Ask the Readers: How Can I Earn Extra Money?
Published on - June 24th, 2011 (Modified on - July 4th, 2011) (by J.D. Roth) The realm of personal finance blogs is large. It’s filled with general money blogs like Five Cent Nickel and The Simple Dollar and Get Rich Slowly. But there are many smaller corners of this world where writers cover smaller pieces of the personal finance puzzle.
For instance, there are:
- Investment blogs like Crawling Road, Oblivious Investor, and Seeking Alpha (which has grown beyond mere bloghood).
- Economics blogs like Greg Mankiw’s Blog, the always-awesome Marginal Revolution, and the Freakonomics blog.
- Simple-living blogs like Zen Habits, Rowdy Kittens, and Becoming Minimalist.
But one of my favorite corners of the PF blogosphere is inhabited by the (mostly) women who call themselves deal bloggers. At sites like Savings Lifestyle and Deal Seeking Mom, these bloggers share daily links to coupons, recipes, and other deals. These sites have huge followings, and are more profitable than you might expect. For me, one of the highlights of 2010 was speaking at the Savvy Blogging Summit, where nearly one hundred deal bloggers gathered to share their secrets. (I liked meeting these women so much that I’m going back next month to mingle with them again.)
That’s a long lead-in to today’s “ask the readers”, which was actually posted at Money Saving Mom. Earlier this week, Crystal took a break from writing about coupons and deals in order to share a question from one of her readers. Pamela wrote to ask:
I am in a situation where I need to increase my monthly income by about $1,000 per month. We already eat as frugally as we can and try to buy only when something is on sale. We economize at home with utilities.
I don’t think there is much else I can do besides actually increasing my income from home. In addition to selling online, which I already do, what other work from home opportunities are there that would enable me to see a $1,000 increase in income in a short time?
Now, the site you’re reading is called Get Rich Slowly for a reason. I don’t believe there are any quick paths to wealth. That said, I get questions like this all of the time. People want to know what they can do to make quick cash.
I’ve written extensively about ways to make more money. I believe that boosting your income is probably the most effective way to reach your financial goals in the long-term. Remember, personal finance involves two fundamental skills: spending less and earning more. As Pamela has learned, once you’ve cut costs, the only thing left to do is increase your income.
Because the audience at Money Saving Mom is different than the one here at Get Rich Slowly, the 301!!! suggestions for making more money are different than the ones we normally discuss too. Here are some common answers:
- Become a virtual assistant.
- Provide daycare and/or babysitting.
- Answer on-line surveys. (Donna Freedman often recommends this here at GRS, but I know nothing about it. Has anyone tried it?)
- Start a blog. (This is a fine idea, but Pamela should realize that blogging is often a demanding task with few rewards, especially for new bloggers.)
- And, of course, some readers urged Pamela to get a job outside the home.
But it’s the less common responses to Pamela’s question that are more interesting. One woman builds child-sized picnic tables to earn extra cash. Another suggests acting as a housekeeper or “home assistant” or sewing for money. Some folks sell hand-made items on Etsy. And Suzy from Love to Save makes $1800 a month delivering newspapers!
The entire discussion at Money Saving Mom is a goldmine of money-making ideas. If you’ve been frustrated trying to come up with ways to boost your income, spend an hour reading through the 300+ comments; there’s sure to be something there to provide a spark of inspiration.
Meanwhile, I’m curious to poll you about your own efforts to make more money. Have you increased your income in the past? If so, how? Can you give some tips to GRS readers (and readers from Money Saving Mom)?
If you’ve never tried to increase your income before, how would you do so if you had to? How would your choices differ if you had to make more money soon? (And, out of curiosity, why aren’t you doing these things already?)
This article is about Ask the Readers, Entrepreneurship
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For those that are pinching pennies, but still can’t seem to make ends meet, making more money is key!
I actually wrote a free eBook for this very purpose!
In a broad sense, there are really 2 things that need to happen. First, additional hours must be worked in order to increase your earnings immediately. As J.D. suggested, some of the easier jobs to get are working the paper route, babysitting, becoming a VA etc. This will provide your immediate cash to fulfill your needs today.
Obviously, you don’t want to have to work a crummy extra job for the rest of your life just to survive – this is where the second phase comes in.
While working your extra job, focus on a small business startup. Something that can be started for less than $100 (believe me, there are plenty of options for this). You could mow lawns, detail cars, start your own website, etc. Something that could develop into a full-time business.
Often times, when these side-gigs are started, they end up earning more money than your full-time job! Plus, if you don’t love the work anymore, you can always hire some help and work less than you ever have before as well!
Go through these two steps, and you could find yourself prospering more than you ever thought possibe.
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(I think what this comment really should have said was “try writing an ebook and promoting it on popular blogs).
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Well, the person didn’t link directly to the book (or to anything else in the posting) and offered an additional suggestion of planning your own business while working extra hours for someone else. Also, since I did actually click the link in the name after your comment, the ebook looks to be free.
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. . .but you have to subscribe to his stuff.
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I’d advice against starting a business without a proper business plan. It’s not like she’s a 7 year old with a lemonade stand. A business needs capital to start and run, and if it’s not viable it’s going to be a waste of time and money.
“Start your own website”– what does that mean? What kind of website? How is she going to make money for it? Sounds a bit glib.
For someone to start a part-time business while staying at home, I’d look at something they already do well and enjoy doing– whether it’s baking cakes or bookkeeping or growing vegetables or recording music or whatever. But they need to have the talent and the inclination to do it. Without some sort of passion and the drive to make things work I’d recommend the “safer” alternative of getting a job.
