A great way to earn an additional income is to find a roommate and rent out a room or your basement at your home. Living with a roommate is not for everyone, but if you can tough it out, in the end your bank account will be smiling and it's just another tactic to inch your way closer to your goal. Remember, think long term and what this money can do for you!
Thinking back to when I first bought my townhouse back in 2002, I should've rented 1 or 2 rooms or even the basement right away. If I had 1 or 2 roommates, the additional income earned would've been awesome! I could've socked that money away and let it sit and earn interest over time. It's always hindsight. Should've...Could've...Would've...Hopefully, if you are young and reading my blog, you should definitely take to heart and rent your place out. I guess on the plus side is - if you have roommates, you certainly won't get bored and will have drinking buddies for sure!
So, with my situation, I know of a friend who's looking to rent. I've reached out to him and will be letting him rent my basement for $600 per month. Of course, I had to get approval from my wife! We've agreed to let him stay till the end of August so that's 6 months of rental income totaling $3,600. The beauty of this is, I don't have to put in any additional work hours to make an extra $600 per month.
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