Making some extra side hustle cash doesn’t actually have to be that complicated. There are several clear paths forward. At the end of the day, it all boils down to what your goals are and just how much you’re looking to automate your income.
So whether you’re looking to live in a foreign country someday, just want to work from home in the current coronavirus environment, or want to restructure your career to be able to work remotely forever, read on for various ways you can make money online. It’s valuable information to have during this current economic crisis—and beyond.
- What Are the Various Ways I Can Make Money Online?
- What Are 5 Ways to Make Money Online?
- How Can I Make Money Every Day Online?
- How Can I Earn Extra Income?
- How Can I Make Money With no Skills?
- How Can I Become Rich?
- How Can I Make a Million Dollars?
- How Can I Make a Living Without a Job?
What Are the Various Ways I Can Make Money Online?
Could you make an extra $200 per month? Sure. How about an extra $1000 per month? How would that change your life? To most, it would make a monumental difference. But what if we were talking thousands more per month or even tens of thousands more? How would that alter the trajectory of your life?
Read Also: Make Money With Dental Hygiene Reviews
Clearly, you can make money on the internet. You just have to decide how much of your time it’s worth. Below are some ways
1. Become a virtual assistant.
One simple way to make money from home is to help others complete tasks as a virtual assistant. If you’re highly organized and can properly manage your time, then becoming a virtual assistant presents a low-friction entry point into the digital services industry. You can easily perform these functions as a remote worker no matter where you live.
Finding work as a virtual assistant can be easily done through sites like Upwork, Indeed.com and Remote.co. Search the existing posted jobs and create bids. You’ll need effective communication skills and fluency in English and popular web and business software applications.
2. Sell stuff on eBay or Craigslist.
A large subset of our society is earning a full-time income by selling items on Craigslist and eBay. You can do this by selling your own items, or you can help sell items for other people and take a small commission. Selling on eBay offers more friction than Craigslist and you’ll need to establish solid reviews before you can begin to move high-ticket items.
However, eBay does provide resources for sellers to help you get acclimated to selling on the platform. Take the time to do your due diligence and research the platform. If you have some solid online marketing skills, you’ll find this much easier than if you’re a complete newbie to the world of digital marketing.
3. Trade cryptocurrency.
As the digital world evolves, so does our currency. What seemed like a novelty yesterday will ultimately become the preferred medium for money. A Gallop poll found that 10 percent of people claimed to use cash as their preferred payment method in 2016 (down from 19 percent in 2011).
While cryptocurrency is still relatively new, it will ultimately become the standard. Bitcoin and Etherium might be the primary cryptocurrency platforms today, but the US Dollar will eventually become the Digital Dollar by leveraging the blockchain. You can take advantage of the current boom in cryptocurrency by trading it through platforms like eToro and Kraken, amongst many others.
4. Online tutoring
Websites like Skooli, Tutor Me and Tutor.com provide resources for entering into the online tutoring space. While you don’t need to use a platform like these, they provide a lower friction entry point into the market. You could also search for online tutoring gigs on a variety of other sites like Upwork, Freelancer and many more.
What types of things can you tutor online? You could easily tutor a subject like math or science, while also teaching a language if you’re bilingual. You could also tutor musical instruments like the guitar or piano, along with a slew of other subject matters.
5. Sell services on Fiverr
Fiverr has grown significantly since its inception. Today, it’s a vast marketplace where you can sell just about any service under the sun. This is great if you’re looking to make money online as a digital nomad or even while sitting at home on your laptop while in your pajamas.
What, specifically, can you sell on Fiverr? Anything from graphics and design services, to digital marketing, writing and translation services, video and animation services, music and audio, programming and application development, business services and lifestyle services that includes anything from celebrity impressions to gaming.
6. Build sales funnels.
Every successful business has an automated sales funnel. Yet, so many businesses are completely unaware of the power of an effective funnel. Sales funnels provide automation in the sales process. They help you build a relationship with your audience and develop a bond with the consumer. There are plenty of tools you can use to build a sales funnel, but the world’s most successful businesses often create custom-coded funnels.
Expert sales funnels often start with a free offer, also called the lead magnet. By delivering value in the lead magnet, you’re creating trust with the consumer. In the next step, you’d usually find what’s called a self-liquidating offer or a trip wire. These are deals that are hard to pass up, often for $7 to $47. The front-end offer is usually found beyond that along with one-time offers to help boost the lifetime value of the customer and the average cart value.
