11 Great Ways to Earn More Money

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I get bashed from time to time for talking about how important it is to spend less than you earn. I've defended my rationale on this issue, but detractors wonder why I don't spend more time talking about growing income rather than limiting spending. Well, if you're one of those people, this post is for you. Buckle up, because we're about to enter the world of earning more money!!!!

Many of you know that I spent last year trying to earn an extra $10,000 above my salary (FYI, I'm including anything I can get above the 3% cost-of-living adjustment most people get from their employers.) I'm doing the same this year, and I thought many of you would like to join me. As a starting place, I'm identifying all the major ways I've compiled on how to make more money. Here's my list:

• Ask for a raise -- Your job is your most important financial asset and using it to make more money represents the low-lying fruit of all money making opportunities. Of course you simply can't demand a raise for showing up. You have to ask for a raise in a way that maximizes your likelihood of getting one. Fortunately it's rather simple: do a great job, make sure others know about your success (especially your boss), then pitch the proper person on why you deserve a raise. If you do these things better than most, you can secure a 5-7% raise while the others are stuck with a cost-of-living adjustment. Also note, it's just as important to NOT do certain things when asking for a raise. Otherwise, you might torpedo your chances for the extra loot.

• Get a promotion -- Ok, let's say you're squeamish about asking for a raise -- how about earning a raise by getting a promotion? It's generallyaccepted that if you have more responsibility you get paid more. But how do you go about getting a promotion? Basically it's the same way you go about building your case to get a raise -- perform well and make sure everyone knows about it. (Plus you can go "above and beyond" most others by doing things like taking professional classes to enhance your marketability.) Since this tip is dependent on the fact that a position actually opens up in your company, it's not quite as good as asking for a raise in my opinion.

• Change jobs -- Just like it's usually the case that you'll earn more when you get a promotion, most people earn more money when they change jobs (either a lateral change that earns you more or a promotion via job change.) The key here is to market yourself correctly in the job hunt process so you can actually land a job that pays significantly more than your current position. Some job-hunting success tips: make the most of your cover letters, stick with a classic resume that highlights significant job accomplishments, and make the most of your interviews (which includes not asking stupid questions). I've applied these principles several times and I've averaged roughly 13% increases when I've made a move.

A couple other tips that are important when it comes to changing jobs:

• Don't quit your job before you get another one. Quitting without another job is not a good idea and by doing so you're risking your most important financial asset. Believe me, I've seen the disaster. If you're stuck in a job you hate, take specific steps to get out of it, but don't quit without another position lined up.

• Once you do get a job offer, ask for more money before you accept the position. Doing so can pay off big, netting you $1,000 a minute. Not a bad return, huh?

• Turn your hobby into an extra income -- How would you like to do something you love and make some extra money at the same time? Then consider turning your hobby into an extra income. This could be anything from starting your own website to monetizing your artistic penchant to launching your own blog (if interested in this, see How to Get Your Blog to 100,000 Visitors and Beyond) to creating crafts to whatever.

I've done this with my hobby of writing. I've sold somewhere around 160 financial and business/marketing articles in the past ten years, earning me around $60,000 total. In addition, I started this blog on the same topic and it now generates a substantial amount of money (though I give away all the proceeds to charity). I have friends who've done the following: turned their love of cycling into a part-time job of repairing and maintaining bikes, turned their love of hunting and art into making decorative hunting knives that sell nicely at flea markets, and turning their love of baking into a side business selling high-end cookware. Is there something you love doing that could earn you some extra money?

• Start a side business -- Ok, let's say you have a hobby like growing roses or playing video games -- something that may not lend itself easily to making extra money. Instead, you could start a side business (here are some additional tips) of something totally different. Not something you love doing, but not something you hate either. A few examples of what you could do:

• Take a job no one else wants to do (can you say "pooper scooper?")
• Become a lifestyle manager
• Advise college-bound students
• Stage homes
• Start a sign-in-the-yard business
• Take pictures or play music
• There are literally all sorts of things you could do (including selling your blood -- admittedly it's not a "business", but I just had to throw in this idea to show how some people are so creative when it comes to making money)

Or, if you don't feel like you're able to start your own business, maybe you could buy an existing business.

• Maximize your investments -- At first blush, it may not seem like there's a lot of extra income potential in earning an additional percentage or two on your investments. Over the short-term, there isn't. However, when time and compounding are considered, eeking out even an extra 1% could mean thousands of extra dollars for you. Personally, I like index funds because they beat most investments in the long term and take a minimal amount of time to manage. Combine them with the proper asset allocation and regular rebalancing of your portfolio and you're on your way to earning a good bit more from your investments.

• Trade/barter skills -- This is a new one for me, but one that I've had a bit of success with. For instance, I've exchanged marketing advice for some legal counsel. Maybe you're a carpenter who can build something for a plumber who can fix your clogged sink. Or maybe you're a dentist who can offer free cleanings to a veterinarian in exchange for free pet visits. Or perhaps you could design a website for a chiropractor who could give you free adjustments. Or maybe you can offer dance lessons in exchange for someone tutoring your child. The possibilities are almost endless.

Yeah, this option doesn't put cash into your pocket, but it does save you money on something you need to have done. And it could serve as a launching point for your own new business -- you get some experience providing services for others and maybe you'll be able to sell some of those services to people who can't trade but would be willing to buy what you have to offer.

• Use your current job skills -- Take what you do in your current job and consider selling those skills to others at night. If you don't like this option, consider teaching what you know to others. Simply take what you do 40-plus hours a week and extend it into a new business/side income.

