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12 Ways to Earn Money Without Being Employed

12 Ways to Earn Money Without Being Employed

Unemployed individuals don’t need to despair anymore—there are tons of online opportunities for gaining money. What’s more, the joy of earning money without being employed is much more pleasurable than you could imagine. You have plenty of options to choose from without even focusing on a particular niche and with very little hard work.

Being unemployed also gives you much freedom for personal development and investing in your personal growth. You can improve your personal skills daily and become better and better with each masterpiece created. You can reap all these benefits from unemployed status by following one of the proposed strategies and gain a fair monthly income.

1. Sell or rent your personal belongings.
For Rent Real Estate Sign in Front of House

    If you don’t have a job, and need money—who doesn’t?—the first thing you can do is inspect your house. Which objects don’t you need anymore?

    We all have old clothes that we haven’t worn for years, books we never opened or already read, pieces of furniture that have been unused for decades, and so on. Not to mention, everybody owns new pairs of shoes, kept for special occasions (this may be the right time to put them to a good use), accessories, car items and more.

    Fortunately, second-hand sales are trendy now. These kinds of objects are not called “used items,” but rather, “unique items.” So gather all the things you can give up and organize a sale. There are many possibilities: yard or garage sales; online sales using special dedicated websites (eBay, Amazon, Gumtree) or sales through putting up ads on social networking websites (Facebook, Pinterest). If you are lucky enough to own a holiday house, a caravan, or even a boat, start renting them out.

    There are always people willing to pay for some days of relaxation or adventure. If you plan on going on holiday, take advantage of this and rent out your own room or house. People can do this on Airbnb. If you want to go even further, try this: rent out your parking space while you are away. This method can bring in lots of cash if you live in a central or busy area of the city.

    2. Take care of pets.

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    dog walking

      Do you just love animals? Don’t have money to buy one or to raise it? You can actually spend time with your favorite kind of animal while receiving cash through pet sitting and dog walking. Many people have multiple pets but are too busy to give them the care and attention that they need. During the holidays, many owners travel to visit their families, and will need someone to look after their furbabies while away.

      Find these kinds of jobs by handing out flyers and by adding posters to the local community board. You can also find pet-sitting websites, like Pawshake, Sittercity, Care.com. These sites serve as a platform that connects pet sitters with needy owners.

      3. Use your creative skills.

      photographing

        Almost everyone has a weird hobby or a skill they acquired for fun. Maybe you like to knit, make homemade cosmetics, and or create jewelry. Whatever your talent may be, you can make money from it on websites like Etsy. Pinterest is also a good place to display and sell self-made things.

        If photography is your hobby, try licensing the images on Getty through Flickr. There are tons of websites and businesses that are willing to pay you for your stock photos.

        4. Work online for busy persons.

        work online

          There are dozens of busy individuals who need assistance in researching for materials. Machines cannot always do this, so they must hire someone. If you want to be that person, then create an account on Amazon or Shorttask and start looking for jobs.

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          5. Complete online surveys.

          online survey

            Earn some pocket money by filling out surveys. Of course, you will not get rich just by answering questions; however, you can get paid small sums of cash for this task. Compensation varies by website, so check the terms and conditions thoroughly. Also, be on the lookout for scam platforms that pay nothing in the end.

            A good place to start is Mysurvey.net. Here, participants earn points that can be transformed in gift cards for websites like JB Hi-Fi, Myer and Woolworths. Other platforms just pay users in cash.

            6. Be a universal repairing man.

            repairing

              Every city has citizens who need help with keeping their houses clean and functioning. Some of them don’t have time, while others are not good at fixing things.

              If physical labor is something you don’t mind, go out there and get paid for it. Be it cleaning, painting, mowing, and so on—these kinds of activities can bring in honestly-earned money. AirTasker is a great place to find such tasks.

              7. Become a freelance writer.

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              freelance writer

                Now, if you are a bit of a brainiac and have solid writing skills, you can join platforms like Upwork, Freelancer, Fiverr, iWriter and so on. These place are visited by thousands of writers worldwide.

                And here is the reason why—writers can choose the projects they love the most, work on appealing texts, and get a fair amount of money, all while working at your own pace. However, you must keep in mind that every task has a deadline that must be respected, so you’ll need to practice self-discipline to make sure you get everything turned in on time.

                8. Become a ghost shopper.

                ghost shopping

                  Do you like inspecting, evaluating and criticizing? Usually, people hate this kind of attitude, but others pay for it. Mystery shoppers are in high demand these days.

                  They go to restaurants, shops, hotels and other places, and pretend they are just a regular customer. Then, based on their personal shopping experienced, they fill in some reports, which are then used to grade employees. You can apply at MysteryShopping.com if this sounds appealing to you.

