Do you ever find yourself daydreaming about what you would do if you won the lottery? Who hasn’t? While the odds of you striking it rich by winning the lottery are slim, there are many ways you can earn some extra money each month.
Now, you won’t be earning enough so that you can walk into work on Monday morning and tell your boss you quit, but you can earn enough that will make a difference to your bottom line. In this post, I am going to walk you through some of the various ways for making extra money.
3 Ways For Making Extra Money
#1. Become A Reseller
You can sell items on eBay and even on Amazon and make a decent amount of money doing so. To do this, you have to figure out what products interest you the most. Doing this will increase the odds of you sticking to this money making venture for the long term.
Once you have your product of interest, start searching around to try to find high demand items at clearance prices. I know that sounds counter-intuitive, but it does happen.
I’ve used this strategy to make a decent amount of money. I would go to my local stores and find things on clearance and then list them on Amazon for double or triple what I bought them for. Now, don’t think you can walk into any store, buy something and sell it for double. It will take time and effort on your end.
At first it will be tough as you get a better understanding of things, but in time it will be much easier to spot great deals.
#2. Sell Cars
This is along the lines of the above point. Search around on Craigslist for some cars that are in good condition but are just plain dirty. You can buy the car, spend the money to clean it up or even clean it yourself and sell the car for more.
I know a friend that does this. He has an incredible system where he buys a car that needs no work (or very basic repairs that he can do) but are filthy. He washes and waxes the car to make it look brand new and people pay him a higher price because of how great the car looks. He is averaging around $1,500 in profit per sale.
One word of caution, know what number of cars you can safely sell in your state. For most states, once you hit a certain number of cars sold per month or year, you need to become licensed as a car dealer. Not doing this will get you into a lot of trouble.
#3. Create A Product
The internet has allowed any one of us to become our own business. Take some time to see where there is a gap between the way we do things and the way they could be done easier. Once you find this, see if you can create a product that will solve the issue.
But before you invest $10,000 on inventory, be sure that people want it. There are lots of areas where you or I could create a product to make a process more efficient, but many people aren’t willing to pay for it.
When you come up with an idea, be sure to reach out to people to test it. Ask them if it is something worth paying for. Even if you get a lot of interest, only buy a handful for inventory and make sure the masses are willing to buy and not just the couple of people you talked with.
So there are 3 ways to making extra money. I know, they all require work on your end, but there is no such thing as free money. Even the people with money put in the work to get to the wealth they have. That is unless of course they robbed a bank, but that too could be considered work.
The point is, no matter if you want $50 extra dollars or $100,000 extra dollars, you are going to have to work for it. Maybe one day you can put things on autopilot, but to start, you will have to work at making extra money.