About 76% of Americans think that men face a lot of pressure to provide for their families financially. Dads also have another source of stress: balancing time spent working and caring for children or the family.
Stress can negatively impact the health leading to low energy, aches and pains, insomnia, mental health problems, and cardiovascular diseases, among others. Instead of working long hours or taking on extra jobs to make more money, there are several ways to produce income streams without adding stress to your life.
Consider Changing Your Utility Company
Utilities represent 11% of a household’s budget and operational costs which is around $320/month spent on recurring bills such as electricity, heating, cooling, and other maintenance expenditures.
Quake Energy recommends shopping around for a utility provider that can offer you the best rates for your energy needs. Some companies might offer special promotions to entice new customers.
As prices of energy soar, it might be wise to go for a fixed price tariff to protect you from price increases.
Before switching providers, ensure that you are not going to pay any penalty or exit fee to terminate your present contract. If the penalty is bigger than any savings you would get from switching providers, put off your plan later.
Rent Out Extra Space
Renting out an unused room in your home or apartment is another way of earning extra income for your family. You can look for long-term tenants or even list your space on online marketplaces such as Airbnb and Homestay.
The good news is that rent income qualifies as a deduction on your business income as part of the “Tax Cuts and Jobs Act.” Under the scheme, small businesses such as ‘pass-through entities,’ S corporations and limited liability companies (LLCs) are allowed deductions of 23% on income which will help you save on taxes.
Not sure what the differences between LLC and S-Corp?
An S-Corp refers to taxes, whereas LLC is a means of limiting your liability by incorporating your business. Just click that link to learn more.
Invest in Real Estate
Another way of earning passive income is to invest in real estate.
If you have no desire to become a landlord, you can invest in peer to peer lending that offer loans for real estate. The returns on your investment are often higher compared to traditional bank savings.
For example, Fundrise which is a fintech startup company offers investments in private real estate. Historical annual returns are between 8.7-12.4% and minimum investment is $500.
Just remember that the bigger potential for earning profits, the higher the risks are.
Stress can affect your physical and mental health negatively if you’re pressured to provide more for your family. Fortunately, there are some ways where you can earn extra income without adding stress by reducing utility bills, renting out unused space, and investing in passive real estate.