First thing I’d suggest is go to your local SBA and attend one of the regular seminars they offer on starting your own business. May be free or there may be a small fee attached. They’ll explain things like business structure, bookkeeping, insurance, permits, business loans, etc. You might be able to sit one-on-one with some sort of expert (counselor, retired business person, etc) who can look at your business plan and give you pointers.
One area I’d be wary about is that the SBA tends to encourage you to get business loans as if they were the holy grail of success. While a loan might help a solid venture, if you’re starting from nothing and have no business experience I’d suggest some sort of cash business where you can turn a quick profit– delivering sandwiches to offices at lunchtime for example.
Yes, there are going to be permits required and likely insurance and other things (you don’t want to get sued because someone got food poisoning), but it’s not a huge venture that needs loans, lawyers and venture capital to support you until your business is profitable. You go to Costco, load your supplies, and figure out if it works.
Now don’t get me wrong, I’m not saying “make sandwiches”, it’s just an example of a business with a quick cash turnaround that requires only a small investment (e.g., some free samples, and your initial supplies) and that can sustain itself from the cash it generates without loans– that’s until you grow to be some large catering operation with employees and the purchase order from last month’s event isn’t getting paid quickly enough and you need $20,000 to make payroll.
Anyway you get the idea: small investment, quick cash turnaround, self-sustaining, enjoyable, and school yourself first.
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Sure for some businesses. But I’d recommend you don’t worry about that stuff until you start making money. No point having insurance if you can’t even sell the cakes.
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Well, obviously she’d need a product people want and the means to get it to them. In other words, marketing. Which is why I suggested approaching the SBA.
I question not needing insurance right off the bat. In some rural parts of New Mexico the burrito man walks around selling hot food in offices and public places, and it seems to be a pretty informal business. But who knows, really? All it takes is a bad case of botulism, hepatitis, meningitis, salmonella, etc, to lose your home and future paychecks. Maybe if you have nothing, you have nothing to fear. But I’d get liability insurance for peace of mind, cuz you never know, do you?
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I have several bank accounts that net me X amount of money when I put Y amount of money into them every month. I just rotate the Y value between all of the accounts and make several X values at the end of the month. In a couple of years, I’ll have made as much money as the Y value, making these accounts self funding. I get to withdraw the original Y value at any time, so my money is safe.
Also, I use cashback sites. I go to the cashback site, click through to the retailer then shop as I normally would. I’ve made a fair bit of money doing this. There are loads of retailers doing this, including ebay. With the site I’m on, they give 40% of the revenue they make from the seller.
I’ve done surveys in the past, but the amount I was getting from a 20 minute survey really wasn’t worth it. If you have lots of spare time going to waste then it might be worth it. It’s always less than minimum wage in my experience, but it’s also extra income.
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I’m confused by your bank account example. You’re not talking about a minimum balance, since you can’t move the money around and maintain a minimum balance, right? Are you direct depositing your own money in some way? What accounts are out there that this is really a lucrative operation?!
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I have found so many jobs on Craigslist. I check the “ETC” and part-time sections every few days. I’ve participated in focus groups (pay has ranged from $20 to $120 for an hour of work), done tutoring (one tutoring job I started five years ago and am still doing), short term cleaning… all sorts of interesting things. When I posted an “ETC” job for someone to house and pet sit for me last year, I had 20 responses in a few hours — a blend of college kids and middle-aged, college educated people (they sent their resumes).
My professional (or “professional”) life is made up of a variety of long and short-term part time jobs. This suits me very much, and I don’t freak out if I lose one, because I have so many other irons in the fire.
I am not home-bound, so most of what I do is out and about. But if Pamela can get out of the house, she might find some resources on CL.
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This sounds like my college experience… during my spring quarter of my junior year, I was the proud owner of no less than 5 job titles while taking 22 units (5 classes and 2 credits for a paid internship). And I still found free time! Over the years, I worked as a student assistant on campus (in the career services center, so I was more aware of all the local odd jobs listed), babysitter, office cleaner, tutor, weekend call coordinator for a real estate office, personnel assistant for a summer-only sales office, assistant for an after-school arts program, and more. I even spent awhile on a site that pays you in cash or gift cards for surveys or signing up for free trials or whatnot. My then-bf (now-husband) did this as well, since we lived apart, we could do the exact same offer, and we developed a system to remember to cancel things and keep everything straight. Everything we earned, we spent on us, since we had precious little fun money to work with. Olive Garden gift cards were our favorite.
Examples of the other odd-job listings at the career center were for yardwork, movers, cleaners, home assistants for the disabled (non-medical), and party servers. I never did any of those myself. I constantly reviewed all new jobs that would come in, evaluate how much time it would take, if I could potentially fit it into my schedule, if I wanted to sacrifice certain things (like Saturday nights to baby-sit), and if the pay would be worth the work.
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I agree. When I lost my job and returned to school I looked for any way to make extra $. Found focus groups on craigslist and was fortunate enough to be selected for several. Some don’t pay much but at that point in my life I had more time than $ and the job market was difficult.
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The quickest ways to increase your income in a hurry are a) waiting tables, and b) delivering newspapers. Both are sucky jobs, but I’ve made over $2K a month before, working a part-time job as a waitress on the side. (Granted, that was in a VERY nice restaurant; you wouldn’t be able to make that kind of money at IHOP.) If you have kids and can’t work those hours, try delivering newspapers. You’ll have to get up at 2 am, but you can be home during the day for your kids.
