Profit way to money cash strategies a0.1e

Minimize your taxes on passive income

A passive income can be a great strategy for generating side income, but you’ll also generate a tax liability for your effort. But you can reduce the tax bite and prepare for your future, too, by setting yourself up as a business and creating a retirement account. This strategy won’t work for all these passive strategies, however, and you’ll have to be a legitimate business to qualify.

1. Register with the IRS and receive a tax identification number for your business.
2. Then contact a broker who can open a self-employed retirement account such as Charles Schwab or Fidelity.
3. Determine which kind of retirement account might work best for your needs.

Two of the most popular options are the solo 401(k) and the SEP IRA. If you stash the cash in a traditional 401(k) or SEP IRA, you can take a tax break on this year’s taxes. The solo 401(k) is great because you can stash up to 100 percent of your earnings into the account, up to the annual maximum. Meanwhile, the SEP IRA allows you to contribute only at a 25 percent rate. In addition, the solo 401(k) permits you to make an additional contribution of up to 25 percent of your profits in the business.

If you’re thinking of going this route, compare the differences between the two account types or look at the best retirement plans for the self-employed.

How to Start a New Side-Hustle, Job or Career Working from Home!

2020 is over and the world is beginning to open up again, yet many people are realizing that there’s more to life than a job they dislike. After a record-high unemployment rate last year, more people are seeking jobs that feel fulfilling. After all, times of crisis are also times of great opportunity!

If you haven’t found what it is you want to be doing, this may be the ideal time to try something new, learn a new skill, or begin a side-hustle that can bring you income for years to come.

In The Side Hustle Bible, James Altucher says “we live in an opportunity economy” and an “idea economy.” Just because certain jobs have vanished, or your perspective may have shifted, does not mean there is a shortage of ways to earn money. In this extensive article, we outline dozens of ideas and resources so that YOU can make a positive change.

Years from now, you might even look back at this time as the turning point that got you out of a rut and started on a new, profitable path!

16. Create a blog or YouTube channel

Are you an expert on travel to Thailand? A maven of Minecraft? A sultan of swing dancing? Take your passion for a subject and turn it into a blog or a YouTube channel, using ads or sponsors to generate your income. Find a popular subject, even a small niche, and become an expert on it. At first you’ll have to build out a suite of content and draw an audience, but it can create a steady income stream over time, as you become known for your engaging content.

Opportunity: You can leverage a free (or very low cost) platform, then use your great content to build a following. The more unique your voice or area of interest, the better for you to become “the” person to follow. Then draw sponsors to you.

Risk: You’ll have to build out content at the start and then create ongoing content, which can take time. And you’ll need to be really passionate about the product, since that can help you maintain the motivation to continue, especially at the start as your followers are still finding you.

The real downside here is that you can outlay a bunch of your time and resources, with little to show for it, if there’s limited interest in your subject or niche. Your area of expertise may be too niche to really draw a profitable audience, but you won’t be sure of that until you experiment.

Make Money Typing

Gone are the days of rooms full of typists tip-tapping away. There’s no longer a need for such services because most people are half-decent typists themselves. But that doesn’t mean there isn’t still a need for experiences and better than decent typists. Thanks to the internet, it’s now a job you can do anywhere.

You don’t need lots of equipment, and the only requirement is that you complete assignments on time. Another benefit is that you can start making money instantly, whenever you’ve got the free time, or make it into a full-time career.

A range of typing jobs are available, but the majority fall into the following categories:

• Transcription: With this type of work, you’ll be typing audio recordings. It might be lectures, dictation, phone messages, conference calls, workshops, speeches, podcasts, interviews, webinars, or videos. Within this category, there are specializations such as legal transcription and corporate/financial transcription.
• Medical transcription: This role requires specialist training and certification as it involves transcribing dictation made by physicians or medical practitioners.
• Captioning: A captioner works off live video rather than recorded audio. Fast typing speeds are a requirement and accuracy and stenography equipment.

Level of expertise: Intermediate, expert

Requirements: Excellent spelling, punctuation, grammar, and typing skills,

Time: Instant

Tools: Sign up with a typing website, computer with a large monitor, headphones, foot pedal

Income Potential: $7 – $50/hour

Which passive income source is best?

The question of which passive income source is best depends on several factors, but some of the most important include the amount of money you have to invest, the total opportunity size, your interest and ability in the area, the amount of time you need to invest and the potential to succeed. Typically, the lower the barriers to entry, the more crowded the field of competitors and the lower likelihood of success.

So you’ll need to weigh the opportunity against these factors and see which passive income strategy works best for you. But it can be helpful to have natural ability and an interest in your target area, because these can help motivate you in the early days when things are likely to be tougher.

There are passive income opportunities for people who are starting out with some money and even those who have no money to start.

Make Money Writing on Sites

Do you like the sound of getting paid to write from home? You don’t need a vast amount of experience, but you do need to be able to string words together if you want to get paid for your efforts. There’s an abundance of websites and blogs that will pay you to follow guidelines and deliver good quality content.

There are many benefits to writing online. No upfront investment is required, and there are no start-up fees. You can expect to be paid relatively quickly, and there’s no shortage of writing gigs.

You might find yourself writing reviews, tutorials, how-to articles, or lists, and the subject matter could be anything, from travel and web design to parenting, health, and wellness.

Some blogs and websites pay writers on a revenue-share model, but that’s not the case in the following list. You can expect to receive an agreed-upon fee in exchange for every article you write that is accepted. This is a small selection of the sites that pay you to write.

