Have you started to review your financial plans? If the dawning of 2020 brings you more stress, higher living expenses and a salary increase that would probably fall short of expectation, have you thought of creating new sources of income to maintain or uplift your living standards? Here are 5 suggestions you may consider:

1.  Look for a suitable investment opportunity

Since the 2008 financial crisis, the world has been living with low-interest rates. High-dividend stocks and bond markets were flooded with large amounts of money, bringing down the return of these conventional asset classes.

To increase your investment returns without potential bearing more risks, you may consider “complementary assets’ such as floating-rate loans, preference shares and covered calls selling. Although it’s not easy for retail investors to lay hands on these assets, they have low correlations with conventional asset classes and are less sensitive to interest rate changes, offering extra returns while creating a more diversified investment portfolio. However, as with any investment, investors must have a full understanding of the relevant characteristics and risks of the asset class before making a purchase decision.

2.  Sell things you don’t need anymore

Used mobile phones, computers, handbags or cameras may mean nothing to you anymore but they could be valuable to other people and potentially bring you some extra income as well. Consider re-selling them online or in a second-hand market. Besides making money, you could free up some space at home and be friendly to the environment as well!

3.  Become a KOL or influencer

Influencers are in great demand these days, thanks to brands who like to soft sell. Micro-influencers, who may only have several thousand followers, could also win the heart of big and small brands in a variety of industries.

Whether it’s travel, cooking or parenting, sharing your interests and views on your personal website or social media platforms and managing your content well could draw advertisers’ attention. You may get minimal or even zero income at the start but free product trials, free meals and event invitations are awaiting.

4.  Become a pet sitter

No interests to share or no used stuff to re-sell? Sell your time to take care of other people’s pets, like walking a dog or looking after a cat for a day. The matching platform on some websites allows you to fill in the service you want to provide and receive enquiries or orders from pet owners directly.

5.  Sell your skills

You may have a valuable skill but you just don’t know where to capitalize it. Now, there are websites acting as platforms to connect skill-providers with employers. Whether you’d like to teach how to play a musical instrument or offer private classes on magic tricks, simply describe your skills and upload a personal profile with your relevant experience or qualifications. Once the first customer knocks on the door, a new source of extra income is coming your way.

Be it an old belonging, skill, time or money, you can always live a better life by wisely utilizing the resources you have on hand. If you invest your money in the right products, you may even secure an extra stream of regular income, enabling you to spend more time with your family and develop personalinterests.

To invest smartly, please visit BlackRock website to learn more about different investment solutions available to you.