12 Ways to Make Extra Income That Beats Inflation New

In my old corporate job I used to earn quite decent amount of money, I hardly complained. Nevertheless, I always thought yeah would be nice to add something to that, a bit, make extra income so that I could spend on holidays, reconstruction of the house or just buy more presents at Christmas. Could you make an extra $200 per month? Sure. How about an extra $1000 per month? How would that change your life? To most, it would make a monumental difference.

Rising prices have become an unavoidable fact of life for most of us. You hear about inflation in the news, you see it at the grocery store—and hopefully you’ve thought about how inflation is impacting your savings. Inflation wants to eat your savings, but you can beat it back! How is this possible? This is what we call “beating inflation”.

The expansion of online and remote work opportunities has widened the field for added income. Though you have many ways to earn extra money from home, it’s important to find the best opportunity for your skills, interests, level of commitment and experience.

So what are the ways to make extra income to beat inflation?

1. Start a Dropshipping Store

Dropshipping is one of the most profitable passive income sources. With dropshipping, you can find trending products on marketplaces like AliExpress/Amazon to sell to customers around the globe. You can fill your online store with items from various dropshipping niches, such as fashion, home décor, or beauty.

The magic of dropshipping is that you build your own business and decide how much you charge for the products. In fact, from all the passive income ideas on this list, dropshipping is the one where you have the most control over your margins.

How does the dropshipping business model work?

Dropshipping is a business model which you can use to run your store without ever holding any inventory. Once you’ve made a sale your supplier will ship your products from their warehouse, straight to your customer’s doorstep. You’ll never need to worry about storing, packaging, or shipping your products. One of the best sites to start with is Shopify.

 Is dropshipping profitable?

Yes, dropshipping can be a profitable business model for merchants even in 2022 because you are not responsible for shipping or manufacturing. It’s a low-risk business model that doesn’t incur huge costs like a wholesaler would normally have and you can earn a good profit margin with the right suppliers.

You can sign up for Shopify to start dropshipping today.

2. Invest in Stocks

Investing in stocks means buying shares of ownership in a public company. Those small shares are known as the company’s stock, and by investing in that stock, you’re hoping the company grows and performs well over time. When that happens, your shares may become more valuable, and other investors may be willing to buy them from you for more than you paid for them. That means you could earn a profit if you decide to sell them.

A good way to build an income stream is to invest in dividend stocks, which distribute part of the company’s earnings to investors on a regular basis, such as quarterly. The best ones increase their pay out over time, helping grow future income.

With many brokerage accounts, you can start investing for the price of a single share. Some brokers, such as Interactive Brokers also offer paper trading, which lets you learn how to buy and sell with stock market simulators before you invest any real money.

What do you need to start investing? – Educate yourself first

Beginners taking their first steps toward learning the basics of stock trading should have access to multiple sources of quality education. It’s like learning to ride a bike: Trial and error, coupled with the ability to keep pressing forth, will eventually lead to success. Why not to learn from the best? Check these 2 best education companies in the world!

• Thomas Kralow Courses

Kralow offers world-class university grade trading education. Trading is a business, and you need to be properly educated to be able to make consistent profits. This program is designed to take you from knowing nothing about trading to being able to make consistent profits in the financial markets.

• Black box stocks

BlackBoxStocks is a powerful and unique stock and options platform with real-time scanning functionalities and trade alerts. The excellent educational concept and community aspects make the offer complete. You get a stock screener, options screener, trading alerts, and education with one subscription.

3. Build and Monetize a Blog

Another popular passive income stream originates from blogging. Blogging has helped countless entrepreneurs earn passively through affiliate links, courses, sponsored posts, products, book deals, etc.  It can indeed take quite a bit of upfront work to build a successful blog. However, it’s one of the most sustainable ways to generate an audience through organic and social traffic or building an email list.  So, if you’re looking for an easy passive income idea, blogging might be the perfect option for you.

How to Start a Blog in 6 Steps

• Pick a blog name. Choose a descriptive name for your blog.
• Get your blog online. Register your blog and get hosting.
• Customize your blog. Choose a free blog design template and tweak it.
• Write & publish your first post. Share your thoughts with the world. The fun part!
• Promote your blog. Get more people to read your blog with the proper marketing.
• Make money blogging. Choose from several options to monetize your blog.

