You might be aware of the advice that the first rule of personal finance is to spend less than you earn. Thus, attaining financial stability might require a saving plan.
However, saving might not be the only way to attain financial freedom. Sometimes it’s not even possible to save. So, what do you do under such circumstances? Make more cash! Start a side hustle!
A side hustle can give you those extra dollars that your employer is not willing to part with through a pay raise. You can do anything, whether it’s big, like owning a liquidation business, or small, like offering typing services. There are more than 2 billion active internet users in the world, and 1 in every four people in the United States use the internet to make extra cash, and that could be your avenue for bringing home some extra income. Here are six ways of making extra cash in 2020.
1) Blogging
Blogging is among the easiest and cheap ways of making cash. You can work on your blog from anywhere, and it doesn’t require your daily attention. To make cash from blogging, you need to tap into your creativity and create content that will attract people to your site. For instance, a topic like “how to buy and sell jewelry and gold online” can be attractive to fashion lovers. To be a more successful blogger, choose a niche to blog on, and write useful content. So, how does a blog generate money? Once you have large following, you can monetize your blog in the following ways:
- Placing pay-per-click ads
- Placing cost-per-1000 impressions ads
- Selling top dollar private ads
- Earning commissions from affiliate marketing links
- Selling fast-moving products like gold jewelry, silver jewelry, and Rolex watches
- Sell memberships
2) Sell jewelry online
Did you know that, in 2018, at least 29 million Americans bought jewelry online? With figures like these, setting up an online business for selling a precious metal can be rewarding. However, you won’t buy and sell jewelry and gold online if you can’t beat the stiff competition in the online market place.
To be a better jeweler, you must understand the dynamics of this fluid fashion industry. The critical thing is to keep your clients engaged. Thus, keep updating your jewelry range and research always on the emerging trends in the industry.
Staying on top of the game might need your jewelry niche. A client who needs a pure gold necklace, for instance, will be disgusted if he/she has to dig through assortments of silver jewelry to find the chain.
3) A liquidation business
Although a liquidation sale might not be everyone’s cup of tea, it can be a superb source of income. The best place to start is to identify the auction site that sells at a fair price. A good auctions site will enable you to acquire discounted products from sources such as liquidation pallets, Amazon returns, and Walmart returns. The parent company might even offer free shipping.
So spend and sell wisely, and specialize in certain products. First-moving products are a smart choice when you are starting. So how do you find clients? You could advertise your products on your blog or social media, and engage in affiliate marketing. If you take care not to violate their privacy policy, you can also work on Alibaba, Amazon, and eBay as an independent seller.
4) Creating info-products
Any value-adding digital content that someone can pay for and download can be a great source of income—like infographics on the internet, which quickly enable you to reap the fruits of viral publicity. Info-products including manuals, e-books, software, online courses, and textbooks are also profitable.
5) Become a freelancer
There is enormous demand for freelance services for both standard and unique online platforms. If you can type, write articles, transcribe, fill out online questionnaires, do web or graphic design, and market digitally, there is always a job for you.
6) Become a home tutor
Kids regularly need help with their classes and assignments, and parents are more than willing to spend on their child’s future. In case you have a significant understanding of topics in language studies, mathematics, geography, science, or computers, become an instructor and earn some tangible cash. If you don’t have a network to reach out to for opportunities, google some online platforms and find some tutoring gigs.