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If you’re academically inclined, tutoring can be a great way to make some cash. My husband beavered away at that (on top of a FT job) when we were trying to pay down our day and surprised himself by LOVING it. For myself, I was more shocked that the going rate for tutoring geared at the high school or university- aged set had reached 35-40 bucks an hour.
The nice thing about tutoring for us (for than the money) was the flexibility. He could do it for just a few hours a week, moving days around with the students if we needed to be somewhere else, and it could be at either our house, their house, or a public location (library, coffee shop, etc.)
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Hi JD, my number one way of earning a little extra writing has been freelance writing projects. I started out writing for a coffee review blog on the web, getting paid for free coffee. I transitioned that writing into writing for content farms like eHow (sad it’s gone) and Infobarrel. They paid well, but then I discovered another online writing service that has brought me over $4200 since January. Really not bad money for very part time work. I have also been able to leverage that writing into working with a few local magazines and getting articles publshed with them ($140 for an 800 word article!!). My advice, find writing opportunities!
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Which online writing service do you write for now?
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It is textbroker. It’s not for everyone, but if you learn how to write quickly in the style that their publishers want, I have consistently made around $47 per hour writing short articles. Best of luck!
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I have used textbroker and really like it. They have multiple level authors, which means you can pay more or less depending on the level/quality you are wanting.
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Ugh. Content farms are the bane of my existence. Every time I go to google how to do something, the top searches are always these articles from Ehow or whatever. Invariably I click on them (sometimes accidentally) and they tell me almost next to nothing that I didn’t already know about “How to Clean your Metal Floor Grates” (a search I actually did this morning!). They get first billing on google and make it harder to find the really valuable sites. I’m thinking of finding a search engine that lets me block them entirely. I can’t stand those sites.
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Please do so ASAP! I hate those sites as well.
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No need to invent a new search engine. If you dont want to see a certain site in your results, enter the following in google:
How to Clean your Metal Floor Grates -site:ehow.com
The minus sign means don’t include that site. If you left off the minus sign, it would only include whatever site you specified.
Of course if you have a long list, its awkward, but its a start…
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Totally agree. Where’s the google minus for these ones.
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I found a great opportunity working football games and concerts with food vendors. I started off making $10/hr serving up food, and graduated to $15/hr working the register when the owners realized I was trustworthy. It’s all been fun money. I have not totaled it up, but it’s been a nice income supplement!
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If someone needs a sure $1000 a month (which is a LOT, by the way!) I don’t think that crafting and Etsy and things like that are a good solution. That’s a variable income and slow to start up.
Getting a part time job is the most obvious solution. Ways I’ve made extra money – getting a retail job 4 hours 2x per week in the evening, waiting tables at night, selling on ebay, an Etsy shop (but that took a long time to become a reliable income).
If she wants to work from home and has kids she might try watching another kid or two for $, especially during the summer. My mom always did that but it was very stressful for her (she took in like 10 kids though).
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I did the survey-taking thing for a while. Total waste of time, as you spend a long time answering demographic questions that may disqualify you fifteen minutes in; even if you qualify, it takes weeks to earn the $10 minimum for them to cut you a check.
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This is similar to my experience as well. I’ve found that even working with multiple survey companies you might only get $10 a month from online surveys. The pay per hour is awful. Being a VA or offering babysitting would probably be way more profitable for the woman assuming she couldn’t leave her home for a part time job.
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Completely agree. I did surveys when I was a broke student and again when I was trying to pay off my student debts.
I made about £60/$90 in 2 years, despite trying very hard to ‘game’ the survey acceptance rate by tailoring my answers to get accepted for as many as possible.
Not my proudest moment, but if someone trying their hardest to get accepted for these surveys can only make £30/$45 a year, I don’t think they’re a viable source of income, more like a tiny supplement.
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Wow, this is super timely for me. I’m making enough to cover all my expenses, max out my Roth IRA/employer match on 401(k), and throw some extra money each month at my student loans without difficulty, but right now I’m looking for some ways to pick up some extra cash to go on vacation without having to dip into my normal pay or savings.
Looking forward to reading all the suggestions! Writing is one of my interests/strengths, but starting up a blog (which I do plan to start on soon) isn’t so great for money in the short-term, so if anyone has good tips for breaking into freelance stuff I’m all ears.
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I do the online surveys, although it’s not a big income, it does give me extra “student loan payment” money. And never ever pay to do a survey, they’re supposed to pay you. If you have a smart phone, Field Agent is a great app that has store surveys, and they pay you fast (thru paypal). I’ve been a “mystery shopper” for 6 years now, which is not much income, but if you had the time you could make a decent amount off of it. Beyond Hello and Service Evaluation are two of my favorites, they always have something to sign up for.
Also, look into participating in a consumer research study (I think it’s what it’s called) at a university or college near you. I have one by me that does taste testing once a month, easiest money ever. You just have to ask.
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I’ve done skin care testing–nice chunck of change but it has an element of risk. You can sell blood if you live near a major medical center, they often need it for research studies. I’ve done data cleaning and edited for extra cash. I’ve sold Tupperware (years ago) and avon more lately. Find I do well as long as I apply and 8 hr day at it. I’ve blogged and made up to 1500/mo and done mystery shopping which mostly is to help offset our desire to eat out! But it means we can go out and not have to pay the bill in the long run. I also shop grocery stores which is helpful w/the budget. Tutoring and babysitting works, as does working as an aid in a classroom if you can get an ‘in’ in your school district. I’m not big on babysitting did my share of that as a kid, but my adult daughter teaches preschool and babysits on occasion (she works for $15/hr babysitting or more for weddings). I used to do home catering for people having a dinner party when they wanted to be able to spend time w/their guests. I did some of the cooking, served and all the clean up. They did the alcohol because at the time I was a minor. But it paid well. Good luck all!