To get your blog up and running you need a blog hosting. A blog host is a company that stores all of the files for your blog and delivers them to the user when they type in your blog name. The web host I personally use is NameCheap and I recommend them for all new bloggers.

Then, you should start creating amazing content that people would be interested in reading or sharing. For example, if you’re an accountant that has helped small business owners with their taxes, then that could be your blog, or if you like cooking and you experiment with low-carb recipes. I personally have my trading and affiliate blog to help customers know how to earn extra income and escape their corporate job.

You can start making money from of your blog by:

• Earning commissions as an affiliate. This is where you push other people’s products or services on your site. Make sure these products or services are relevant to your blog. For example, that accounting blog could become an affiliate for accounting or invoicing software. My affiliate blog leads my clients to Modern Wealthy & Launch You one of the best educational companies that teaches you how to build a business from scratch and become your own boss. Once you find an affiliate partner you’ll be given a unique code so that whenever a visitor clicks that link on your site you’ll earn your commission.
• Sell advertising. If your site has the traffic to become an affiliate, then it may also be good enough for advertisers to purchase ads on your site. You may start off small, like making under $20 per ad. But you may eventually be able to charge triple digits. Again, your site must be quality.
• Find sponsors. This is slightly different from just selling ads on your site. Sponsorships may be a one-off piece of sponsored content or permanent logo embedded in your footer.

4. Create and Sell Online Courses

If you’re an expert in some subject or field, selling online courses may be a great passive income idea for you. Whether you sell them through your own website or online learning platforms like Udemy, Thinkific, Teachable, Skillshare or Coursera you’ll find plenty of individuals who are willing to pay to access your content.

Of course, things are easier if you sell on platforms like Udemy, but your course may be heavily discounted during certain periods. This will affect how much passive income you earn. In contrast, selling through your own website or blog gives you control over pricing, meaning you don’t have to sacrifice your margins just because others are selling at a discounted price.

Online courses have quickly become one of the best methods for serving a niche audience. They give you an opportunity to teach what you know, going as deep into the content as your students need. Creating a great course worthy of a premium price requires that you make a solid investment in time and effort up front, but when done properly, it allows you to build a solid passive income stream for your business.

5. Become an Affiliate Marketer

Affiliate marketing is one of the best passive income opportunities available today. The upside to it is that almost every big brand has an affiliate program, so you can sell some pretty popular products and earn a lot of money. The downside is that you only make a commission on the sale. Shopify affiliate program, for example, allows you to earn up to $58 per referral, which is a decent income.

When learning how to become an affiliate marketer, it’s important to know where to start. It’s all too easy to get the cart before the horse, and that metaphor covers a variety of scenarios. Finding merchant partners, high commission affiliate programs, or affiliate marketing jobs that pay well and are consistent requires a great deal of up-front work before you’re ever in touch with a merchant. When you get started with affiliate marketing, you would need guidance and proper education.

You don´t need to start from scratch!

Imagine you already have top-notch tutorials and guidelines tailored to your needs, marketing advice or guidance on how to build your web page or YouTube channel, drive traffic to your site or guidelines on how to create marketing funnels. I am sharing with you my personal experience and the shortcut with an education company called the Modern Wealthy & Launch You. I have partnered with the Modern Wealthy & Launch You because they provide top-notch education, world-class training programs, Mentoring, live online events & webinars on how to market on the internet and how to market almost any product, service or business online.

I completed 3 of their educational programs – Affiliate marketing, E-commerce and Building your own business from scratch. I can honestly tell you that without them, I wouldn´t be able to set up my first own 2 entrepreneur businesses within the first year! I know myself, that without the proper education, support and know-how, I would be still in my old corporate job and reading articles on how to escape corporate life.

Check the FREE WEBINARS below!

6. Start a YouTube Channel

There are many ways to turn a profit online, and one of the trendier ways is to turn YouTube views to money.

