How to Make Money

Making money gives you more choices. You can save up for retirement, buy a house, go on vacation, and access other possibilities. However, some career opportunities pay more than others, and the same holds true for side hustles. Some extra gigs are more promising than others. Knowing your different choices can help you earn money while doing what you love. This list will help you get started, but the only way you will make more money is if you take action on at least one item on this list.

Making Money Outside of Work

When you want to make money, you can make money outside of your normal job. In most cases, people take 2nd jobs to boost their incomes. At times, this is necessary. However, you may choose a 2nd job because you want money you can save or invest. You might even try cash advances or small loans offered by a platform like MoneyLion.

In an ideal world, your 2nd job or side hustle should pay for your savings or investments. At the same time, making money is a gradual process that you grow into over the course of many years.

How to Make Money Through Investing

Investing is not an activity reserved for the rich and powerful. Anyone can invest their money — they simply use less money than a multimillionaire. Because investing can be complicated and volatile, remember that you should not invest your money unless you are prepared to lose that money.

Any investment can lose money at any time. Your investment portfolio is not a get-rich-quick scheme. It is a carefully curated array of investments designed to perform over time. Using Benzinga to review data and make informed choices is better than simply investing blindly in the 1st financial tool you find, increasing both performance and earnings.

Try these investment vehicles so you can start making money slowly, expanding your investments as you build wealth and gain confidence.

Stocks, Bonds, Crypto and ETFs

Investing in stocks, bonds, crypto and exchange-traded funds (ETFs) is a simple way to enter the market through an online broker. Of course, you must understand your position, review the volatility of these investment vehicles and set a budget. Start small, allow an app to do some of the work for you and adjust your investments to suit current market conditions.

Use micro-investing apps to do what investing experts call the set-it-and-forget-it method. Set up the app to take a small deduction from your bank account every month. Send money to the app, set up a trading style or position that works best for you and forget about it. You can passively save quite a lot of money if you make micro-investing part of your lifestyle and monthly budget.

Day Trading

Day trading is not for the faint of heart. Yes, you can make money day trading and even turn this activity into your career. However, you must feel confident that you can continually make wise choices and turn a monthly profit. Consider day trading a step up from the passive investing mentioned above.

Save for Retirement

Start saving for retirement. However, don't lock that money away in an account you cannot access. As demonstrated above, you can diversify your retirement savings and leave some of it accessible for emergencies or large purchases. This is not an income strategy, but it is a good backup plan in case something goes wrong in the future.

Whole or universal life insurance policies require a premium, but they allow you to overpay to increase the plan’s value. Insurance companies give you access to this cash, you earn interest on that cash, and you can access it at any time. While a whole or universal life plan is best used for retirement or savings, it is still accessible. If you are passively investing in a plan like this, you have a nest egg set aside that can be used at any time in the future.

Whole or Universal Life Insurance

Whole or universal life insurance policies require a premium, but they allow you to overpay to increase the plan's value. Insurance companies give you access to this cash, you earn interest on that cash, and you can access it at any time. While a whole or universal life plan is best used for retirement or savings, it is still accessible. If you are passively investing in a plan like this, you have a nest egg set aside that can be used at any time in the future.

Make Money With Real Estate

Making money in real estate is one of the time-honored traditions of the rich and comfortable. Investing in real estate generally offers solid returns and gives you access to property that is consistently appreciating. You do not need to be a real estate magnate to make money in this industry, however. You can serve as a property manager, handiwork specialist, or get involved in properties with any of these strategies:

Flip Houses

Flipping houses is harder than it looks, but it can be quite profitable. On one hand, you must turn around a dilapidated home that you can either sell or rent. On the other hand, you can invest in homes in which you do most of the work.

If you are fairly handy, you can renovate much of the property while only calling on professionals to complete specialized work such as plumbing, electrical or HVAC. You feel a sense of accomplishment and pride. Plus, you might be inspired to get your real estate license — yet another way to make money.

If you flip two homes a year for an average profit of $35,000 you make $70,000 that year. According to the National Education Association, the average teacher makes less than that — $65,090.

Rental Homes

Rental homes can pay your mortgage, replace your income or put spending money in your pocket. You might rent your starter home now that you have moved into a larger home. You could rent a condo in a vacation spot for a high price throughout the year. Some people have a basement or garage apartment they rent — especially in homes with a nanny suite or separate in-law suite.

