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November 6, 2020

5 ways you can start making extra money on the side

There are a lot of different pieces of advice when it comes to personal finance. The most obvious may be that when you increase your earning potential, you have more money in your wallet to create wealth and give back. 

On average, most people’s incomes peak by the time that they are 45, although the top 20% of earners peak when they are in their 50s. Of course, some earners peak early in their careers – in their 20s and 30s. And according to statistics, women in the U.S. may not reach the same peak levels as men. They still experience a gender gap, making an average $902 in weekly earnings compared to mens’ $1,104.

It goes without saying that the best way to give back and create wealth for multiple generations is to make sure you’re maximizing not only your earning potential, but your efficiency. So whether you’re just starting out or further along in your career, here are 5 ways to start making money on the side. 

  1. Create an online course

The online course industry is booming. With more people at home and becoming more familiar with remote learning than ever before, now might be a great time to finally translate all of your knowledge into a profitable, online course. You can market the course on social media and create downloadable PDFs and video content that caters to students with different learning preferences.  

Here are some reasons why you should create your own online course today:

When you create a course, it begins to  live on its own, and you free up personal time to do other things. Once you make your course, you can turn your content into a book or even a podcast. The possibilities for monetizing your knowledge are endless. 

Here are a few websites to check out if you’re thinking about creating your own course:

  1. Write an eBook

If you know a lot about a certain topic, and you like to write, try writing an eBook. People are more interested in reading,  and if you have a lot of knowledge in a niche topic, like how to make the best pizza or how to become a yoga teacher, there are likely people out there who want to learn about it too. 

There are many different platforms that you can look into when you’re ready to publish, including Smashwords, Amazon Kindle, Barnes and Noble, and Lulu. Before you choose one, take a look at their pricing structure to ensure that it makes financial sense. Some offer free marketing and publicity but others don’t, so do your research. 

Not only do eBook sales boost your monthly income, it can be an incredible feeling to see your eBook being purchased from people all around the world.

  1. Rent out your space

Renting out a room or a second home, has a lot of positives. Perhaps the most significant advantage is that renting out your space can help offset your cost of rent or your mortgage.

On average, Airbnb hosts make almost an extra $1,000 per month. Of course, depending on your space and location, this may vary. To get an estimate of what you could earn, check out Airbnb’s estimate calculator.

  1. Sell your stuff

Thanks to online platforms, you can make money selling just about anything today. If you are looking to boost your primary earnings so that you can stash away more cash each month, selling your old clothes or any electronics you have laying around can help you deposit chunks of $20, $50, or more into your account to help it grow.

If you have clothes in your closet that no longer spark joy (thank you, Marie Kondo) throw them in a bag and look into one of these easy, simple, reselling platforms. 

thredUP: thredUp makes things hassle-free by sending you everything you need to mail in your clothes. They’ll take it from there – photographing the items, writing descriptions, and even marketing your clothes!  

Kidizen: Calling all moms and dads – this app is for you. If you have bins and bins of baby clothes that you spent a lot of money on (c’mon those cute onesies are expensive!), now you can easily resell them.  The app will create a personal “shop” for you and even ship your items out to lucky buyers. With a toddler likely running around, getting a hand with selling those items sounds like a pretty great deal.

Have you been hoarding that old Macbook computer, not sure what you’re going to do with it? Well, how about trading it in for some money that can help you reach your financial goals? Trading in electronics is a fast, easy way to declutter your space and put money back in your pocket.

Decluttr: This platform accepts CDs, DVDs, smartwatches, video games, books, and lets you know instantly how much they’re worth. If you decide to sell to them, Decluttr will send you a free shipping label. 

Buyback Boss: Odds are you have at least one, if not an entire drawer of old phones in your house. Just upload the details of your phone and Buyback Boss will give you an instant quote. Plus, they’ll send you a shipping label so you can ship it off for free, and get same-day payments via check or Paypal.

  1. Buy stocks with dividends

We all have that one friend who is making a nice side income on dividend stocks. But where to start? Dividends are a sum of money paid regularly to investors by a company, so if you have a share in a company, you’ll receive a nice little deposit each quarter. Now, if you decide to pump your portfolio with lots of dividend paying stocks and REITs, having a healthy amount of dividend stocks can be great, especially when jobs and income are less predictable. Plus, it’s a lot less time intensive than other ways to make money mentioned on this list. All you have to do is research a company with high dividends, and then use your money to buy their stock.  

To wrap up, giving wealth to yourself, your community, your loved ones, is a powerful thing. The gift of wealth is what creates universities, protects parks and trees, and helps give communities the resources it needs to provide vital services like homeless shelters or food banks. If your goal is to give back one day, you can start with $500 in the DiversyFund REIT and watch your money compound over time. Plus, if you’re up for a challenge, download our free 4-week #GiveWealth workbook!

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