• Textbroker
• iWriter
• Writer Access
• Upwork
• Problogger
• Freelancer.com
• Fiverr
• WordAgents
• Verblio
• Writers Domain
• People per Hour

Level of expertise: Beginner, intermediate, expert

Requirements: Good English language skills, knowledge of grammar and punctuation

Time: Instant

Tools: Writing software such as Google Docs or Microsoft Office, grammar checking tool

Income Potential: $10 – $500/article

3. The Safe Way

Just as the fast lane and the slow lane on the highway will eventually get you to the same place, there are quick and slow ways to double your money. If you prefer to play it safe, bonds can be a less hair-raising journey to the same destination.

Consider zero-coupon bonds, for example. For the uninitiated, zero-coupon bonds may sound intimidating. In reality, they're simple to understand. Instead of purchasing a bond that rewards you with a regular interest payment, you buy a bond at a discount to its eventual value at maturity.

One hidden benefit is the absence of reinvestment risk. With standard coupon bonds, there are the challenges and risks of reinvesting the interest payments as they're received. With zero-coupon bonds, there's only one payoff, and it comes when the bond matures. On the flip side, zero-coupon bonds are very sensitive to changes in interest rates and can lose value as interest rates rise; this is a risk factor to be considered by an investor who does not intend to hold a zero-coupon bond to maturity.

Series EE Savings Bonds issued by the U.S. Treasury are another attractive option for conservative investors who do not mind waiting a couple of decades for the investment to double. Series EE Savings Bonds are low-risk savings products that are only available in electronic form on the TreasuryDirect platform. They pay interest until they reach 30 years or the investor cashes them in, whichever comes first. Although the current rate of interest is a paltry 0.10% for bonds issued between November 2021 and April 2022, they come with a guarantee that bonds sold now will double in value if held for 20 years. The minimum purchase amount is $25, while the maximum purchase per calendar year is $10,000. Savings bonds are exempt from state or local taxes, but interest earnings are subject to federal income tax.

Start a YouTube channel

Start a YouTube channel and monetize it. For instance, you can gain followers and eventually earn ad revenue, affiliate income or Patreon supporters. YouTube is also an excellent platform for creating a fanbase who will enjoy future offers. Many YouTubers such as Sunny Lenarduzzi have videos for helpful tips for building a profitable following on YouTube.

Create and sell an online course

Consider filming a video course on Teachable, Udemy and/or Thinkific. Or become a Skillshare instructor. These are all platforms where you can make money by teaching what you know online. They are wonderful for creating a little income—or a lot! Top instructors are earning six figures. (Hint: it helps a lot if you have an online following or existing database of potential customers, as you’ll want to market and sell the course.)

Here is a breakdown to help you understand the differences and which online teaching platform is best for you. Another great resource is Danny Iny’s Course Builder’s Laboratory.

Learn to code—or build websites!

Code Academy offers courses in web development, computer programming, and data science. Their basic package is free, so you can begin learning immediately with no out-of-pocket expense.

Create Online Courses

You get them popping up on your Facebook news feed and in ads when you search online. It feels like online courses are everywhere you look nowadays, but it’s not too late to get in on the action. It is forecast that the online education market could reach $350 billion by 2025. There is one requirement, however. You need knowledge that someone is willing to pay for. If you’ve got what it takes, online courses are a fantastic opportunity.

It’s not the end of the world if you don’t have the wherewithal to create your own course because there’s always the option of becoming an instructor. Pick the right platform and you’ll be able to pass on your experience and skills to a broad audience who might be interested in learning something new.

If you’re wondering what kind of topics sell, here are some examples:

• Personal development
• Photography
• Art
• Gardening
• Technology
• Languages (we’ll be looking at teaching English a little later)
• Cooking
• Marketing

An excellent place to start, if you have decided on a topic, is to poll your audience. You’ll discover what they want to learn and how much they’ll be willing to pay for it.

Level of expertise: Expert

Requirements: Knowledge or skill people want to pay for

Time: You could be earning an income in a couple of months

Tools: Online learning platforms such as Udemy and Kajabi, or a software product such as WooCommerce or WordPress, an online course platform like Thinkific.

Income Potential: $50-$10,000/month

Passive income ideas:

Watch Videos and Get Paid

Wouldn’t it be great to get paid for watching videos? Well, the good news is that you can. It’s also a lot easier than you think.

There are loads of options. Here is just a small selection:

• Write film subtitles on a freelance basis, and if you speak another language, you could charge extra for your services.
• Become a TV and film reviewer – There are even opportunities to make this a full-time career. It’s a very competitive business, so you might need to charge low rates to start.
• Watch movie trailers and ads for money – Sites such as iRazoo, InboxDollars, and Vindale Research pay you for completing elementary tasks, such as answering surveys and playing games. You can also get paid for watching cooking tutorials, short films, app adverts, and movie trailers.
• Get paid for watching ads on SuccessBux – The minimum payout is a mere $1, and it is paid via PayPal. Other options if you like the sound of watching ads include Swagbucks, ibotta, and Nielsen TV Ratings.
• Sign up with TV-TWO, and you can get paid in cryptocurrency – You’re paid for watching videos, but in this case, you have to earn a massive amount of credits, 50,000, before you’re able to ask for a payout.
• Charge companies for promoting their videos – It helps if you’ve got a good following, but it’s not essential.