Here are some ideas that have worked for other YouTubers:

• Run ads to turn YouTube views to money

Many creators use AdSense to monetize their content. They create great videos, optimize them, and earn passive income by running ads on their YouTube account.

• Maximize your views to leverage on affiliate marketing

Monetizing your channel through affiliate marketing is often best done for review-based content, whether it is a beauty product, digital services, or similar types of industries.

For example, if you are running a photography channel, you can create a review on a newly launched mirrorless camera and share affiliate links in your video’s description section. You can also create YouTube cards and redirect viewers to your website or blog that contains the affiliate links.

• Sell digital products through your YouTube channel

Selling digital products through a digital platform is a great way to diversify your income. Since you don’t need to keep physical stock, you will be able to sell an unlimited number of products without worrying about inventory, fulfilment, and shipping. Compared to affiliate marketing, selling digital-only products is often a more profitable way of turning your YouTube views to money.

To help get you started, here are some ideas on digital-only products that you can sell through your YouTube channel:

• E-books
• Online tutorials (or webinars)
• Mobile apps
• Presets (for camera, photography, graphics, etc)
• Templates (for banners, websites, blogs, etc)
• Email courses
• Membership sites
• Plugins
• Printables

7. Trading

While most people use the stock market as an investment activity, some use it to earn an income. These individuals buy and sell stocks frequently, getting in when the stock price is low and selling the shares as they rise. These individuals are commonly called “traders.” Stock traders have a very different mindset. They usually aim for short-term profits rather than long-term accumulation. As a result, traders don’t hold on to their stocks for too long. Sometimes they will buy and sell a stock in a matter of hours if that seems like a profitable move. Instead of looking into the long-term plans of a company, traders will look for news and updates that may move the price up or down in the coming hours, days, or weeks.

What do you need to start trading?

• Educate yourself first

Beginners taking their first steps toward learning the basics of stock trading should have access to multiple sources of quality education. It’s like learning to ride a bike: Trial and error, coupled with the ability to keep pressing forth, will eventually lead to success. One of the best programs are Thomas Kralow Courses and Black box stocks programs

Both Kralow and Black Box offer world-class trading education. Trading is a business, and you need to be properly educated to be able to make consistent profits. This program is designed to take you from knowing nothing about trading to being able to make consistent profits in the financial markets.

• Brokerage account

The best brokers offer global access to stocks, options, futures or Forex and offer the best services and have zero or very low commissions such as eToro or Interactive Brokers

• Learn and use technical and fundamental analysis

Successful traders use charts to help them gauge future price movements. These are my favourite tools:

• Trading View: a charting platform and social network used by retail traders and institutional investors to analyse financial assets.
• Cheddar Flow: A modern options order flow platform where you can uncover unusual options activity and follow what big guys such as banks or hedge funds are doing in real-time.

8. Freelancing

Freelancing means that you’re self-employed and working for companies or individuals on a contract basis. You aren’t considered a full-fledged employee of any one company. Instead, you can take on projects with several different companies or clients.

There’s a lot to love about freelancing. For one, you get to choose your own hours. You can work part-time or full-time and take on as many clients as you have the capacity for. Freelancers can also set their own pay rates. Over time, this could result in higher earnings than a traditional employment arrangement. As a freelancer in the 21st century, you’re provided with endless opportunities to build and profit from your craft. Whether you’re a writer by passion, or a programmer or designer by trade, there are certain websites and platforms available that allow you to monetize your knowledge or expertise.

Clients are looking for successful freelancers to solve their problems across almost every industry, job, and skill set. Regardless of your occupation, a client is looking for a freelancer like you to solve their problem. Below are some of the most popular freelancing jobs in 2022

Popular freelancing occupations:

• Programming & Software Development
• Content Marketing & Writing
• Digital marketer
• Web/mobile developer
• Graphic designer
• Social Video Marketing
• Video Editors & Creators
• Video & Animation
• Music & Audio

Millions of businesses use Upwork or FIVERR work marketplace to find talented freelancers. Fiverr is the world’s largest marketplace for digital services where individuals or companies can go to find freelancers with a skill that suits their needs.