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I work in Insurance/Registration full time at a clinic that has a hospital affiliated with it. When they were asking for people to train to work on call in Registration in the ER, I jumped at the chance. They ALWAYS have open shifts on the weekends. If I wanted to I could probably work every weekend. I get time and a half plus weekend and holiday differentials. What I sign up for is all up to me. Working overnight on a weekend holiday makes me lots of extra money! The downside is I lose my 2 day weekend but it beats not worrying about money all the time.
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I get books from garage sales at $0.25-$0.50, and when I’m done reading them, I post them on Amazon.com. It hasnt made me thousands, but it is nice to see when a book sells and I get an extra $5-10 for doing nothing but reading a book I would have read anyways.
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I agree that $1000 is a lot of money for a short gig. I substitute teach for $80. a day. My district only requires a high school diploma and the stamina to survive:>)
My daughter is an at home mom and sells fashion for the home through a small company called upper case living.
( http://jenniferg.uppercaseliving.net/Home.m ) . There seem to be more and more from home sells these days- as in the Tupperware model.
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If I had to make more money, frankly, I’d need to change jobs. I work for the state as a public employee, as does my husband. I love the job because it really feels like I make a difference. My husband is a teacher and has students write him years later, thanking him for the difference he made in their lives. Many of my husband’s students will go on to college, but he has had a few who go right into the industry (web design, coding, networking, etc). If they’re serious in HS, they can get various industry certifications before even leaving high school–and for the students who immediately go into the field, their start salary is much more than my husband’s as a high school teacher. I see the same thing in my field–I have interns who I train while they are finishing their schooling. My interns will graduate from school, go to work in a firm, and their starting salary is twice as much as mine.
So why am I not doing the things that will earn myself more money? Because we can make it on what we earn and we love what we do, we love making a difference. My first job before law school was being a manager (GSTL) at Target and while it was nice, I didn’t feel fulfilled. My day was spent convincing others to spend more money thru product placement on endcaps, tracking success, making sure checking out was quick, etc. And I spent too much money, working in retail all day.
My dearest friend’s mother spent her whole life working so she could retire and enjoy her retirement, and one year shy of retirement, she died after suffering a heart attack. It’s eye opening.
I want a happy life and am a firm believer in the notion that happiness is wanting what you have–not having what you want. If you try to have what you want, there will always more wants, which only increases unhappiness. By the same token, while increasing income is important, a danger is that if you increase your spending in proportion to your increased income, it can lead to dissatisfaction–you want more. I’d like more so I can save it, but since we can afford what we actually need on our salaries, there is not as much of an incentive to earn more, since it would mean leaving jobs that make us happy.
As for adding extra jobs outside of our full time (and usually more than full-time jobs), there is an opportunity cost which for us is that we have no down time and lose time spending it altogether as a family.
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Well, its not a secret that I am on a pension and will be getting limited social security soon. It should be noted that my personal opinion is that frugality should come first, and that most people can cut more than they think if they have to. That said, I need to make between five hundred and a thousand more a month and have not been able to get a job since 2006 (I cannot stand in one place which eliminates a group of jobs).
My choices are three-selling on etsy (it takes time, yes), having an amazon reseller buisiness and having a small errand business that is local. Admittedly amazon required the ability to buy a few books besides my own in the beginning. I did family day care as an at home spouse for years (vs “babysitting), and yes, that can bring in money, but the whole family has to deal iwth it, and there may be things you need to do to your home.
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I’d like to suggest that if the lady can’t leave home to work that maybe she can do things for others that would bring in an income for her family. Personally, I’d like to find someone near ne that can make bread. I’d love to be able to buy bread dough that has been frozen and bring it home and bake it. The ones in the stores have so many preservatives in them.
Maybe she could cook dinner for working mothers and freeze them until they can be picked up. Casseroles are always nine to have on hand and they are usually easy to fix. It could be something she likes to do anyway.
She could also swap child care with someone else so that each person would have a complete day to work outside the home and make that extra money. Some people do a weekend childcare service so parents can have an entire weekedn to themselves or to travel.
Hope this helps someone.
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Texaslady, shame you live so far away. I am German and make my bread myself for over 25 years. I even make my own sourdough starter! All organic! I actually was wondering whether I should start selling the starters as well as the freshly baked bread on the market!
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I found a company that does outsourcing that offers many different companies you can work with. I use my own computer, headset and land line. The company is called WestatHome you can research it online. I have done two projects with them and they contract with Fortune 1000 companies. You get to choose your own hours and days. Has worked out wonderful for me. I average 300 to 400 every 2 weeks, sometimes more. I work full time but with the hours I want and love it…only overhead is $15 a month for the extra phone line.
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Here’s everything I’ve done to make money outside my normal day job:
1. Dog sitting for $15-$25 a night depending on the size of the dog.
2. Babysitting for $10 an hour for 1 kid and $15 an hour for 2.
3. Dog walking, $10 for hour walks.
4. Worked part-time at local bookstore for $8 an hour a few years ago.
5. Staff write for other blogs for $25-$35 per 500 word post.
6. Ghost write 350-500 word posts for $25-$35.
7. Sell advertising on my own blog for about $1000 a month.
8. Run advertising for other blogs for a commission. I answer advertiser emails and negotiate the deals. That brought in $1000 last month when I started and more than $1500 this one.
