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8 Great Ways To Earn Extra Cash

8 Great Ways To Earn Extra Cash

Budgeting is often viewed as a necessary evil, and a lot of people try to make due with a reasonable salary as best as they can. In a lot of cases, saving up for some luxuries simply isn’t a realistic option, as there just isn’t enough money to go around.

A good way to boost your budget a little bit, if you’ve already got a full-time job, is to find an additional source of income. This should be something that doesn’t require too much of your time, as you still want to have some free time left for yourself in the day, but still pays decently well.

Since people have different skills and sensibilities, we will be looking at a number of effective ways to earn some extra cash.

1. You can take online surveys

Elite Survey Sites

    The gist of this fairly straightforward money-making method is that you log onto a website, complete a survey and get paid a certain amount of money for it. Some websites will have fairly regular surveys for the users to complete, earning you anywhere from $1 to $5 for shorter survey that can be completed quickly, while some can get you up to $10.

    There is also the odd opportunity like reviewing a website or evaluating a book, both of which which can land you up to $30 and $60 respectively.

    Getting paid to take surveys online is an easy and safe way to earn a little extra cash, as long as you focus your attention on the better websites like the ones mentioned here, but it won’t make you a millionaire anytime soon.

    The good thing about them though is that you can bite off as much as you want to chew, and you can combine paid surveys with other options listed in this article without losing too much of your own free time.

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    2. You can write and publish a cheap romance novel

    Smashwords

      While great classical minds like Cicero lamented about the state of the world in which children don’t listen to their parents and everyone is writing a book, the truth is that it’s evidently been like that for centuries now, and there is no reason why you shouldn’t take advantage of this fact.

      You’d think that there is a lot of competition out there, but despite the sea of cheap thrillers, fantasy and romance novels out there, people seem to want more and more.

      If you have even the slightest bit of writing talent, or at least have a decent idea and aren’t completely illiterate, there are user-friendly platforms like Smashwords that can help get your novels out there. The drawbacks here are that the process is time consuming and requires at least some creativity, but it can be a long-term project that you slowly complete over the course of a few months, writing whenever you find the time during the day.

      With time, you’ll get better, and if you can put that into your book, you are looking at a decent amount of additional income.

      3. You can hold online English classes on Skype

      SkypeEnglish

        With the advent of platforms like Skype, it has become very easy to connect with people from around the globe, and even teach classes face-to-face with someone from another continent. Since English is a language spoken in most countries across the world, there is a big demand for English language teachers, especially in Japan.

        There is a $10 yearly fee, it’s simple to sign up for it and the money is decent – $5 for a 25 minute class and $10 for a 50 minute class – but it does require a decent amount of work and good people skills.

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        There also may not be a position available at all times, so you can end up waiting a while for a job opportunity to present itself.

        4. You can provide a unique niche service on Fiverr

        Fiverr

          Fiverr is a great platform where people can offer all sorts of services for a nominal fee, starting from $5. The best thing about it is that you have free reign to choose any type of service you would like to provide – from proofreading and songwriting to drawing cartoon version of people, web development and animation.

          But, as to be expected, there is a lot of competition.

          This is why you need to find a unique niche to cater to, something specialized for which you can quickly become the go to person. Everyone has some interesting talent, a skill set developed over the years or even a hobby that can be monetized, so Fiverr can be a good opportunity to supplement your income.

          5. You can sell your old textbooks

          Amazon sell books

            Higher education is an important thing to have, but going to university will set you back quite a bit in student loans. Textbooks can be costly as well, and over time, you will be left with a whole bunch of textbooks that you no longer need.

            You can make some of that money back by selling your used textbooks online. Selling your old textbooks on Amazon is pretty simple, and you can get a good deal for them, as long as they are in good condition and the ISBN number matches that found on the website.

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            6. You can dabble in stock photography

            Stock photo websites

              There are tons and tons of content being uploaded online every day, and a lot of it features at least one image. Everything from blog posts to homepage backgrounds may feature a quality image, so there is plenty of work to be had as far as stock photos go.

              Most stock photo sites offer about 50-60% of each sale to the artist, and if an image proves popular, it can earn you a nice sum. Of course, you need to invest in good equipment to set up a small studio and need to have some talent and experience, so it is not something that everyone can just pick up as an additional source of income.

              It may also be a while before you see some real profit, and you will have to put in the work. However, if you have already dabbled in amateur photography as a hobby, have some decent equipment and enjoy snapping photos, then you can take the extra step and make some money from it.

              7. You can try to find a gig as a movie extra

              Extras

                If you have a bit of free time on your hands, say on weekends or in the afternoon after your day job, and you’ve dreamed of being part of a movie production, you can try to find a gig as an extra. Unless you are a member of the Screen Actors Guild, you won’t make too much in this line of work, but a few days of shooting a month can provide you with that little extra cash that you need to get your finances in order.

                Now, before you get your hopes up and start planning your Oscar speech, I should mention that this line of work is not for everyone.

