Realistic ideas for supplementing salary?

[GroovyGuru]

I'm looking for ideas on how to create additional revenue streams. I'm 25 and currently work as a software developer making 100k. 

I'm not looking for some gimmicky scheme. I'm intelligent and I'm willing to work hard, and I've been investing and building up my resources for a few years.

I'm just not a super creative or entrepreneurial person by nature. I'm constantly ruminating about how I need to make more money, but I truly just don't know what are good/realistic options in 2024. I'm not really someone who is determined to own a business or become my own boss necessarily. I don't mind having an honest career. I simply want to figure out a way to make a few thousand extra a year to supplement my already decent salary.

I'm hoping to learn from the perspective and experience from you guys.

[Yimpa]

That’s a lot of money all ready! 

[GroovyGuru]

@Yimpa Yes but it's all coming from only one source. I can lose my job or become replaced. Also in today's economy, 100k doesn't even feel like that much. I feel within myself I am capable of making more. I'm just lacking the ideas, and lacking some life experience that would probably otherwise present more opportunities and ideas.

[Leo Gura]

I just saw a guy on Instagram who buys small businesses that have proven cashflow from retiring Boomers and then hires a manager to automate the biz.

He pays 2.5x annual cashflow for a business like carpet cleaning or AC repair. So if biz brings in $100k/yr profit he buys it for $250k. But he gets a small business loan from the bank for 80% of that cost and just puts 20% down.

He owns 7 such businesses and makes $750k/yr and it's mostly automated.

Edited June 30 by Leo Gura

[Heaven]

@Leo Gura Nice!

I think I would start getting into investing.(Mostly ETF/mutual fund). It increases my net worth by more than double.

Teaching your expertise may be an option. 

Airbnb arbitrage if your area is touristic.

Moving is a good business(I think most people are renting these days and it makes them move a lot)
 

 

 

 

[Leo Gura]

14 minutes ago, Heaven said:

 

I think I would start getting into investing.(Mostly ETF/mutual fund). It increases my net worth by more than double.

That's not really a serious way to make money. It takes too long and requires lots of money to begin with to matter.

ETF will earn you 12% per year at best, but then subtract 4% inflation from that.

Edited June 30 by Leo Gura

[Heaven]

23 hours ago, Leo Gura said:

That's not really a serious way to make money. It takes too long and requires lots of money to begin with to matter.

ETF will earn you 12% per year at best, but then subtract 4% inflation from that.

I agree with you that you must focus on increasing your income but also to supplement it with 12% on your “savings” is not a bad idea.