9. My husband refs high school football games for $75-$125 a night.
10. Edit other blogger’s posts and do other “odd jobs” for blogging for $15-$20 an hour.
11. I am currently writing an eBook for bloggers, “How I Make Money Blogging”, that I hope will generate a nice passive income once it’s released in September or October.
12. Resell Magic: The Gathering cards on Craigslist for about $100 a month profit.
There are thousands of great part-time income ideas. Try thinking of something you enjoy (for me its blogging and dogs) and then go after something in that field. Good luck!
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I would LOVE to have a dog sitter…but they are rare in my area.
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Yeah, I think this is the key – take something you already love and turn it into a paying job. For some, that’s pets (pet sitting, dog walking) and for others it is teaching (tutoring) or just getting better at something that is already a strong hobby (teaching an instrument, selling things you make while practicing woodworking and pottery making, selling pies, jams, and salsas you make at a Farmers market, etc.)
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I recommend picking up janitorial contracts in local office buildings or banks. My parents have done this for years. Originally it was a way for the teenagers to earn money with hectic schedules. They have kept doing it because, as my mom says, “It’s easy money.”
It is a great extra job because the only stipulation is that you clean when the building is closed. The kids can come along and even help with the simple jobs (taking out the trash, changing paper towel, ect). Many of the buildings pay by the job not by the hour so if you get multiple people working on the building you can maximize your earnings.
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I actually set a personal goal for myself to make an extra $100 per Month. This month I made $4 selling used DVD’s on Half, $62 selling an item on eBay, and cashed out for $39 no a survey site (although that represents about a year’s worth of work). I’ll be excited to see what I can do next month.
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For me, the answer to increasing my income was actually to cut ties with the type of work I had been doing (contracted and part-time work for non-profits, and prior to that, self-employment) and instead, land a traditional, full-time, permanent job with benefits. My current job does match my values (which is a make or break for me) — and I am much ‘richer’ and happier now with this stable salary and situation.
But my household is still working diligently toward financial independence. The things we decide to NOT buy can easily mean an extra 100 dollars a month in our IRA’s (and is easier than earning an extra $1,200/year, which would really mean less than $900/year due to taxes). Concrete examples of what my household happily does not buy: http://www.diamondcutlife.org/top-ten-things-to-happily-live-without/
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minimize tax liability. i realize not everyone may be in the siutation where they can save but we pour as much as we can into our 401Ks. for every $1 we put in it saves us about 30 cents in taxes. i also utilize both FSAs (daycare and healthcare) to the fullest extent each year. i may not always need $5K in healthcare, but i carefully plan what we will need each year. we also visit a naturopathic physician that will write prescriptions for us for the vitamins, udo’s oil and supplements we use so that i can buy them using the FSA $. i always keep my spending ahead of the deductions, too, in case i face the loss of a job. on healthcare the company eats anything you overspend. they reimburse as you spend and not as you contribute. daycare is reimbursed as you contribute.
and the other thing i do is own a couple businesses. 2 are profitable, 1 is not but lumped together i claim a loss on taxes. since my business that is a loss is operational (vending machines) my accountant has told me we don’t have the 3 year limit on filing a loss. (each individual would need to seek their own advice).
i have also recently learned to clip coupons which has increased my grocery savings from 20 to on average 50%. we had to buy a freezer to stock the things but i believe in a month we made up for that.
i do splurge on organic choices in order to keep healthcare costs lower when i get older.
and i plan everything…we track all our spending and have the checkbook written out through 2012, a monthly budget for 10 years and a 30 year plan.
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I think tutoring is also the way to go – it works with any skills you have and you can do it at your home. My husband teaches composition (music) lessons on the side and we get enough extra to make it through his no-paychecks-as-a-teacher summers.
One trick though that hasn’t been mentioned – if you make too much as a side job (and that’s $400+ a year, I believe), you will be “self-employed” and you will have to pay taxes on that. People often forget this part, but it is very important to remember and to do properly. So $1000 a month (that is a TON! consider having a budget review first) would really need to be an extra 15% or so to cover the SE taxes.
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Megan is absolutely correct. You have got to factor the IRS into this. If any of the money you earn comes from corporate entities they will be reporting it as an expense, and may be issuing you a 1099 form.
Welcome to the wonderful world of Schedule C!
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that’s what I’d like to know/hear about…how do you cover the risks associated with “extra income”: a) taxes (especially if you already have a regular employer) and b) liability laws ie. when is having a bake sale legal vs licencing for commercially selling food/service? How many kids (if any, now) can you in-home daycare before the state wants to start white-gloving your kitchen?
Everyone I know whose second income is like those described here–those like bake sales, Etsy, tutoring & cleaning–specifically go for the cash deals specifically so the income can go unreported and the day job is the IRS “cover.”
Is GRS advocating “under the table” income? I see very little practical advice about what to do about the income (other than 401/not spending it) once it is received; I see very little about how if you earn an extra $50 selling used books on Ebay, that you really only earned $30.
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I sell books a lot on ebay and half.com, and from what I understand, if you are selling books that were bought by you for personal use, then you don’t have to report it to the IRS. It’s not really income, since you are just unloading things you bought. If, however, you buy things specifically to then resell them, things are entirely different. I could be totally wrong on this, but I’ve never considered reselling your things as actual income.
