Most people with day jobs find it increasingly hard to keep up with their monthly bills but can’t afford to leave their jobs during the recession. While being employed is a good way of earning regular and decent income, you can increase your total income with other ways to make money.

The problem with a day job is that you may have to leave it someday, whether voluntarily through resignation or retirement or involuntarily through termination or business closure.  Your best financial plan is to find other income streams and start making money from them.Income streams such as these are also called ‘passive income’.

Passive income allows you to make money every month without any active effort on your part.   Most people dismiss passive income as an ineffective way to become rich because the amounts that you may earn at the outset may seem insignificant. With regularity and discipline, passive income can eventually overtake your compensation income. Here are a number of ways you can make money with passive income:

Deposit account
Saving a portion of your monthly salary in a deposit account can earn passive income in the form of interest. The more you deposit, the more interest you will get. This requires self control and regularity as the only way to generate greater passive income from deposit accounts is to continue adding funds in it and rolling over the interest it earns along with the principal deposits. Ask your bank for deposit options such as time deposits and treasury bills.

Internet businesses
You can also make money when you decide to learn about internet marketing and sell your own or someone else’s products (affiliate marketing) and advertising in your own website. An affiliate marketing business in particular is really inexpensive to set up – you can start immediately with the registration of a domain name (around $10 per year) –  but it can earn continuously without additional effort, even while you sleep.But what is even better is that you don’t even have to have a website!

Buy To Rent
Renting out a room, condominium unit, or house is a good way to make money on a monthly recurring basis in the form of rent. Naturally an inital investment in real estate is required, but if is within your means, you might borrow in order to earn.  It is rare that rental income will not exceed mortgage repayments – and you are able in most cases to offset a lot of costs associated with rental property ownership. The income amounts you can derive from rentals depend on the location, size and upkeep of the property.

Stock market

Those who have mastered buying low and selling high will propser in stock market trading.  If you have extra funds lying around, now is a good time to buy stocks as the markets are down and stocks are under-priced.Keep hold of your stocks and only sell them when prices rise. 

When trying to earn passive income, experts believe you should diversify – spread your risk. Diversification assures you of constant income streams and prevents you from losing all your money in case an investment fails.

Perhaps of all of these, the one that costs the least amount to set up is the online option.  If you attend a quality internet marketing course, for instance Fast Web Formula run by an expert like James Schramko, you will be equipped with the skills needed to make money online.  However, whichever way you choose to earn money while still employed, the keys to success are getting the right mindset – the millionaire mindset – and taking advice and mentorship from proven experts.

About Ryan Perry

Ryan Perry has taken his 10+ years of business ownership and hands-on marketing skills and focused them on online marketing. In April of 2009, he started Simple Biz Support with an emphasis on Search Engine Optimization (SEO). Ryan is propelling local business websites to the top of Google, Yahoo and Bing resulting in increased market exposure and revenue for his clients using a variety of internet marketing tools including blogs, article submissions and video. Additionally, Ryan speaks and vlogs (video blogs) about internet marketing, educating business owners how to effectively use various SEO tools and techniques to promote their business on the internet. Ryan currently resides in Santa Rosa, CA. Connect with Ryan on Google+