 2) pays well. Many people may not know this, but bartenders in major US cities can easily walk with 30-40 dollars an hour, in cash, at the end of a shift, all of which is virtually untaxed. Many work off the books so it is totally untaxed. And I'm not a pretty girl, but if you are even better. My good friend bartends 3 nights a week during the summer, and she takes home about 1200-1500 dollars a week.
To top it off, the job is fun. You get to casually hang out with all types of people, and just shoot the breeze with them as they throw you money (more and more as they get drunker). Sure, sometimes you have to handle someone who has had a few to many, or you get stiffed here and there, but overall it’s good fun. Plus, many times customers will buy you drinks, so you get to tie one on while still at work!
So think about your what your talents are, or what you want them to be, then go out and find a job you can do for a few hours a week. It will provide you with steady cash returns, a few new friends, and maybe a drink or two.