Earning income on the side is much easier today than it was just a few years ago. New companies are using moonlighters instead of regular employees, online platforms are allowing average Joes to become investors, and more businesses are choosing to hire temporary contract workers. Whether you need a second income or just want to save for something special, the ideas below can make it possible:
Beating Broke is about growing your wealth, which is the entire basis of investing. It’s making financial decisions now that help to increase your assets and create a more secure financial future. And it’s not just for rich people.
There are investing options that don’t take much money to get started. For example, you can contribute just $20 or so to an IRA each month. Bonus – that money is also tax deductible.
Getting in the stock market game is now easier and more affordable than ever, thanks to online trading. Stocks range in price across the board. You don’t need much to get started, but you do need to do research and understand that it’s a long-term investment. Binary options are risker than stocks, but the payout is much faster. The founders of 24option, a binary options trading company, have stated that their mission is to bring investing to the masses. Instead of buying the actual stocks, you are bidding or “betting” on whether a certain stock will go up or down in value.
Rent Out a Room or Your Whole House
Do you have an extra room in your home that sits empty whenever family and friends aren’t visiting? Are you planning a vacation that will leave your house vacant for a few days to a few weeks? Then why not rent it out?
Airbnb and HomeAway are the two leading temporary rental sites that help people make extra cash from their home. With Airbnb you can even choose to rent out just a room while you’re still there. When you list your space you can choose the “living/sleeping arrangement”, how many people the space can accommodate, whether pets are allowed and a whole lot more.
Listing on Airbnb is free, and their Host Guarantee even insures your property for up to $1 million at no extra cost. Do keep in mind that Airbnb charges a 3% hosting fee on every reservation. You’ll have to check the rules and regulations of your apartment complex, HOA, city, etc. before putting your home on Airbnb. Some areas and associations have banned temporary renting.
Driving for Uber or Lyft
If you live in a bigger city, moonlighting as a part-time taxi driver is also a possibility. The car-for-hire industry is growing at such a fast pace, Chevy recently invested in Lyft. Even though Chevy is in the business of selling cars they realize more people are deciding to forgo ownership and using companies like Uber and Lyft when they need a ride.
To start driving people around town for extra cash, you’ll of course need to own your vehicle. You’ll also need to be at least 21 years old and have three or more years of driving under your belt. Valid car insurance and an in-state drivers license are also a necessity. Drivers will be given a background check before approval to make sure your driving record is clean and you don’t have a criminal record.
Monetize Your Skillset by Freelancing
A lot of people are contract workers and freelancers these days. In fact, some of the latest estimates show that a third of the U.S. workforce are freelancers. Some started out of a necessity after losing their jobs during the Great Recession while others made the switch to gain more flexibility and control over their career.
Today there are a variety of reputable resources that will help you connect with people that need just about every type of service. Here’s a short list of some of the most popular freelancer sites:
Just a few extra hours each week could be ample time to make enough money to pay down your high-interest credit cards or save for a vacation. Who knows – some people have been able to parlay their side jobs into new careers.