According to the good ol’ irs, 65 percent of millionaires have at least three different streams of income, 45 percent have four streams of income, and 29 percent have five or more streams of income, indicating that yes, the irs is always on the lookout, but when they break down how and why people begin to make so much money, it’s worth listening to what they have to say.
1. SELLING EXTRA ITEMS
The first side hustle you should consider is selling what you currently have on sites like Facebook, eBay, and Craigslist. Now, I understand that this requires you to have something in your possession to begin with, but I would venture to guess that almost all of us have something in our possession that we don’t really use anymore or that is just sitting in a closet collecting dust, and if this is the case, those items are ideal for starting a cash-for-clunkers business.
Online marketplaces such as eBay, Facebook Marketplace, and Craigslist make it relatively simple to sell whatever you have, put it up for auction, and have the buyer cover the shipping costs and your entire time commitment.
To begin, simply snap photographs of the items you wish to sell, upload them to the internet, write a brief description of them, and mail them out. As soon as it sells, and in the worst case scenario, even if it doesn’t sell, you’re out nothing, and you still get to keep what you now have on the downside, however, it is not a reliable source of income, and there is a limit to how much you can sell before you’re living in an apartment that is completely empty with a mattress on the floor, but at the very least it is a great place to start because you’ll get paid for things that you already have, you’ll clear out a lot of clutter and make room for more activities, and it is something that probably 90 percent of you are able to do right away.
2. FOCUS GROUPS
My leisure time used to be spent signing up for focus groups, for which I could earn anywhere from five dollars to several hundred dollars per hour of work. I could earn this money for as little as a few minutes to a few hours of work in my spare time.
To explain what a focus group is and how it works for those who are unfamiliar with the term, companies seek your input on upcoming projects or services so that when they go to market they can better understand what the customer wants. To accomplish this, companies hire focus groups to obtain an unbiased opinion on what they have to offer and then make adjustments as needed.
The pay varies depending on how long it takes, whether it’s done online or in person, and how specific of a demographic they require, but most of the time if you have nothing else going on you might as well do this and get some additional money to supplement your income.
While doing this, I signed up for a company called focus point global, which was later acquired by the Schlesinger Group, and they would email me a few times per week with different offers that were tailored to my age bracket and interests.
Not all of them worked out, but I was able to consistently get anywhere from one to three offers every single month. I would schedule them during times that I knew I would be available, give my feedback and then revoke my participation.
Now, this isn’t meant to be a replacement for your current income, and you’re not going to see jeff bezos sign up for one of these, but if you want to make an extra $100 to $600 a month working a few extra hours, I would strongly recommend it. Simply searching for focus groups in your area should yield a plethora of results, many of which will be really beneficial to you.
3. FLIPPING ITEMS
Flipping stuff for free on the internet is another side hustle that everyone can perform. The more I researched this topic, the more I realised that yes, Gary Vee is correct.
There is a lot of great stuff out there being given away for free, and if you’re looking for a zero dollar side hustle that you can make some money from, you should check out Craigslist and the “For Sale” section, where you’ll find a free item with the most important word in the title: “free.” It’s understandable if some people are going to be negative nancies and say, “But we have all that stuff and nobody wants what a waste of time,” but if you keep looking here’s a working refrigerator for free no joke someone would pay $100 for this with proper advertising and not just this blurry picture. This is available for you to acquire. it’s not like people are going to be giving away steinway pianos and restoration hardware furniture on Facebook marketplace, so you’ll have to sort through a bunch of weird crap, but come on it’s not like people are going to be giving away Steinways and Restoration Hardware furniture.
As always, exercise caution when meeting people from the internet because someone on YouTube told you to do something like this; put your safety first before profit, but Gary Vee is right that this could be a great side hustle for anyone willing to put in the time and effort.
4. PART-TIME WORK
I’m going to say something that I’m sure a lot of people don’t want to hear, but if you’re looking for a side hustle, getting a part-time work is probably the best thing that you could do for yourself. To be honest, I’m a little surprised at how complicated people want to make things out to be because traditionally, if you want to earn some extra money, part-time work is usually the first thing that comes to mind. It doesn’t have to be glamorous, and it doesn’t have to pay you a lot of money, but if you’re willing to assist a local business, do some work for someone else, or work outside of normal business hours, see what options are available in your area. Examine craigslist, linkedin, and any other job-posting websites you can find if you want to find work. In fact, as you go about your daily routine, inquire as to whether or not anyone is hiring. Given the current labour shortage, you may have far more leverage than you realise. I know for a fact that many companies are looking to hire additional customer service representatives from home. They are also looking for data entry positions, or literally anything else that you could do from home. There is no shame in working from home.
5. CREDIT CHURNING
Credit cards are constantly being reloaded. Essentially, this is the process by which you sign up for a new credit card and then spend the required amount to qualify for the signup bonus.
Most of these offers range anywhere from 100 to 300 dollars on the low end to as much as 2 000 dollars on the high end for some of the luxury credit cards, but regardless of the amount, it takes virtually no time whatsoever to complete. The long term benefits include improving your credit score, and who doesn’t enjoy receiving free gifts?
Of course, I understand what some people could argue, but you stated that all of them would be free, and that in order to qualify for a credit card sign-up bonus, you must technically spend money,, and you’re absolutely correct. As previously stated, this will necessitate the expenditure of funds, but the likelihood is that you will be doing so anyway; therefore, instead of using your regular credit or debit card, use the new credit card in order to qualify for the signup bonus; this will eliminate the need for you to perform any additional actions beyond what you are already doing.
The issue has been resolved now to provide some quick examples, the bank of America cash rewards card will give you 200 cash back when you spend a thousand dollars in the first 90 days and it’s a great card to keep long-term because it has no annual fee. Even better than that is the chase freedom flex card, which gives you the same 200 cash back but you only need to spend 500 in the first three months to get the bonus and the reward structure is amazing, or the wells fargo active cash credit card, both of which give you 100 cash back.