Level of expertise: Beginner

Requirements: Laptop or mobile device for watching the videos

Time: Instant

Tools: Sign up with the relevant app

Income Potential: $50 – $500/month

Build and Sell Software

There are many benefits to building software and then selling it. Upfront costs, including the development of the software, can be pretty high. However, the cost of selling your product once you’ve made it is relatively low. Delivering the finished product to the customer costs very little.

One critical requirement is that you need to have a good grasp of the programming side of things. A friend or relative in the know would be a possible alternative, as long as they don’t want to charge too much for their services.

It’s also crucial that you create software that people want to buy. Ideally, it needs to be software that’s unique, better than anything else that’s currently available, or at the very least, much cheaper.

There’s already a massive amount of software out there, but there are still some niches you can explore and problems no one has found the answer for. Figure out what these are, and you could be on to a winner.

Bear in mind that it could take some time for the development side of your project, which makes it vital you do plenty of research beforehand to make sure there’s a market for your product.

If you’re interested in reducing the amount of work, you might want to consider buying some software and making improvements or using open-source software. If you think this is a good option, make sure you check whether there are any restrictions. Spending a lot of time creating something you can’t sell would be devastating.

App development is another similar option. Creating games or apps can be a very lucrative idea.

One guy who made a great success of his SaaS business is Neil Patel. You can read his story here.

Level of expertise: Beginner, intermediate, expert

Requirements: Know how to code or have a friend or relative who can do it for you, get clients to use the software

Time: More than one year to start making some money

Tools: Hosting, domain

Income Potential: $50-$100,000/month

Step 1: Start With Your Mindset

If you feel the situation looks bleak, commit to rising above fear, worry, and scarcity-thinking. A look at history shows that quarantines and lockdowns may have actually spurred accomplishments and breakthroughs!

Between 1603 and 1613, the plague caused the banning of public gatherings, including London theaters and playhouses. Out of steady work with lots of free time, William Shakespeare wrote King Lear, Macbeth, and Antony and Cleopatra in a single year—while quarantined.

Decades later, Isaac Newton’s classes at Cambridge University were cancelled due to the bubonic plague. The young mathematician retreated to his family home where he produced some of his best work—theories that would become early calculus, optics, and even his theory of gravity.

With life as usual interrupted, now is the perfect time to assess what possibilities exist for you. Ask yourself:

• What skills and passions do you have?
• What did you love doing as a teenager?
• How do you like to spend your free time, and what career or side-gig would allow you to do the sort of activities you love?
• Do you have specialized knowledge that would be valuable to others?
• How can you monetize your unique experience in a new job, business, or freelance side-hustle?

Think about things beyond “survival” and “paying the bills.” Think about how you can THRIVE! Use this opportunity to make a powerful transition into a life and work you’ll love. Have you already found a quarantine hobby or passion? Now’s the time to be open to opportunities for growth and expansion!

Launch and Grow a Startup

Thanks to the internet, there are vast amounts of options if you think you’ve got what it takes to launch a startup business. As long as you’ve got a computer and a reliable internet connection, the sky’s the limit in what you can achieve.

You don’t need to be a technical whizz kid, as there are plenty of valuable tools that will help you build, launch and grow your business. You just need to put in the hard work, learning what you need.

Another great benefit of starting a new online business is that you do it from anywhere in the world. No one sets your schedule for you, which means you can work as little or as often as suits you. It depends on how fast or successful you want your business to be.

When it comes to capital requirements, you don’t need a lot. There are internet businesses you can get off the ground with no money simply because there are a wealth of free services to help the process.

Here are just a few ideas, some of which we’ll look at in more detail a little later.

• Custom furniture production
• Homemade beauty products
• Activity holidays
• E-commerce retailer
• Cleaning services
• Hand-made craft seller
• Tutoring or digital courses
• Start your own clothing line
• Publish a book

Level of expertise: Beginner, intermediate, expert

Requirements: The right idea and customers for your product or service

Time: More than six months to start making money

Tools: Hosting, domain

Income Potential: $50-$100,000/month

In a bind? Need some fast cash? We're talking here about small bursts of capital, not millions of dollars -- enough to satisfy your monthly obligations or get that nagging creditor to stop calling you.

Shutterstock

None of the 32 strategies listed here to get some money quickly will break the proverbial bank. Some are easier than others, but nearly all require very little to no capital. They are meant to get you through the difficult times.

Related: 2 Ways to Make Money Online This Month

Some of these strategies to make extra money will require you to be in certain locales, while others are location-independent, but it all boils down to being resourceful. We've all found ourselves in a tight spot at one point in our lives or another, but to the person who's committed, anything is possible.

Much of this has to do with mindset. When you lack money, scarcity thinking sets in. The scarcity mindset is negative and thinks that there's never enough of whatever it is to go around. When you find yourself thinking like that, do everything in your power to move into an abundant mindset.

Our thoughts are incredibly powerful. We have upwards of 60,000 thoughts per day, many deep within our subconscious mind, much of which are repeated. We have to be stewards of our thoughts. Once you find yourself thinking negatively, you need to jar yourself out of that.

When you're looking to make money fast, you're often in a tough spot financially, even desperate to make ends meet, but everything that we have and everything that we become is partly born from our thoughts. Think and you shall become. Curate and cultivate the right thoughts if you want to live an abundant life.

2. The Contrarian Way—Blood in the Streets

Even the most unadventurous investor knows that there comes a time when you must buy, not because everyone is getting in on a good thing but because everyone is getting out.

