Financial security is a constant source of stress for a number of people. The one aspect that people don’t consider is the options for their current assets that they have. Others might not realize that they can maximize their earning potential from freelancing. Finding financial security will look different for everyone. One person could have a goal as making sure children are provided for while another wants to retire. Others might want to be able to retire in a comfortable manner. The following are options that you should consider so you can achieve financial security.
Table of Contents
Extra Income Options For Financial Security
Consider Freelancing For Extra Monthly Income
Learning how to earn on the freelance market can be a process. Certain people will know what clients want to hear when marketing their skills or services. Platforms like Upwork do a great job of connecting clients and freelancers. The protection offered to both parties makes this an attractive place to find talent in various niches.
Sales professionals can make a killing while freelancing off of commission. You might even find a job with an unlimited commission that you earn more from than your traditional sales job. Companies are constantly searching for talented sales professionals to help their businesses grow.
Don’t undervalue your work when working in a freelance capacity. Expert knowledge comes at a premium price on freelance platforms for the right companies. Creating the right profile is what it takes to get attention when you first start. Glowing reviews will keep clients coming in with some of them reaching out to you.
A Reverse Mortgage Depending On Your Age
A reverse mortgage is an option that not many people are aware of. Getting a monthly payment while still living in your home is an option for people of retirement age. The lender will be giving your money over the course of time or in a lump sum payment. All Reverse Mortgage notes that “It’s a common misconception that these payments somehow relinquish the deed of trust to the lender. This is not true. As long as certain conditions are met; you can stay in your home until you sell it, or pass it on to your heirs.”
Renting Out A Property
A rental property can be a great investment and a way to earn cash monthly. Mortgage rates are very low so this can be a great time to look at a home equity loan. You can even refinance for the payment on the rental property. Rental prices continually increase so this can be a healthy investment while the property appreciates in value over time.
Renting out your current abode and downsizing is another option. Getting a property management company is a great way to make sure this is passive income. You don’t want tenants constantly calling you with problems with some being in your control and some being out of your control.
Looking Into Moving To A Place With A Lower Cost Of Living
Remote work is the new normal for so many people that live in a particular city for their job. The flexibility of being able to work from anywhere can drop your monthly expenses for some. Moving from a large expensive city to a smaller town can allow you to maintain your lifestyle while spending less. People move abroad in these cases at times as they can live for a fraction of the cost in some locations.
Researching the cities might reveal that rental costs are so low. People from states like California are moving due to taxes to states like Texas and Florida. The prices in these states are gradually increasing due to the demand for living in certain locations like Austin or Tampa. These locations might even have remote work opportunities if you are looking for a change in jobs.
Creating A Plan To Tackle Your Debts
Creating a plan to target your debts can give you an actionable sequence of events to act upon. You might have had a great freelance month in terms of income which can help reduce credit card debt. You could alternatively put more towards your mortgage monthly and pay your loan off years in advance.
Not having a plan can lead to spending money that would be better allocated to your debt. Consolidating debts is not necessary for people organized enough to pay their debts on time, especially for those with small businesses.
Cell Tower on Your Property
Another great way to earn additional income is through a cell tower lease. You can negotiate a contract with a wireless carrier if your land is suitable for cell tower installation. Depending on the contract, you can either receive a lump-sum payment or monthly payments. Some property owners could prefer the second option as it provides more financial security over a longer period of time. After the contract expires, you can opt for cell tower lease renewal, where you can re-negotiate terms and get a better deal.
Financial security could mean that you have enough money to live comfortably each month in retirement. Financial goals differ over the course of time which is something you need to consider as you age.
Check out our blog to read more articles written on finance-related topics such as various loans, mortgages, investments, etc.
