It is said that wealthy people do not have the best jobs in the world, instead, they have multiple streams of income. It is a fact that just one stream of income will not make you rich. You should have different side hustles that earn you extra cash each month. You can save that amount for investments or big purchases.

Here are the easiest ways to increase your streams of income. These methods are tried and tested and work well for almost everyone.

Earn money by renting out your car

If you do not use your vehicle often, or you have multiple cars that do not get used much, you can easily rent them out and make extra money. There are plenty of apps that allow you to rent out your car. These apps include HyreCar, Turo, DriveShare and more. They let you list your car for rent in the selected cities. This service is pretty much like an Airbnb, but with your car.

There are plenty of people who make a good amount monthly just by renting out their family cars. Once you start earning well from this business, you can expand it and buy more cars to give on rent. On average, you can earn about $400 per car per month through this technique.

Coaching and consulting can make big money

Did you know that the online education and training industry is valued at around $243 billion? If you have a certain skill or knowledge in a certain topic, your expertise could come to use for generating extra money. You can coach or consult people online as a side hustle.

Online coaching can be a great experience for you if you enjoy solving problems and working with other people. To create recurring revenue, you can either charge per hour or month.

Real estate is a money-magnet industry

There has been a shortage of inventory and rising material costs which resulted in the red-hot housing market. Even when the mortgage rates are more volatile than usual, real estate investment can never give you losses if you play smartly. It is one of the best side hustles when you are strapped for time.

You can invest in real estate by buying individual properties or joining a group that invests in real estate. However, it is important to be good with money before deciding to invest. Oftentimes, the investment requirement is large. Hence, make sure you have enough funds to get into it. But be rest assured, that profits are also large.

Offer in-person services

In-Person, services are also a great option for a side hustle if you have enough time on your hand. These services are often simple and do not require any complex background prerequisites/ You can take care of a pet. Pet sitting is a multibillion-dollar industry and you can earn good money monthly if done right. There are plenty of easy-to-use apps such as Rover and Wag that let you sign up as a pet care provider. The most common and in-demand service is dog walking.

This side hustle can easily make you earn $1000 to $1500 extra each month. If you want to work from home, you can consider animal sitting as well.

Start a YouTube Channel

Starting a youtube channel can be the best decision you ever make. This stream of income has the potential to earn you a good amount of money each month if you succeed in getting a huge reach. You can record and publish videos that educate or entertain the audience. You can create reaction videos or vlog your life and gain a following overtime that turns into fandom.

60% of the youtube income comes from affiliate links. The remaining 40% comes from a combination of personal training inquiries, AdSense, and paid partnerships. YouTube also pays the creators to run ads on their channels.

This option is perfect for you if you enjoy having creative outlets and sharing your personality with the world. Online platforms are a great way to make easy money.

Monetize your home with Airbnb

If you want to earn through real estate but do not like the idea of your property being leased out for years, then consider listing your property or spare room of your home on Airbnb. There are millions of consumers who book Airbnb as an alternative to hotels. This is because hotels are often more expensive.

You do not need to list your entire property to make cash. A spare room is enough. People often choose a portion of their or a single room and list it on Airbnb. You can earn around $10,000 a month with this technique.

Sell online

With the digital platforms that come in handy, there is no need to establish a physical shop to sell your products. Millions of people buy things every day from online stores. Digital business is very profitable, for example, Amazon is the favourite retailer among people.

You can source products from a wholesaler and sell them online by setting up a free e-shop. You can earn thousands of dollars each month if you succeed.

Final thoughts

You must put in the extra effort to become financially strong. These methods can generate thousands of extra dollars each month that can go into your saving account and increase your net worth.