Individuals may want to increase their monthly income temporarily for a wide variety of different reasons. Some people may want to catch up on retirement savings, while others may want to set money aside for a large purchase or even a vacation.
Whatever the reason, individuals today have more options than ever before for making some quick money on the side. These side hustles range from quick and easy tasks for a few extra dollars, to larger investments with a long-term, rather than short-term, payoff. Below is a look at some of the most efficient ways to supplement one’s monthly income.
Put your teaching skills to the test.
Individuals with appropriate educational backgrounds or some special skills can easily secure a teaching or tutoring position. Those who scored high on standardized tests, for example, can often find parents in their area willing to pay top dollar to help their kids. If you know how to play piano or guitar, begin offering lessons.
If you speak a foreign language, you can also often find people willing to pay for private lessons or just conversation sessions to increase their confidence. You can even serve as a remote English teacher. People in Hong Kong, the United Arab Emirates, and other places around the world pay $25 per hour or more to practice with native English speakers. Indeed, Remote.co, and Learn4Good are great places to look for these jobs.
Capitalize on the sharing economy.
The sharing economy is growing quickly and it provides more opportunities than ever before to make some money. While millennials are largely driving the sharing economy, individuals of all ages can participate. Many apps and services have become commonplace. For example, driving for Lyft or Uber on the side to pick extra money is one of the easiest and most accessible side hustles. Individuals may also rent our spare space in their homes through Airbnb.
However, many more opportunities exist. People can now rent out sailboats on Sailo, camera equipment on Cameralends, or bikes on Spinlister. Additionally, Umi-Kitchen gives people the ability to deliver home-cooked meals to people in their area. TaskRabbit is also quickly growing in popularity. This app allows people to hire you for random tasks, such as picking up groceries, mounting a television, or moving.
Make some extra money off apps.
While the amount that individuals can make off of apps is limited, the money is basically free and requires very little effort. Stash provides $5 free to start investing and Clink, a savings app, also starts people off with $5. Bitwalking pays a virtual currency that can be converted to cash for the simple act of taking a walk.
Through Nielsen Homescan, individuals get paid for simply photographing and submitting their receipts from grocery stores. Ibotta also pays people for pictures of their receipts. Swagbucks pays people for completing short surveys and Achievement actually offers small cash awards for doing health-conscious activities. A Google search could reveal even more opportunities for making some side cash with apps.
Invest in real estate.
If you are in a financially precarious position, then you may not have the capital needed to begin investing in real estate. However, if you are simply trying to increase your income for retirement or hoping to invest in the future, then real estate can be a lucrative side hustle. The housing market has rebounded significantly, so purchasing a home with the intention of renting it out is an investment that has the potential to generate a lot of income down the line.
However, individuals should be realistic with their investment decisions. For example, flipping houses is often a full-time job that individuals cannot do in the evenings or on the weekends. Even being the landlord for a single home can prove rather time-consuming, so purchasing multiple homes or even a multi-unit buildings may not be possible without some extra help.
Use your eye for antiques.
People who enjoy rummaging through thrift stores and yard sales can actually put that passion to use. By finding and purchasing valuable items on the cheap, individuals can make significant money when they resell them on websites like eBay.
Get in touch with your creative side.
People who want to put their creativity to use can earn a lot of money on the side, provided that they are good at what they do. People who can build an audience for a podcast, for example, can get sponsorships that pay hundreds of dollars per episode. Podcasts can focus on virtually anything, from business advice to storytelling.
Writers can also always make money with freelance writing. Skyword.com is a great place for writers to churn up some work, although it involves posting some writing samples. While shorter, pop culture articles generally only pay between $25 and $50, longer articles can easily pay $500, particularly if they involve some research. If you make crafts, you can set up an Etsy shop to make some money off of your creations.