Learning how to make extra money can be a tremendous benefit for your financial life. It releases the burden of feeling like you always don't have enough money to save or enough to enjoy life while saving at the same time. Even if you make just an extra couple hundred bucks, it can make all the difference between you being stressed out and taking a sigh of relief.
Some reasons to make extra money can be:
- Pay off debt quicker
- Save for a down payment on a house
- Invest in courses or books to learn more
- Invest in company stock to build up a net worth and retire sooner
- Make you feel more productive and in control of how much you make
- Not rely on one source of income
Even if you have a full-time job, sometimes you might feel stuck or trapped in a position you despise or believe you're ready to be promoted to receive a boost in salary, and it's just not in the cards for you right now the way things are playing out.
I know that feeling, because in the insurance industry, everything takes forever. From receiving paperwork to moving up the corporate ladder, it's such a drag it feels like the slowest moving thing on earth.
But that's the price you pay for choosing a very safe career path I suppose. Less risk, but more years to put in before you make the average bucks. Insurance on your career. Hah! See what I did there.
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With that being said though, here are 24 ways to boost your income:
Create a blog
So this is definitely my favorite way to earn money from home. I like it the best, because it's a great way to essentially journal your life and be able to talk about whatever is on your mind. Since I've taken a few years to learn about investing and how to make a little extra cash on the side to put away for my retirement, I've chosen to write about just that!
And even though as of this moment I haven't earned anything yet from the blog since I just started writing posts, to me it's still fun because it's a side gig that is solely my own. I don't have to consult with anyone before I decide to start working on it. I can write about whatever topics I want and at my own pace.
To see what the potential lies out there for you concerning income, check out Michelle Schroeder-Gardner's 2017 December Online Income Report. It's incredible how much she's made so far through hard work! While she was working on the blog when she had a full-time job, she made as much as over $11,000/month.
So say you could potentially make even $5,000/month while you have your full-time job. That's $60,000. Estimate after expenses and taxes the total is $33,000 (Not sure how accurate that is, but go with it). If you were to keep that pace for say even just 15 years, stopped saving that money after the 15 years and invested it in an S&P 500 index fund, in 40 years you would have $5,309,949.40! On the other hand if you waited to invest 15 years later and only saved that money, you would have $2,686,579.16.
Either way, it's still a lot of money, but I just want to show you how important it is to not spend the extra money, and invest it. Make more, save more, invest more. Boom. Click here to learn how to get started.
Become a virtual assistant
This day in age is a perfect opportunity to become a virtual assistant. The internet has allowed so many people to become experts in specific niches and areas dedicated to websites. You can become a social media manager, a Pinterest specific virtual assistant, a content editor, schedule appointments, email engagement manager, etc.
All you need to think of are tasks that someone who runs a business or site would want to delegate and offer to do those for them. According to The Frugal Ginger, the average wage for a beginner virtual assistant is $15/hour. Say you put in 10 hours a week as a virtual assistant. That's $150. Annually that turns into $7,800 or after taxes around $5,000. That right there almost fulfills the maximum amount for a Roth IRA account. $5,000 earned and invested at 7% for 40 years turns into $1,142,920!
Test websites with UserTesting.com
This site is pretty cool. It literally pays you to test websites. You get $10 for each website you review and test. You also get an additional $15 per site you test on your phone. It's not difficult to qualify for the job, because they want real world people who would be casually looking at these sites on their own time.
So let's say you got familiar with how it works. You decide you want to test 3 sites a week, all on your phone. That's $2,340. Saving and investing $2,340 for each year for 40 years investing in an S&P 500 index fund could earn you up to $534,886.62.
Sell products online like on Amazon or Shopify
I've seen plenty of success stories using Amazon as a way to make extra income. Whether it's from a drop shipping business, selling ebooks or hard cover books, or finding a niche market and reselling products at a higher price, people have found a way to make thousands of dollars. Check out this article on how this couple managed to make $100,000+ per year from Amazon's FBA program.
Say you even were able to make $30,000 a year as a side gig from this and $15,000 was the net profit after taxes and expenses. If you save and invest the $15,000 each year in the S&P 500 Index fund for 40 years, that could turn into $3,428,760.42 with a 7% rate of performance. Not too shabby.
This is something I personally have always wanted to get into but never found the time to learn (I know, I know). If you already know a programming language or even HTML and CSS, reach out to sites or go on freelance networks like UpWork or Fiverr to build up your resume. There are also great boot camp schools if you are willing to invest the time and money to make a career change and attend one. Here is a list of the top programming schools for 2018 provided by SwitchUp.