Just as great athletes go through slumps when many fans turn their backs, the stock prices of otherwise great companies occasionally go through slumps, which accelerate as fickle investors bail out. As Baron Rothschild supposedly once said, smart investors "buy when there is blood in the streets, even if the blood is their own."

Nobody is arguing that you should buy garbage stocks. The point is that there are times when good investments become oversold, which presents a buying opportunity for investors who have done their homework.

Valuation metrics used to gauge whether a stock may be oversold include a company's price-to-earnings ratio and book value. Both measures have well-established historical norms for both the broad markets and for specific industries. When companies slip well below these historical averages for superficial or systemic reasons, smart investors smell an opportunity to double their money.

Being contrarian means that one is going against the prevailing trend. It therefore requires a greater degree of risk tolerance and a substantial amount of due diligence and research. As such, a contrarian strategy is best left to very experienced investors and is not recommended for a conservative or inexperienced investor.

13. Money-making strategy: Sell your photos

Have an eye for photography? Of course, you need to be good at this to earn any money but it you are, you can sell photos on ShutterStock or iStockPhoto (along with many others) to generate a passive income from something you might be very passionate about.

For a quicker way to earn by taking photos, solicit people looking for photographers to cover their wedding, engagement, child's birthday or any other life event. You'll need a good camera and some experience, but you can definitely earn some must-needed income this way no matter where you live.

Build a Website and Earn an Affiliate Commission

One of the most popular ways to make real money online is through affiliate marketing. 81% of brands and 84% of publishers use the power of affiliate marketing and this statistic is likely to continue as affiliate marketing spending in the US increases every year.

Don’t know what affiliate marketing is? It’s a way of earning money by promoting various brands. You’re promoting products, services, apps, software, and more. In return, companies pay you a commission when a customer buys a product using your link.

You probably think the commission will be small, but that’s not strictly true. It can be but what makes a big difference is that you can be an affiliate for one, two, three, or considerably more different brands, and there’s no limit to the number of links you can include in each of your posts.

There’s also the potential for the commission to be 50% of a $1,000 product and for it to be a recurring commission every month.

How does it work? You advertise the brands via your website by writing blogs, creating infomercials, and other types of content. You include links for your affiliate brands and push traffic to their website.

To achieve any level of success, you have to learn to be persistent. The key to your success will be finding a niche that suits you and having the right strategy. Some of the niches you might want to consider include:

• Software
• Travel
• E-commerce
• Dating
• Loans
• Fitness

Once you’ve decided on a niche, you’ll need to work on designing a website and starting a blog. Starting a YouTube channel that runs alongside your blog is another option.

Level of expertise: Intermediate

Requirements: Content marketing expertise, know how to build a website

Time: From six months to several years before you start making any real profit

Tools: Domain, hosting

Income Potential: $300 to $10,000/day

Test Websites

Website testing is an invaluable resource for companies that might have invested vast amounts in their company website design. On average, the upfront cost of launching and designing a website is $12,000 to $150,000.To test a website, you have to access, use, and analyze the website. You then have to provide feedback on the experience, how the website functioned and whether it was appealing or not.

A company’s website plays an integral part in its success. Websites are a very effective way of reaching, engaging, and converting online customers. It’s no wonder companies take website testing so seriously.

The amount of money you can potentially earn is not really large enough for this to be a full-time career. However, it’s a good way of supplementing your current income.

You sign up with a testing platform, and you’ll be informed when opportunities are available, either by email or by visiting the online platform. If you’re interested in taking part in any of the tests, you have to claim them and wait to be given access. Other users will be competing for the opportunities, and for the more popular company websites, competition could be fierce.

There are many online platforms you can use to look for testing tasks. The more popular ones include:

• UserTesting
• IntelliZoomPanel
• Userlytics
• Enroll
• TryMyUI

Level of expertise: Beginner, intermediate

Requirements: Good eye for website design

Time: Instant

Tools: Website testing platform

Income Potential: $10/hour with the occasional opportunity to make more

3. Money-making strategy: Sell old books and games on Amazon

Amazon makes it fairly easy to list and sell old books, games and devices on its marketplace. You can make more than just a few bucks If you have pricey textbooks from college. Be sure the books are in good condition. You'll get negative reviews if you attempt to sell books that are falling apart or games that are scratched up. Remember, be upfront about any defects, no matter how small they might be and no matter how few people might readily notice it.

11. A bond ladder

A bond ladder is a series of bonds that mature at different times over a period of years. The staggered maturities allow you to decrease reinvestment risk, which is the risk of reinvesting your money when bonds offer too-low interest payments.

Opportunity: A bond ladder is a classic passive investment that has appealed to retirees and near-retirees for decades. You can sit back and collect your interest payments, and when the bond matures, you “extend the ladder,” rolling that principal into a new set of bonds. For example, you might start with bonds of one year, three years, five years and seven years.

In a year, when the first bond matures, you have bonds remaining of two years, four years and six years. You can use the proceeds from the recently matured bond to buy another one year or roll out to a longer duration, for example, an eight-year bond.

Risk: A bond ladder eliminates one of the major risks of buying bonds – the risk that when your bond matures you have to buy a new bond when interest rates might not be favorable.

Bonds come with other risks, too. While Treasury bonds are backed by the federal government, corporate bonds are not, so you could lose your principal if the company defaults. And you’ll want to own many bonds to diversify your risk and eliminate the risk of any single bond hurting your overall portfolio. If overall interest rates rise, it could push down the value of your bonds.

