In a world where the traditional 40-hour workweek is the norm, one Gen Xer has taken a different approach to boosting his income. According to Business Insider, an anonymous IT professional has been working two full-time jobs and multiple part-time remote jobs to earn over $150,000 a year. While this may seem like a lucrative strategy, it comes with its own set of challenges, including potential burnout and decreased performance.
Instead of resorting to extreme work hours, there are alternative ways to make your money work for you. One option is to invest in rental properties. With the average monthly rent in the U.S. sitting at $1,739, owning a rental property can provide a steady stream of income without the need for a second full-time job. While being a landlord does require some time and effort, you can always outsource property management to free up your time.
Another way to invest in real estate without the hassle of owning physical properties is through Real Estate Investment Trusts (REITs). REITs are required to pay out at least 90% of their taxable income to shareholders as dividends, making them a reliable source of passive income. By diversifying your portfolio with REITs, you can potentially earn steady dividend income over time.
If real estate isn’t your preferred investment option, consider investing in the stock market. Historically, the stock market has delivered an average annual return of 10%, providing the opportunity for significant gains over time. By holding onto your stocks for the long term and reinvesting dividends, you can grow your investment portfolio without the need for additional work.
For those who prefer a hands-off approach to investing, an S&P 500 ETF offers a simple way to invest in the broad market without the need for extensive research or stock-picking. By purchasing shares in an ETF, you can instantly diversify your portfolio and potentially earn returns without the need for active management.
Ultimately, there are multiple ways to make your money work for you without resorting to extreme work hours. Whether you choose to invest in rental properties, REITs, the stock market, or ETFs, it’s important to carefully consider your financial goals and risk tolerance before making any investment decisions. By taking a strategic approach to investing, you can potentially grow your wealth and achieve financial security without sacrificing your physical and mental well-being.