While there are considerable technique details when it comes to sales funnels, understanding them today, right now, could set you up for a higher degree of online marketing prowess. It’ll also help you scale your business by optimizing a conversion rate, then simply expanding your ad spend.
7. Rent out your home.
Another way you can make money at home is to actually rent out your home. Airbnb has carved a sizable industry out of vacation rentals. While the market did exist prior to AirBnB’s arrival, it’s certainly grown by leaps and bounds since its arrival on the scene.
In 2017, Airbnb purchased luxury vacation rental providers, Luxury Retreats, and other consolidations in the marketplace have happened with leading sites like InvitedHome’s acquisition of PPG rentals and Seasoned Dreams’ platforms, and Expedia’s $3.9 billion acquisition of another vacation rental giant, HomeAway. The market is booming and the time is ripe for entry, no matter how big or small your home or condo might be.
8. Launch an e-commerce site.
Ecommerce is booming. While Amazon takes the lion’s share, consumers are buying by the droves when they can scoop up great offers. In fact, some of the leading online marketers like Neil Patel, Frank Kern, Dean Graziosi, David Sharpe, John Reese, and many others, are using free-plus-shipping e-commerce and book funnels to make small fortunes.
This comes back to the implementation of sales funnels within an e-commerce environment. In fact, much of what people think about traditional e-commerce stores taking months or even years to build and costing a small fortune simply isn’t true.
9. Start a blog.
Blogs are quite possibly one of the best ways to earn a passive income, even while traveling the world. While starting a blog might be simple you will need to put in the work and the effort in order to reap the benefits. Plant the seeds now to enjoy the harvest later.
However, once that blog gets going, generating an income and scaling out your business is straightforward. Simply produce more content and line up more offers. As your blog grows in popularity, you’ll also be able to attract top talent willing to write for you simply in exchange for one very powerful link back to their own websites.
10. Build a side hustle business.
There are plenty of ideas for lucrative side hustle businesses that you could easily start from the comfort of your own home. While starting them is easy, actually putting in the work to market and grow those businesses is a bit more challenging. The hard part is seeing them through.
While you could launch a regular business selling someone else’s products, you could also invent your own product. While businesses based on inventions might seem more complex to create, they do present attractive investment opportunities as depicted on popular shows like Shark Tank.
What Are 5 Ways to Make Money Online?
One of the great things about the internet is that you can go into business for yourself from the comfort of your home. All you need is an internet connection, and you can make money online. Diving into the online world will free you from the daily 9 to 5 grind of a desk job and afford you more time to travel, indulge in hobbies, and spend time with the family.
Here are a mix of tried and true online ventures, as well as new businesses and niches:
1. Affiliate Marketing
You may already know that affiliate marketing is one of the oldest online moneymakers out there. Here’s how it works:
- As an internet entrepreneur, you’ll need your own web presence: website, blog, social media platforms, landing pages, sales pages, banner ads, or e-commerce site. But instead of selling your own products, you sell the products of other companies. You can use several of these combinations, if you like, as long as you get your marketing message to the public.
- Then, pick a hot affiliate niche market; one with many potential customers. Look at social media to ID trends and see what’s hot on sites like Amazon and CJ Affiliate, for example.
- Provide important content and marketing messages aimed at your prospects.
- When customers on your digital platform click on a link to make a purchase, they are taken to your affiliate partner’s site to complete the transaction—and you get a commission for every completed sale. The best part is you don’t have to deal with shipping or customer service.
Affiliate marketing is one of the fastest and easiest ways to start an online business because all you have to do is promote the products. You don’t have to worry about creating products, setting up payment and delivery systems, or handling customer support.
You just simply drive the traffic and get them to click over to the companies you are promoting as an affiliate and if a sale is made you get a commission for referring that sale.
2. Niche E-commerce
As a startup internet entrepreneur, you’re not competing with e-commerce titans or major retailers like Walmart. You also don’t need a warehouse or a logistics system to sell your wares.
What you do need to succeed is to narrow focus. In other words, find your niche, and stick to it. That way you become the go-to expert and appear high in the search engine rankings.
The most important thing is that there has to be a market for your niche. For example, you might have a passion for 16th-century French poetry, but you won’t attract a lot of readers.
