make money

House Flipping – Another Way to Make Money

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We’re always looking for ways to bring in more cash. Whether you need to pay off a few more bills or to increase your retirement fund, the more money you can bring in, typically the better off you will be. Besides your monthly income, do you have other ways you bring in cash?

Many individuals, business partners, and even couples will test their skills of flipping a house. When done correctly, you could walk away with a hefty lump sum of money. However, done poorly and you’re looking at a considerable loss.

Does that mean you shouldn’t try it? Not necessarily. Although house flipping is not for everyone, it could be the other source of income you were looking for to pay off your last credit card. If this is something you’ve thought of doing, here are a few tips to make your first house flip successful.

Are You Ready?

First of all, you want to understand that flipping a house is not a simple task. It tends to require a lot of skill in renovations, or a decent amount of money up front to hire someone to do the upgrades. If you are uncertain if you’ll be able to complete the flip on your own, or can’t afford to hire contractors to help, you may want to take another look at if house flipping is for you.

Find the Right Partner

If you’re looking to partner with someone to flip a house, don’t choose just anyone. You’ll be working closely with this person most likely seven days a week for as long as it takes to complete the renovations. Will you be able to stay civil with each other, or do you expect your relationship to fizzle out?

Do Some Reading First

So, you’ve decided you’re ready to flip a house and have found the right partner, is it time to dive in? Before you do that, consider reading up on house flipping from those who are successful in the business. They’ll be able to give you the ins and outs for you to make your first flip a successful, and profitable one.

Find a Property Fit For Your Level

If this is your first house flip, do you want to dive into one that will require basically a rebuild? Alternatively, would it be better to find a house already in decent shape that only needs a few upgrades? Biting off more than you can chew at the start could set you up for a disastrous flip and ultimately cost you more money in the end.

Finding the right property also should include the location of your potential flip. You want to find a balance of property value with how much you’re spending. A beautiful house in a rundown end of town may not sell for as much money as you want. Purchasing a home in a high valued neighborhood could sell high, but it may cost you way more than budgeted to fix and meet the neighborhood standards.



Fix Quickly, Sell Quickly

Part of the art of flipping a house is to fix it up as quickly as possible (while maintaining quality), and then turning around and selling it right away. You could put in a ton of work to make the house look beautiful, but it won’t make you much money if you don’t sell it right away. The longer you hold on to the house, the more money it costs you.
When the time comes to sell the house,every small detail matters. From how you stage the home to even the smell of it, every detail can influence someone’s decision to make an offer. So, by setting it up in a way that allows potential clients to picture their family in the home, the better chances you have of closing a deal.

About the writer: Jeremy Biberdorf is the owner & founder of the popular investing blog modestmoney.com. Check out his site for latest investing news and tips


Few things about millennials that befuddles Gen X – How are they making money?

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There are so many things about the millennials which amuses the older and the younger generations. From not paying attention to their home ownership woes to paying back friends through apps, the young generation of millennials are doing things in a different way than Gen X and baby boomers. The case is also true with the way they make money. Off late, it has been studied that the millennials have taken a disparate approach towards employment as compared to what their parents and grandparents did.

Stability was a factor that was valued by the senior workers and this is what made them stick with the same company for decades. But this trend is changing too and the younger workers are always on the lookout for flexibility and hence they’re desperate to switch from one job to another. Younger workers or the millennials are all having separate priorities for their jobs like their never-ending desire to swap working in a 9-5 job restrained in a cubicle to working in a coffee shop. For the gig economy, they’re shunning all sorts of monotonous jobs.

Do all millennials earn a passive income?

Due to the fact that the gig economy matured during the time when the millennials were ditching their jobs for part-time ventures, there is a constant assumption that all young adults are engaged in a side job. If they’re not making money doing several odd jobs on TaskRabbit or driving cabs for Uber, they’re doing something which can make them rich.

