Good morning! Today, we have a post from Bryan, a personal finance blogger and freelance writer at Gajizmo.com. Bryan graduated from a top-ranked university with a finance degree and has experience working in Mergers and Acquisitions (M&A) and private equity for three years.
In the current economy, many people are looking for ways to earn extra income. Finding ways to make more money might require some creativity, especially with the high level of competition in various industries. It may take time to learn the ropes and achieve success, but with hard work, networking, and choosing a field you love, you can eventually see great results. The best part is that any extra income can be directly added to your savings or retirement fund while your main job covers your daily expenses. While these side hustles may not make you wealthy, every bit of extra cash can help you get closer to your financial goals.
Freelance Work
Outsourcing has become a popular method for small businesses to get tasks done without hiring full-time employees. Websites like Freelancer.com, Fiverr.com, Elance.com, and ODesk.com connect you with clients who need services such as data entry, copywriting, web design, programming, and translation. Your earnings depend on your skills and the time you can commit.
To start, you’ll need to create a profile showcasing your education and experience, and have a PayPal or MoneyBookers account to receive payments. Ensure you work with rated employers to avoid payment issues. Freelancer.com, for example, has a milestone payment feature where clients deposit money in an escrow account, which is released once the task is completed.
If writing is your forte, consider working with larger online media companies like Quinstreet, Investopedia.com, Examiner.com, or Babble.com for more opportunities.
Direct Selling
Direct sales companies like Avon, Mary Kay, and Amway offer opportunities to sell their products directly. While some use party plans, others encourage sales to friends and family. Although there are recruitment incentives, the average direct salesperson makes about $115 a month. Your income depends on the effort and time you dedicate. As an independent contractor, you’ll need to report this income to the IRS.
Alternatively, consider selling products for a local manufacturer or retailer. By opening an eBay or Amazon store, you can help small companies gain exposure and increase sales. This can be a win-win if you negotiate to buy products at wholesale prices.
Sell Clothing
Kids, especially infants, quickly outgrow their clothes, leaving many items in good condition. Consider selling these through consignment shops, which usually take a 10% to 20% commission. This not only earns you cash but also helps clear out your closet.
For a more extensive effort, you can sell clothes online. Take inspiration from Sophia Amoruso of NastyGal.com, who turned a small online venture into a massive $100 million business by reselling fashionable items. By scouring thrift stores for valuable finds, you can also turn a profit.
Start a Small Business or Work Part Time
If you’re skilled in handy work, electronics repair, or yard work, starting a part-time business can bring in extra cash. Advertising through word of mouth, community bulletin boards, and local papers can help you get started. Additionally, services like house cleaning, dog walking, evening childcare, and senior care are in demand. Assess your skills and available time before diving in.
With healthcare requirements under the U.S. Affordable Care Act, working part-time for companies that offer benefits can be beneficial. Businesses like Starbucks, UPS, Costco, and Lowe’s offer good pay and benefits for part-time employees. This might be a great option if you need extra income and health insurance.
Get a Roommate
If you have an extra room, consider getting a roommate to share expenses. Check with your landlord or condo association first if you’re renting or in a condo. Create a written agreement to outline the terms, especially if the roommate is a friend or family member. This can be an easy way to earn extra money each month by sharing your living space.
Sell Unused Items, Including Jewelry
For quick cash, consider selling unwanted or broken gold jewelry. With gold prices at an all-time high, items that are at least 14 karat can be valuable. Silver flatware and serving pieces can also fetch a good price, though silver jewelry usually isn’t heavy enough to be profitable.
If you’re renting a storage unit, consider selling items you no longer need, right from the unit. This can save you on storage fees and provide some quick cash. You might even discover valuable antiques in your own storage.
Use Your Car for Advertising
Some businesses pay car owners to advertise on their vehicles. Payments range from $100 to $600 per month. Simply provide your demographic information on the company’s website, and if chosen, you’ll get paid for displaying ads on your car. These promotions can last from a few months to several years.
Although this isn’t a guaranteed income source, it can be an easy way to make extra money if you have a long commute. The ad wrap doesn’t harm your car, and you can earn with minimal effort.
There are plenty of other ways to earn extra money in your spare time. Using a PC and internet access, you can engage in activities such as completing tasks on Amazon’s Mechanical Turk. With some creativity, you can find numerous opportunities to save for your financial future.