How To Make a Sustainable Income (5 Tips) -

Making a sustainable income is very important when it comes to having financial stability. There are many ways to make a sustainable income, but it is important to find the method that best suits your needs.

In this blog post, we will go over multiple methods to get on the right track and make a sustainable income.

What is a Sustainable Income?

A sustainable income is an income that you can consistently make without depleting your resources. Meaning you don’t live paycheck to paycheck or have to worry about running out of money.

Below we will go over 5 tips to make a sustainable income.

Step 1: Reverse Engineer

To find out what sustainable means for you, it is important to first know your monthly expenses. This will give you a better understanding of how much money you need to make each month to cover your costs and live comfortably.

Once you have your monthly expenses calculated, you can start working on finding ways to make that amount of money each month.

Let’s say you are living paycheck to paycheck, but your goal is to save 20% of your income each month. To do that, you need to make sure your income is more than your expenses by at least 20%.

So let’s say your overall expenses are $3000 per month. This means you would need to make at least $3600 per month to save 20% while still covering your costs.

That’s an additional $600 per month to save. That means every month you would need to make an extra $20 per day to hit that goal.

Step 2: Create a Legitimate Side Hustle For Yourself To Hit That Goal

If you don’t have a job, that’s the first thing you should be working on. On the other hand, if you do a side income is what you should be focused on.

There are many ways to make extra money, but not all of them are created equal. You want to make sure you are bringing in money from a legitimate and sustainable source.

Here are a few ideas to get you started:

Start a blog

Starting a blog is a great way to make extra money. You can monetize your blog in multiple ways, such as through premium ad networks, affiliate marketing, or even selling your products and services.

The way it should be done when you have no money to spend is to write all the content by yourself and build up an audience organically. This way you won’t have to spend any money on marketing and you can still make a good income from your blog.

The downside of a blog is that it isn’t instant income. You won’t start making money right away and it will take some time to build up your traffic.

Supplement Your Blog By Being a Freelance Writer

Making $20 per day as a freelance writer is very obtainable. All you would have to do is find one or two reliable clients that you can write for consistently.

On the low end, people get paid $20 per 1000 words. This means if you get at least one 1500 to 2000-word blog post per day, you would make $30 to $40 per day, surpassing your goal easily.

Get a Gig That’s Not Online

A lot of people don’t like the complexity of online work or they simply don’t want to do it. If that’s the case, you can still find ways to make extra money outside of the internet.

One way is to get a part-time job in your free time. You can search for part-time jobs on websites like Indeed or Glassdoor.

There are other ways to make money without being online. You can do things like delivering food, walking dogs, bartending, and more.

Step 3: Create a Consistent And Realistic Work Flow

One thing people underestimate is the time for other things like family, friends, and other extra-curricular activities.

This means you may not be able to work on your side hustle every day. So although your goal is $20, you may have to make $75 per day working twice per week instead, or however, you need to adjust it to make it work for you.

This leads to people giving up because they see they’re not hitting their $20 per day goal and get discouraged. That’s why it’s very important to stay realistic from the jump.

Step 4: Adjust Accordingly

You’re not always going to like the thing you’re doing to make extra money.

You may try one method and realize it’s not for you. That’s okay! Just try something else until you find something that works for you.

The thing is though, you may not like it in the beginning because something new always requires a learning stage. That learning stage is mentally and emotionally tiring, and it’s easy to give up during that time.

That’s why it’s important to give it at least a month or two before you throw in the towel and decide not to do it.

Step 5: Invest a Portion Of Your Extra Income To Make Even More

We’re not investment experts here, but if you make extra money, it’s important to reinvest a portion of that back into your business.

This could be any type of investment and we encourage you to do your research before you decide what to do.

Eventually, your side hustle income could be matched, or even surpassed by your investment income!

In Summary

There are endless opportunities for making extra money. You just have to be creative and willing to try new things. With a little bit of effort, you can easily exceed your goal of $20 per day (or whatever your goal may be). Just remember to adjust your expectations and workflow accordingly, and don’t forget to reinvest a portion of your income to make even more!

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How To Make a Sustainable Income (5 Tips)