But these are cases of stereotypes and they don’t always reflect the entire generation. Majority of the millennials are young professionals who might be lawyers, doctors and traditional occupations. It is seen that there are more retirees and senior people with side hustles than the millennials.

Are side jobs important for the millennials?

Despite the fact mentioned above that majority of the young adults are involved in side-hustles, that do not rule out the fact that side hustles are not necessary for them. As per the Millennial Economy Report of 2017, 45% of the surveyed millennials were all involved in side jobs. They believe in spending their dollars on experiences rather than on things. And it is through contract work or gig employment that they can earn money for living those experiences. This way they’re also earning cash for college and the ones who are saddling with college loan debt are getting ways to pay them back.

Flexibility is given more priority over loyalty of jobs

Even though a millennial doesn’t take help of the gig economy and goes behind the traditional employment options, they will most likely never stick to one employer for a long time now. In fact, in most companies of Silicon Valley, the average time on job is somewhere less than 2 years as the millennials are focussed on constant development of their job responsibilities and they also keep looking forward to a hike in their salary which doesn’t come in as desired in most companies.



Hence, to conclude, it can be said that millennials are not the same as the older generation as long as their job prospects are concerned. If their present job won’t let them lead a good lifestyle or pay down debt, they’re definitely better off somewhere else.


3 Self-Limiting Beliefs You Need to Overpower Now for a Successful Life

Dreaming financial independence and a good life? This dream to be a billionaire seems to be just a fantasy for most of us, right, because it’s something that “could never happen”. Ever wondered why? Why would you be an entrepreneur only and not a successful one? To Steve Liefschultz that is because there are beliefs you unconsciously allow to control your business, to not learn and improve and realize its full potential.

With a predetermined mindset, it is rather difficult to constantly grow. You don’t challenge the norms nor are you willing to break through the old wisdom you’ve been fed with because the very idea sounds risky enough and you would end up wasting your time. Does it sound familiar? If you catch yourself with the following thoughts, you’d know what to weed out to get t he future you want for yourself.

1.     I’m not smart enough or an expert

Yes, well guess what? No one starts any project as an expert. It would come with experience, which is a piece of cake if you really are passionate about the topic in the first place. For most businesses anyway, a rigorous learning of two years can lead you to be a top expert. So, if you are able to put in the required effort every day without stressing out or getting frustrated, you need not be a nerdy genius or a master to take the first step and begin investing in it.

2.     I’m too late to pursue my dreams

Are you sure? But then this is exactly what people say when they are asked to go to college and complete their studies, except that you do see as much senior citizens attending it as there are teenagers. There are so many inspirational figures whose stories are full of lessons for you to learn from, who despite being virtually a nobody before do not let their age stop them from making an effort and make something out of their life. Besides, imagine what u can achieve with the current technological advancements.

3.     I’m not rich enough to make money

Yet another misconception is you have to be born with a silver spoon in your mouth, born a millionaire to be at the top and rake in as much dollars. If that was indeed the case, the world would be such a less interesting place; consider any piece of fiction be it movies or books and you would see that a majority of them talk of underdogs making their way to riches. Are you too afraid to progress that you would use lack of resources and money as your excuse? How about using it as the reason instead why you’re so focused and have a fresh mind when it comes to planning and operation?

These are but 3 of the detrimental mindsets Steve Liefschultz believes stop you from achieving your short-term or long-term goals. If you can reframe these thoughts, be dedicated to and confident about your business and life plans, you would not let them sabotage your efforts.


Save Money on Owning and Using a Van

Whether you work for yourself, or even if you own a van to carry around band equipment or other items, you can save money compared to the cost of buying a van outright. A personal van lease agreement gives you access to the modern van that you want, does not require the same capital investment that is needed to buy a van, and it even means that you can return the van in a couple of years in order to choose a new one. Leasing could be the most beneficial option for you, especially if you don’t have access to a large sum of money but do have a regular income.