9. White-label

White-labelling is a fancy way of saying “reselling as your own product” because the term refers to buying a completed product that you apply your own label to in order to sell again as your own product or service under your own private label.

So, in simple words, a white-level product is an unbranded product that has been produced by one company but packaged and sold under another business’s brand name. They are often made from scratch as per customer specifications, with no branding (hence they’re ‘white’ – there’s nothing on them); thus, you can’t tell who manufactured them just by looking at them.

Although many people are making a killing selling white-label products online, not all white-label products are sold this way. You can find them in supermarkets, pharmacies, and many other establishments all over the world. Supermarket own-label products are a good example. Many large supermarket chains have own-label, cookies, potato chips, and cereals. They also often have own-label canned goods and beers.

10. Coaching

If you have skills in coaching, this is a highly paid job to have.  There are so many self-employed people now that coaching is something that is very in demand.  I run a coaching business too, I focus on traders and investors. Not sure what coaching pathway to take? Check out the following most popular coaching niches:

What do you need to become a Coach?

Although it may seem that learning how to become a life coach requires little more than stellar listening skills and outsized compassion becoming a coach is a business decision. Once you’ve decided that this is your calling, take at least the following seven steps to ensure your business and services are legitimate.

• Find your niche. Before becoming a coach, you might find it helpful to find your niche and build up your reputation from there.
• Get a coach certification. Successful coaches realize that a well-rounded education is imperative for a successful and professional career. Aspiring coaches can choose a number of different paths when starting a career as a professional coach. There are numerous coaching certificate programs, for instance Brian Tracy or Tony Robbins Coaching programs.
• Set up your coaching business. As you become a coach, you’re not just becoming a professional, personal, or spiritual advisor—you’re also becoming a small business owner.
• Create your digital footprint as a coach. If you have an all-digital business, your digital presence becomes paramount. For example, you need a strong business domain name and a decent computer and camera to take photos of yourself, record videos, and conduct sessions.
• Start marketing – using the right system to bring in clients. There are numerous and creative ways to market your new coaching business. You can start with free options such as social media postings, local area business listings, and word of mouth. Deciding on the specific advertising method you use will depend a lot on your budget, but also on your target niche.

11. Become a Virtual Assistant

Top side hustles have one big thing in common: There’s a high demand for them. A virtual assistant is an assistant who works in a remote location, as opposed to a company’s office. They can help with tasks such as administration, social media, bookkeeping, and more. There’s been a growing demand for virtual assistants from business owners who need help on various projects. As a virtual assistant, you can specialize in countless areas.

Becoming a Virtual Assistant Tip: When starting this side hustle job, you can find clients on popular websites like Upwork or Fiverr. However, you could start to see better results when you branch out on your own as an independent contractor. Starting up might be a bit harder, as you need to find clients, but you could earn more money this way. You can join popular Facebook groups for businesses or online retailers to offer your services.

12. NFT

You’ve probably heard the acronym “NFT” ringing around your ears a lot lately. But what are NFTs?

 NFT stands for non-fungible tokens, and they’re unique digital assets that are backed by smart contracts on the Ethereum blockchain. Basically, they’re a way to represent ownership of a one-of-a-kind digital item. It’s like digital art collecting—but you can also tokenize other things like Tweets or in-game video game collectibles. 

But let’s talk about how to make passive income with NFTs.

You can make passive income with NFTs through methods like royalties, staking, renting them out, and more. There are a lot of opportunities here. Currently, the most popular platform to make and sell NFTs is called OpenSea and Crypto.com. The site does a good job of walking you through the process; but heads up, there are fees involved. While the process of researching and getting set up with this will take time, this could be a good option for you to explore.

Conclusion:

On the road to financial freedom

There is only so much time in a day and finding ways to scale your income more efficiently can give you flexibility in your business to hit the next level. That level might be “taking a vacation, ever” or “hiring more help” or “ordering new inventory,” but whatever it is, adding streams of income with different underlying economics can give you the freedom to explore it.

Additional income can really help elevate your earnings and fill in the gaps that your 9-to-5 job can’t fill on its own. If you’re looking to create an additional income stream so you can strengthen your financial future, the ideas on this list can help you do that.

Which one are you going to start with?