There are a number of ways people can earn money. These strategies may become particularly important in times of financial stress (e.g., furloughs and unemployment) when cash flow management is particularly difficult.
Below are ten commonly used ways to make money:
1. Wages and salaries from a job.
2. Unearned income (e.g., interest on savings and dividends and capital gains on invested assets).
3. Net profit from a business, consulting, or other self-employment.
4. Sale of possessions (e.g., a garage sale).
5. Charging adult children (or other family members) room and board.
6. Renting out part of your home to boarders.
7 Obtaining public benefits (e.g., food stamps and energy assistance) that provide money for items that would otherwise have to be paid for with personal income.
8. Bartering products and services that would otherwise have to be paid for with personal income.
9. Trade down to a cheaper home or car and use the difference in costs for additional income.
10. If you are 62 or older and a homeowner, consider a reverse mortgage.
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