Buying a van means that you will have to put down a large amount of money. Even if you take out finance, it means paying a large deposit before then paying potentially hefty interest charges every month. It could take years to repay the money that you borrow, and by that time, you might decide that you want to upgrade. Depreciation and interest charges mean that you will only get a small fraction of what you paid for the van when you part exchange for a new one.

With a lease agreementford-Van you can upgrade your van at the end of the lease agreement. This means that you will always be driving a vehicle that is a year or two old, without the worry of depreciation. The saying goes that a vehicle halves in value as soon as you drive it away from the forecourt and while the actual rate of depreciation may be less than 50% in the first year in some cases, you will certainly lose a sizeable amount of money. Upgrading your van even every two years means that you will be exposed to this unseen cost.

Depending on the type of lease agreement that you opt for, you may not even have to pay for things like road tax or even the servicing of your van. Some agreements include general maintenance and general costs. While you will still have to pay for any exceptional repairs, or damage that is not considered to be general wear and tear, this all means that you can make a single payment every month and then not have to worry about making additional payments. Obviously, you will still have to pay for costs like petrol, and you should ensure that your agreement offers enough mileage allowance so that you can complete all of your required journeys over the period.

Image credit: http://www.dailyrecord.co.uk/lifestyle/motoring/john-curtis-save-money-planet-4828753


Few good advantages of working from home

[schema type=”review” url=”https://financewand.com/few-good-advantages-of-working-from-home/” name=”Advantages of working from home” description=”Working from home is truly beneficial for mothers that stay at home, pregnant women, those who’re trying to augment their income by serving on a part-time basis, those who have suffered major injuries amounting to physical handicaps and those who have retired in the recent past.” rev_name=”Financewand” author=”Jonny Pean” pubdate=”2015-04-27″ user_review=”5″ min_review=”1″ max_review=”5″ ]

The latest advents of technology have shown us through great heights of improvement involving distance, time, location and other key constraints. In the recent times, it’s not absolutely necessary for any employee to be present in the office to deliver his services. He can easily do it without having the need to leave the comfort of his own home. A number of opportunities have opened up for members of a large section of our population that are truly qualified and skilled, but can’t consider utilizing an employment opportunity outside their homes.

Working from home is truly beneficial for mothers that stay at home, pregnant women, those who’re trying to augment their income by serving on a part-time basis, those who have suffered major injuries amounting to physical handicaps and those who have retired in the recent past. By working from home, these people are making a good utilization of time and earning a certain amount of money every month. For those that wish to start their own business, the various ways to make money at home seems quite appealing.

earn-money-onlineAre there any real advantages of working from home?

  • Gaining freedom or control: Life remains in your control and you experience liberation while working from home. A dynamic corporate culture won’t ever bog you down, your earnings will be directly proportional to your actual productivity and you won’t ever need to follow a tight routine. The tremendous amount of stress that people suffer in their workplaces will no more cause any hassles for you.
  • Saving your commute time: All of us tend to reach our workplace in about 45 minutes on an average. Twice the amount of time you need to reach office is spent in commuting to and fro. If your commuting time is added to an 8-hour working schedule, then you end up spending some 10 hours away from home. By working at home, you’ll be able to spend your commuting time with your loved ones or utilize it towards your service.
  • Lowering the costs: Lowering the costs of transportation and fuel tend to become easier as you no longer need to visit your office regularly. You’ll also be able to save more in terms of money that you would otherwise spend on having your lunch outside. Visiting a fast food joint and grabbing a bite is not as healthy as having your home made meal. It affects your health when you have fast food on a daily basis.
  • Flexible work schedule: Working from home provides you with several benefits. You’ll have the option of finding a convenient time to schedule your working hours. You don’t need to follow the usual office timings and rarely need to take a day off for fulfilling your personal obligations. Your timings may be adjusted to create an opportunity of driving kids to school besides taking small breaks to visit neighboring shops.
  • Increased productivity: Productivity of people that work from home is certainly more than those that work from an office. A proper optimization of time is only possible when you start working from home. This goes against our general assumption. Factors like a better retention of employees, improved health of employees, and reduced costs of production will certainly increase productivity once the telecommuting means are provided to employees.

