Easy Ways to Make More Money
Personal finance expert Farnoosh Torabi spills her favorite ways to earn more money -- without waiting for a raise.
Straight from Farnoosh herself, here are some of her favorite online and money-making strategies!
Sell Your Duds
One of my rules of thumb for clothing clutter is if I haven't worn an item in at least the last two years, I can probably do without it forever and it should find a new home. Donating is one smart option, but if you have some items that are still in great condition and of considerable value, you may prefer to cash in on your closet via online thrift shops like ThreadFlip and ThredUp where you can earn 80% of the selling price. The more in-season the item is and the better the condition the higher the price you can request.
Rent a Room or Your Home
The share economy has given rise to numerous websites that allow individuals to rent out their personal property and belongings. Airbnb is perhaps one of the pioneer sites in this space, as it's grown into a multi-billion-dollar business connecting millions of vacationers looking for more affordable lodging, and home dwellers seeking to cash in on their extra space. It's free to list your place on Airbnb. The site then charges homeowners 3% of each accepted reservation. For apartment and townhouse dwellers, make sure to double check with your community board or landlords to make sure short-term rentals are permitted.
Rent Your Vehicle or Bike
Akin to Airbnb, websites like GetAround and RelayRides let you cash in on your idle vehicle by renting it to neighbors and travelers by the hour, day or week. (Don't worry: Insurance is included). Car owners can set their own rates, and the potential to make money is strong. Car owners at GetAround, for example, can earn about $2,000 per year, according to the company. At RelayRides, the company says average car owners earn between $200 and $300 a month. Both companies take a cut of your earnings. At RelayRides it's 25% and GetARound charges 40% of your rental income.
Don't want to rent your car? What about your bike, snowboard or skis? Spinlister lets you list your rental at no charge and then takes a 17.5% cut when someone rents your ride. (Rides run anywhere from $5 to $150 per day!) Pay is automatically deposited in your PayPal account or via check, whichever you prefer.
Headed to the movies or restaurant? You might be able to earn some easy cash while you¹re at it, so long as you carry a smartphone. Gigwalk is a relatively new mobile application that lets companies hire temp workers to help them evaluate their products and services in the field via its mobile application. Just download the free app and find local tasks ranging from snapping and sending photos of specific products at your local drugstore to reporting on service conditions at a local chain restaurant. Gigs range from $6 to $220 and can be assigned within minutes of your availability. The app is available on the iPhone and Android phones.
Run Neighborhood Tasks
From grocery shopping to home organization and office tasks, TaskRabbit connects busy individuals with at-the-ready temp workers that are either local or virtual. If you have an extra few hours a week or plan to run an errand of your own, check out TaskRabbit to see what task you might be able to fold into your existing schedule. Errands pay an average $40 to $50 each.
If you have strong knowledge of a particular subject matter, you may qualify to work as a tutor, either in-person or online with students ranging from kindergarten to college level and beyond via tutor.com, the largest and highest-rated online tutoring service. The site hires qualified tutors who can earn an average $10 to $14 per hour. (You are eligible to qualify for monthly bonuses based on high ratings from students). Math and science tutors have the potential to earn the most. According to the website, tutors go through a comprehensive application process that includes submitting a resume, teaching samples, and a writing sample. Tutors must also pass a third party security check and complete mock sessions with the site's veteran tutors.
If you're a pet lover and have the qualified space and accommodations for watching after a dog, DogVacay could help you bring in some easy supplemental cash. Set up a profile for free and the site sends you referrals. You can choose your own terms, schedule and rates. The site charges 15% once you¹ve made a booking. Payments are made electronically via PayPal or check. The site also offers 24/7 support and insurance.
Profit from Tech Skills
If you're skilled at scheduling and organizing, software development, graphic design or copyediting there are a number of popular websites such as Elance, Odesk, Guru and Freelancer can connect you with employers seeking to hire virtual workers. You can create your own profile and let employers find you, or respond to the countless job inquiries.