How to Earn Extra Income!
Your ability to earn extra income is crucial and is an extremely beneficial tool to have in your toolshed. We all have our main source of income but sometimes, during rough months, we need to be able to earn extra income to make ends meet.
The Cocaine Method
The cocaine method is simply a method you use to make money quickly. This term comes from people that sell cocaine to earn extra income. I am absolutely not suggesting you sell drugs when you are struggling financially.
What I am suggesting is the same ideologies. Have methods in your back pocket to earn extra income when things are bad which I refer to as cocaine money.
These methods should put money in as little as a few days, even hours!
I fully advocate building a business or striving to dominate your career but we all have those months when the water heater goes out and we need $700 in the next 2 weeks.
1. Increase your Hours
This one is the most obvious of them. Simply ask your boss for more hours, you may be surprised as to what they say. If they say no, even suggest that you make regular wage rather than overtime wage, this just might push them towards a yes.
This is the easiest because it does not require any extra steps. I would recommend trying this one first before moving on to the rest but do not rely on this one.
For many people, this simply isn’t an option. For example, at my first job, I was an assistant at a law firm that was only opened from 9:00 am to 5:00 pm and I worked 5 days a week from 9:00 am to 5:00 pm. The office simply wasn’t open for me to work more hours if I needed to.
2. Drive for Uber/Lift
No one likes to drive people around but sometimes you have to. Don’t wait till you need the money to apply, apply right now and be ready to start working at any time.
Submit your application now because the application process time and the background check can take time.
I would also recommend doing this right after work. Most people when they get home, they have trouble leaving again to get some more hours in. Go straight from work to Ubering. Stop by your home for a meal but don’t get comfortable.
3. Sell Things Around Your Home
Take a quick glance around your house, chances are they are plenty of things you can put up on eBay, Amazon, craigslist, or Offer Up. After a 30 second search around my house, I found 3 things I could sell that would put $100 in my account by the end of the week. Things like fans and heaters you haven’t used in ages, old phone or laptop chargers, books the items are endless.
Put these items up on multiple platforms then remove them after it gets sold.
A few tips:
- Never go to a meetup alone.
- Never meet up at night.
- Make sure to factor shipping into your profit or have the buyer pay for shipping.
- Clean the item thoroughly before posting it.
- Take multiple good pictures or even videos.
4. Resell Items
This is a very common way people earn extra income. I recommend Offer Up.
Simply pick an item that you know the price for well. For example, I know an iPhone can be sold for $900 used.
Go on Offer Up and bid $650 on all the iPhone Xs they have for sale in your area. After 15 minutes of negotiations, you will eventually find someone that will part with the phone for $700. Go buy the phone and don’t forget to follow the tips in number 3.
Now take the phone and list it on Offer Up, eBay, Amazon and Craigslist for $1,000. After negotiating with a few people you will sell the phone for $850-$900.
Rinse and repeat. It may take time for you to find the item with the largest profit but when you do, stick to it. You may need to do 2 or 3 items if you live in a less populated area.
I have friends that make $700-$800/month in extra income doing this.
When doing this, keep these tips in mind:
- When buying electronics, call the manufacturer to make sure it’s not refurbished or stolen.
- Follow the previous tips above when meeting up with people.
- Be more cautious with this method because one bad deal can wipe all your previous profits.
- Make sure you understand the item that you are reselling really well.
5. Lower your Existing Bills
This isn’t really earning extra income but the money you save can be considered extra income. This money can be used to help you make it through the rough months.
The first thing I do to decrease bills is turn off the heater/cooler, lights, and unplug all devices that are not in use.
With regards to the heating and cooling, I primarily turn them off at night. Things, like laying your clothes or sleeping with heavier blankets, really helps with the heating bill. It’s more difficult during warmer weather because you can only take off so many layers of clothes. During warmer weather, it may be better to open up the window or use a fan rather than the air conditioning.
Plugged in electronics still use electricity even when they are not in use. Unplug all your household electronics like chargers, TVs, and printers when you are not using them.
Lower your water bill can also have an effect on your monthly expenditure. My recommendations for lower your water bill are:
- Take Shorter Showers or shower at the gym when possible.
- Turn off the water while brushing your teeth.
- This may sound nasty but try to only flush the toilet when you do number 2.
- Combine clothing with your roommate or family member when washing clothes.
6. Capitalize on Credit Card Reward Points
Most credit cards offer reward points that you can trade in for cash. Use your credit cards rather than your debit cards especially for large purchases.
It’s worth noting that you should never buy something you can’t afford with credit cards. Treat your credit cards as debit cards with rewards point. Better yet, pay off your credit card weekly rather than monthly. When you pay it off monthly, it is common to be surprised how much you spent during the month when it comes time for the due date.
It only takes a few days to transfer your reward points into cash and can be extremely helpful during tight situations.
7. Develop or Use your Skills
Develop a skill that people you know need. For example, as illegal as it is, I do peoples taxes. I watched a couple of YouTube videos on how to file your own taxes.
When tax season comes around my friends come to me rather than spending $300 with a tax service. I charge them $90 for their taxes. Eventually, word spreads and when tax season comes around I do 15-20 different taxes for friends and family.
This is just an example of how I did it. I would never recommend someone do this because as I said, it isn’t exactly legal. I have another friend that learned to fix phone screens. Anytime someone in his network of friends or family breaks their phone screens he’ll repair them for $50 plus the cost of materials.
Even if you think your circle is small, most of your money will come from referrals. Whenever I see someone at work with a broken phone screen I let them know my friend Jake fixes phones for a fair price and just like that I helped my friend make extra income.
You can even advertise your service on Craigslist or post it on your Facebook account to get started. Some easy things to get started that I’d recommend are:
- Screen Repair
- Tutoring
- Mowing laws/Shoveling Snow
- Translating
- Home Repair (Air Conditioning, Plumbing, Drywall, Painting)
- Teach people to drive.
The list is endless, use some creativity!
This is probably the most effective way to earn extra income.
8. Lower/Cancel Subscriptions
Similar to number 5, cutting expenses can be a way for you to indirectly “earn extra income”.
Take a close look at your bank statement. Where is your money going? Do you have a $75 cable bill, $15 Netflix bill, and a $12 Hulu bill? You don’t need all 3 of those. Pick one and cancel the others.
Look at other bills you can’t cancel like phone and internet. Compare what you pay to the rates of other companies. Cell phone coverage quality is almost the same everywhere so switch to a company that is going to give you a better rate.
A detail worth mentioning that I don’t think deserves its own section is eating in more. This allows you to save money and be more healthy. Create a meal plan for your week and stick to it. It’s amazing how much money you can save!
You may not consider this a way to earn extra income but a penny saved is a penny earned!
9. Freelance Online
Companies and business owners need people like me and you every day. From transcribing to checking emails freelancing in your spare time is a great way to earn extra income online.
My girlfriend was an assistant to a lawyer in Texas while she was in college. Anybody can answer calls and emails.
Sign up with sites like Upwork.com and Fiverr.com to get started.
This is a good way to constantly earn extra income!
Interested in making money online? Read 5 Ways to Make Money Online in 2019!
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