The opportunities to earn money are countless, you only need to look for them. We are all going through a difficult time due to COVID-19 but it will not last forever. Some of the biggest businesses in the world were created during the last recession. We will soon get back to our normal routine and will be working towards a safe and healthy future. Here are 7 different ways to make extra money in 2020.
1. Share dividends
Considered as a way to generate passive income, dividends from shares can earn you a good amount of money. When companies generate profit, they will negotiate how the profit should be distributed. A good way to do this is through distributing the profit to shareholders and owners of the company.
Hence, you need to look for companies that share maximum amount with their shareholders in the form of a dividend.
The dividend depends on profits and sales they generate, with high profit, there will be higher dividend payments.
It is important to understand that you can invest whatever you can afford at this point in time but you need to spend time looking for the right company.
Search for profitable companies that have a history of paying dividends. Consider long term investment at this point in time.
2. Online tutoring
Since most schools and colleges are working from home, you can earn extra income from teaching students online. However, you will need a college degree for the same.
Online tutoring is all about teaching kids through video calling but you need to have expert knowledge in the subject you intend to teach.
If you are comfortable teaching children as young as 4 and 5, you might not need a professional degree. Teachers get paid on hour basis and it will help make extra money.
The ultimate way of generating income is by starting your own business. A lot of people might be of the opinion that businesses are struggling during the crisis but if you create a business model now, you will be able to sustain it when everything is back to normal.
If you set up a business now, then you will be on the right path post-crisis. Since most of us are working from home, we have some downtime and we can use it to focus attention on the business that was always on our mind.
There are several things you need to consider before starting a business. But you have to start somewhere, right? Now is the time to turn your aspirations into a reality.
4. Rent income
Investment in real estate is a popular way to make extra money. If you own a property, you can rent or lease it and you will be able to earn passive income throughout the year. Rent income is basically a return for the property you have invested in. The income will depend on factors like neighborhood, demand, property valuations, and more. It is essential to have a good rental income as it will provide extra income and will also help you in case there are any unexpected problems with the property. If you want to hop on to the property investment ladder, this is the best way to go ahead. In times of recession, property becomes cheaper and this might be the right time to look for opportunities.
5. Social Media Marketing
We spend long hours on the Internet everyday, so why not make money from it? If you understand social media and are good at posting, you can work as a social media manager.
Digital marketing has become an important aspect of marketing for every brand. Irrespective of the size and type of business, an online presence is a must. Organizations are always on the lookout for marketers who are digitally savvy and are good at posting.
You will be handling the social media accounts of the company and will schedule posts on different platforms like Instagram and Facebook. You can find several opportunities online and it is a great way to make money.
6. Influencer marketing
If you hold an expertise and are good at something, you can become an influencer. Many are of the opinion that there are several thousand of influencers across the world.
Yes, but there are still not enough. If you love to cook, you can have your own YouTube channel, if you are an artist, you can share your art on Instagram.
If you are a writer, you can share your work through a blog. Influencer Marketing has undergone change and it can generate significant income if you have the ability to reach out to the right audience. Now that there is a lot of downtime, why not create a social media profile and start posting on it?
7. Pet sitter
If you are a pet lover and can spend long hours looking after and playing with pets, this is your opportunity to make money out of it. Pet sitter allows you to spend time with other people’s pets while they are away. You can charge per hour and choose the type of pets you want to sit.
These 7 opportunities will help generate extra income in 2020. Identify your niche and follow your passion, there are several opportunities available today.