The article Why You Won't Become a Millionaire by Budgeting Alone revealed that the average millionaire has anywhere from 1 to 50 streams of income. Want to become financially independent quickly? You'll need to look for ways to make more money on the side.
150+ Ways to Make Money on the Side
Here are 150+ ways to make some extra cash this year. Note that some of these links are affiliate links, meaning I get paid when you sign up. That brings me to my first point which is how I personally earn some extra cash each month from this website.
1. Start an Online Business
Did you know that there are bloggers like Michelle from making sense of cents who make over $100,000 A MONTH from their online business? I'm not quite there yet, but I do get a few hundred dollars extra here and there from this website.
If you don't yet have a product to sell, try using referral links from products you use. If you look at Michelle's income reports, you'll see that those referral links account for a lot of her revenue.
For example, I use Siteground to host this site and Thrive Themes as the theme. One of the benefits of being a user is that it also gets you access to their affiliate programs. At the time of this writing, Siteground pays me $50 per referral, and Thrive Themes pays me 35% of all fees collected whenever someone uses the link at the bottom of my page and signs up because of that.
2. Do Odd Jobs Around the Neighborhood
Look around you. Are there yards that need to be mowed? Are there leaves that need to be raked? Are there things that need to be fixed? Homes that need to be cleaned? If you are even remotely handy, it is easy to earn hundreds of extra dollars every month by asking your neighbors if they need some help. Once you get started, you can even hire some help and make a business out of this! Here's a guide to some of the more profitable easy-to-start businesses if you need some ideas.
3. Try Consulting or Coaching
Is there something you are an expert at? If so, you might want to consider consulting or coaching. I've done some coaching in the past, and typical rates for coaches range anywhere from $50/hr to thousands of dollars a month. I was personally billing out thousands per month as a coach before dialing that back and focusing on my core business.
You'll want to go through some courses for this even if you do consider yourself an expert. While I have read literally hundreds if not thousands of personal development books, been in the business world for over 20 years, and have five kids I still felt the need to get certified as a life coach before taking that on. Here's a life coach certification course that I completed which you may want to check out.
4. Request a Raise
It's tough to go ask the boss for more money, but done correctly this can be a major source of additional income, and it is recurring! It generally isn't as simple as going in and telling your boss that you want more money or you quit though, those types of ultimatums are as likely to get you an invite to take a hike as they are to get you a raise. Check out this course for an in-depth look at how to approach this touchy subject. Take a look at #7 investing in yourself for some other ideas on how to get that raise.
Services such as Fiverr.com and ServiceScape make it easier and easier to Freelance and offer your services for cash. You will also want to set up a basic website using a service like Siteground in order to put your best foot forward in order to compete against professionals. You can even use freelancers from Fiverr or ServiceScape to quickly create logos, create banner ads, and more.
6. Don't Spend Your Money!
While this might not be the first thought that comes to mind when you are looking to earn money, as Benjamin Franklin said, “A Penny Saved is a Penny Earned.”
If you aren't already living with a spending plan in place, you should consider using a program like YNAB to track your spending, and taking a course like Dave Ramsey's Financial Peace University which provides a comprehensive look into how to manage your money in order to save thousands every year.
7. Invest in Yourself
Did you know that research has shown that $1 invested in yourself can return $1,000 or more every year? Why not invest in yourself by signing up for some courses? I have personally invested a great deal of money in myself, and it has been worth every penny. I'll never forget the first time I did this. I invested in some Microsoft certifications early in my career as I saw the demand for people with those certifications going up. By spending a couple of thousand dollars on certifications, I landed a job making $20,000 more a year because I was now qualified to do it!
8. Get a Part-Time Job
Local retail and food places are always in need of help. Why not take up a second job with a local restaurant or retail place instead of watching TV?
9. Resell Items on Amazon, eBay, or Shopify
Why not create your own Amazon, eBay, or Shopify store or sell through Facebook buy/sell groups? It's easy to find deals locally through garage sales and flip them online. Most people are just looking to get rid of stuff at a garage sale, they aren't looking for top dollar, so that leaves you room to make money.
Buy locally, mark it up, and sell it online, or investigate drop shipping to sell with no inventory. There are many resources to help with this. Click here for a course for selling on Amazon and here for a course for selling on eBay.
10. Become the Best
If you are in a commissioned position where the more business you generate, the more you earn like a sales position, the best way to earn more money might be to figure out ways to generate more business. Courses like Chris Croft's Sales Hacking can help you take your game to the next level.
Any investment in making yourself the best in your field can help you increase what you are paid for each hour you work, sometimes even doubling or tripling your rate. You should always attempt to maximize what you make during your core working hours each week, and that means going the extra mile.
11. Invest in Income Generating Assets
Most people eventually realize that their time is limited, and in order to generate more money, they have to find ways to make money without investing a lot of time. Look into investing in rental properties, stocks, bonds, mutual funds, or anything that you can buy which will make you more money than it costs to buy the asset.
Those are my top ideas for making some extra money this year. Here are more than 300 extra ideas you can use to generate some extra cash from around the web.
300+ Additional Ideas for Making Money on the Side This Year
I hope you've gotten some good ideas from this list. Be sure to share and subscribe for more tips each week!