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Passive income – Income you can get without actually working towards it
- Transfer your finance to providers with cheaper interest rates (including transfer costs) for loans and credit cards, and higher saving rates for saving accounts.
- If you don’t have a loan offset account for your mortgage, set up one. Put all your savings there and deposit your salary into it.
- One third of Australians are under claiming tax deductions. Talk to an Accountant to see whether you have any missed tax deductions.
- Consider renting out your home/homes. Either as a holiday house or for short term accommodation. Renting out even one room can earn you around $100 to $150 a week, which is up to $5000 to $7500 a year. In some areas you can rent out a garage or parking spot and receive a sizable income too. Be aware of Council, Strata, and other laws when doing so.
- See whether you can offer business advertisements on your car. Search on the internet to see which companies offer these services. The registration should be 100% free. If not, stay away from them.
Work part-time in your spare time:
Even just few hours of your spare time can significantly boost income!
- Look for a second part-time job that fits your schedule.
- Are you experienced enough in your field? Coach and tutor. Teach others the same skills.
- Think about using your car and becoming an Uber driver.
- Consider creating an online business. Do you have a hobby making crafts? Make them and sell them from home or at a local market. Your hobby can be enjoyable and profitable.
- Contact a market research company or join a focus group and get paid.
One last thought!
- Consider changing jobs. It can be a good way to steadily increase income. I’ve changed jobs 6 times in the last 12 years. Each time I secured a pay rise of more than$10,000. This continuity of change has increased my skills and strengthened my resume. As your skills and experience progress you can ask for a pay rise.
Declaration: We hope this information will be useful to you. Remember, this article has been prepared without specific knowledge of your financial situation. Before making financial decisions or plans be sure to consult with an Accountant or a Financial Advisor.
Declaration: The Excel files and content of this website have been prepared without taking into account your personal financial situation or knowledge of your financial needs. Impact Taxation and Financial Services cannot be liable for any losses or damages arising from using the information provided. It is the user’s responsibility to seek independent advice from a professional accountant before implementing any financial plan.