Everyone would like a little extra money in their pockets, right? You work hard for most of the week for a nice pay packet but what if you need more? did you know there are many side avenues available for you to make some extra cash? Earning some extra money might be necessary; urgent car or home repairs may have popped up or perhaps you are dreaming of a new holiday, whatever the motivation, more money equals fewer problems. Making smart moves can save a lot of cash over time like from shopping around for car insurance quotes when it comes time to renew your policy.
The rise of an “on tap” labor force and degradation in union power means the cost of living has risen while wage growths stagnate. Working harder in your current job doesn’t guarantee any you more money. The traditional path to wealth is overgrown and the idea of a lifelong career seems out of sight for many.
So, how do you make more money then? Nowadays you must be inventive if you want that sweet sweet dough. With a little creativity and a lot of hard work it is still possible to make a decent living, here are my top 5 ways of making extra cash.
Make your money work for you.
You may have heard the term ‘money makes money’ and believe me, it’s true. Instead of letting your savings gather dust or be eaten up by a bank, why not put that money to work? Putting your savings in a term deposit can earn you interest on any money you have deposited. Term deposits will keep your money safe for a fixed term, all while paying you interest.
Whilst the best term deposits offer a nice return on your investment, they will lock away your funds until the maturity date. This could be a problem if you need liquid assets. An online savings account can offer the same benefits of term deposits, but with the flexibility of an everyday bank account. No matter what product you choose, investing is a very good way of making more money.
Open an online store.
Widespread access to the internet, as well as extensive supply chians, means online shopping is now big business. Companies like Amazon have made their investors filthy rich and now online shopping far surpasses face to face sales. There are still big pieces of the pie up for grabs and getting your foot in the door isn’t as hard as it may seem.
Distribution models like ‘drop shipping’ enable a store owner to set up a virtual shop and sell products all from the comfort of their computer. Dropshipping forgoes the need for a warehouse at the seller’s end and allows traders to open a shop with little to no capital or floorspace. If you can find your niche, an online store may be lucrative enough to become your main source of income.
Dropshipping Is a good way of selling items but only works if you have a set inventory of premade items. Those with a creative flair can create prints, sculptures or even googly-eyed pet rocks and sell them online to people all around the world.
We are getting fancy with all this talk of term deposits and distribution models, but there is still a place in this world for good old-fashioned labor. There are literally millions of odd jobs that people need to be done but aren’t willing to do themselves, all you need to do is find them. Outsourcing is nothing new, but peer to peer outsourcing offers you an opportunity to easily make extra cash.
Apps like Airtasker pair jobs with workers, giving you access to any and all manner of jobs that can earn you cash. Love pets? Why not try pet sitting? Are you a good listener? Countless jobs are available for transcribing audio. Love other people’s kids? Why not be a full-time foster carer? Ok, that last one is a bit much, only take on that responsibility if you are fully prepared and passionate!
Start a blog
Wait a minute… Do bloggers make money? Oh my, yes, they do! Some bloggers can earn millions a year from advertisement, endorsements, and merchandise. Blogging is easy to get into, requiring a basic computer and internet connection. Bloggers who are successful set themselves apart by offering unique content and engagement with their fans. Establishing a popular blog is not so easy, requiring consistent output and dedication.
If you can establish a popular blog, you are already halfway towards making some extra cash. A popular and engaging blog can earn you money in advertising or you can directly sell products like apparel or stickers. Some bloggers will be paid by companies to endorse products, this is called affiliate marketing and if you are lucky, it can net you a lot of money.
Sell your stuff
It’s a material world and decades of unchecked consumerism has left most of us with a lot of “stuff”. Its matter of opinion whether we need all these possessions but if you take a good hard look at all the things you have accumulated over the years, how much of it do you really need? If the answer is “not a lot” then now’s a good time to sell some!
Selling things online is easy and secure with sites like eBay and Gumtree being frequented by millions of shoppers daily. Facebook marketplace is emerging as a top place to sell items and gives you a chance to evaluate the seller before meeting up. When selling your items online, make sure the item is properly represented. First impressions are so important when selling a stranger second-hand goods so take good photos!
Building personal wealth is even more important now than it ever was. With wages stagnant and the cost of living to surge, it may seem like dire times for the working class. A shift in the way people are employed seems to only be benefiting large business, so now is a good time to start thinking about your earning power. Making extra money isn’t hard, in fact, with modern technology it has become a whole lot easier. Use these 5 tips as a starting point, get out there and start making that cash!