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Easy, Reliable Ways to Make Extra Money on the Side
Side hustles you can use to pad your income

You’ve likely heard the term side hustle quite a bit of late. Having an additional gig or two outside of your regular 9-to-5 job is becoming more common, and it’s never been easier than it is in 2020. Whether you want to help make ends meet or boost your savings potential, there is no shortage of ways for you to make a bit of extra cash on the side.

Sell your stuff

If you’ve already thought ahead to spring cleaning, you may be staring down the potential to make some good money. Selling your stuff is incredibly easy to do, whether it’s castoffs from your wardrobe, video games you don’t play anymore or decor you’ve replaced.

Entrepreneur contributor R.L. Adams recommends turning to stalwarts like eBay and Craigslist to sell any manner of items big and small. If you have old smartphones lying around, Adams recommends Gazelle, and NerdWallet suggests sites like Swappa and NextWorth. The latter two are also great for unloading electronics, or you could opt to sell on Amazon Marketplace to get the price you want for your goods. If you want to sell your clothes, Poshmark is a thriving market where people will pay top dollar for your gently used outfits.

Leverage your property

Depending on where you live, you may be able to build a regular stream of secondary income by using your property to your advantage. If you have a spare bedroom that’s not being used, NerdWallet recommends becoming an Airbnb host to put that space to work. Citing data from Earnest, NerdWallet suggests that you could earn an average of over $900 a month just by regularly renting your guest bedroom.

Not comfortable with the idea of letting people into your home? NerdWallet also suggests taking to Craiglist or similar services to rent out your driveway or parking spot. If you live in a highly trafficked area where parking comes at a premium, you may be able to help someone save the headache of finding regular parking while making a healthy amount of cash for yourself.

The drive to make extra money

Driving on the side is a widely popular choice for folks looking to make money in the gig economy. If you have a clean driving record and a newer vehicle, you can easily become a driver for Uber or Lyft. As Adams notes, you can easily set your on- and off-hours so that you can make money on your terms and your time.

Delivery services are a booming part of online shopping, and you can get in on the action by driving for a service like PostMates, UberEats, Amazon Flex or DoorDash. Through these services, you’ll have the chance to earn regular income as well as tips just for delivering packages and food.

Take the old-fashioned route

Back before the internet, people made money by babysitting, housesitting and walking and caring for dogs on the side. These practices are not only very much alive today, but it’s easier to find opportunities thanks to the World Wide Web. NerdWallet recommends Care.com and Sittercity for babysitting, HouseSitter.com for housesitting and Wag! And Rover for watching and walking dogs.

Tutoring is another great means for making money on the side if you have a skill that’s in demand. Care.com is a great resource for finding interested students, as are websites like Tutor.com and Cambly. In many cases, you’ll be able to tutor online via Skype, which makes it easier to pack several students into a day and cuts down on expenses.

If one of your goals in 2020 is to save more and make better use of your time, you’ll have no problem finding a lucrative side gig to fulfill both goals. By selling your stuff, renting out your home or vehicle or offering your services, you may find yourself heading into 2021 with enough savings to take that well-earned vacation you’ve always wanted.



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Disclaimer - All content contained in this newsletter is for informational purposes only and should not be relied upon to make any financial, accounting, tax, legal or other related decisions. Each person must consider his or her objectives, risk tolerances and level of comfort when making financial decisions and should consult a competent professional advisor prior to making any such decisions. Any opinions expressed through the content in this newsletter are the opinions of the particular author only.
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