When it comes to e-commerce the key is to have a very specialized focus that attracts a very specific audience.
3. Selling E-books
The internet has put a dent in the traditional publishing world. These days e-readers are all the rage.
E-books represent about 20 percent of all book sales in the U.S. The good news is you don’t have to be a publisher with deep pockets to get in on the action. As a solo internet entrepreneur, you can sell ebooks directly from your own website. You can sell your own works or sell a public domain work.
Simply upload it to your website (or seller account on Amazon) and start publicizing it on your social media platforms, on your email list, your blog, website, etc.
4. Develop Apps
Whether it’s an iPhone or Android, it’s got apps and everyone’s got one in their pocket.
You can’t compete with the likes of Pandora and Pinterest, but you can get in on the action. If you have a light bulb moment that addresses a need that people have, then create an app that meets that need. It could be a new way to store photos or a podcast download organizer.
Don’t panic if you’re not a programmer. You’re the idea person. You can hire people to create it. With the availability of programmers available at reasonable rates, you could probably find someone on a site like Upwork. Of course, the exact amount you’ll pay your developers depends on the complexity of the app.
You should create your app so that it works on both kinds of smartphones, Androids and iPhones. That way you maximize your customer base.
5. Your Own YouTube Channel
Top YouTubers can make millions each year, and that includes 5 year-olds. Take PewDiePie who has made more than $15 million filming himself playing video games. But you don’t need millions of viewers to make money on YouTube.
Some ideas for valuable videos include how-tos such as recipes, unboxing (where you open a product for viewers), food and travel reviews, music videos, comedy skits, and so on.
Here’s how to make money on YouTube:
- Set up your YouTube channel, the place where your videos will live.
- Upload videos consistently and be specific when describing the content in your video. Make sure your videos are high-quality and contain useful or entertaining content. You don’t need a fancy camera to get going; a smartphone will suffice in the beginning.
- Put the word out on your social media platforms like Facebook and your email marketing list. You should also share the videos on social media or embed them on your blog or website.
- Respond to comments from viewers to create a fan base. Your job is to attract and keep viewers.
- Monetize your undertaking by allowing YouTube to include ads in your videos. When viewers click on an ad, you split the fee with Google. The more views, the more revenue for you.
One other thing to mention, you don’t have to get in front of a camera to make money with YouTube videos. Many of the most successful YouTube channels are screen capture videos with tutorials of software or videos where you are seeing someone do something or do a voiceover; never having to actually appear on camera.
How Can I Make Money Every Day Online?
Every day, more people want to know how they can make money online for free. They want to break out of their boring, exhausting, or otherwise unideal jobs and become their own boss from the comfort of their own homes. And they want to do it without spending the precious resources they have now.
1. Do research online
Are you good at using Google to find specific information? If so, there are plenty of opportunities for you to make money online for free.
Many companies in different industries hire web researchers to find the most relevant and dependable sources of info for them. Then they share that info with their clients to help them make informed business decisions. You can apply to work on their tasks—all you need is a computer and internet access.
Here are some companies that regularly look for online researchers:
- Wonder hires virtual researchers to find quality answers to the questions posed by its clients. Tasks may involve gathering statistics, explaining market trends, or determining competitive landscapes.
- 10EQS hires industry experts who can research and answer questions relevant to their particular industries. If you have extensive knowledge of an industry, you can apply to join 10EQS’s team of experts for an opportunity to work on live research projects.
You can also apply to the internet research jobs on Upwork and Indeed.
2. Transcribe audio and video files
Though artificial intelligence is emerging as a tool to help with speech-to-text transcription, it’s far from perfect. Therefore, many companies rely on transcriptionists to turn audio from videos and speech files into accurate text.
You can lock in a part-time role with a company like Rev or work freelance with multiple firms on specific projects. Most companies let you choose which assignments you work on and set your own schedule. The best part is you don’t need to invest anything upfront—simply use the speakers that come built into your computer to transcribe.
To succeed as a transcriber, you’ll want to strengthen your typing skills. Your work needs to be error-free and easy for clients to comprehend. Start practicing by transcribing short audio files so you’re ready to apply for jobs with transcription companies.
3. Review websites and apps
Another way to make money online for free is to review websites for cash.
Some companies offer people payments and free products to leave testimonials on their sites. Other businesses pay people to examine the quality and performance of their websites.
