Updated date:

10 Best Ways to Earn Extra Money

Photo by Sally Jermain at Pixabay.com

Photo by Sally Jermain at Pixabay.com

Hey, everyone, now we're going to learn about the 10 best ways to earn extra money. Let's begin.


1. Drop Shipping Business


These unique businesses make some of the most lucrative side hustles. They require very little of your time. The risk is relatively low and the payoff can be huge. But how do drop shipping businesses actually work? The dropship model goes something like this. You create a store that advertises a product for forty dollars. When a customer buys that product from your store, you use their money to buy the product from your supplier. But your supplier only charges 20 dollars. So they deliver the product directly to the customer and you keep the difference in price. Now, as you can see, these businesses are extremely low risk. You don't have to front a huge startup cost. You don't have to store or manage a large volume of inventory. In fact, you're rarely using your own money to buy your inventory. You're essentially a middleman between the customer and the supplier. So take advantage of this great opportunity. The burden of a drop shipping business is low, but the profit can be outstanding.


2. Create Passive Income


So what's the difference between active and passive income? Well, active income corresponds directly to the amount of time you work. If you put in an hour of your time, you may get back 30 dollars, but that hour of your time isn't going to earn you any more money. Now, passive income, on the other hand, earns money over time. You put in a large amount of work up front and then you reap the rewards for years to come.


Let's say you decide to create your own blog. Now, at first, you may only have a few viewers. So your blog isn't making much money. But over the next two years, your blog may take off building a larger, more lucrative brand. There are a number of different ways to make passive income. It really depends on what skill sets you have to offer. Self published e-books and blogs are great sources for writers. Online classes and tutorials may work for any skilled professional. If you put in the work now, you'll have a steady stream of money for years to come.


3. Freelance Services


This is another fantastic side hustle which has become more profitable over the years. Thanks to a number of freelance services, you can advertise your skills to a broad spectrum of interested customers. Whether you design logos or manage social media profiles, you can use your pre-existing skills to bring in all kinds of freelance clients. As a freelancer, you're in control of your business. These services allow you to customize and change your schedule whenever you want. You decide which clients to take and which to ignore. You decide how many projects you want to accept each week and you decide how much time to invest into them. But keep this in mind, these freelance platforms are very competitive. Working freelance offers a great lifestyle, so it attracts a diverse audience of potential sellers. It's crucial that you build a shining reputation. So show your clients that you offer a combination of value and pricing that just can't be beat. And if you can do that, you'll start accruing clients, building your brand and making a nice chunk of change.


4. Part Time Jobs


This is a time honored side hustle that anyone can use to supplement their income. If money is running a little bit low, a part time job will give your weekly earnings a healthy boost. The upside of a part time job is the reliability. You know your hourly pay, you know your schedule, and you know what your day's going to look like ahead of time. Compared to freelance work, a part time job is significantly more stable, but there are some downsides to part time work. It's a pretty large time commitment. Some days you may be working up to 12 hours in total. If your regular job has a demanding schedule, a part time job might not be the right fit for you. It's also pretty taxing on your energy levels and social life. Most of the time you'll be working in the afternoons or weekends and over holidays. Normally you'd use this time to relax or spend time with friends and family, but now you're stuck working through every break. Now, if you're happiest when you're working, a part time job is the side hustle for you. But if you need time off, you may want to try one of the other options on this list.


5. Virtual Assistants


Virtual assistants are in high demand these days. A virtual assistant handles administrative and organizational tasks like scheduling and social media, but does so from the comfort of their own homes. Virtual assistants are brought on by all sorts of companies around the world. Companies big and small need someone to make sure their schedules stay organized, their numbers stay accurate, and nothing slips through the cracks. If you're a naturally organized, this side hustle is perfect for you. It lets you choose how much you work and who you work for. But if you're not the organizational type, then this side hustle is not for you.


6. Rent Your Room


Do you have a spare bedroom you never use? Do you spend months at a time away from your home? Renting is another great way to supplement your income. Rental companies like Airbnb book millions of guests every single year and you could easily get in on the action. A single rental could pay for your own rents, mortgage or even your next vacation. Countless people make substantial earnings off of these sites every single year, especially if you live near a tourist hotspot or big city. So if you don't mind housing strangers, it's time to give this lucrative side hustle a try.


7. Answer Questions


How much of your knowledge do you use on a regular basis? Many people, especially those with strong academic backgrounds, use only a small percentage of their knowledge. You may know the intricate details of how a black hole works, but how many jobs involve black holes? You may be able to build a car from scratch, but if you're an accountant, mechanical knowledge doesn't matter much in the workplace. So turn that free-standing knowledge into a profitable side hustle. Around the Internet you'll find a number of sites that pay people to answer questions. Someone may ask How does a black hole work? Hey, you already know the answer, so you can earn money by explaining it to them. Don't let your knowledge sit unused in your brain. Put all those facts and figures to good use and get paid for it.


8. Selling Items Online


Is your garage full of items that you just don't want or need? Do you browse vintage stores, thrift shops and antique fairs? Many people earn thousands of dollars buying and selling items online. Sites like eBay and Craigslist offer independent sellers the chance to earn a profit on used belongings. A smart seller will purchase an object for a low price, then resell it for double or even triple its original cost. The only real barrier between you and some extra spending money is your own motivation. Your items, collectibles and furniture are just sitting around collecting dust, they are waiting to be sold, but you have to put in the effort to sell them. So do a little research, get an idea of your competition and begin making money off your old stuff. These sites advertise listings to millions of people. There's bound to be a customer for you out there somewhere. And you can also take advantage of crafting sites like Etsy. These sites rely on your own artistic ability to supply your online marketplace. Creating your own product can take a lot of time and effort. But many people have turned their favorite hobby into a respectable income.


9. House Sitting


This is the simplest moneymaking strategy on this list. House sitting means watering someone's plants, sitting on their couch and working on whatever you want. In other words, you're getting paid to do almost nothing. House sitters are in higher demand than you might think. Many people are afraid to leave their home unattended for more than a few hours, so they hire a house sitter to keep an eye on things and ease their mind. And that's where you come in. Your job is simple, be mindful, responsible and available. You don't have to know any skills or complete any projects. You may have one or two chores to do each day, but those chores rarely take any time at all. You'll spend most of your time doing whatever you want, working, watching TV, taking long naps. Hey, you could even use your free time to work on another side hustle earning cash on top of cash.


10. Delivery Services


Delivery services are becoming more and more prevalent in the world today. Millions of people use these services for takeout, groceries and even household goods. So it's about time you got in on the action. There's only one real qualification to work for these delivery services. You need a car and you need to know how to use it. Now, if this sounds doable, it takes only a few days to get approved and to start earning a consistent flow of cash. The beauty of this job is the flexibility. You can work at almost any time, so you can adjust your schedule around your primary career. Some nights you might be feeling tired. Others you may have a burst of energy and feel like raking in some additional income. Delivery services are always looking for new drivers and employees. So get started on this lucrative side hustle today.


This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

© 2020 Vishnu Aravindhan