According to Sokanu, hourly wages typically start at $21.37. Even if you found 2 hours a day to work on a project for someone with a $21.37 rate, that turns into $15,600. Sure you probably won't put in two hours a day on this, but maybe you can plan ahead and put in 3 hours for two days to free up a day. You know the drill: Say you take the $10,000 and save and invest it for 40 years at the 7% rate in the S&P 500 index fund, it turns into $2,285,840.28. Bingo.
You can also become a freelance proofreader. You can make a substantial amount on the side as a freelance editor/proofreader. Here’s an article where someone was able to make $30,000 in 10 months as a proofreader. Granted, this was her full-time job. So say you can reasonably make $12,000 in one year by putting in a third of the time she did. After taxes and expenses that could come out to be around $7,500. With the same formula for saving and investing that amount over 40 years at a 7% rate, that can turn into $1,714,380.21!!
Create an online course and post it on Udemy
Creating a course online for sale in general is one of the best ways to make more money along with blogging in my opinion. Once you put in the hard work, it's essentially done and all you need to do is promote it and maintain it. The hardest part is over and you get to watch your dedication pay off.
Here is a great article on how a former high school teacher made $1 million from creating courses on Udemy. So say you put in the time and are able to make $100/month. That adds up to $12,000. Estimate the net total to be around $7,500 and you've got $1,714,380.21 again if the entire amount was invested in an index fund for 40 years with a 7% performance rate.
This is a new program I came across a few weeks ago. You may be able to teach English online to children from your own home! VIPKID is a company that allows people to work from home, allowing you to create your own schedule and earn around $17-$21/hour. Some teachers earn up to $1,000/month or more. The best part is you don't need a teaching degree.
You do however, need a 4 year degree in something.
So let's say you work 10 hours a week for 48 weeks for $17/hour and net around $5,300. That alone also almost fulfills your maximum for a Roth IRA! If you saved this every year and invested the same way I gave examples for in the previous options, this could turn into $1,211,495.35.
Freelance work from Reddit
This might be easier to get some extra work than going to the traditional sites like Fiverr and UpWork just because there will be fewer people on here. Obviously a lot of people go on Reddit, but there are so many subreddits, it's hard to keep track of everything out there. The chances could be in your favor if you look hard enough.
Here are the three subreddits I found that have been very helpful for others in finding freelance work:
I immediately saw a posting that pays $50-$100 a day sending emails. Not sure how promising it is, but say it was for $50/day two days a week. That's around a net of $3,380 a year for minimal effort. With the same formula as the previous examples, that can turn into $772,614.01 for hardly doing much work to be honest. Not too shabby.
Obviously this is usually for people who are comfortable being in front of the camera and most likely have had a lot of practice if they are making a significant amount of income. But you have to start somewhere! The YouTube Partner Program enables you to make money from advertisements on your videos.
Soo basically if those parents are smart, say he did that for only 5 years, until it gets creepy he's still playing with little children's toys at 13 years old, and the parents investing the net profit of say around $700,000. That could turn into $10,404,440.04 in just 15 years.
Sell your old stuff
If you look through all of what you own, chances are there's a lot you'd realistically consider junk if it wasn't yours. There's more chance than not someone will buy whatever you don't want. Another person's trash is another person's treasure! A few places you can sell your old things are eBay, Bonanza, eBid, Etsy and yes, even Facebook.
eBay, everyone knows about. It was all the rage in the 90s. Selling items online doesn't get mentioned still to this day without hearing someone say eBay. All you have to do is create an account, list the items you want to sell, upload the pictures and boom, you're all set. However, the fees can be a bit steep at $.30 per item plus 10% of the sale price of the item. Here is some great advice on how to get started from someone who runs a now $25 million business selling things on eBay. According to WebRetailer, 34.3% make under $10,000 a year. Even if you made say $3,000 a year minus taxes, you could turn that into $445,738.85 at a 7% rate saving all of it and investing for 40 years. Cool beans.
Bonanza is similar to eBay. However, the cost for listing what you're looking to sell tends to be a bit cheaper. According to the site, there are around 50,000 sellers with around $23 million worth of items sold to date. Even if you were able to sell only $1,000 in your experience with Bonanza, if you invested it, it could turn into $14,974.46 from doing nothing with it in an index fund.
Etsy was famous a few years ago for allowing people to be able to sell their crafts they created. Or unless your items are considered vintage (20 years or older), you can also sell these items on the platform.