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Things I have done:
- Focus groups, cosmetics testing, online surveys (doesn’t pay a lot, but if the alternative is playing Farmville, then sure it’s worth it)
- freelance bookkeeping
- teaching a class at a community college
- babysitting in a church nursery on Sunday mornings
But seriously, $1000/mo is a dramatic increase. The only way we were able to do anything like that was to get both my husband and I employed. If that weren’t an option and I still needed that kind of money, I’d sell my car.
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Take in a boarder or room mate (prob not worth $1000/month) or host an international student (you provide meals and board so this has $1000/month potential).
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So many people are talking about WORKING for extra money…why not find opportunities where your money can do the work for you?
With ‘passive’ investments, your money does the heavy lifting. You still need to look over its shoulder occasionally and make sure it’s on track but there are opportunities for passive income at all financial levels.
Real Estate is a fabulous tool to create income. It can require a lot of extra work (especially if you don’t do your homework and research up front) but it can be pretty hands-off depending on how you set it up. You also may not need as much as you think to get started or involved.
Loans are also a great way to create monthly income without punching a clock. Lending club has a variety of participation levels and lets you pick where you want the funds to go.
There are also pay-per-click sites where you get paid small sums just for reading emails!
I don’t know about everyone else but I work hard and expect my money and investments to work just as hard! Thanks for all the great ideas – fantastic post!
Then there
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As a housing counselor, I hear horror stories every day from renters whose landlord is looking to bring in a little extra money. The way you maximize your income with rental properties is by doing the least you can for your tenants.
Most people have no idea how hard it is to own and maintain rental properties–especially if you have ethics.
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Surely participating in pay-per-click sites is about as far from passive as you can get?
Lending may be one option (social lending is something that I take part in through a well-know British site), but being a landlord strikes me as more trouble than it’s worth!
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Jenny is right. Waiting tables is a good temporary job with a lot of flexibility–especially if you live in a resort area with a lot of tourist trade. I worked with a first time home buyer who covered extra expenses and a maintenance cushion by waiting tables for several months.
In college, I regularly sold plasma and got paid to drive other students to the donation center. And I still have the needle scars to prove it. Some of my less medically phobic friends sold other bodily fluids for even more money.
If you’re not squeamish, guys, and have good genes… just saying.
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That’s not for every guy. An ex of mine was just devastated to learn his sperm count wasn’t enough above average to sell ‘em.
Plus the clinic he got tested at, to donate twice a week you had to be celibate 6 days out of 7 (except at the clinic). That’s not for everyone.
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The best thing I have done to earn more money came from this website, and it involved the salary negotiation stage at a job interview.
I second what someone else above says, if you really need more money, you may want to look at another job that pays more since your current one isn’t making ends meet. And when you do, look at JD’s great articles on salary negotiation and others to make “thousands of dollars a minute” through a few great tips.
It worked for me. Obviously, not everyone can do this—but not everyone can wait tables or “deliver newspapers at 2am” (really?! aren’t newspapers going out of business?) to make extra cash either.
I don’t think a blog is a viable option for most people, it takes a long time to get a following big enough and thousands of hours of work in most cases.
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I do a lot of writing for various websites, with payments of $50-100 per post. My goal was to make an additional $800 a month. To do that I also teach art classes in schools ($8K last year) through grant-funded workshops, teach art classes at our local museum, teach private scrapbooking classes, and teach digital photography at our local community college. If you’re a good teacher and are reliable, contact your local community college’s continuing ed office. Hubby and I teach together, and make about $400 for 6 1.5 hr classes. We make more the more students sign up, so we do a fair amount of social media promotion. They are always looking for interesting subjects and reliable instructors.
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I wanted to mention that you can earn money playing games on sites like king.com. I know, sounds too good to be true, right? I was skeptical and figured there was a scam in it somehow. But it’s possible, and I know a couple who have made this site their side income. They live in Las Vegas, and over the past 4 years, one of them who works in construction is constantly in and out of work, and with her income and this site, they’ve been able to stay afloat and even bought a house. Anyway, just wanted to throw that in there before I explain how the site works. They’ve made thousands of dollars, but they practice these games A LOT.
In essence, you are gambling that you can beat the score of a semi-randomly assigned opponent. (It’s random in that you don’t know who it is, but the game matches you against someone who gets similar game scores as you do.) You each agree to pay the entry fee (I think the cheapest is like 45 cents). You play the game, your opponent plays the same game, submit your scores, and whoever wins, gets their entry fee back plus part of their opponent’s entry fee. The site takes a percentage of the loser’s entry fee, like 10 cents. So for a game that can take a few minutes (or maybe longer, depending on the game), you can net 35 cents. I know, it sounds like pocket change. But there are higher entry games, as well as constant tournaments where you compete against a lot of people, but the winner’s pot is significantly larger. If I’m not mistaken, this is where my friends make most of their winnings. If you enjoy and are good at games, and have a few hours of free time a day, it can be worth some money. I will admit I tried this myself, they had a deal (or maybe it’s the way they always operate, I don’t know), where if you put in $15, they will match that $15 so you have a total of $30 to “play” with. You can withdraw your $15 at any time, but you can’t withdraw their matching contribution. I figured the most I could lose was $15. I played the smaller competitions, and ended up making $5 before I decided I wasn’t good enough at the games or comfortable enough with the gamble to continue. I withdrew $20 and closed my account. This would be a site where you should read all the fine print. Also note that you can practice any game you want for free for as long as you want before you ever pay to enter a competition, but the better your scores get, the better the people you’re playing against are.