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10 Practical Ways To Save Money In Everyday Life

If you have a money-picking tree in your back yard, please invite me over and stop reading this now. Otherwise the following 10 easy and practical money-saving tips below were created just for you! These ways of saving money prove it is possible for anyone, anywhere to get the things they need in life, without emptying the bank account to do it.

While there are literally hundreds of ways to cut costs inside of your home, we’re providing you with 10 of the best, most practical ways to keep more money in your pocket to spend on the thing that you want.

1. Use VoIP Services

Voice over Internet Protocol service include Google Talk and more popular, Skype. Each of these services enable to you to make local and long distance calls, sometimes at no charge, as well as international calls at some pretty awesome rates. You can save tremendously and there’s no special software of equipment needed.

2. Cut Off the Water

Would you believe that a leaking bathtub can be very costly? That drip may seem harmless enough, but each trickle into the tub or sink can add up to more than 90 gallons of waste water per year!

3. Cut off the Power

A common thing for people to do is walk into a room, flip on a light, an appliance or electronic item, use it and then go about their business, leaving the light and the other item going, using up a plethora of power as it goes along. Make sure that you do not do this because just like a drip it can be very costly.

2102396938_83992de0414. Use Coupons

Coupons are lots of fun, they’re quick and easy to print, and they save you A LOT of money. Although those extreme couponing shows you see on the TV may be a bit far-stretched, you can really rack up the savings if you learn how to use the coupons effectively, such as combining with sales/clearance deals.

5. Stop Wasting

Whether it is food or drinks, paper products or bathroom toiletries, wasting the items that you use can cause you to buy the items more frequently and spend money that could be put to good use elsewhere.

6. Stop Rushing

Being in a hurry to make a decision oftentimes results in inadequate thought or planning put into that decision. You’re far more likely to regret your choice later, and this can be costly. Think about your bank, the credit card in your wallet, even the utility providers that you are using. Are they really the best? Do you know this for a factor or just think? You can always make free and easy comparison if you stop rushing and take the time to do it.

7. Make a Shopping List

Going to the market prepared with a shopping list will make our time in the market easier, and it will also help you save money since you have already made your comparisons, clipped you coupons and know just what you want. Stick to the list and you will notice a nice change in the dollar amount your receipt is tallying…a nice 10 to 25% can be noted, and even more if you’re super savvy!

8. Switch You Appliances

How old are your appliances? If they are past the 10 to 15-year timeframe it is safe to say that it is time to replace them. Not only will your appliances start to wear down and cause problems, they’re probably not energy efficient, and could be costly you dearly.

9. Try DIY

There are many DIY projects you can tackle and save money, and a great deal of it if you allow your creativity to soar. Make your own shampoo and soaps, make your own cleaning and beauty products, make your own repairs –the list of things that you can do on your own Is endless.

10. Stop Eating Out

At $7 to $10 (and more) per person for fast food dining, a family of four can easily spend $40 or more. Add this up three times per month and you’ve wasted $120. Eliminate the amount of money that you spend eating out. Save that money for a rainy day!

You can find number of other ways to save money as explained by Priya N. on Jobs8Home. Money saving is money earning and if you are really serious about saving good money then you must bring these tips into practice.


The Best Ways to Earn More Money in The Long Term

Increasing your income is entirely possible, but it takes patience, persistence, and a lot of preparation. Luckily, with the internet becoming more accepted as an international means of business, there are more options than ever for increasing your income. By following this guide and taking the time to study your options in-depth, you will be able to safely earn more money in the long-term

Affiliate Marketing

Affiliate marketing is one of the most useful tools you have online, yet it is not marketing in the traditional sense. To understand the concept, think of a helpful website you have visited in the past. It may have been about coffee, and this website provided you with everything you wanted to know about coffee beans, history, and preparation. The website was written well, informative, and it seemed bursting with passion. Also, it was free from annoying pop-up ads that can often the ruin the enjoyable experience of reading. So how do they make money?