                  9. Cook for others.

                  cook

                    Cooking is not for everybody. Not to mention, there are millions of people out there who don’t have the necessary time and energy for this activity. So if you have impressive cooking skills, take advantage of this gift. Here are some ideas of earning money from cooking: organize a dinner at your house and ask people to buy tickets to attend to it.

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                    This is in high fashion in Australia, and websites like Eatwith have become famous. You could also hold cooking lessons at your house. Try posting ads saying that you are willing to cook for busy individuals in exchange of a fair payment.

                    10. Try tutoring.

                    tutoring

                      Tutoring is the number one activity for making instant money. Students are looking for all sorts of lessons—foreign languages, math, science, chemistry, etc. Foreign languages are in great demand, but other complex subjects are paid better.

                      11. Participate in medical research and clinical trials.

                      medical research

                        This is definitely not a good idea for everybody. However, there are enough individuals willing to offer themselves to science for some bucks.

                        Before deciding to take part in a trial, carefully read the risks the participants are exposed too. Take them seriously—health is not something to treat lightly.

                        12. Participate in focus groups organized by big companies.

                        focus groups

                          Opinionated people are welcomed in focus groups. Focus groups are led by marketing companies that want to find out more about people’s ways of thinking when it comes to buying something. The experience is actually often enjoyable and you can even get paid up to $100 or so.

                          Featured photo credit: Poor Frog & Macrography by Hamed Saber via Flickr via flickr.com

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                          Last Updated on September 2, 2020

                          How to Set Financial Goals and Actually Meet Them

                          How to Set Financial Goals and Actually Meet Them

                          Personal finances can push anyone to the point of extreme anxiety and worry. Easier said than done, planning finances is not an egg meant for everyone’s basket. That’s why most of us are often living pay check to pay check. But did anyone tell you that it is actually not a tough task to meet your financial goals?

                          In this article, we will explore ways to set financial goals and actually meet them with ease.

                          4 Steps to Setting Financial Goals

                          Though setting financial goals might seem to be a daunting task, if one has the will and clarity of thought, it is rather easy. Try using these steps to get you started.

                          1. Be Clear About the Objectives

                          Any goal without a clear objective is nothing more than a pipe dream, and this couldn’t be more true for financial matters.

                          It is often said that savings is nothing but deferred consumption. Therefore, if you are saving today, then you should be crystal clear about what it’s for. It could be anything, including your child’s education, retirement, marriage, that dream vacation, fancy car, etc.

                          Once the objective is clear, put a monetary value to that objective and the time frame. The important point at this step of goal setting is to list all the objectives that you foresee in the future and put a value to each.

                          2. Keep Goals Realistic

                          It’s good to be an optimistic person but being a Pollyanna is not desirable. Similarly, while it might be a good thing to keep your financial goals a bit aggressive, going beyond what you can realistically achieve will definitely hurt your chances of making meaningful progress.

                          It’s important that you keep your goals realistic, as it will help you stay the course and keep you motivated throughout the journey.

                          3. Account for Inflation

                          Ronald Reagan once said: “Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hitman.” This quote sums up what inflation could do your financial goals.

                          Therefore, account for inflation[1] whenever you are putting a monetary value to a financial objective that is far into the future.

                          For example, if one of your financial goal is your son’s college education, which is 15 years from now, then inflation would increase the monetary burden by more than 50% if inflation is a mere 3%. Always account for this to avoid falling short of your goals.

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                          4. Short Term Vs Long Term

                          Just like every calorie is not the same, the approach to achieving every financial goal will not be the same. It’s important to bifurcate goals into short-term and long-term.

                          As a rule of thumb, any financial goal that is due in next 3 years should be termed as a short-term goal. Any longer duration goals are to be classified as long-term goals. This bifurcation of goals into short-term vs long-term will help in choosing the right investment instrument to achieve them.

                          By now, you should be ready with your list of financial goals. Now, it’s time to go all out and achieve them.

                          How to Achieve Your Financial Goals

                          Whenever we talk about chasing any financial goal, it is usually a two-step process:

                          • Ensuring healthy savings
                          • Making smart investments

                          You will need to save enough and invest those savings wisely so that they grow over a period of time to help you achieve goals.

                          Ensuring Healthy Savings

                          Self-realization is the best form of realization, and unless you decide what your current financial position is, you aren’t heading anywhere.

                          This is the focal point from where you start your journey of achieving financial goals.

                          1. Track Expenses

                          The first and the foremost thing to be done is to track your spending. Use any of the expense tracking mobile apps to record your expenses. Once you start doing it diligently, you will be surprised by how small expenses add up to a sizable amount.

                          Also categorize those expenses into different buckets so that you know which bucket is eating most of your pay check. This record keeping will pave the way for cutting down on un-wanted expenses and pumping up your savings rate.

                          If you’re not sure where to start when tracking expenses, this article may be able to help.