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So you’re basically shilling for an online casino, yes?
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Online skill game. There’s a difference there, somewhere.
Still, I’m pretty sure these are illegal in several states, including the one I live in, so not an option for me.
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Good at standing still for long periods of time? Happy to get naked? Like the art scene?
I make £20 an hour working with independent artists as a life drawing model. I find the work through Craigslist.
There are a lot of, uh, “dodgy” jobs on Craigslist that pay pretty well, depending on how low you want to go. One guy offered me £60 an hour, 5 hours a week to dress up as a French maid and clean his apartment. I said no, but there’s always someone out there willing to say yes…
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I do agree with art modeling. I’ve done that in the past for $20+/hour (SF Bay Area) for various schools and art/drawing groups at least once a week for 4 hours a session. With that said, I would have to disagree with some of the “dodgy” jobs on Craigslist. Personal safety should be a priority. There are a lot of scumbags out there and I would never advocate anyone, especially a woman putting herself at risk physically and emotionally out of financial desperation. Been there, done that – its not worth it.
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As someone who has done both Art Modelling (still do, its my almost- full-time job) and the ‘dodgy job’ thing, I can say that yes, security is important-but that just means you bring a friend/guard along and/or do what smart women/men in that industry do- call in, call out, make sure several people know where you are and who you’re with and make sure the employer knows that you’re being guarded/monitored and he can’t get away with anything. Still doesn’t keep crap from occasionally happening but reduces the risks. That said, that world is much like being in a gang or cult- easy to get into, hard to get out of, addictive and really not recommended for anyone who hasn’t got their priorities in life and head on straight. Im glad most of the college girls I knew who were paying their tuition in the clubs and parlors got out when the time was right.
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@Flora – That’s under the assumption someone wants to make a regular thing out of it to earn money and assuming that she actually have a circle of friends that would be so [i]laissez faire[/i] about that lifestyle choice.
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I’d always thought you were a guy Ru – the mental image of a man in a French maid’s outfit is a disturbing one!
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I think renting out a room to a college student would be a great way to make some extra money.
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Ther can be all sorts of legal problems with this–you have to investigate and prepare very thoroughly.
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I might’ve glossed over it, but why not check out Ramit Sethi over at iwillteachyoutoberich.com? He’s about to launch the new Earn1K course and he is always touting new ideas on generating extra income.
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I was thinking the same thing as I read through all the comments! Ramit’s site is the best site (as far as I’m aware) for learning about earning a second income.
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When I wanted to pay off our auto loan, last non-mortgage debt, I got a job as a retail merchandiser.
Maybe her spouse lost job or something. It’d be odd to need $1000 monthly all of a sudden.
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$1000/month is quite a bit and I’m not sure I know much that could add up there. But here are some more suggestions:
- It’s not much money, but check the Psych department at your local universities. They often need study subjects for 15 minutes on up and you can get a few dollars (just spent 3 hours doing a study for $38 on Wednesday. It’s not much, but it was time I had and I can make $38 go pretty far). Other kinds of medical studies net far more but are more intrusive and/or time intensive.
- There are online tutoring and other opportunities for teaching (some require graduate training)
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I rent out the extra room in my apartment.
Near where I live there’s also an apartment complex that has guest bedrooms where the residents can let their visitors stay. I do the laundry for these rooms (linens and towels). It’s fairly easy money – the hardest part is hauling the loads
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Here are my two cents :0)
I live in rural Nevada and work from home via satellite internet as a virtual agent and earn $10hr. I also participate with an online survey company and earn $3.00 per survey. The work is there you just have to look 8^)
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I was in need of a stand for my iPad so I decided to make one out of scrap wood from our custom cabinet shop. My wife said I should try and sell them online. Long story short, we make an extra $500 a month selling the Cherry iPad Stand through our store on Etsy. Opportunity is everywhere, you just have to keep your eyes open.
Http://www.Etsy.com/shop/hardwoodshop
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Nice, and cheaper than Levenger.
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Thanks El Nerdo!
http://www.etsy.com/shop/HardWoodShop
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As a long term investment I started investing in real estate 18 years ago with $9,000. My goal was to obtain 10 to 12 rental units which would be nice for an income during retirement. I currently make about $1,500 per month on average of positive cash flow after all expenses and have 19 units and a very nice net worth. This has turned into a win-win-win for cash flow, net worth, and retirement, but it takes work and dedication, but I figure I am in control of my own retirement destiny and created my own second job.
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If it doesn’t freak you out and you live in the right area, you could participate in medical trials.
Admittedly, this is a bit desperate and not for everyone.
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I make about 3k per year buying and selling tickets online. I started slow, and now it’s really just running a very simple system for about 20 hours a year. I don’t live anywhere near the teams I hold season tickets with and have actually never been to most of the venues.
I buy season tickets for sports teams that I know well and are typically sold out (or have visiting fan bases that will travel). Being a season ticket holder also allows purchase of road games to sold out stadiums.
I sell via Craigslist, StubHub and eBay. There’s risk involved, but if you like sports and feel confident in it, I enjoy making my extra cash in almost no time at all.
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So you’re a scalper? Damn you for ruining it for the rest of us.
Damn Ticketmaster and their exorbitant tickets too while we’re at it.
