We all need some extra money. Sometimes unexpected expenses arise in our household, such as repairs, or renovation needs. On the other hand, people also love spending money on things that they want. Whether it’s clothing, video games, or a new car, the extra money can help us to get the things that we desire.
There are many ways that you can earn extra money. Today, we’ll focus on some of the unconventional ways that you can make some extra money.
Many people invest their money in stocks. The hope is that by purchasing a share of the company (stocks) for a certain amount, there will be some sort of return in the long run. You’ll have people who watch NASDAQ or the New York Stock Exchange (NYSE) to see how such stocks perform. They’ll catalog how one company’s stock performed last week, last month, last year, or even in the previous quarter. It always helps to conduct such due diligence when trying to invest in stocks for money-making ventures. Another great thing is that you aren’t limited to purchasing one type of stock. Some of these stocks include common stock, preferred stock, large-cap stocks, penny stocks, and international stocks. Though investing in stocks through such entities as the New York Stock Exchange can be a risky venture, it can help you to build money over time.
For instance, let’s say you decide to purchase a penny stock for a company. A penny stock is a common share of a public company that trades for less than one dollar per share. These are considered low-priced stocks, allowing a person that’s new to the stock market to have a shot at becoming an investor. You can make money with the best penny stock that you can find. When you invest in a penny stock with a quickly growing company, you can capture a lot more share price on the upside. Though investing in the stock market takes time with reaping your benefits, investing in stocks is a great unconventional source of extra money.
2. Freelance Writing
Throughout many of our lives, we’re told that we should go to college, get a 9-5, and just be happy with that. We might even help someone along with this process by writing a letter of recommendation for a friend to help them get such employment. At the end of the day, comfort and security trump everything when it comes to moving into an adult stage of life. The thing is you can do more than just punch a time clock every day. And you can make money doing it.
Freelance writing is a career choice that you can undertake on your own time and schedule. If you have a staunch work ethic and writing experience, working as a freelance writer can bring you some extra money. It can also act as an outlet for those writing skills that you hadn’t had an opportunity to tap into. According to stats from last year, a part-time freelance writer can make anywhere between $24,000 and $115,000. Though it might not be as glamorous as the risk and rewards of playing the stock market through the NYSE, it’s still a way to earn some extra money. You can make some healthy returns in the long run, and just have fun doing what you love on the side. Make sure to get a great character reference letter from a friend or previous employer. You’ll be making extra money in no time.
3. Vacation Home Rental
If you’re a homeowner, this section will speak to you. As people have started to travel again this year, this has created a need for more vacation rentals. If you own a home and want to find some success with earning extra money, renting out your home is a great idea. Through services such as Airbnb, Homestay.com, VRBO, and RVShare, many individuals have accepted their new positions as vacation rental homeowners. You can make a great amount of extra money by opening your doors to travelers for the right price.