When reviewing websites, you’ll usually examine the site’s functionality and how fast it loads. The amount you earn will be dependent on the marketplace you work with and the testing methods you use. In most instances, you’ll earn more if you’re willing to do one-on-one testing sessions with clients over video conferencing.
Here are some companies you can join:
- UserTesting for app, website, and user experience testing
- TryMyUI for impression and survey-based testing
- Testbirds for digital product, store, and mobile app testing
None of these companies require you to pay a sign-up fee, so you can start reviewing websites and making money without any investment.
4. Set up a Patreon
Patreon is a membership platform that helps artists and creators get paid. Through this platform, fans can subscribe to projects by paying a subscription. If you regularly create videos, podcasts, or music and have a following, you can join Patreon to let your most passionate fans support your work via a monthly membership.
To be successful on Patreon, you’ll need to offer your followers something intriguing to earn their support. This could mean involving them in your creative process or offering exclusive content created specifically for them.
It’s completely free to sign up with Patreon. The company only receives a small percentage once you start earning.
5. Join an affiliate program
Do you think you have the marketing chops to promote things effectively? Join an affiliate program and earn commission by promoting products, services, or brands on different platforms. Once you’re accepted, you’ll receive an affiliate link to share with others.
When someone buys the product or service after clicking your link, you’ll receive a commission, along with credit for the referral. The commission payout depends on the affiliate program and the product being promoted—basic items on the Amazon marketplace won’t pay out much, but promoting digital services like web hosting may earn you hundreds or even thousands of dollars.
Contrary to popular belief, affiliate marketing doesn’t rely on blog promotions to generate revenue for a marketer. You can use your social media accounts like Instagram and Facebook to promote businesses and earn money.
How Can I Earn Extra Income?
1. Tutor online.
If you think being a tutor means you made straight A’s through high school and college, think again. It’s all about what you know and how well you know it. Online tutoring companies like Tutor.com, TutorMe and Studypool hire tutors to share their knowledge with students on a wide group of topics.
Just make sure you’re careful when figuring out which tutoring gig to take. Some of the users on these on-demand tutoring sites are really just looking for someone to write their essays or do their homework for them. Be smart when sifting through the postings.
2. Become a user experience tester.
Every business hopes its website gives great information, hits its goals, and—oh yeah—makes money. But if something isn’t working, the business needs to know why, and a lot of them call on user experience testers to give feedback.
Are you good at knowing if a website is user-friendly just by spending a few minutes scanning the webpage? Companies like UserTesting or TryMyUI will pay you for your feedback. Most of them boast that you’ll get $10 for each 20-minute test you complete!
3. Take surveys.
Look into survey sites like MyPoints or Survey Junkie where you’ll get paid just for taking surveys and giving your opinion. Sounds like a pretty sweet deal, right? Just remember, these sites are looking for really specific things when they pick people. So you might not qualify for every survey you come across.
Plus, you’ll have to finish a certain number of surveys before you can cash out your points. It’s not a get-rich-quick plan by any means, but that extra cash can still add up over time. If you’re the patient and persistent type, give it a shot!
4. Get cash back from apps.
There are plenty of mobile apps out there that can show you how to make extra money just by doing simple things. We’re talking really, really easy here—like grabbing-your-phone-and-scanning-your-receipt easy. Check out mobile apps like Ibotta, Rakuten, Shopkick, Receipt Hog and Dosh to score some extra cash without too much work on your part.
5. Teach English.
It’s kind of like going the tutoring route, except you’re teaching English with a company like VIPKid). Now, if the word teach makes you a little nervous, don’t worry. They’ll handle all the lesson plans and grading for you. But you do need to have a desire to help others learn and be willing to guide a class online. Getting paid while helping others? This one’s a win-win!
6. Get paid for your creative skills.
You’ve got the creative skills but just haven’t connected with someone who needs your awesome work. Why not freelance in your spare time with Fiverr? The site connects freelancers specializing in writing, editing, graphic design and voice-over work to clients needing those creative minds in their corner.
You’ll create a profile (almost like a resumé) that potential employers can scan to check out your experience, rates and specialties. Get ready to let your creativity flow!