Because of these concerns, many investors turn to bond ETFs, which provide a diversified fund of bonds that you can set up into a ladder, eliminating the risk of a single bond hurting your returns.

13. Invest in a high-yield CD or savings account

Investing in a high-yield certificate of deposit (CD) or savings account at an online bank can allow you to generate a passive income and also get one of the highest interest rates in the country. You won’t even have to leave your house to make money.

Opportunity: To make the most of your CD, you’ll want to do a quick search of the nation’s top CD rates or the top savings accounts. It’s usually much more advantageous to go with an online bank rather than your local bank, because you’ll be able to select the top rate available in the country. And you’ll still enjoy a guaranteed return of principal up to $250,000, if your financial institution is backed by the FDIC.

Risk: As long as your bank is backed by the FDIC and within limits, your principal is safe. So investing in a CD or savings account is about as safe a return as you can find. However, while these accounts are safe, they’re returning less these days than before. And that return can pale in comparison to inflation, which hit mid-single digits last year, hurting the real purchasing power of your money. Nevertheless, a CD or savings account will yield better than holding your money in cash or in a non-interest bearing checking account where you’ll receive nothing.

20. Money-making strategy: Wash carpets

Rent a carpet cleaning machine at your local home improvement store, or buy one if you think you can get enough work doing this. You'll likely find lots of people need something like this, but haven't actively looked for the service.

You can wash carpets in the owner's homes, or have them steam-cleaned offsite, depending on the job and the trust you build with the owners.

Can You Really Make Money Playing Games on Your Phone?

Yes, you can, and there are dozens of apps that reward you when you play games. There are a few games-for-cash sites that are sketchy, so you have to be careful. However, some are totally worth it.

Here is a list of the top games apps that hand out real money.

• Coin Pop: Collect points when you try out and play different games. The longer you play, the more points you earn. Redeem your points for Amazon vouchers or cash.
• MistPlay: Earn credits for playing selected games. You earn more the longer you play and bonus units when you reach higher levels or play at specific times. You cash out for a Mastercard or Visa payment, Amazon payments, or some other gift card.
• Fit Play: Once you’ve downloaded the app, you’ll get a list of games you can play for points. Build up your points and then redeem them for gift cards or cash into PayPal.
• Qmee: Primarily, Qmee is a survey app, but there is a section where you can earn money by playing games.
• Make Money – iOS: Lots of tasks available, some of which include playing a game you’ve downloaded to a certain level.
• Ysense: Earn cash rewards for trying different games. You need to meet certain conditions to receive your rewards, such as collecting a specified number of points or reaching a certain level.
• InstaGC: The payment threshold is really low, so you could cash out earnings as small as $1.
• Earnably: Play games for free and get paid to do it. Cashout is speedy via gift card or PayPal.

Level of expertise: Beginners

Requirements: Smartphone

Time: Instant

Tools: Sign up with the app

Income Potential: Up to $4.3k annually

Become a YouTuber and Make Money From It

When people are looking for entertaining, informative, or fun videos, millions of people around the world turn to YouTube. As well as being one of the largest search engines globally, YouTube is also a way to make money online.

The first step is to get an audience for your YouTube channel. The bigger, the better. A larger following can earn you some serious cash. Your audience, the better chance you have of making some serious cash. There are several ways you can monetize your YouTube channel.

• Become a Partner and Earn Cash From Ads
• Sell Merchandise or products
• Crowdfund
• Fan Funding
• License Your Channel’s Content
• Work as an Affiliate or Influencer

The two types of YouTube channels that achieve the best following are:

• Educational content: Think of these as “How to” videos. You can make this type of video if you’ve got information or valuable skills that will interest others.
• Entertaining content: This style of the video includes pranks, reviews, comedy videos, game walkthroughs, and much more.

Level of expertise: Intermediate, expert

Requirements: YouTube channel with lots of followers/subscribers

Time: It can take at least 12 months to realize a profit

Tools: Monetized YouTube account

Income Potential: $5 – $5,000/YouTube video

4. Money-making strategy: Sell, or resell, used tech on Craigslist

The market for used electronics is vast. You can use Craigslist to part ways with your old iPhone or your MacBook. You can grab a premium for these types of electronics. Some people even flip items by buying them and reselling them.

You could also use a website like Gazelle to sell your used phones, no matter what kind you have. Companies like that have made an entire business model out of buying used phones and refurbishing them. Either way, you can expect to get a fair bit of money relatively quickly if you have these items laying around your house.

Related: 4 Things I Wish I Knew Before Starting a Small Business

Become a TikTok Consultant

TikTok has gained a lot of interest recently, with some people going viral overnight. With a concept that’s still in the early days of its success, there are many opportunities for monetizing. Become a pro on TikTok, and you could turn your hand to consulting. By leveraging your expertise, you’ll be able to help people who are looking for TikTok fame.

A priority this year, for many people, will be figuring out how to make money online. It might be a side gig to supplement your job or a completely new venture. Whatever the reason, there are a wealth of available opportunities.

For quite a few of them, all you’re going to need is access to a reliable internet connection and a smartphone.

Make deliveries

If you live in a major city, you’ll find options to deliver food, groceries, and other items that customers order through apps such as Instacart, Uber Eats, Door Dash and Postmates. Here’s the full rundown.