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He may not be scalping–just selling his tickets to fans who want to go to the occasional game. When you buy season tickets, you get a discount, he can then sell the tickets to other fans. For example, face value of the ticket is $75, but season ticket holders pay $60. If he sells all 40 tickets for face value (this example is for NHL hockey) he’ll make $600. If he has two seats, $1200, and so on.
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As others have said, adding $1k extra month to the budget is a lot. I’d suggest she think first about what specialized skills/talents/resources she possesses and the networks she has and think creatively about how she can leverage them. Others have mentioned day care for children and pet care already. These can certainly bring in extra income if you have the resources and knowledge.
A good example of using an already developed network: when I went on a vacation a few months ago, I paid my regular dog walker to board my dog. In a few weeks I’ll be boarding three hens for someone I met through the local group of chicken-keeping folks. I never expected to get some side income from chicken boarding, but it may be something I’ll offer to others, too, if this works out.
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Awesome! Boarding chickens – I love it
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I earn extra money a variety of ways:
I go to Inbox Dollars and do surveys, watch videos, print grocery coupons to redeem and complete simple offers (no cash required):
http://www.inboxdollars.com/?r=ref7763755
Or, I do something similar at Swagbucks:
http://www.swagbucks.com/refer/Xysea1971
I actually have an email box set up just for these moneymakers. I get the money deposited into Pay Pal or in the form of a check.
I also use Ebates for when I do purchase online:
http://www.ebates.com/rf.do?referrerid=gl3u4SSxcHlhfrg6dreKQg%3D%3D
And I do work on Mechanical Turk nights and weekends:
https://www.mechanicalturk.com
Good luck!
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We rent out part of our home, bringing in $300/mo.
I cut coupons and have saved 65% off groceries and personal items for the past two years.
I use Swagbucks and have searched the web to “earn” $165 in Amazon.com gift cards since I began in August 2010. (Sign up for Swagbucks at http://www.swagbucks.com/refer/beanjs).
I also am a member of the PineCone Research Panel which is, in my opinion, THE BEST survey site out there. Panel members receive 1-2 surveys per week, for which they’re already pre-qualified. The PineCone surveys take 15-20 minutes and you’re paid $3 for each survey you complete. I’ve earned $60 in four months through PineCone. You can opt to receive your checks by mail (they arrive quickly!) or through Paypal. See if you qualify to join the PineCone Research Panel: http://www.pineconeresearch.com/signup/ds644.aspx?sid=jro37.
We find that the little things can add up!
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Hi Jennifer -
I also coupon and use PineCone Research. I find PineCone to be reliable and one of the better payers. For coupons, I routinely save 50-70%.
My husband is trying to get some moneymaking blogs going, too and that would bring in some passive money in a while, too. I have started doing it to some extent but since I am the primary breadwinner he has more time to devote to it than me.
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Personally for me the best thing that has worked (quickly) is freelancing the same skills that I get paid in my full time job. I am a programmer (sort of) at my day job. If I take a programming project outside of my day job to work on weekends, I don’t have to learn a new skill and I can ask a higher rate, as I don’t “need” that job to live.
Second way is to monetize a hobby. I have seen almost any hobby can be monetized. And an easy way to do that is to teach in a local community college. You don’t have to pay anything to offer a class (though it might get canceled if very few people signed up). This way is easier at the start than offering classes on your own.
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Couponing can bring in a respectable amount of money if you sell the health and beauty products at yard sales. You only need a small amount of cash to start (and, of course, a whole bunch of coupons!). I easily get $10k worth of stuff annually. I donate all of mine and take the tax deduction, but there are lots of others who sell their stuff at yard sales, flea markets, etc. Check out Hot Coupon World and Slick Deals for how to get started.
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I am so surprised no one has mentioned direct sales. There are many legitimate direct sales opportunities out there. It’s not as much a work-AT-home opportunity as it is a work-FROM-home, but it offers the flexibility in scheduling to allow you to work it around other things on your calendar.
The Direct Selling Association (www.dsa.org) is a good place to start, as is the Direct Selling Education Foundation (www.dsef.org). These two organizations can help you pick a company that suits your needs, and DSA member companies adhere to a strict set of ethics guidelines.
If you’re interested in learning more about the company I’m with, you can check out my Facebook Page: http://www.facebook.com/nooraskitchen
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I had a thriving babysitting business a couple of years ago. I made $300 a week while going to high school full time. Why I quit that gig and went off to college, well, I have no clue whatsoever! I haven’t been able to find such lucrative work since.
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Instant Cash Sweepstakes has very short surveys that pay a few cents in about two minutes. Sign up friends and you get their change as well. If you have a lot of friends who are active online, it helps.
Here’s a link:
http://www.instantcashsweepstakes.com/invitations/ref_link190629
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I am a fitness instructor on the side. If you enjoy fitness and like taking group exercise classes, then it is a good way to go. You not only make $15-$30 for a one hour class, but as a gym employee you get a free membership for you (and usually your family).
I teach about 4 classes a week and make between $400-600 month depending on whether or not I pick up extra classes. Considering that I’m not paying $50-100 a month for my family’s gym membership, the value is even higher.
Up front cost–group exercise certification (between $99-400) and study time that will vary depending on your educational background.
It’s a healthy money making option.
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I have thought about a blog with deals/events for seniors/retirees. I have not seen anything like that in the area I live in.
I dogsit for friends/neighbors for free(people usually give me a gift- not money) and recently looked at costs for dogsitting in this area- WOW!!! And it goes up depending on how often/ how long the dog is walked and if it needs special care/meds.
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