The average income earner often doesn’t earn enough cash for saving or investing. The typical American wage earner expends almost all of their monthly paycheck. When the utility bills and loans are paid off and the grocery shopping is done, there is simply not enough to put in a savings account for future use.
While most earners secure future finances through 401(k)s and IRAs, these consumer-friendly investment vehicles won’t help you save for the small things. For example, if you want to put aside money for a vacation, a new car, or even a degree, you will have to save on your own.
The best way to reach your savings goals is to give your income a small boost. It’s more than possible to do in this current gig economy. Here is a list of practical and less time-consuming ways you can earn money on the side:
Rent a Room or a Part of Your Apartment
If you are a homeowner, consider renting a room, the basement, or even the attic to earn passive income monthly. It’s quite easy to do for those who live in a city, where plenty of students, office workers, and tourists look for accommodation.
Even if you live in a suburb, it’s possible to rent a part of your home thanks to online services like Airbnb. Apps like this can connect you to literally millions of interested tenants from all over the world. As long as you have a great contract for the tenant, you can easily start earning hundreds of dollars more per month.
Play the Stock Market
Though slightly more time-consuming than being a landlord, day trading can also earn you some extra cash each month. It should be noted that playing the stock market is risky. Don’t enter this particular game if you don’t understand the risk involved. However, utilizing the right day trading strategies can definitely give you a leg up on the game.
Use a portion of your money to trade stocks on a daily basis and possibly earn hundreds of dollars per week or month. Highly skilled stock traders earn tens of thousands with major trades. It takes years of practice to reach this level. New stock brokers should start with a small amount until they become familiar with the tricks of the trade.
Trading stocks may not be easy, but it’s something you can do from the comfort of your home. There are no set hours and you can potentially earn thousands within a matter of minutes.
Become an Online Personality
If you are an extrovert or a skilled writer, you can consider becoming an online personality, i.e. an “influencer,” to earn thousands promoting brands. It may take some time to build a genuine following, but it’s something you can do on the weekends with an internet connection.
Start a blog, a YouTube vlog, or a marketing-minded social media profile to post about a certain topic. Stick to subjects you are familiar with or are willing to research on. Online personalities earn millions posting about and pitching makeup brands, travel opportunities, gadgets, and of course, pets.
You may not even need to be the star. Post pictures of your cute cat or dog online and turn them into internet celebs to earn almost passive income each month.
If you lack the time or the patience to work on a second job, consider any one of the above options to earn extra dollars each month. You can save or invest the money for small financial goals without a worry.
I set this blog up a couple of years ago now as a way to share my experience that I’ve gained through my school education and my real life education. It sounds geeky, but the economy is something that I’m really passionate about and it’s something that I am actually pretty talented in, so it’s great for me to share these experiences with those that may be struggling a little bit with finance and figuring out how to navigate the economy.