I recently came across an informative and inspiring thread on the financial independence subreddit about additional income streams that people have. Here are some ones I thought could be relevant to people who read this blog.
Ideas for Extra Income
- Rent your car. Turn a depreciating asset into an income stream. 🙂 “I rent my car out on Turo. It’s the AirBnb of car rentals. I live walking distance from work and rent it out all the time. I rent my Wrangler for about $50/day and have been making around $800/mo in gross margin.” ~plz_callme_swarley
- Invest in a rental property. “I’ve got two rental properties, both I pay someone else to manage. I made 8k off of one last year and 21k off of the other one in net profit (new roofs are expensive). They’re both paid off and provide a small but steady trickle of income, I’ll probably try to save enough to get 1 more each year for the next 7-8 years.” ~SEJeff
- Buy profitable blogs and websites. “Bought a few niche websites on Flippa, earning a little over $100 per month. Import some stuff from China and sell it on Amazon as well.” ~jb611
- Walk other people’s dogs. “Signed up through rover.com but now my clients pay in cash to avoid extra fees. I only have 2 clients because I’m too busy to take on more. I mostly work on lunch break from my job with occasional overnight stays. Make about $300/month….I recommend signing up on Rover.com. The process takes a little effort and you need 2 references – I had my girlfriend write one and a buddy wrote the other. The site isn’t extremely easy to navigate which is partially why my clients pay me under the table now.” ~CalPolyJohn
- Write online. “I make about $3,000/month editing Wikipedia for pay. I get my clients from https://www.buildersociety.com/, they’re great! I know a lot of other people doing this so if you want in, just start editing Wikipedia, learn the rules, and then all you need is just clients…..I can do a new page in about an afternoon and I charge $500-$1,000. It’s only 3-6 actual jobs/month. If you want to do it, make sure you spend some time editing the Encyclopedia to learn the rules.” ~TaylorSwift2015
- Become a freelance translator. “Freelance translating (Japanese>English). Brings in $4200/month pre-tax for 50 hours/month of work…Professional (and non-professional) translators usually create profiles on both ProZ and TranslatorsCafe to look for and offer work. People with no real translation background may use a site like Gengo, whose rates are considerably lower (3 to 8 cents/word). Finally, it is also common to Google “Translation agency” and send your resume to as many translation companies as possible (rarely works, but then again you really only need 1 good client to establish yourself).” ~nakoyao
- Monetize your lifestyle/hobbies. “I rent out my place on AirBnB when I’m travelling ($6300 in 2016). I offer private lessons as a cross-country ski instructor ($1600 this season). I host house(boat) concerts ($1-2000/event). My friend sells the overflow from my vegetable garden at the farmer’s market ($700). I take tourists out fishing/netting/ice fishing/canoeing ($3200 in 2016)” ~Holy_BatLogic
- Teach English online. “I teach online classes for $20/hr. Just started last month, made $692 in half of February.” ~OzarkCatholic “There are online tutoring gigs for ESL, you can get 16-20 an hour pretty easily. Check out VIPKids” ~brikky
There we have it. A list of some pretty lucrative ideas for making extra money if you ever feel bored. Keep in mind this is the internet, so any claim anyone makes can be exaggerated or even completely fabricated. But I think the ideas are still worth looking into.
Some people think that computers are taking over people’s jobs. Although this is true in a sense, I also believe that for every job technology replaces, a new job opportunity opens up. Look at all the side hustles in the list above that would not have been possible a generation ago. 🙂
Random Useless Fact
Studies show that there is an increase in both heart attacks and road accidents in the days after clocks are set forward 1 hour in spring.