11. Money-making strategy: Walk dogs

There are networks devoted connecting dog owners with dog walkers. Rover is one of the largest networks of dog walkers out there. Of course, you could also use social media or just knock on neighbors doors to advertise your services, but you can easily use one of these services.

Do a great job if you're serious about building a track record of solid reviews. That will help you make money in the future when you're in desperate need of it.

19. Money-making strategy: Become a home organizer

You could easily do home organizing for people, an industry that has gained a lot of popularity since the debut of Netflix's hit series Tidying Up with Marie Kondo. If you're a tidy and organized person yourself, and you're good at organizing spaces, why not offer your services to people around you? You'd be surprised at how many people, even on your own social media feed, might take you up on doing something like this.

Again, a site like Care.com also helps to connect home organizers with people looking for this type of service. It all depends on whether you want to go through a professional company or pitch it yourself to people that are already in your personal or business network.

Related: 8 Ways Any Millennial Can Be a Millionaire in 5 Years

15. Money-making strategy: Tutor students

Parents are always willing to invest in their children's future. If you have a great deal of knowledge in subjects such as math, science or computers, you could tutor for cash.

Both Indeed.com and Care.com offer opportunities for tutoring local students. You could opt for either of these platforms or simply find your clients through your personal network or social media.

Join a Remote Company Part-Time (or Full-Time)

Perhaps you’d like a change of career, want to try something new, or would benefit from a scenery change. In such cases, working remotely can be a breath of fresh air as well as an excellent opportunity to earn some money on the side.

Many companies are looking for remote employees, and it doesn’t matter where you work. According to Upwork, 22% of the American workforce will be working remotely by 2025. That’s an 87% increase compared to before the pandemic. Start on a part-time basis, and you might like it so much you want to work full-time.

Look for possible options by checking out online career listings, or visiting one of the following websites:

The types of remote jobs available vary considerably. Such positions might include being a designer or working in customer support.

It’s a simple case of finding a job you like and applying for it.

Level of expertise: Beginner, intermediate, expert

Requirements: The right skill for the job you’re applying for

Time: Instant

Tools: Knowledge and experience to help you secure the job

Income Potential: $20,000 – $100,000

How to Make Money Selling Photos of Yourself

Did you know all those selfies you’re taking could make you some cash? Agencies and companies are willing to pay top dollar for them because they can significantly impact businesses and brands.

If you can take good shots of yourself and know the best places to sell them, it is possible to make money. Options for selling your selfies online include the usual stock websites, via a website of your own, via a blog, or by running a contest or giveaway.

Some of the best websites for selling images of yourself include:

• Scoopshot
• Stylinity
• Foap
• Pay Your Selfie
• SmugMug

Level of expertise: Beginner, intermediate

Requirements: A good eye for taking a quality photograph

Time: A few months for people to find your images

Tools: Smartphone or digital camera, editing software

Income Potential: $300 – $500/month

9. Create an app

Creating an app could be a way to make that upfront investment of time and then reap the reward over the long haul. Your app might be a game or one that helps mobile users perform some hard-to-do function. Once your app is public, users download it and you can generate income.

Opportunity: An app has huge upside, if you can design something that catches the fancy of your audience. You’ll have to consider how best to generate sales from your app. For example, you might run in-app ads or otherwise have users pay a nominal fee for downloading the app.

If your app gains popularity or you receive feedback, you’ll likely need to add incremental features to keep the app relevant and popular.

Risk: The biggest risk here is probably that you use your time unprofitably. If you commit little or no money to the project (or money that you would have spent anyway, for example, on hardware), you have little financial downside here. However, it’s a crowded market and truly successful apps must offer a compelling value or experience to users.

You’ll also want to make sure that if your app collects any data that it’s in compliance with privacy laws, which differ across the globe. The popularity of apps can be short-lived, too, meaning your cash flow could dry up a lot faster than you expect.

Step 4: Focus on Forward Progress

Working from home, self-employment and freelancing are definitely not the same as punching a clock! These strategies require focus and discipline. They may also require boundaries with other family members—something that may be extra challenging right now if everybody is home.

A few tips: Take action. Get out of bed early. Resist watching endless news media. Do not wait for government bailouts or Universal Basic Income. Empower yourself by looking for how you can provide VALUE and EARN results!

This is the one commonality in all cash flow strategies: you must create VALUE for someone else. No employer, customer or client hires you because of your education, your resume, or your experience. They decide to work with you because they have a need they believe you can solve.

So whatever strategy you choose, focus on the VALUE you will provide and how you can help someone else.

Could you use some support? Two people I can recommend are:

• Nathan Teegarden at YourTrueCalling.com is a career coach who helps people transition into purposeful work.
• Tammi Brannan of BlueprintProcess.com is gifted at helping people figure out “what’s next” through an exploration process. (Tammi is also my best friend and sister!)

Make the most of your opportunities. You just might end up grateful that you found yourself in need of creating “cash from scratch”!

And of course—contact Partners for Prosperity if we can assist with your personal finances!

—By Kim Butler and Kate Phillips, updated 09/17/2020

24. Money-making strategy: Rent a spare room on AirBnB

AirBnB can be a terrific platform for renting out a spare room. You can make some good money, especially if you live in a tourist destination. If you don't mind the neighbors, then this is definitely an option. You can crash with friends and family and rent out your entire house if you're really desperate.