                A typical shoot can stretch on for hours on end, and you will be expected to stand around and repeat the same movements over and over again. You are basically adding a number of full workdays, physically demanding ones at that, to your schedule, and the work is not exactly stable – you can go a long time without an offer or get a couple of options during the same week.

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                It’s a bit of a gamble, and it is demanding, but it is also a decent side job overall, especially if you live in a bigger city where a lot of films and TV shows are shot.

                8. You can create a blog and start putting out content

                Wordpress

                  Even if you don’t think that you’d have much to say to the world, there is probably some specialized area that you are skilled in or have spent a good deal of your time learning about. Just as long as you can give some interesting insights, good advice and provide a bit of entertainment to a niche audience, you can create a fairly successful blog.

                  Like some other job opportunities on this list, creating a blog requires you to invest some money – although you don’t really need all that much – and a decent amount of time. It’s also not exactly a quick and easy way to get some cash.

                  You should see it as more of a long-term project that starts out as a fun hobby, and can gradually become a stable stream of extra income. The best thing about it is that it can be your little passion project that takes a couple of hours of your free time, which leaves you enough time to focus on other, more immediate, methods of earning money.

                  Supplementing your income with a less time-consuming and relatively simple side job will allow you to save up some money, get out of debt quicker or afford a few luxuries. These are just some interesting ways to earn a few extra bucks, while still having a bit of free time left.

                  You won’t burn yourself out doing any of these, and can tap into them as little or as much as you want, but they can make a noticeable difference over time.

                  More by this author

                  Ivan Dimitrijevic

                  Ivan is the CEO and founder of a digital marketing company. He has years of experiences in team management, entrepreneurship and productivity.

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                  Published on May 7, 2019

                  How to Invest for Retirement (The Smart and Stress-Free Way)

                  How to Invest for Retirement (The Smart and Stress-Free Way)

                  When it comes to stocks, I bet you feel like you have no idea what you’re doing.

                  Everyone who’s not a financial expert has been there. I’ve been there. But, time is passing and you need to be crystal clear with how you’re investing for your retirement.

                  Otherwise, it’s back to work until you can afford not to. So, how can you invest for retirement when you’re not a financial expert?

                  You take the time to learn the fundamentals well. If you do, you can grow your wealth and retire happy. The best part is that you don’t need to be a financial expert to make smart investment decisions.

                  Here’s how to invest for retirement the smart and stress-free way:

                  1. Know Clearly Why You Invest

                  Odds are you already know why should invest for retirement.

                  But, maybe you know the wrong reasons. It’s time you get clear on why you’d like to retire. Here are some questions to help you get started:

                  • Will you spend more time with your family?
                  • What does retirement mean to you?
                  • Are you looking to launch that business you’ve been holding off for years?

                  Everyone wants to retire but not for the same reasons. Once you’re clear for why retirement is important for you, you’ll focus on making it happen.

                  Investing in the stock market allows you to take advantage of compound interest.[1] All this means is that your money earns money on top of its interest. A reason why investment in the stock market is one of the best ways to plan for retirement.

                  2. Figure out When to Invest

                  “The best time to plant a tree was 20 years ago. The second best time is now.”– Chinese Proverb

                  It’s true if you’d had started investing when you were 10 years old, you’d have a lot more money than you do today.

                  The reality is that most people don’t start investing until it’s too late. So, if you’re currently waiting for the perfect time to start an investment, it would be today. Open your calendar and block out 2 to 3 hours to choose how you’ll invest for retirement.

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                  A quick way to get a snapshot of where you stand is to use Personal Capital. Input all your personal information and spend some time setting your retirement goals. Once completed, you’ll know where you stand with your retirement.

                  Having a savings account for retirement isn’t planning for retirement. Why? Your money loses value when you factor in US inflation.[2]

                  3. Evaluate Your Risk Tolerance to Create the Perfect Portfolio

                  Investing your money well depends on your emotions.

                  Why?

                  Because when the market drops most people panic and withdraw their money. On average, the US stock market yields an annual 6% to 7% ROI (return on your investment.) But, this won’t happen if you’re worried about short-term loses.

                  Before you invest your next dollar, know your risk tolerance.[3] Your risk tolerance determines the number of risky and safe investments you’d have.

                  Regardless of your investing style, you need to view investing for retirement as a long term game. Know that some years you’ll lose money but recoup this in the long-term.

                  Avoid watching market-related new. Also, create a double authentication to log in your investment account. This way you’re less likely to withdraw your money.

                  4. Open a Reliable Retirement Account

                  Depending on your circumstance, you may need to open a new brokerage account. This is the account is where you’ll invest your money.

                  If you’re currently working for a company, odds are that they offer a 410K investing account. If so, here’s where you’ll invest most of your money. The only problem with this is that you’re limited to the stock options that are available.

                  You do have the option to open a separate IRA (individual retirement account.) Here are some of the best brokers:

                  1. Vanguard
                  2. TD Ameritrade
                  3. Charles Schwab

                  5. Challenge Yourself to Invest Consistently

                  Committing to invest for retirement is hard, but continuing to do so is harder.