Financial_supportThe website owners used affiliate marketing to gather passive income from their produced content. If the website was describing how coffee beans are roasted, then there may have been a link to an at-home roasting device. This link was affiliated with the business, and the website owner will get a portion of each sale that is made through the link. This can be done simply through Google, Amazon, and other major retailers.

If there is a subject that interests you, then you can earn a steady passive income through affiliate marketing. If you can write with a passion while keeping the site reasonably updated, then you will attract like-minded people who wish to read your posts, reviews, or interviews. Simply add in an affiliated link, and over time, you will begin to see your revenue increase. Inspire the reader with quality content, and they will be more likely to purchase something in the end.

Binary Options

If you can become proficient in the art of trading, then you will be able to make a steady stream of income through your own home. However, trading is not a way to strike it rich quickly, and in the beginning, you may be losing more money than not. If you like the idea of trading but wish to keep it steady and somewhat conservative, you may be interested in binary options.

Commonly used throughout Europe, binary options allow you to trade with an all or nothing mentality. For example, you will know precisely the sum of cash or assets that you will gain should you trade correctly; however, you will walk away with nothing should your trading backfire.

There are many online platforms that you can use to trade and it takes time to learn the ropes of trading, but binary options allow you to minimize the uncertainty of trading while still reaping the potential benefits. As with anything, and especially with trading, take the time to learn the strategies, options, platforms, and your own comfort zone. While it takes time to become proficient, binary options can be a potentially lucrative and even enthralling form of income that can be done virtually anywhere. It would be beneficial to learn more about call and put options before you start

Freelance Writing

Freelancing writing has a host of benefits for those willing to take the time to polish their skills and wait for the worthy job. While freelance writing may seem like another form of affiliate marketing, there are countless jobs available for ready and willing writers. Writing banner ads, information for packaging, white papers, blogs, and nearly anything else that contains the written word are options for freelance writers.

Becoming a freelance writer, binary options trader, or an affiliate marketer takes time, but it is worth the effort. If any of these options seem interesting to you, then it is worth diving in further to explore the potential of these fulfilling avenues. While going slow and steady will increase your chances for success, it all comes down to the passion that keeps you going. If you can spark a passion into any of these ventures, then you will find the persistence and creativity to make them truly lucrative to build a steady stream of revenue in the future.

 


Why You Should Know These Basics Before Trading In Stocks

Why You Should Know These Basics Before Trading In Stocks

Are you interested in trading stocks? If so this is the article written just for you. Many people have made the decision to trade in stocks, as it is a fun way to produce massive profits without a lot of effort or time involved with the process. However, it is only those who are knowledgeable in stocks and all things related that produce those types of profits. There are many things that you should know before you start trading in stocks, including the following basics:

What does Trade mean?

Trading stocks means that you are buying or selling stock. More than one billion stock market trades are made on a daily basis. Trades can be made on the exchange floor as well as by electronically means. The most common trading market is NASDAQ, but there are several others as well.

What is the Exchange Floor?

The exchange floor, or the NYSE, is the most common of exchange floors. Once you tell your broker how many shares you want to buy, an order is sent to the floor clerk who then finds a floor trader to help find someone find you those desired shares. A price is negotiated and the deal goes through once the broker calls you back. This is a simple trade.

What is an Electronic Exchange?

An electronic exchange is one that is performed via electronic means. Computers are used to find buyers and sellers and there is no human contract with another person required. You can buy and sell stocks from any location, at any time of the day, with instant confirmations. It is one of the easiest ways to trade stocks.

Do you need a Stock Broker?