7. Offer your services as a virtual assistant.
If you’re organized, love a good challenge, and want to work from home, this may be the perfect opportunity for you! Plus, who doesn’t love a little variety in their workday? Chances are, most business owners could use your help as they try to find a better balance between their work and home lives these days. Check out sites like Upwork and Zirtual to find opportunities to start lending a hand.
8. Become an influencer.
Get paid to post on social media! Yup—it turns out, that social media can actually come in handy. If you have a large following on social media platforms like Facebook and Instagram, or even your blog, you might consider becoming an influencer.
Whether it’s fashion, cookware or home décor, you can become a go-to resource for businesses to get even more exposure on the internet. Just reach out to brands you love and let them know you’d like to work together! And if you’re open to affiliate marketing and sponsored content, check out ShareASale and Amazon Associates too.
9. Become a social media manager.
Most companies have a social media presence. Not only is it free marketing, but it’s also a way to stay connected to their customers (or future customers) and build a following. But it can be a huge task for smaller companies that don’t have many team members. That’s where you come in. If you have a knack for creativity, connecting with others and a knowledge of different social media channels—this might be right up your alley!
How Can I Make Money With no Skills?
1. Get paid for your photos.
Are you a shutterbug? Do you have photos of gorgeous sunsets and perfectly staged lattes cluttering up your camera roll? You can make extra money for your photos without having to be a professional photographer. Foap pays up to $10 for a photo (some can fetch more for special “missions”) but they’ll take 50% of your sale too.
Keep in mind, that there’s no guarantee that people will buy your photos. But even if you only sell a few, that’s some easy money for something you’ve already done.
2. Drive for Uber or Lyft.
If you’re strapped for cash but want to work on your own schedule, you might want to think about becoming a driver for Uber or Lyft. You can drive as much (or as little) as you want and set your own schedule. Plus, you get the added bonus of having interesting conversations along the way (or, at the very least, some fun stories to tell of your travels with strangers).
Of course, the amount of money you make depends on your location and how often you cart people around. So if you have a free Saturday every now and then, you might want to spend it as a glorified taxi driver exploring your city and getting paid for it.
3. Become a food delivery driver.
Since the pandemic of 2020, a lot of restaurants have kept their dining rooms closed or stuck with limited seating. So what’s that mean? More takeout! Become a hero by delivering food to front porches in your city. Driving for Uber Eats, Grubhub or Postmates is a great way to make extra money in your free time just by delivering food to hungry clients. Bonus points: Your car is going to smell amazing. We’re kind of jealous.
4. Join a focus group.
If you like sharing your opinion, why not get paid for it? Check to see if there’s a local focus group in your area or online. You could earn cash just for doing taste tests or trying out different products. Just make sure you fit the type of things they’re looking for before applying.
5. Take up babysitting.
Teenagers usually have the corner on the babysitting market. But there’s no reason you can’t get in on it too. And truth be told, it might be easier than you think to land a gig. Most parents will jump at the chance to have a date night. But sometimes, finding a sitter they trust can be tricky.
Let people in your friend group, church and workplace know you’d be happy to watch their kiddos in your spare time (they need to pay you, of course). And if it’s a little awkward for you to spread the news by word of mouth, you can always sign up for a service like Sittercity or Care.com to help you land some babysitting jobs.
6. Start pet sitting.
Are you an animal lover at heart? How about making some extra money just by taking a dog for a walk or boarding a cat for the weekend? You can advertise your own pet-sitting business on social media, put up signs throughout your neighborhood, or use a website like Rover. They let you set your schedule and set up your own fees for services. If you do use Rover, keep in mind that they take a cut of what you make.
7. Advertise on your car.
File this one under both super weird and the ultimate definition of the phrase passive income. The app Wrapify will pay you to drive with a business advertisement wrapped around your car. Once the car is wrapped, you really don’t have to do anything except drive around town like you normally do.
It sounds strange, but it’s actually pretty rewarding: The more you drive, the more you’ll earn. Wrapify says the average person who does a full wrap on their car makes about $264–452 a month. If you’re still paying off your car loan, that’s a car payment right there!
8. Do tasks for people.
If you’re just trying to figure out how to make money on the side with quick fix-it jobs or running errands, TaskRabbit might be your best bet. You can do all kinds of things from yardwork to putting together furniture. This is the perfect way to make extra money if you like to tinker with things—look at you go, MacGyver.
