## 8 Quick Money-Making Ideas You Should Try
Pauline Paquin, who writes for the blog “Reach Financial Independence,” recently launched “Make Money Your Way,” a site dedicated to helping readers diversify their income sources through real estate, investing, entrepreneurship, and online ventures. Pauline has traveled the world for the past decade, all while striving for financial independence and building wealth. You can follow her on Twitter @MoneyYourWay.
If you’re a regular reader of My Money Design, you’ll know that the secret to building wealth is making your money work for you rather than working for your money. This means investing your hard-earned cash in assets that generate income, like rental properties that offer monthly rent and appreciate over time. Real estate is a great way to build wealth, but if you’re just starting, you might not have the 20% needed for a property down payment. In this case, a better option could be investing small amounts every month in index funds or individual stocks, a strategy known as dollar-cost averaging. This method spreads out your investments over time, reducing the stress of market timing. You can begin with as little as $20 a month and gradually increase that amount as you get more comfortable.
If your budget is tight, here are eight quick money-making ideas to help you generate an extra $100 to start investing:
1. **Work an Extra Hour:**
If you’re paid hourly, try staying an hour later at work each day. Earning $10 per hour can accumulate over $200 by month’s end. This is more efficient than finding a second job since you’re already at work, saving both commuting costs and time.
2. **Take Extra Shifts:**
Many stores and restaurants hire extra help for one day a week. While it cuts into your weekend, it’s a small sacrifice for jump-starting your wealth-building. Choose a job you enjoy or that’s not too demanding, whether it’s being a golf instructor, little league coach, or even a babysitter.
3. **Clear Out Storage:**
Self-storage can be a waste of money. Go through your unit and dispose of items you no longer need. Keep only sentimental items and find space for them at home. Downsizing your unit or eliminating it altogether can save money and hassle.
4. **Sell Unwanted Stuff:**
Review the items you’re about to throw away—others might find them valuable. Sell cheap furniture to college students, list maternity clothes online, or consider participating in storage auctions where you can buy the contents of abandoned units and sell them for profit.
5. **Offer Services:**
Many people need help with tasks like painting, moving, dog walking, or babysitting. Be the go-to person in your community. By charging reasonable rates and doing excellent work, you’ll quickly expand your network.
6. **Advertise Your Skills:**
Whether you’re good at plumbing, computer repair, or graphic design, let people know you’re available for hire. Post ads on local boards and online. With some experience, you can raise your rates and let your reputation attract more clients.
7. **Cut Expenses:**
Lowering your bills is an excellent way to free up money for investing. Review your utility bills and call providers for better deals. Reduce unnecessary expenses like unused cable packages and avoid buying food you often throw away.
8. **Practice Delayed Gratification:**
Sacrifice some current pleasures for future gains. Cut out morning coffee runs or expensive lunches. Pack your meals and consider abstaining from alcohol for a month. Even small savings can add up significantly over time, allowing room for investments and some fun money saved for later.
These money-making and saving ideas can help you gather extra cash without drastically impacting your lifestyle. If you can only manage to find $80 a month to invest, leaving it in a 6% return account for 40 years will grow significantly. Start implementing these quick money-making strategies and watch your investments grow!