A stock broker is someone that you will always need. although you can handle stocks on your own, or use a company, a stock broker has the knowledge, experience and dedication that will make all of your transactions much easier. Always consider hiring a stock broker, especially with larger trading shares going on.

What type of Trading do you want to do?

There are several different trading styles that you can do. This includes day trading, short-term trading, weekly traders and more. You can change your mind later if you determine that it is not suitable for you, but you want a clear idea of the various types of trading and how to choose the one that you like the most.

Use Low Risk Trading methods

There is always some risk involved with the stock market and trades that are being made, however, some of them are riskier than others, and it is important that you identify and use the most low risk methods that are out there, especially when you are just starting out in trading.

Trading Stocks is Right For You

If you want a good return on your investment, using these tips can certainly help you attain great things in the stock market. When you do not understand the stock market and how things work you can make many bad decisions that end up costing you greatly. There is risk, yes, but when you go in with a clear head and the knowledge that basic stock trading requires, you can get more bang for your buck.4

Know When it is Time to sell

Sometimes you need to sell stocks because there is going to be a big decline in their value or for other reasons. It is essential that you let go of those stocks quickly. Thus you should know when it is time to sell and act upon that as soon as possible.

This article is contributed by Ajit Panchal who is an independent financial consultant working in Delhi. He likes to write about investment tips.


5 Habits That Will Make You More Money

5 Habits That Will Make You More Money

Most of us work. For money. And we’d like some more of it. But we don’t always know how to get it.

Is it possible that all of the opportunities to make more money are right there in front of us, we just don’t know how to get our hands on it? Is it possible that more money could be waiting for us, we just need to change some of our habits in order to find it? In most cases, the answer is yes!

Here are 5 habits that can help you make more money.

1. Wake up early

The early bird catches the worm. This isn’t just a catchy phrase. It is so, so true! There are many benefits to waking up early. It gives you more time in your day to do productive things. It helps you to get to the office earlier (which could help in that next promotion). It gives you more time to brainstorm. Many successful people have said that it is in the early hours of the morning, before anyone else is awake, that they find the most inspiration and come up with the greatest ideas.

2. Check your email twice a day

Time is money. Anything that eats your time, eats your ability to make more money or find opportunities to make more money. Email is one of those great time eaters. Timothy Ferris, the author of The 4-Hour Workweek, has advised us to only check our email twice a day (at the most). He has referred to email as “the largest single interruption in modern life.”

Create a schedule for yourself where you only check your email twice a day. If you want, you can set up an autoresponder that informs others of this. That way, if it’s urgent, they can find another way to reach you. The trick to this habit is to stick to it! You must be disciplined with this one!

Once you’re in this habit of checking your email and responding to emails only once or twice a day, learn to utilize this newfound time. Use it to brainstorm, create, work, build, network, etc.

3. Keep your eyes open

You never know when the next opportunity will come to you. Always keep your eyes open for these opportunities! If you are in the business world, keep your eyes open to new jobs. You never know when a promotion or a new higher paying job may come along. Keep your eyes and ears open to these kinds of opportunities. Never be closed minded. You never know where your next opportunity will come from.

If you are an entrepreneur or business owner, keep your eyes and ears open to new opportunities, ventures, or partners. Also, keep your ears open to yourself. As a business owner, you will be the source of the majority of opportunities that come your way. So, make time to brainstorm. Listen to your gut.

Never say no to someone who wants to pitch you on an opportunity. If you have a friend that wants to talk to you about a job opening with their company, give them a minute of your time. Follow up on leads. If you have an acquaintance who calls you out of the blue to discuss an “opportunity too good to pass up,” let them take you to lunch. Again, you never know where your next opportunity will come from, so always stay open minded. Either way, at least you got a free lunch.

4. Create a group

Two minds are better than one. Four minds are better than two. In many of the make money books, you will hear them talk about “power groups,” “master groups,” or “master mind groups.” Basically, these are groups that you can use to brainstorm, share ideas, and share talents and resources. This group could be as simple as a few individuals who meet together every so often to brainstorm and run ideas past each other. Or it could be as complex as a group of individuals with different skills and connections, who work together in business ventures.

