Creative Ways to Earn More Money and Pay Off Debt

March 15th, 2017 | Author:

[I]f you already work a second job or have kids and no option to take on part-time work, you may wonder how you will ever be able to pay off debt and improve your credit rating. Fortunately, there are ways you can earn money even when you don’t have time to fit in another job.

1. Invest

It doesn’t take a lot of money to invest in stocks or bonds. You can start out small and increase as you earn money from your investments. This is not a get-rich-quick scheme and you won’t be debt-free overnight, but it is a solid way to add to your income over time. The key is to make sure you understand how investing works and know the markets or you hire a good broker to do the work for you.

2. Become a Landlord

This is another way to make money that takes time to see the results. However, you can earn a good second income if you already own an extra property or two from your parents or from buying a second home while trying to sell the first one.

You’ll need to learn the details about being a landlord where you live, and you’ll want to be careful about who you rent to. However, this is a viable way to make several hundred dollars each month of steady income without taking on another job.

3. Rent Out Your Own Space

Even if you don’t have an extra building to rent, you can rent out your own home. Rent a spare bedroom to a college student or allow travelers to stay there while they’re on vacation. You can even rent out a room as an office for people who don’t want to pay the prices of commercial spaces. Just make sure your city allows this before you start advertising. You can even rent out your garage as storage for someone who doesn’t have enough space.

All of these ideas are viable options to help you make more money and pay off bills. Just make sure you do your research and understand the pros and cons of each idea.

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