Listing an item costs $.20, and if you sell your item, Etsy's fees are 3.5% of the sale and 3% plus $.25 for payment processing. That may seem like it's pretty expensive, but the site has over 31.7 million buyers as of November 2017. Lots of opportunity for you to make some extra money. Here is an awesome post from The Penny Hoarder how one mom earns $70,000/month. Imagine if she invested all of that money. That's around $500,000 a year more or less after taxes and expenses. If she put that amount away for 30 years for just one of the years it would turn into $3,806,127.52. If she was fortunate to invest the total net income every year, that would turn into an incredible $54,342,648.20.
Facebook was new to me when it came to selling items. I admit I just realized that little house/shop looking icon on the bottom of the screen of your phone is their marketplace to sell items. I think it looks really cool, it seems convenient for a Facebook user to list something they're interested in selling. I found so many random things like Jordans, a PS4, a Super Nintendo classic and even a Range Rover! Here is a short helpful article how this person made $520 on the platform. Not bad at all! It doesn't seem like much but even that invested for 40 years at 7% turns into $7,786.72. It might not look like much, but remember this gives you more incentive to save more and invest more.
Rent out a room in your house/apartment
If you're strapped for cash or have unused space where you're living, renting out the space could be a great way to make a little extra money. A great platform for this is Airbnb. I even found a posting where someone was renting out their couch for $10/night! You could literally make $13,000 a year if you rented out your couch 5 days a week. If you invested that entire amount after taxes in an index fund, that could turn into $134,770.12 in 40 years!
Go to a garage sale and resell items you think should be worth more
I've read plenty of stories of people who have developed an eye for this kind of stuff, and they've made a great living out of it! This is particularly fruitful when it comes to estate sales. Sometimes the families don't realize the value of the items of the family member who passed away.
If you have a trained eye, you can end up making a decent amount of money. Here's an article on someone who makes up to $20,000 a year on garage sales. Say you were even able to make just $1,000 a year and you invested the total amount in an index fund for 40 years. If you kept this up the whole time, you could have $228,584.03 extra by the end of it. Not bad huh?
Give sports/music lessons
When I was in high school, I would give soccer lessons during the summer to kids younger than me. I posted flyers throughout the town, and it was surprisingly very lucrative (at least for a high schooler). I was able to charge a rate of $60/hr! To me, just one lesson was a crazy amount of money. But I was able to get two lessons a day at least for five days a week! Some weeks I made up to even $800, it was awesome. It was such easy money, but parents were willing to pay for it to have their kids taken off their hands for a little, it was great!
So even if you're still in school and did this for a summer, you could make around $7,000 if you gave three lessons a day five days a week for two months. If you invest the $7,000 super early in an index fund, that can turn into $104,821.20 in 40 years. If you do it for 4 years and save and invest all of it, it can turn into 379,905.14!
Give e-commerce a shot with a platform like Shopify
Shopify is an e-commerce platform that has more than 500,000 sellers using its site. The company claims there are 500,000 active stores with $46 billion in sales to date. It's apparently very easy to get a basic store up and running on the site and is 100% hosted, which is nice if you aren't tech savvy, like myself!
Some cons about using the platform are things like there is no real-time shipping or discounts in less expensive plans available. There is also no one-page checkout. Overall though, I've found the site receives great reviews.
A lot of times people use Shopify and pair it with Oberlo, which is a drop shipping company that allows you to have inventory in your online stores. Here is a step by step guide I found on Oberlo's site explaining how to create an online store with Shopify and Oberlo.
Oberlo is basically a marketplace where you can find a huge variety of products from suppliers who provide fully automated order fulfillment services. People open their stores on Shopify and use Oberlo to provide the products they are selling. If you do the research beforehand to see what niches sell well, you can become pretty successful. Here's an article I found on the Huffington Post showing how someone was able to do this. Sure this is a one of a kind success story, but even if you were able to make say $100/month net, while keeping your day job, you would be making an extra $1,200. Saving and investing that much alone every year for 40 years in an index fund would produce $274,300.83.
Make $11,520 extra this year playing with cats
Here are some great cat sitting sites I found. They also include other pets, but cats are the least maintenance of them all in my opinion, so I figured that's a more preferable option. Here they are:
I found the average rates on these ranged from like $12/hr to $50 a day/night. Even so, if you put in four hours a weekend day or at least two hours twice a week to hang out with the same pet, instead of 3 different ones every 40 minutes, that's still great. It takes away the time commuting to each place. Even doing this for 48 weeks at a $12/hr rate would bring in $4,608 for the year. Saving this and investing it for 40 years give you around $1,053,315 extra money for your nest egg.