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                  Once you’ve started investment for your retirement, you run at risk from stopping. Often you’ll want to contribute less, so you’d have more money in your pocket.

                  That’s why it’s important that you create a budget that allows you to invest each month. If you’re working for a company, you can set a percentage for the amount you’d like to contribute each month. Most people by default contribute 1% but aim to contribute 10% to 15%.

                  Be the judge for how much you can afford to contribute after covering important expenses. To stay motivated, use Personal Capital to view your net worth.

                  A benefit to contributing money to your retirement account is not taxed. For example, if you earn $100 and invest 10%, you’d contribute $10, then get taxed on the remaining $90. As of 2019, the most you’re able to contribute towards your 401K is 19K but this can change.

                  6. Consider Where to Invest Your Money

                  The most common way to invest your money is in stocks, but it’s not the only way. Here are other ways to invest:

                  Robo Advisors

                  Robo-advisors[4] are fancy algorithms that’ll choose the best investments for you. Sites like Wealthfront make it easy for first-time investors to invest their money. You’d input information about yourself and set your risk tolerance.

                  Then, set your monthly contribution amount and your robo-advisor would do the rest. Robo-advisors charge a fee to manage your money, but less than regular advisors.

                  Bonds

                  Think of bonds as “IOUs” to whomever you buy them from.

                  Essentially, you’re lending money and charging interest. Like stocks, not all bonds are equal. Some will be riskier than others depending on their rating.

                  Here are the different types of bond categories:[5]

                  1. Treasury bonds
                  2. Government bonds
                  3. Corporate bonds
                  4. Foreign bonds
                  5. Mortgage-backed bonds
                  6. Municipal bonds

                  Mutual Funds

                  Picture a group of people dumping all their money in a jar that’s managed by a professional. This is how mutual funds work. The fund manager manages the money looking to earn capital gains (interest.)

                  One of the best types of mutual funds is index funds. Since these funds don’t try to beat the market and instead follow it, they need less research. Because of this they often charge the lowest fees and yield the best long-term results.

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                  Real Estate

                  Yes, buying a home is an investment when done correctly.

                  Imagine buying a home and using it as a rental property. After repairing it, you receive a monthly surplus check of $100 to $200.

                  This may not sound like a lot, but repeat this process enough times and you’d earn a large amount of passive income. That’s why real estate is one of the best investments to not only retire but become wealthy.

                  But, it requires a lot of money to start and you should expect losing money along the way as you learn the process.

                  Savings Accounts

                  Your money can still grow in a savings account. Nowadays most online banks offer a 2% annual return. Although the average inflation is higher your money will be available when you need it.

                  7. Master Disincline to Dodge Short Success

                  Investing for retirement is a long-term strategy. That’s why you need to master delayed gratification. All this means is delaying short-term pleasure for something bigger in the future. Research shows that those who have delayed gratification are more successful.[6]

                  So how can you master delayed gratification?

                  By building your discipline.

                  Think back to what retirement means to you. A clear purpose will help you avoid withdrawing your money during a market downturn. It’ll help you contribute more towards retirement when you’d want to waste it instead.

                  Your journey towards retirement will be long, so reward yourself along the way. Choose a reward that’s relevant and meaningful, so that you reinforce positive behavior. For example, after contributing more towards retirement, treat yourself to dinner.

                  8. Aggressively Invest on This One Investment

                  I’ve mentioned several types of investments but haven’t covered the most important one.

                  It sounds cliche but here’s why you’re your best investment towards retirement. The more you know, the more money you’ll be able to make. The more good habits you adopt, the more secure your retirement will be.

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                  More importantly, investing in yourself is an investment that no one can take away. There’s no market downturn nor tragic circumstance that’ll wipe your knowledge and experience.

                  But, how can you invest yourself?

                  Reading books, blogs, and anything that’ll help you learn new topics daily. Listen to podcasts and audiobooks on your commute to/from work.

                  Save money to buy courses and hire coaches. I used to believe hiring coaches was a waste of money when I could learn the subject alone.

                  But, coaches see your blind spots and hold you accountable. Hiring the right coach will help you achieve your goals faster than you would’ve alone.

                  Retire Happy with Excess Money

                  The key to a secure financial future doesn’t only belong to financial experts.

                  It’s possible for you and I. What if you were able to retire earlier than most people and weren’t a financial planner? What if you were able to focus on what you enjoy doing the most while your money was working hard for you?

                  I know this sounds impossible now, but the truth is you’re capable of taking charge of your retirement. I’m not a financial expert but I’ve learned how to invest my money by reading books and learning from others.

                  Investing your money is scary. So start small and invest a small amount of your money with a robo-advisor. Feel your money drop and rise for a month or two. Then, invest more and keep this up until you’re aggressively saving for retirement.

                  One day, you’ll wake up with a net worth you’re proud of – confident about your retirement. You now know a few strategies you can use to invest in your retirement. Will you take action to retire happy?

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                  Featured photo credit: Matthew Bennett via unsplash.com

                  Reference

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