The short of it is that I need to earn about an extra $1000 a month. I'll want practical, painless, creative, fun, and ideally passive ways of earning.
I'll give 2 SBI shares to anyone who suggests any income earning strategy that'll bring me in more than $200/ month (I like diversified) that's something different to the content below and combines at least three of the of the above criteria.
The long of it (and some dodgy exchange rate converting)
My estimated projected monthly expenditure for 2019 is around £1200, which would be fine if it weren’t for the tiny little fact that my current monthly income is only around £400/ month.
NB I’d anticipated a shortfall of a few hundred quid a month, but thanks to GDPR (apparently) my WordPress advertising income dried up in August, and so all I’m left with is the revenue from my online resource sales. This means rather than that shortfall being about £300, it’s now £800 (very very roughly $1000, it may not be exact but if I can get this close, that's good enough!)
The WP advertising income might sort itself out, but I’m going to assume it won’t and thus plan to increase my income by £800/ month by the end of 2020.
I've actually got sufficient savings to last me several years anyway, but given that this is my 'wealth' I'd rather keep it invested rather than drawing down on it. Having said that, I've 'reserved' about £7K to to get me through until next Summer (ish).
This post is just a consideration of a few of my realistic options going forwards…. I’m likely to do more than one of these to boost my income: diverse income streams mean more income security, after all!
I would say I’m quite fortunate in having a year to build up some other income streams, but this isn’t the case: I planned it this way and took out a bigger mortgage to fund my anticipated income-shortfall.
SIX Practical ideas for earning more money
Posting/ commenting on steem - potential income £100/ month
I’ve done well out of steem over the past year…. Better than 99% of ‘steemians’ anyway. According to steemworld, my earnings (after curators/ beneficiaries) for last week were around the $25 mark, so that’s $100/ month. If I add on my returns on delegations and the interest on steem, that works out at around £100 month already.
Like EVERYONE else on this platform, I’ve no idea what the steem price will be next year, so I’m just basing my future earnings on no change.
Producing another ‘revision bundle’ for sale - potential income £100/ month per bundle
My revision bundles are my bread and butter ATM – they simply consist of mind maps, notes, exam practice questions, sold online. I’ve got four main bundles, and they sell @ £5, approx.. 20 copies each a month, so they make me £100/ month per bundle. There’s one popular topic area I haven’t got covered yet, so it’s a no-brainer to work on this.
Unfortunately after one more bundle, I’ve covered all of the main topics for my subject. I might have to experiment with re-packaging, or maybe even diversify into politics/ economics/ psychology….. LOTS of work there though.
Producing ‘teaching resources’ bundles – potential income £50 month/ 10 lesson resource pack
I wrote a 10 lesson pack for a company a decade ago, the product retailed at £89.99 back then, of which I saw hardly anything. I’m going to put together a couple of these at least and sell them direct for A LOT cheaper. Never tried selling these before, so I’m going in with a conservative estimate of £50/ month.
NB – These bundles are effectively passive income…. This is golden compared to the options below because in the above two options, I do most of the work NOW, then a tiny amount to maintain, with tuition (below) I’m at the coal face every week… URGGH.
Face to face tuition – potential income £480 month
This I’m confident about there being a demand for. There’s a lot of desperate teenagers studying A-level sociology, and if I work on a cheap rate of £30/ contact hour, there’s easily going to be demand. All I need do is 4 contact hours, or 2 afternoons a week, and I’m quids in. However, realistically, for that money, I’m factoring in 8 hours a week of work, to factor in prep/marking.
Online tuition – potential income £300/ month
I haven’t really thought about how I’d organise this… I’ll probably sell password access to a livestream service for one hour’s worth of online tuition 4 days a week. 30 minutes of structured tutorial/ 30 mins Q/A.
All I need to do is work out the pricing tiers… £20/ month for 16 hours’ worth of online tuition in that month sounds pretty good for me. If I limited numbers to 15, then that’s like an online classroom: four hour long lessons a week is basically what you get for an A-level, and that’s quite a small class.
I could possibly charge more… maybe £20 month for the first 5, then up it to £30.
I think this could work quite well. Tedious though, and it would mean a daily grind too.
NB – this is the first time I’m thought this through, I think it could really sell… one to trial for April when exam seasons starts for sure!
Stacking shelves in Sainsbury's – potential income £250/ month
I haven’t had a ‘proper job’ in a while… if I could just limit it to 8 hours a week, or two short shifts, I think I might quite enjoy it. It might also be the only reason I leave the house some weeks.
Not literally shelf-stacking, but something mundane. To keep me in touch with mundane reality.
Renting out the house and renting out somewhere cheaper – net gain £200/ month
If none of the above takes off, I could easily rent my flat, sell most of stuff and go rent a shepherds hut in the south of Spain, 4G willing.
Final thoughts
As I said above, none of this is particular urgent, as I've got some decent savings, so I've got a good year to build income streams. Passive income streams, or at least passive-ish income streams are what I'm interested in TBH!
Who the hell wants to work for a living, after all!
Posted from my blog with SteemPress : http://revisesociology.co.uk/whats-the-best-way-to-earn-an-extra-1000-month-and-an-sbi-give-away/