7 Easy Ways to Bring in Extra Cash

Dear Rich Lifer,

The average pay raise in 2020 is expected to be about 3%, according to Aon Hewitt’s annual survey on U.S. salary increases, which is based on responses from over 1,000 companies.

If you’re expecting to get rich from your 9-to-5, it’s not likely going to happen anytime soon.

What, then, are Americans doing to fatten their pockets?

Two words: side hustle.

According to a new Bankrate survey, 4 in 10 (37%) Americans have a side job. Side hustlers make $686 per month, on average.

And unlike traditional side businesses, like mowing the lawn or tutoring after school, side hustlers now have a lot of options to choose how they make extra income.

Here are my picks for the best side gigs you can start today, while still working a full-time job.

1. Rental Property

Owning a rental home is a good investment if you:

  • Like “doing it yourself”
  • Know the right people (contractors, real estate agents, etc.)
  • Can handle 24-hour responsibilities
  • Like dealing with people
  • Have cash and savings to buy properties
  • Can charge enough rent to cover your expenses

With mortgage payments and stiff market competition, the average rental property rakes in about $200-$500 per month.

You would need over 10 properties to be making $50K per year.

But if this is something you want to invest in as steady stream of extra income, there are lots of good resources to help you get started.

Sites like roofstock.com will give you an idea of what rental properties go for in your neighborhood.

2. Co-Host on Airbnb

Renting your house on Airbnb is a good way to make some bank if you travel a lot.

However, not everyone is comfortable hosting strangers in their home.

That’s why co-hosting on Airbnb is a good way to take advantage of the sharing economy without taking on the risk.

What’s a co-host?

“A co-host is someone the listing owner already knows. They are usually a family member, neighbour, trusted friend, or someone the host has hired to help with the listing. Hosts and co-hosts agree on who’s responsible for what, how much of the reservation income will go to the co-host, and how the co-host will be reimbursed for expenses.” – Airbnb.

Basically, an Airbnb co-host acts like a property manager.

They’re close by to deliver keys to tenants, clean up, and take care of the house during the hosting period. Co-hosts negotiate how much of the reservation income they receive and Airbnb takes care of the payment.

Most co-hosts make a few hundred dollars per month.

3. Your Car

An easy way to make a dent in your monthly car payment bill is to rent your car on Turo.

On average, Turo hosts can cover their payments by sharing their cars just nine days per month. Turo spawned from the idea that most cars sit idle 22 hours per day.

If you live in a big city where you might not use your car every day, Turo is a great way to put your car to work for you. The average Turo renter makes about $500 per month.

What’s the risk?

Turo covers up to $2M in liability and offers several car protection plans to ensure peace of mind for its platform users.

4. Garage or Parking Space

Closely related to renting your car is another new service called Airgarage where you can sign up and list any available parking you have.

If, say, there’s a big local event and parking is going to be scarce, list your garage or driveway spot on Airgarage and someone will pay you to park there.

Sign up is free and Airgarage pays you via your bank online.

5. Profitable Websites

Buying and selling websites is a lot like investing in stocks.

There’s a lot of junk, but some can produce a steady payout every month if you know what to look for.

Like any kind of investing, you need to do your research and only buy what you can afford.

There are many reasons why you might consider buying a website: traffic, current revenue intake, the domain name, and other factors might result in a sizeable ROI.

A good place to start looking for websites to buy and sell is on Flippa and Flipping Enterprises.

6. Mobile Phone Accessories

It’s not hard to see that mobile phone accessories are a growing market.

Almost everyone is addicted to their mobile device and it doesn’t seem to be slowing down.

Phone cases, phone chargers, screen protectors…these are all accessories you can source online or manufacture at home with a 3D printer and start selling.

One turnkey solution that walks you through step-by-step how to make and sell mobile phone cases is Case Escape.

Once you’re up and running, there are several marketplaces you can sell to online, like Etsy, Amazon Handmade, and Fancy

7. PowerPoint Presentations

If you work in an office, you know how dry most PowerPoint decks can be.

Businesses that want to pitch new products or ideas to customers are in desperate need of more visually captivating slides to sell their ideas. This demand has created a new market for graphic designers or anyone with a knack for creating visually appealing presentations.

24slides is an agency that specializes in designing professional presentation and charges up to $20 per slide.

You can start your own agency or list your services on sites like Upwork and Fiverr.

Not all side hustles are worth your time.

Make sure you track how many hours you put in and what expenses you incur.

If you manage your time well, a side hustle can be a nice lift to your regular monthly income.

To a richer life,

Nilus Mattive

Nilus Mattive

You May Also Be Interested In:

Nilus Mattive

Nilus is the editor for the daily e-letter The Rich Life Roadmap and a Paradigm Press analyst.

Nilus began his professional career at Jono Steinberg’s Individual Investor Group, where he published his original research through a regular investment column. Later, he worked for a private equity business and spent five years editing Standard and Poor’s...

View More By Nilus Mattive