Either way, leverage the abilities of others. Don’t try to do it all yourself. Get advice from those you respect. Find a group of people who you trust, and utilize each other’s skills, ideas, connections, etc.

5. Take a break

The power of taking a break can’t be overstated. We all want to work hard towards our goals. When we’re trying to make more money, many times it boils down to outworking the competition. But if you take that so far that you’re burning yourself out, you can be undoing all of that hard work. It is necessary to take breaks once in awhile. This will reignite your creativity, allow you to have a fresh mind, give you new perspectives, etc.

Work hard. Work harder than those around you. But find balance. Have one rest day a week. Or take an hour or two each night to decompress. Let the time rejuvenate you so that you can start again fresh and renewed, ready to conquer the world and make yourself some more money.

Nicole is a blog writer for www.gulfcoastdrugrehab.com. Learn more about their unique addiction treatment now.


7 Of The Best Supplemental Income Ideas

7 Of The Best Supplemental Income Ideas

In the current troubled times, with a double dip recession hanging over us, and no real recovery in sight, many people are trying to find new and innovative ways to supplement their incomes. However, given the widespread nervousness about job instability, there is a certain pressure to make sure that any second income earning does not affect performance at work. The perfect solution to this dilemma is to set up some form of second income, as this is the type of earning that can be established and then left to basically run itself with little maintenance. Sound pretty fantastic? Here are some supplemental income ideas to get you started, they’ll all take some work to get setup (and some require an upfront investment) but once they’re up and running will provide a regular income passively.

1. Make money from your photos – and sell them to stock photography websites. If you have a bit of a penchant for taking snaps and you’ve ended up with lots of random images then this can be a great way to make money from what you’ve already done with very little outgoing. All you have to do is upload your photos to the stock photography website and then every time one of your images is downloaded you will get a percentage of the purchase price.

2. Auction off your unwanted stuff – because as they say ‘one man’s trash is another man’s treasure.’ Whilst you will have to set up the online auction, after that your role becomes pretty passive, as all you need to do is sit back and watch the bids roll in.

3. Write about what you do – and create a following for your adventures with a blog. Blogging can lead to all sorts of opportunities, from making money through companies placing adverts on your blog, to eventual book deals and magazine contracts if you’re really lucky.

4. Become a landlord. Ok so you need to have a property to be able to do this, but once you’ve got a suitable house then all you need to do is bring in a letting agent to find the tenants and manage the property and you’ve got the perfect passive income, where you can sit back and watch the cash roll in. Being a landlord is a particularly lucrative way to make money given the current high rents all over the UK.

5. Create an app. This is the latest – and definitely one of the most lucrative – forms of passive income and if you happen to hit on an app that becomes popular it can really be a goldmine. If you don’t know how to create the app yourself then get someone to do it for you, upload it to the app store and then wait for the downloads to begin and the money to start falling into your lap.

6. Affiliate Marketing. This is an opportunity that is open to anyone with a website or blog that has a decent number of followers. Basically, if anyone buys an item from the company whose product you are marketing via your website or blog (through your unique tracking link) then you get a percentage of the sale price without even having to lift a finger.

7. Invest. Probably the oldest way to establish a passive income is to ‘speculate to accumulate’ with the money that you already have. If you’re not used to making investments then it’s a good idea to take some professional advice or start with some relatively safe bets like Government bonds. Once you’ve made your investment – as long as the markets go the right way – you should be able to just rake in the profits.

With these supplemental income earning ideas, you don’t have to make do with your current income and you can bring in a bit more cash to help you afford all those little extras. A recession can be a time for some people to really thrive so get creative and make sure you’re one of them.

Alternatively, to get ahead in your real job check out some of the great careers available on Gatwick Diamond Jobs – who provided this guest post.


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