Recycle old smartphones on Gazelle
It’s a really easy, convenient way to make some extra money if you have an older iPhone or Android lying around. You obviously won’t get the original price you paid for it, but hey, it’s better than nothing.
On Glassdoor, the average salary for a part-time bartender is $14,427. That's pretty damn good. I was going to try to be a part-time bartender while I was looking for my first job, but then I got a job sooner than I thought so I never ended up pursuing it, but I always thought it was a great side gig.
I thought it would be cool to learn how to make drinks for when I have friends come over to my future apartment! Which is now, and I don't know how to make many..womp.
Even just the $14,427 investing in an index fund for 40 years at 7% without adding another dime turns into $216,036.
This is also a very lucrative side hustle if you've been living under a rock and don't know. Let's be real, those babysitters aren't paying any income tax on that cash. Depending on the area you live, I know some people when I was in high school who would get $40/hr for a 3 hour night.
That's such easy money, all you do is make sure the kids eat if they haven't, put them to bed and watch tv until the parents get home. If you kept doing thing hypothetically for 40 years and reinvested $6,240 each year which is $40/hr for 3 hours once a week for 52 weeks, that turns into $1,426,364.
Be an Uber or Lyft driver
The average hourly wage for an Uber drive is $15.68 while the hourly wage for a Lyft driver is reportedly $17.50. That adds up to $6,522/year for 8 hours on a weekend, and $32,610 in 5 years for Uber and $7,280/year for 8 hours on the weekend, and $36,400 in 5 years for Lyft.
I also see plenty of drivers signed up for both to increase their chances, so that's also a good strategy. Uber profits invested for 40 years in an S&P 500 index fund turns into $1,490,825 while Lyft turns into $1,664,091.
There are several companies online that allow you to make some extra cash for giving them your input through surveys.
Here is a list I found that won't take up a lot of your time in return for some money:
- Pinecone Research
- Inbox Dollars
- VIP Voice
- Opinion Outpost
- Survey Junkie
- Harris Poll Online
- American Consumer Opinion Panel
I know some people who have made literally $5,000 in a year from surveys. That’s almost an entire Roth IRA limit! Reinvested for 40 years in an S&P 500 index fund turns into roughly $1,142,920.
Deliver for PostMates
It’s a similar idea as Uber and Lyft, except instead of driving people around, you’re delivering groceries for people. Their site states you can earn up to $25 an hour. That’s not too bad especially considering you’re just driving around. Say you did this for 4 hours on a Saturday and 4 hours on a Sunday for 52 weekends. That would turn into $10,400. That reinvested in an index fund for 40 years turns into $2,377,274.
Get a job on TaskRabbit
According to Nerd Wallet, some people charge as much as $70 per job. If you performed say even just 4 jobs on a weekend that take no more than 2 hours each for 52 weeks a year, that’s an extra $14,560 a year. If reinvested for 40 years in the S&P 500 index fund, that turns into $3,328,183.44.
Again, I know that’s a long time and you probably wouldn’t do that for 40 years, but just for demonstration purposes, that’s how much compound interest helps grow your nest egg for retirement.
Create an online course, not on Udemy
Creating a course can be extremely lucrative. If you have a large following and a reputation for being an expert at something, it’s a huge opportunity to showcase your skills and help people. By using the advantage of creating a large following and charging a premium for your product, you can make tons of money. Michelle at Making Sense of Cents just last month made $28,935 from her affiliate marketing course.
That’s literally $347,220 a year if you assume (which of course it’s very unlikely) that she makes the same amount each month; some months it’s higher!
Not taking into account for taxes, because I don’t know what her tax rate is, if she invested that full amount into an index fund and made the same amount for 40 years just from her course, that would turn into a whopping $79,368,946.09.
This is why I keep saying you should try to blog, because you could make money from that and create your own course after you have a following. You could then finally live life on your own terms and work only when you wanted to.
Finding new ways to make extra money and combining the list with previous ones from past posts is always fun for me, because I want to try to help you see all the potential ways you can make extra money. It doesn't have to be complicated. You could make money from a skill you already have that people would pay you for. Just take a few minutes and write your skills on a piece of paper and see what's one you think you can make the most money from that you would enjoy doing. It's worth it!
What are some ways you like to make extra money on the side of your day job?
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