CALL US TODAY

WHITBY: 905 666 2111  |   AJAX: 905 686 2407

Published : Nov 22, 2019

Sometimes we all need a little extra money

Sometimes getting ahead means more work

Let’s face it. Sometimes we all need a little extra money. All your life when you had needed a little extra money you were told to cut back on expenses. While this is great advice, the reality is that often times there is only so much you can cut back and often that is not enough to meet your needs. The truth is that you can only cut so much out of your budget. At some point, all that’s left is what you need to survive and you need to eat and have a roof over your head.

 

When it gets to the point where you can’t cut down any further you are going to need to look for a side gig or side hustle as the kids say these days. This is not about working two full-time jobs, it’s about diversifying your earnings. Two full-time jobs are not realistic these days but with the advent of the internet, there are plenty of ways that you can work a few extra hours a week and earn enough to pay down your loans or save for that trip to Europe.

 

Here are some ideas that can help you earn more to boost your ability to save.

 

Get A Job

 

This is the most obvious and the easiest for the majority of us out there looking for a little extra scratch. While this will eat into your free time away from your other job it is the easiest way to gain dependable earnings that go into your bank account. You could try to make it more enjoyable by choosing something you’re interested in or that doesn’t take much brainpower. There are many great options out there now that only require a car and a cell phone with a data plan. Meal delivery companies are booming and therefore require people to get the food to the customer. You simply pick up a load of orders then deliver them to the customers houses.

 

This doesn’t need to be full time. In fact I would suggest avoiding that completely. Working too much, in the long run, will end up costing you more as your health and relationship will most certainly suffer. In some cases, you might be able to request flexible hours, such as on the weekend, or in the evenings after you’ve had time with your children. This way you end up with extra money but you don’t have to sacrifice your entire life for it.

 

Dividend Investing

 

This one is extra money for the patient person. If you do not need money right away but are saving for a cottage or a lifetime trip around the world then this might be the option for you. By investing in dividend-paying stocks, you can receive 3–6% annually in dividends from some of the top financial and utility stocks. This is a decent return but you lose the immediacy of a part-time paycheck.

You need to show patience as you build your portfolio over time. Chances are that you won’t have a large enough lump sum to immediately begin earning dividends sufficient to live on. You can speed up the process by choosing to reinvest your dividends to buy more shares and partial shares instead of spending the money.

 

Be warned though that this strategy also carries risk. If the market crumbles so do your profits. Take that into account as you choose stocks for your dividend portfolio carefully.

 

Rental Property

 

With the advent of AirB&B the amount of people earning extra dollars through rental has skyrocketed. Rental property can be a great form of income, as long as it brings in more money that the expenses of owning a property.

 

For this one though you will need a serious reality check. Being a landlord comes with responsibilities and liabilities. You need to keep the properties properly maintained and repaired, and you need to be ready to screen tenants. This can be a tricky thing to get into. If you don’t want to do this there are property management companies that will gladly take your dollars to screen and manage your property but they will almost certainly eat into your cash.

 

Buying and selling of property is a good way to make money but the appreciation is lengthy and it might not fit within your needs. Sticking to rental property can help bridge that gap and get you on your way to Europe sooner rather than in twenty years when you have finally paid off the house and sold it for a profit.

 

Sell stuff

 

This is the easiest way to earn a few bucks. This could be done with a garage sale or online at  eBay Kijiji  or  Craigslist . If you get comfortable with this method it is very easy to buy things at garage sales or online and sell them back through these same sites. If you happen to be crafty or good at building things check out Etsy. This site allows you to have a virtual store where people can buy the amazing things you create. Not a bad way to do what you like and earn money while making others happy.

 

Sell your service

 

There are many opportunities to make money online if you know and like to write. You can either have your own blog or write on sites like  HubPages , fiverr, Suite 101 or  eHow  (eHow is not available to Canadians). The amount of money you make varies depending on the site and your experience level, but it can be a good way to quickly earn money. There are many others ways to earn extra dollars writing online. Beware this one can be time consuming and the money in return doesn’t equal the time spent. This is more of a hobby with a few dollars earned and not a legitimate way of earning cash.

 

Remember every little bit helps

 

While not all of these ideas will make a lot of money, every little bit will help you to your ultimate goal of financial security. That trip to Europe or buying that new Tesla is even closer now that you armed with a little bit of knowledge. Or try this with your extra dollars if you have a long term plan. Even bringing in an extra $100 a month to invest and earn 7% will give you extra savings of around $117,000 in 30 years!

© 2017 Copetti & Co. All rights reserved. Website Managed by Executive Results using Smartdesk.