REITs and Equity Crowdfunding

Investing in a real estate investment trust (REIT) gives you access to the real estate market without buying real property. You simply choose a platform or company that manages a REIT, invest your money and await the dividends. No investment is perfect, but REITs tend to offer a good return on investment (ROI).

Real Estate Wholesaling

Wholesaling real estate is something you can do in your spare time if you are exceedingly confident in your charisma and salesmanship. Wholesaling requires you to find sellers of homes in imperfect condition, go to contract and find buyers for those properties. Your commission is the difference between the contract price and what your buyer pays.

Real estate, above all else, is a legacy you can pass on to your loved ones in the future. No, you might not develop a 50-story highrise in Chelsea, New York, but you might accumulate a few rental homes, condos or apartments that constitute a great start for your children, grandchildren or extended family as they get started in life.

Make Money as an Online Seller

Working as an online seller can often be quite rewarding. You work from home procuring items that you can sell online, and you can build your online presence using auction sites, social media and various online marketplaces. You might choose to sell:

Used Cell Phones

Selling cell phones is a profitable business model. For every person who stands in line for the release of the newest smartphone, there are ten people looking for an affordable phone that you can provide. Sell through your own website, an auction site or a store set up with a marketplace like Amazon.

You can repeat this process with all electronics, including TVs, printers, keyboards, computer towers or gaming accessories.

Antiques

You can sell antiques at a markup if you find them and know their value. Yes, antique dealers and wholesalers often know what they have, but you might have access to the people who want those items most.

For example, you walk past an antique store with a vintage clarinet in the window. You peer closer only to realize this instrument is not a piece of junk — it's a Buffet R13 that's worth much more than the $25 price tag the owner slapped on it.

Restoration

If you have the ability to restore furniture or antiques of any kind, you can turn that into either a side hustle or a business. Yes, people will pay quite a sum for that antique couch you repaired and brought back to life. The same could be said for old lamps, China, flatware, and tea settings.

Clothing

Fast fashion is one thing, but dealing in vintage or old clothing can become a fun pastime for you. You might sell your old clothes, make clothes or search for deals just like the antique enthusiast above.

Books, CDs and Records

Selling books, CDs and records online allows you to sell off your collection or deal in items you have found during your many travels. You can find websites designed specifically for advertising and selling old books, records or CDs, and you can easily keep a large catalog online, selling off items as you find new buyers.

Make Money With Side Gigs

Side gigs — the infamous side hustles — are often a simple way to make extra money doing things that you either enjoy or in which you naturally excel. Select the options that work best for you, expand on those options and continue working to both make money and save money.

Yes, on the one hand, you can bail yourself out by working multiple jobs, but you can also maintain those jobs to save and invest. A selection of side gigs includes:

Dog Walking

Dog walking is a time-honored tradition. People the world over work and leave the house, requiring a dog walker. You can care for a few pups at certain times of the day or you might pet sit for a few regular clients when they go out of town.

House Sitting

House sitting is an especially important service for those who travel often for work or live a portion of the year in another part of the country or world. For example, you may live in Central Florida and stay in or look after the home of a client when they head back north for the summer. You might also provide this service on an interim basis for clients who travel now and again.

Delivery Services

Delivery services include last-mile service, food deliveries or courier work on behalf of a few private clients.

Content Creation

While income may vary in the content creation world, you can choose to write, make music, record videos and more. Because content creation is not always a job, ensure that you understand how to monetize your content and profit as much as you possibly can.

Tutoring

Tutoring and private lessons are popular in both public and private schools. Children need help learning everything from simple math to advanced science, music, languages and a host of other skills. You can tutor both in your home and in your students' homes.

Virtual Assistance

You can work as a virtual assistant helping clients through a range of service organizations. Clients might reach out to you asking for assistance with their work or personal dealings. This job could take up much of the day at times, or you might boil it down to a few small jobs here and there.

Personal Shopping

Personal shoppers can handle the gift buying, grocery shopping and other shopping needs of their clients. While this is a unique position with sporadic hours, it is one that can benefit you greatly during the holiday season and over particular holidays like Valentine's Day.

Benzinga's Best Alternative Investment Platforms

With Benzinga, you can find several alternative investments that will help you build wealth. There are several ways to increase your net worth, and each of the options above and below can fit quite nicely into your routine.

Learn to Make Money With Benzinga

Diversifying your income beyond a single employer can give you more flexibility and help you pursue better opportunities. Some people turn their side hustles into full-time work after getting enough traction. More money gives you more opportunities, and taking a small step today can lead to a more prosperous future. With these simple tips and great ambition, it is possible to achieve financial freedom.

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