                          2. Pay Yourself First

                          Generally, savings come after all the expenses have been taken care of. This is a classic mistake when setting financial goals. We pay ourselves last!

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                          Ideally, this should be planned upside down. We should be paying ourselves first and then to the world, i.e. we should be taking out the planned saving amount first and manage all the expenses from the rest.

                          The best way to actually implement this is to put the savings on automatic mode, i.e. money flowing automatically into different financial instruments (mutual funds, retirement accounts, etc) every month.

                          Taking the automatic route will help release some control and compel us to manage what’s left, increasing the savings rate.

                          3. Make a Plan and Vow to Stick With It

                          Learning to create a budget is the best way to get around the uncertainty that financial plans always pose. Decide in advance how spending has to be organized

                          Nowadays, several money management apps can help you do this automatically.

                          At first, you may not be able to stick to your plans completely, but don’t let that become a reason why you stop budgeting entirely.

                          Make use of technology solutions you like. Explore options and alternatives that let you make use of the available wallet options, and choose the one that suits you the most. In time, you will get accustomed to making use of these solutions.

                          You will find that they make it simpler for you to follow your plan, which would have been difficult otherwise.

                          4. Make Savings a Habit and Not a Goal

                          In the book Nudge, authors Richard Thaler and Cass Sunstein advocate that, in order to achieve any goal, it should be broken down into habits since habits are more intuitive for people to adapt to.

                          Make savings a habit rather than a goal. While it might seem to be counterintuitive to many, there are some deft ways of doing it. For example:

                          • Always eat out (if at all) during weekdays rather than weekends. Weekends are more expensive.
                          • If you are a travel buff, try to travel during off-season. You’ll spend significantly less.
                          • If you go shopping, always look out for coupons and see where can you get the best deal.

                          The key point is to imbibe the action that results in savings rather than on the savings itself, which is the outcome. Focusing on the outcome will bring out the feeling of sacrifice, which will be harder to sustain over a period of time.

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                          5. Talk About It

                          Sticking to the saving schedule (to achieve financial goals) is not an easy journey. There will be many distractions from those who are not aligned with your mission.

                          Therefore, in order to stay the course, surround yourself with people who are also on the same bandwagon. Daily discussions with them will keep you motivated to move forward.

                          6. Maintain a Journal

                          For some people, writing helps a great deal in making sure that they achieve what they plan.

                          If you are one of them, maintain a proper journal, where you write down your goals and also jot down the extent to which you managed to meet them. This will help you in reviewing how far you have come and which goals you have met.

                          When you have a written commitment on paper, you are going to feel more energized to follow the plan and stick to it. Moreover, it is going to be a lot easier for you to track your progress.

                          Making Smart Investments

                          Savings by themselves don’t take anyone too far. However, savings, when invested wisely, can do wonders.

                          1. Consult a Financial Advisor

                          Investment doesn’t come naturally to most of us, so it’s wise to consult a financial advisor.

                          Talk to him/her about your financial goals and savings, and then seek advice for the best investment instruments to achieve your goals.

                          2. Choose Your Investment Instrument Wisely

                          Though your financial advisor will suggest the best investment instruments, it doesn’t hurt to know a bit about the common ones, like a savings account, Roth IRA, and others.

                          Just like “no one is born a criminal,” no investment instrument is bad or good. It is the application of that instrument that makes all the difference[2].

                          As a general rule, for all your short-term financial goals, choose an investment instrument that has debt nature, for example fixed deposits, debt mutual funds, etc. The reason for going for debt instruments is that chances of capital loss is less compared to equity instruments.

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                          3. Compounding Is the Eighth Wonder

                          Einstein once remarked about compounding:

                          “Compound interest is the eighth wonder of the world. He who understands it, earns it… He who doesn’t… Pays it.”

                          Use compound interest when setting financial goals

                            Make friends with this wonder kid. The sooner you become friends with it, the quicker you will reach closer to your financial goals.

                            Start saving early so that time is on your side to help you bear the fruits of compounding.

                            4. Measure, Measure, Measure

                            All of us do good when it comes to earning more per month but fail miserably when it comes to measuring the investments and taking stock of how our investments are doing.

                            If we don’t measure progress at the right times, we are shooting in the dark. We won’t know if our saving rate is appropriate or not, whether the financial advisor is doing a decent job, or whether we are moving closer to our target.

                            Measure everything. If you can’t measure it all yourself, ask your financial advisor to do it for you. But do it!

                            The Bottom Line

                            Managing your extra money to achieve your short and long-term financial goals

                            and live a debt-free life is doable for anyone who is willing to put in the time and effort. Use the tips above to get you started on your path to setting financial goals.

                            More Tips on Financial Goals

                            Featured photo credit: Micheile Henderson via unsplash.com

                            Reference

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