Related: What You'll Really Earn on Uber, Airbnb and TaskRabbit Every Month

22. Money-making strategy: Decorate homes for the holidays

Whether it's New Year's, Christmas lighting, Easter, Fourth of July or any other holiday, you can get paid to help decorate homes. This might involve putting up lights inside or outside, decorating trees, setting up games and decor.

Use the internet and social media to find clients, or simply advertise to your local network. There are loads of options when it comes to doing specialty jobs like this.

Related: 50 Ideas for a Lucrative Side Hustle

8. Dividend stocks

Shareholders in companies with dividend-yielding stocks receive a payment at regular intervals from the company. Companies pay cash dividends on a quarterly basis out of their profits, and all you need to do is own the stock. Dividends are paid per share of stock, so the more shares you own, the higher your payout.

Opportunity: Since the income from the stocks isn’t related to any activity other than the initial financial investment, owning dividend-yielding stocks can be one of the most passive forms of making money. The money will simply be deposited in your brokerage account.

Risk: The tricky part is choosing the right stocks.

For example, companies issuing a very high dividend may not be able to sustain it. Graves warns that too many novices jump into the market without thoroughly investigating the company issuing the stock. “You’ve got to investigate each company’s website and be comfortable with their financial statements,” Graves says. “You should spend two to three weeks investigating each company.”

That said, there are ways to invest in dividend-yielding stocks without spending a huge amount of time evaluating companies. Graves advises going with exchange-traded funds, or ETFs. ETFs are investment funds that hold assets such as stocks, commodities and bonds, but they trade like stocks. ETFs also diversify your holdings, so if one company cuts its payout, it doesn’t affect the ETF’s price or dividend too much. Here are some of the best ETFs to choose from.

“ETFs are an ideal choice for novices because they are easy to understand, highly liquid, inexpensive and have far better potential returns because of far lower costs than mutual funds,” Graves says.

Another key risk is that stocks or ETFs can move down significantly in short periods of time, especially during times of uncertainty, as in 2020 when the coronavirus crisis shocked financial markets. Economic stress can also cause some companies to cut their dividends entirely, while diversified funds may feel less of a pinch.

Compare your investing options with Bankrate’s brokerage reviews.

Step 2: Assess Your Resources

Some people are looking for immediate cash flow. Others have funds and savings that can carry them for several months or even years. Know what funds you have liquid and what you could access quickly (including whole life cash value). Most who have lost jobs will receive unemployment benefits, which can be helpful to those ready to take advantage of a transitional opportunity.

We anticipate the economic impact of this situation will not resolve quickly, so take a long-term view and prepare accordingly. Do what you can to save and preserve cash by trimming your expenses and protecting your assets. If you have been contributing to a 401(k) or IRA, build up your emergency/opportunity fund instead. Steer clear of prepaying your mortgage! Instead, save where you will have access to your money once you are firmly secure in a new job or steady freelance opportunity and back to work during the pandemic.

Take stock of your non-monetary resources as well.

• What intellectual capital can you leverage and repurpose outside of a typical job environment?
• What relationships and networks support you?
• Where do you have influence and social capital?
• One of the most valuable assets you have is your list of contacts, specifically names and emails and cell numbers. (Texts took over email in 2014 as the primary mode of communication.)

While this is a time to conserve your money, it’s a time to EXPAND your reach – this includes your sources of income, skills, and knowledge. Instead of sitting and waiting for things to “return to normal,” consider how you can build value in yourself—or in an existing business or new potential stream of income—right now.

Review websites & apps for cash

This is a very similar gig to completing surveys, but in this case, you’re testing websites, apps, and other types of software. You have to actively participate in using the products you’re reviewing, pay attention, and provide continuous feedback.

Become a virtual assistant or online business manager

Many people normally work in an office on tasks such as

• data entry
• email marketing
• social media management
• customer service
• updating websites and
• managing calendars and schedules.

A Virtual Assistant or VA does the same thing—from their home! According to PayScale, the average VA earns just over $20/hour, which varies according to skills and experience. VAs can be self-employed or they may work as employees and/or as part of a team. This article explains how to get started as a VA.

AnOnline Business Manager or OBM is often a virtual assistant who has “graduated” to a higher level of skill and expertise. They can be proficient in project management, marketing, directing larger teams, and documenting processes. An OBM takes initiative to manage certain aspects of the business while a VA is more “task-oriented.” An OBM earns more than a VA and is typically certified.

While VA projects can be short one-time assignments, both VAs and especially OBMs can become valued long-term team members. (We have used both on our virtual team for years!)

2. Money-making strategy: Become a market research participant

In college I participated in loads of market research. It's fairly quick money for not a lot of work. Companies looking for consumers' opinions on a variety of products and services put you in a room to garner your opinion. That's it.

This often involves writing or stating your opinion, answering polls or surveys, or breaking off in a discussion group. The mechanics don't matter much. The point is that you can rely on it from time to time. Focusgroup.com is just one company that is looking for participants.

Related: 6 Things You Must Quit Doing Now If You Want to Be More Successful

How Can I Make Money Online?

If you want to earn extra money without breaking a sweat, keep scrolling. To save you time and hours of research, I’ve created this extensive list of online money-making ideas and gigs on the side. All you need to do is set aside some time to read through the list, and I’m pretty confident you’ll find one or two you quite like the sound of.

Make Money Online with Google AdSense

Google AdSense is a program that lets you run ads on your website, YouTube videos, or blog. You are paid when someone clicks on the ad. Businesses using the Google AdWords program generate the ads, and you feed them by using an AdSense code.

