Everyone wants to generate extra income. There are number of extra income sources which allow you to get some income legitimately and easily. This post has something for all.
How often do you wish that you could have some extra income? You look for ways to earn money. extra money that is and it is perfectly fine. We are in an era where everyone wants something extra and more so in case of money. There is also a growing trend of people wanting to retire at 50 instead of 60 and in some case even 40 45. Blame it on the movies, inflation, changing cultures or globalization, but people have started to feel the importance of extra income and are constantly looking for ways to generate extra money. However, before we start please be aware of a lot of online scams and frauds. Let's get started earning some extra money, shall we?
I have divided the various options to earn extra income into 2 broad categories, namely Obvious for the ones most of us know and Not-So-Obvious for the one's we overlook or aren't fully aware of:
Obvious ways to earn extra money:
1. Bank FDs:
We have been doing it for ages, our parents did it, and probably their parents did it too. So it's nothing much to explain here I guess. If you need more returns get the FD in the name of your parents who are senior citizens, or look at these alternatives to bank FD here.
2. Dividends from Mutual Funds or Shares:
Again pretty common, if you have shares of good and sound companies in substantial quantity, you would be receiving extra money in the form of dividend from them. Same goes for mutual funds. While taking a mutual fund there are 3 options (get details here) and if you are looking for some extra income, you can go for the Dividend Option.
3. SWP from existing Mutual Funds:
If you have existing mutual fund investments for over a year or even more, you can make this as an extra income source by starting a SWP or Systematic Withdrawal Plan. By this you can specify the amount of money you need your mutual fund house to deposit in your account either monthly, quarterly and so on. To understand it better you can have a look here and here.
