Today I welcome Brian, who writes for Get Money, Got Money. Please be sure to click over to his website and read his great contributions on personal finance.
Overabundance, convenience, and non-stop entertainment have come to dominate our society especially within the past decade. Technology has enabled many projects that were not previously possible. With this change has come a shift of the producers and consumers of the world. These two groups of people, once clearly delineated, have since become hopelessly intertwined.
Two of the most well-known and disruptive companies to emerge and encourage this paradigm are Uber and Airbnb. Before their creation, the taxi and hotel industries moved along slowly, outdated, and untested. With the rise of these two however, the people who were once paying for the service could now easily become providers by taking advantage of things they already owned.
In order to make money you must create something of value, or in other words, become a producer. Because the cost of equipment was prohibitively high and it was complicated to use, production used to be left to the professionals who did it for a living.
But as mentioned, that is no longer the case.
The internet in particular has allowed so many ideas and companies to propagate that becoming a producer now is easier than ever. All you need is a computer (or phone!) with access to Wi-Fi and you instantly have money making capabilities at your fingertips.
At a high level they are selling unused items, creating a side hustle, and renting out assets. Each one of these on their own could generate well over $1000 a month (depending upon how much time you spend on it), and all together could nearly be the equivalent of a full time job (but of course would require full time hours from you). Anyway, let’s take a deeper look at each one.
3 Easy Ways To Make $1000 A Month
#1. Sell Your Unused Stuff (eBay, Amazon)
Our homes are filled with crap, and while it may be crap to us it can still be quite valuable to others. Our obsession with consumerism has even led to making storage units commonplace. Think about how crazy that is!! We pay for a home for our stuff! At a certain point, it becomes time to get rid of these things and now you can do it with the click of a button.
Ebay and Amazon are both incredibly user friendly and established businesses. They make creating a seller account almost effortless, and you can literally be ready to sell on either platform in less than 5 minutes. There are people who have created small businesses by solely selling their products on these two platforms.
The key here is finding the items of value in your home. Certain items (such as books on Amazon) have high margins and can leave you with a nice chunk of change if you have a generous supply. Fulfillment by Amazon allows you to ship all of your items directly to them and they store it for you until it is sold.
Ebay’s advantage is that you can sell virtually anything (whereas Amazon is mainly commercial items) and get a lot more than you expected through their auction pricing model.
#2. Side Hustle (Blog, Podcast, Etsy)
A side hustle, if you’re not familiar with the term, is just what it sounds like. It’s simply an extra stream of income that comes second to your day job. Just like many blogs (including my own) that are run as a hobby in the owner’s spare time, side hustles often start that way but their possibilities are endless. With a decent sized audience and a couple ads thrown in, these activities can often pay for themselves and then some.
Niche blogs (podcasts, instructional videos, the list goes on) sometimes don’t even need more than a few hundred followers to turn a profit because marketers crave such targeted audiences. But as these projects grow and adapt, they can quite easily turn into audiences of thousands or millions of people and become a much more serious operation.
For creative people with a reliable income already established this is a no-brainer. Some of people’s best work is created when it comes strictly from passion and experimentation which can flourish when the side income isn’t absolutely necessary. Monetization can be worried about down the road.
Just to give an idea of what this could pay, Midroll offers podcasts $20-$30 per 1000 impressions for ad reads during the show, whereas the majority of money made on blogs comes from partnerships and affiliate marketing opportunities. BigScoots (a website hosting service) for example offers money to sites who get people to sign up using a custom link they provide.
AdSense is another popular way to monetize websites but pays pennies in comparison. Popular sites are lucky to make more than $50 per month through AdSense alone.
There are also plenty of other options for the more business-minded individual like online peer to peer marketplaces, such as Etsy. Here too, small scale and homemade products can be sold quickly and generate a loyal following through their built in user base.
#3. Rent Out Assets (Airbnb, Uber)
To bring it back to the companies mentioned at the beginning, both Airbnb and Uber allow you to make money from two things just about everyone has. A car and a home. While Uber is slightly less passive income than Airbnb, it’s certainly something that anyone with a driver’s license is capable of doing to generate some extra money. Both offer the flexibility of choosing to participate when you feel like it and again, have the capability of making a solid second income stream quite easily.
Don’t overlook your most expensive investments, and put them to work.
There is no shortage of ways to make money today and these ideas are just some of the most obvious examples. With minimal work and unlimited potential, you could be making money hand over fist in no time!
Author Bio: This article was written by Brian, the author of Get Money, Got Money, who is a recent college graduate currently working as an engineer near Philadelphia. He is on a mission to retire early and help people with their financial situation so that they can live happier and be free to do what they love.