If your website or blog is new, Google AdSense is one of the quickest ways to generate an income.

The program is free, and the eligibility requirements are simple. You get a wide range of ad options to choose from, some of which you’re able to customize to complement the feel and look of your site.

Payments made to you by Google are made by direct deposit every month. You’re not limited to running ads on just one website, and you can also run ads on RSS feeds and mobile devices. You have to meet specific Google requirements to include the ads on your website, blog, or YouTube channel.

Your website, for example, has to have at least 30 pages of content that’s unique, is three months old, and generates traffic. The better the traffic, the higher your potential for earning.

Level of expertise: Intermediate, expert

Requirements: Website, blog, or YouTube channel that meets Google requirements, some technical knowledge

Time: You can start earning as soon as your site is approved

Tools: It’s easier to display ads if you use a platform such as WordPress

Income Potential: $0.20 – $15/click

What about real estate?

Real estate is another traditional way to build wealth, although it is a far less attractive proposition at times like the present when housing prices in North America have surged to record levels in many regions. The prospect of rising interest rates also reduces the appeal of real estate investment.

That said, during a real estate boom, the prospect of doubling one's money proves irresistible to many investors because the huge amount of leverage provided from mortgage financing can really juice up returns. For example, a 20% down payment on an investment property worth $500,000 would require an investor to plunk down $100,000 and get a mortgage for the balance of $400,000. If the property appreciates 20% to $600,000 in the next few years, the investor now has equity worth $200,000 in it, which represents a doubling of the original $100,000 investment.

31. Money-making strategy: Lead walking tours on Viator

If you live in a tourist locale, consider doing walking tours on Viator, which is one of the largest platforms for tour operators in the world. You'll really need to work hard to get a good reputation. To find clients quickly offer free tours and ask for tips at the end.

This is leveraging the principle of reciprocity with the power of free. People love to get things for free, but they feel obligated at the end to give something in return. That's why supermarkets are always giving away food. They know if you like it, you'll buy it.

15. Advertise on your car

You may be able to earn some extra money by simply driving your car around town. Contact a specialized advertising agency, which will evaluate your driving habits, including where you drive and how many miles. If you’re a match with one of their advertisers, the agency will “wrap” your car with the ads at no cost to you. Agencies are looking for newer cars, and drivers should have a clean driving record.

Opportunity: While you do have to get out and drive, if you’re already putting in the mileage anyway, then this is a great way to earn hundreds per month with little or no extra cost. Drivers can be paid by the mile.

Risk: If this idea looks interesting, be extra careful to find a legitimate operation to partner with. Many fraudsters set up scams in this space to try and bilk you out of thousands.

Photography

Visuals have become equally important in the advertising industry and are considered to have as much influence as the written word. If you’re a photographer, you don’t have to limit yourself to covering weddings and events. It’s possible to earn money in food design and product photography disciplines, for example. You could also post your work on stock websites or sell editing presets.

Level of expertise: Beginner, intermediate, expert

Requirements: Knowledge or skill that people are willing to pay for

Time: Instant

Tools: Your website or an account with a freelancing site

Income Potential: up to $80,000/month

Make Money Playing Games

Would you believe me if I told you that making money playing games is possible? It might sound like a sketchy idea, but it is possible. It’s not something that’s going to make you rich, but you could easily earn an extra 4.3k if you’ve got the time and inclination.

Graphic Design

Graphic design is a vast field so you’ll help potential customers by creating a portfolio, pitching to clients, and setting your rates according to your expertise. To hone your skills even further, consider taking certified courses and watching tutorials.

5. The Best Way

Though it's not nearly as fun as watching your favorite stock on the evening news, the undisputed heavyweight champ is an employer's matching contribution in a 401(k) or another employer-sponsored retirement plan. It's not sexy and it won't wow the neighbors, but getting an automatic 50 cents for every dollar you save is tough to beat.

Even better is the fact that the money going into your plan comes right off the top of what your employer reports to the IRS. For most Americans, that means that each dollar invested costs them only 65 to 75 cents.

If you don't have access to a 401(k) plan, you still can invest in a traditional IRA or a Roth IRA. You won't get a company match, but the tax benefit alone is substantial. A traditional IRA has the same immediate tax benefit as a 401(k). A Roth IRA is taxed in the year the money is invested, but when it's withdrawn at retirement, no taxes are due on the principal or the profits.

Either is a good deal for the taxpayer. But if you're young, think about that Roth IRA. Zero taxes on your capital gains? That's an easy way to get a higher effective return. If your current income is low, the government will even effectively match some portion of your retirement savings. The Retirement Savings Contributions Credit reduces your tax bill by 10% to 50% of your contribution.

Make Money with Online Surveys

This option will not make you rich, but it is a way of earning prizes or fast cash and not worrying about learning a new skill. You can do this job in your spare time. The work is effortless, and most online survey sites require little or no skill or education.

Some survey websites pay more than you might expect, but even so, don’t expect your earnings to be in anything more than double figures.

You have to sign up at an online survey site and provide certain information, including your interests and background. With that information, the platforms can match you up with the most appropriate surveys.

The most popular survey sites online include:

• Swagbucks
• I-say
• Pinecone Research
• Pro Opinion
• SendEarnings

Level of expertise: Beginner, intermediate

Requirements: None

Time: Instant

Tools: Smartphone

Income Potential: $1 – $20/hour

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