9. Deliver for Amazon.
You know who didn’t slow down during the pandemic? Amazon drivers. There’s nothing like getting a package delivered to your front door, especially when it comes from Amazon. Everyone loves getting packages, so why not spend a few nights a week driving around town bringing people joy? Sign up to deliver packages with Amazon Flex and set your schedule for as much or as little as you want to work.
10. Turn your commute into cash.
Between commuting to work and driving the kids to soccer practice, most of us spend plenty of time in our cars. It’s time to make extra money while you’re riding around! With Roadie, you can get paid just for driving a package (or even a pet!) from point A to point B along your route.
And check your area for apps that reward you for carpooling around town. In Nashville, they have Hytch, which partners with some companies to reward you for carpooling with one or more people. You’re already driving to work each day, so why not get paid for it too?
How Can I Become Rich?
You don’t need a six-figure job or family money to become a millionaire. Instead, you need to start saving early and be mindful of every dollar you spend. Here are some tips for building that million you need to retire in style or to retire early.
1. Start Saving Early
The easiest way to build your savings is to start early. Doing so lets you take advantage of the power of compounding. Say you’re 20 years old. If you contribute $6,000 to an individual retirement account (IRA) every year ($500 a month) for 40 years, your total investment would be $240,000.
But because of the power of compounding, your investment would grow to more than $1.37 million, assuming a 7% return. And you’d be a millionaire by age 57, just by saving $500 a month.
2. Avoid Unnecessary Spending and Debt
Stop buying things you don’t need. Before you tap your card, ask yourself the following:
- “Is this something I really need?”
- “Do I have something similar already?”
- “Do I want this more than I want to become a millionaire?”
Every dollar you spend on something you don’t need is one less dollar you can invest. Here’s a reality check. If you invest an extra $25 a week for those same 40 years, you would end up with an additional $277,693.
Can you cut $25 of unnecessary spending out of your weekly budget? Maybe, maybe not. But if you can, it will go a long way toward helping you reach your goal.
3. Save 15% of Your Income—or More
The personal savings rate is the percentage of income left over after people spend money and pay taxes. That rate dropped to 7.3% in October 2021, according to data from the Bureau of Economic Analysis (BEA). According to experts, that’s not enough to save for retirement, let alone for anyone trying to become a millionaire.
Exactly how much should you save? Although there’s no correct answer here, most financial planners say that, depending on your age, you should save at least 15% of your annual gross income if you’re aiming for a nest egg for retirement. This figure may sound unattainable for many, but in reality, it’s not. Suppose your employer matches contributions of up to 6% of your salary, you need to save only 9%.
4. Make More Money
Granted, this is easier said than done. If you don’t make enough to stash 15% of your income, it will be difficult to become a millionaire. But you do have a few options available to you, such as:
- Asking for a pay increase (if you think you’re due for one)
- Working extra hours
- Getting a second job
- Getting training to increase your earnings potential
Additional training pays off the most in the long run. Let’s say you’re a Licensed Practical Nurse (LPN). The median income is $48,820 per year in 2020.2 Registered nurses, on the other hand, earn about $75,330 a year—almost $30,000 more. Of course, it takes one to three years longer to become an RN.3 But that extra money every year can really help you reach your financial goals—especially if one of them is to become a millionaire.
5. Don’t Give In to Lifestyle Inflation
Lifestyle inflation happens when you spend more money just because you have more to spend. Say you live in a comfortable apartment in a great location for $1,000 a month. You get a raise at work and move to a better apartment that costs $1,500 a month. Did you really need to move?
If you want to become a millionaire, resist the urge to give in to lifestyle inflation. Instead of spending more—just because you can—save and invest more. You’ll reach your financial goals a lot faster.
6. Get Help if You Need It
Planning for retirement can be very stressful, partly because of all the investment options available, not to mention all the unknowns that await you. In fact, as many as 60% of working people said they feel uneasy about retirement planning. It’s no wonder only 25% of Americans say they’re confident that they’re doing what they need to when it comes to retirement planning.
That’s why it’s so important to get help from a professional. Only 29% of Americans reported working with a financial advisor, while 65% said they aren’t getting any financial advice.5 Unless you’re a financial rock star, it’s worth the money to work with a qualified financial advisor.
An advisor can help you choose investments, set up a budget, and make plans to reach your goals. And once you’re ready to start spending some of that money, they can help you make it last.
