7 Common Ways To Make Extra Cash In Your Spare Time
Taking into account that your full-time job is a necessary evil so that you can have a stable cash inflow each month to pay the bills, it would be a ridiculously risky decision to quit your job to start a business or take on a new job that comes with uncertainty.
When you retain your current job, there are basically only 2 ways to increase your take home income. You either have to negotiate for a raise with or without a promotion, or you have to take on a little extra-curriculum activities to supplement your income. It’s not your fault that the government has allowed inflation to wreak havoc to the living costs of an average citizen. But it will be your own fault if you allow that to push you around without doing anything.
If you have already decided to bite the bullet and take on a second job or find something else to earn extra income, good for you. Here are some of the most popular things people are already doing for extra cash.
1) Surveys and research studies
There is a multi-million-dollar industry that throws cash around just to learn more about consumer behavior. And it is dominated by billion dollar organizations who don’t even blink when spending hundreds to thousands of dollars just to peek into the mind of consumers just to learn about them better.
The idea is that the more the marketers with the magic fingers learn about consumers, the better they will become to sell their products to the market. This is why what you think can be very valuable to them.
Surveys are constantly being conducted online and offline as corporations view educating themselves with consumer research is a never-ending process. They could require you to fill up simple digital documents on the internet, send you hard copy questionnaires to fill up, need you to physically attend focus groups with an open mind, be a mystery shopper, etc.
The best part is that you can earn up to hundred of dollars from a single participation. The more articulate you are, the more likely you will be invited for more surveys in future. The worst part is that the higher the payout, the more tasks you could be expected to perform.
The same can be said for research studies. This is especially predominant in industries that spend billions of dollars into R&D. If they are spending that much on product development, they wouldn’t think twice on setting a big budget to test them. I’m not saying that you are selling yourself off as a guinea pig. But you could expect to be studied like an exhibit.
2) Give tuition
More and more people are finding time to pursue their interests these days. And what they are trying to learn could be exactly something that you are pretty good at. Weird classes are being conducted these days on the strangest stuff which you would find hard to believe.
No matter how mundane you think your talent or skills for something is, there is going to be people around the world trying to learn it. The great thing is that the internet has allowed people to connect easily with someone halfway around the world. It provides a platform for your to teach something you know very well.
Common things being taught include guitar lessons, writing skills, flower arrangement, fixing things, etc. Just put yourself out there and start looking for willing students to pay you for coaching. Prospecting is easier than you think on the internet.
3) Rent out a room
Don’t let that spare room you have become your second garage. It’s such a waste of space and opportunity costs. Consider renting it out to collect rent. If you don’t have a spare room, consider renting out the basement or garage.
Rentals is one of the most predictable and stable form of passive income you can get. In fact, many people just live off rentals without going to work. If you are tight on cash, it is definitely something to seriously consider.
4) Move money into a fixed deposit account
If I calculate all the opportunity costs for not putting the extra unused cash into a time deposit over the years since I’ve entered the workforce, I would think that my networth would rise by at least 20%. And that is being pessimistic.
Most people keep too much liquid cash with them to safe keep for a “rainy day”. And that money is seldom used at all. It would be much better to just leave them into fixed deposit or structured deposit accounts that reap a high interest.
If you walk into a bank today and ask to have a look at their fixed deposit rates, you could potentially suffer a panic-attack when you find that they could give you 50x more interest than what you are getting from a savings account. So don’t let that “free” money get away. Be smart and let your money work for you.
5) Start blogging
If you are part of the generation X or later, it is no longer an excuse to claim that you don’t understand technology. You could legitimately say that you don’t know how to publish something on the internet in 1999. But these days, internet technology have had so much advancement that starting a blog is becoming as easy as typing text into a word document.
You don’t need to be able to write like a world class journalist with savvy word plays and perfect grammar. You just need a passion to build an online following to succeed at blogging. Once you get that following, the rewards can be more than you could have ever imagined.
Go to a place like Blogger or WordPress and start a blog. If things pick up pace, you can always bring things to the level by getting your own domain and hiring someone to setup your own website. The technical part is the easy part. That can be easily outsourced cheaply. The most important factor is to start somewhere to get the ball rolling. You never know how contagious the way you put across your content can be.
Common topics that have created millionaires out of ordinary folks include those for weight loss, personal finance, investing, real estate, making money online, personal growth, random life experiences, business journeys, etc. The list goes on and on. You could be the next blogging superstar.
6) Write a book
The days of absolutely needing a big-time publisher is over. These days, anyone from anywhere can write their own book and publish it on Amazon for readers to consume. Places like Amazon already have a huge customer base. It will be up to you to write a book that people want to read.
Don’t limit yourself by thinking you need to write at least 300 pages on a topic that no writer has even written about before. That is an imaginative burden you have put onto yourself.
Topics are written and re-written about all the time. If you take a look at what the current best seller is anywhere, it would most probably be on a topic that is not new.
Just write about a topic category that you know very well on. Don’t think about the number of pages and just complete your writing. It’s fine even if you end up with less than a hundred pages. Then just put it out there and see how it performs. You won’t know how well it could do until you try it. The problem these days is that people refuse to even try, calling out their own failure without starting on anything.
7) Sell your time for money part-time
Last but not least, is the first thing that comes to mind for many of us. I call it selling your time for money because you get paid by the hour for doing a robotic-like task. These are part time jobs that usually have flexible working hours which can fit into your schedule. You go through the motion of things until it is time to go. You then get paid a fixed amount based on the number of hours worked.
They include being a waiter, security guard, cashier at the convenient store, pump attendant at the gas station, crew member at a fast food restaurant, bouncers at night clubs, helpers for event organizers, promoters at departmental stores, etc.
It is the surest way to make some extra money. But also the best way to feel that you are underpaid.