Who among you has not needed more money at some point? If you’re anything like me, you always feel short on cash. How can you find legitimate ways to earn a little extra income?
An effective way to find additional income sources is to categorize them. This allows you to see what you like at a glance.
- Get paid to … sites
- Freelancing
- Gig economy
- Online side hustles
- Investments
- Selling used property
Extra income is just what its name suggests, rarely able to replace a full-time job. However, with considerable effort, some opportunities offer much higher cash returns than others.
Get Paid to … Sites (GTP)
GTP sites are quite common, and some participants turn them into side hustles. However, for the most part, these sites will pay you a few cents or dollars to complete an action. Many offer phone apps for portability and convenience. Some sites specialize in a few activities, while many have an endless array of opportunities.
- Complete surveys
- Watch videos
- Play games – paid by the minute or for reaching specified levels
- Listen to music
- Download apps
- Complete offers – finance, trials
Many GTP apps pay you to refer other people. Referral programs can be more lucrative than tasks for motivated hustlers.
Freelancing
Although freelancing meets the criteria for other groups, such as a side hustle or small business, we treat it as a separate side income opportunity. It involves marketing and selling a specific skill.
Freelancing encompasses a phenomenal range of possibilities and is one category that can replace your primary income with sufficient effort.
- Writing – creative or copywriting
- Graphic arts or design
- Photo or video editing
- Voice over
- Virtual assistant work
- Social media specialist
Connecting with clients is one of your biggest challenges with freelancing, but specialty sites can make it easier. Popular freelancing platforms include Fiverr, Upwork, and Freelancer, but there are countless others. Generally, set up a profile and either submit bids for available work or post an ad that promotes your services. You may need to post samples of your previous work.
Gig Economy Side Hustles
A side hustle is any job outside your primary income source. The gig economy allows people to order services through phone apps. It is a common way for community members to earn extra money, and in some cases, replace their primary job. Popular gig economy jobs include the following:
- Pet sitting and walking
- Babysitting, child care, or elder care
- Driving passengers
- Delivering packages, groceries, or restaurant orders
- Handy work – installations, assemblies, and moving
You can find numerous platforms that support gig work, such as Doordash, Uber Eats, Lyft, Instacart, and TaskRabbit.
Online Tasking
Online tasks may allow you to make extra income without acquiring a second job. Several sites let you pick up microtasks, which offer a few cents to a few dollars for each small task you complete. Common microtasks include:
- AI training – audio to text, video to text, data annotation, image tagging
- Engaging with social media – following or liking someone’s profile, watching videos, or reposting comments
- Product reviews
- Taking photos or screenshots
Clickworker and Outlier are examples of online microtasking platforms. You can also work out in the field on short tasks through apps like Field Agent and Gigwalk. On-site platforms often pay within a few hours of job completion. Virtual work sites are more likely to pay weekly or twice a month, but may pay daily.
Micro-tasks, while easy to do, involve several challenges to users.
- Potential for frequent and mass platform bans
- Low task availability
- Low reward:effort ratio
- Potential for task refusals by clients
- Low task availability
Investments
Investments are appealing for their potential to provide passive income. Classic savings accounts offer low-interest returns, but investments involving stocks, bonds, high-yield savings, and cryptocurrencies can lead to larger gains with increased risk.
The biggest challenge with investing for passive returns is the need to have substantial capital to generate significant income. The alternative is to retain holdings for an extended period, eventually earning a stable and meaningful weekly or monthly stipend.
A few investing schemes, such as arbitrage, trading, and real estate, require capital, a learning curve, and upfront efforts to produce any returns. While your income potential is tremendous, there is a substantial risk of setbacks and losses.
Another investment opportunity that you may overlook is starting a business. An online business, such as affiliate marketing, dropshipping, a YouTube channel, or print-on-demand, is inexpensive to start, but it requires substantial time investment to generate initial sales. Although highly competitive, an online business can earn enough income to replace your current job. It also has a high potential for job satisfaction.
Much of the income generated by your business will eventually be passive. However, most successful businesses require your ongoing efforts.
Direct Sales
Selling unwanted belongings online or through local ads is an effective means to earn extra cash quickly. There are several websites dedicated to specialty items, used books, clothes, and shoes. Gold remains a valuable commodity, allowing you to generate quick cash from jewelry and coins. You can also sell collectibles, including baseball cards or porcelain dolls.
If you are crafty, resourceful, or business-minded, you can make a career in sales. For example, some collectors acquire books for pennies at yard sales and sell them for substantial profits. Others create key chains, bracelets, or macrame wall hangings to sell on sites like Etsy.
Summary
Side hustles, gig apps, and micro-tasks are viable means to earn a little side money. Alternatively, you can rely on extra passive income through investments. Ultimately, turn your freelancing skills or used property into a thriving business that replaces your 9-to-5. All it takes is hard work, perseverance, creativity, and a bit of luck.