How Can I Make a Million Dollars?
If you start early and save regularly, you can make a million dollars by contributing to your retirement savings accounts. To take full advantage, try to contribute the maximum limit.
Let’s take a look at how an average person, let’s call him Joe, can reach this million-dollar goal by the time he retires at age 67. Let’s assume Joe:
- Is single and age 33
- Makes $50,000 per year
- Has a 401(k) plan with a 5% employer match
- Saves $4,000 a year in a Roth IRA
We’ll assume his investments have a 7% return.
Joe takes full advantage of the employer match and defers 5%, or $2,500, of his salary each year. His employer contributes $2,500 each year as the match. For the purposes of this example, we’ll assume Joe’s salary remains the same until retirement. Of course, in real life, he’d likely get a raise and his nest egg would grow even more. Here’s the breakdown of his savings over the 34 years.
401(k) | Roth IRA | |
---|---|---|
Annual Contribution | $5,000 | $4,000 |
Rate of Return | 7% for 34 years | 7% for 34 years |
Balance at Retirement | $686,184 | $548,948 |
That’s a grand total of $1,235,132. Welcome to the Millionaire Club, Joe! If he started his plan at a different age, here’s what his results would look like:
Starting Age | Annual Investment | Annual Return | Value at age 67 |
---|---|---|---|
25 | $9,000 | 7% | $2,220,988 |
30 | $9,000 | 7% | $1,544,049 |
35 | $9,000 | 7% | $1,061,401 |
40 | $9,000 | 7% | $717,279 |
45 | $9,000 | 7% | $471,925 |
50 | $9,000 | 7% | $296,991 |
55 | $9,000 | 7% | $172,266 |
How Can I Make a Living Without a Job?
You don’t need a job to earn income. Regardless of age, profession or education, there are ways to make money without a job in the traditional sense if a 9-to-5 doesn’t suit your needs. Some people want to make extra cash by working flexible side gigs or freelance work. Others may be able to capitalize on their profitable hobbies.
So whether you’re a student, an entrepreneur or unemployed, we’ve got you covered with alternative ways to make money.
1. Participate in paid market research
Paid market research allows companies to pay participants to express their opinion on everyday items, services and brands covering such disparate topics as beauty products and political stances.
Market research includes taking surveys for money, participating in focus groups and taking part in medical research. Medical research usually entails being paid to give an opinion on medicine or medical treatments or to help test medicine and treatments from basic research to clinical trials and studies. Make sure to understand what it can mean for your health if you decide to participate in medical research.
Every opportunity differs in the amount of pay you receive — some pay participants with a point system, an hourly rate or gift cards.
2. Become a virtual assistant
Do you have a knack for organizing? Individuals, groups and businesses often need administrative support. A virtual assistant helps businesses with day-to-day tasks like email management, bookkeeping and social media from a remote location.
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Virtual assistant work can provide flexibility at a low startup cost to you. The average pay in 2021 for virtual assistants in the United States is about $19 per hour, according to Indeed.com in a midyear update.
3. Transcribe audio and video
Transcriptionists convert audio and video recordings into written documentation. If you are very detail-oriented, this may be a gig for you. There are usually typing tests and recommended typing speeds, but there is always room to increase your speed with consistent practice.
The average pay for a transcriptionist is about $17 per hour, according to Indeed.com.
4. Sell online
Many platforms exist where users can sell stuff online. The first step is deciding what to sell — is there a collection of vintage clothes in the back of your closet or old electronics and furniture that are no longer in use?
Next comes determining the best site to use for selling. Read up on sites like Amazon, eBay and Etsy.
5. Housesit
Want to get paid to watch over a house and do some light cleaning? Try your hand at housesitting. Residents often seek housekeepers to take care of their property while they are away and in return provide compensation and free accommodations. Housesitting can involve keeping a house clean and organized, taking care of pets, watering plants, and more.
Housesitting can allow you to create flexible hours, choose your own clients and set your own rates. Choose to housesit in your neighborhood or anywhere in the world, sometimes with free travel accommodations.
Check out websites like housesitter.com and nomador.com to get started — they will connect you with residents all over the world looking for housesitters. Though some websites require annual membership fees, the experience could be worth it. Nomador has a free membership and a paid membership for $99 per year. The paid membership grants users unlimited access to applications, housesitting listings and messaging.