• Sell stuff you own and don't need -- If you're like the rest of America, you've got a boatload of stuff in your home that you don't need/use. So why not sell it and create some extra cash for yourself? With the popularity of EBay, doing this is often a cinch. And let's say you're in the 1% of people who don't have anything useful to sell -- maybe you could find some items at auctions and then sell them for a profit.

• Use credit cards strategically -- In 2006 I earned almost $500 simply by charging purchases on a cash back credit card. My 2007 results aren't in yet, but I'll be way over this amount. Why? Because I picked the right card for my spending habits (which is THE key to making the most with credit cards) and charged as much as I could on it (including creative ideas like buying gift cards strategically.) In 2008, I'm planning on earning even more by using a hybrid cash back credit card method to earn upwards of 2.6% on my charges by combining uses of the Blue Cash from American Express card and the Chase Freedom Cash Visa Card. Eventually I hope to earn in the high three figures simply for doing what I'd normally do -- buying what I'd normally buy. You can do the same.

• Get money owed to you -- As I've noted before, there are billions of dollars in abandoned and lost checking accounts, pensions, and so forth collected by governments. You should see if any of it is yours  I'm a pretty good money watcher, but when I went to Missing Money I found that I had a claim (for "under $100") from a past job. Sure, it's not a ton of money, but someone out there is likely due a significant sum. Since it takes about one minute to check and see if it's you, what's the harm?

That's my list for now. I have a lot more ideas that I couldn't include on this list. If you'd like to check them out you can visit my making money category. But for now, let me ask you: do you have any other money making ideas to add?

Comments

[tracy Ho]

Great post, infact i had started some of your tips like investment in stock & i make 100% of $10,000 investment .

I will do something this year may be double,

All the best , thanks for your motivatio article,

Tracy Ho
wisdomgettingloaded

[Becca]

I was bored at work, so I went to the link for Missing Money and searched for me--nothing. You DID help my sister out a lot, though. She lived in New Orleans during the hurricane and as it turns out, never got her last check from her employer. She just got back an extra $900 owed to her thanks to your post. :-)

[Michael]

Your ways of earning money are simply brilliant. I would suggest that starting a side business can be the best way to earn money. The last option is very good for retired people or for those who frequently invest their money but never look for returns. Great work, thanks a lot for these extra earning resources.

[Cara]

I live alone in a large house. I'll rent out rooms to people from my company who are visiting from over seas for a few months. It's cheaper for the company than a hotel and the employee gets a more cultural experience living in a real American neighborhood.

[Ed]

I would suggest becoming a referee (youth or adult) in a sport you enjoy. There is always a need. The pay is usually a bit higher than minimum wage, and the time commitment is totally up to you.

[Pinyo]

Excellent post. I am going to mention this to my blog readers. Thank you for sharing.

PS: Is this your longest post ever or what. ;-)

[tootiredtowork]

Here's a top 10 list of how to make some extra money

1. Sell blood/plasma/sperm
2. Surrogate mother (limited to about 1 baby per year)
3. Become a part time bounty hunter, or find Crimestopper criminals in your area and turn them in for the reward
4. Mow lawns/rake leaves on the weekend
5. Start a business to pick up dog crap out of yards - seriously, there are a couple of people in my town that do this and they are raking it in (literally!)
6. Home Shopping Network call taker - you can work in 30 min increments at your schedule at your home - these guys are open 24/7 - they pay well above minimum - you can fit this into ANY schedule - but beware, they track all calls and if you slack, you're gone!
7. Beg - find a street corner or intersection and make up a cheap cardboard sign (need bus fare works well) and GET A JAR - nobody wants to touch a bum
8. Make websites for businesses - this is totally easy - just use simple HTML, call on 1 or 2 businesses during your lunch hour - I know people that maintain 10 - 20 websites at $20 - $50/month - there are TONS of free templates on the web
9. Deliver pizzas at night - pick a good (upscale!) neighborhood - this is especially good if you are older (over 25) and are reliable (you can work any night of the week) and volunteer to work weekends (that's when you make the most tips!)
10. Garage sale - it's not really a constant income stream but team up with several families or participate in a neighborhood sale - more people show up and you can make a fortune getting rid of junk (you can ebay too, but that takes postage, packaging and and the cost of the listing).

[Martin]

I love your points on Turn your hobby into an Extra Income and Start a Side Business. They are awesome.
Thanks,
Martin

[Frugal Dad]

I like the Missing Money link. Every time I go there I half expect to find a $10,000 policy I had forgotten about...no such luck!

[Katrina]

Hey, thanks for the missing money link. Found out I have money owed. Much appreciated.

[Justin]

Very nice post and wonderful blog I will come back

[Dividends4Life]

Great read! thanks for sharing it!

Best Wishes,
D4L

[John]

A lot of rehashed and mostly useless info.

[FMF]

Hey, John, thanks for stopping by and making my day. I wrote this post just for you:

http://www.freemoneyfinance.com/2008/02/ha-this-explain.html

[Sarah (Real Life)]

This is a great blog. I could camp out here for hours! I just started a new business from my hobby. Luckily,it doesn't have much startup cost, but I'm feeling a little overwhelmed and hope my time input doesn't come back empty.

[Grant]

Really great ideas.

Unfortunately I didn't have any unclaimed money waiting for me! Oh well!

[Karsten]

I liked your post a lot, particularly the bits about starting your own business, and turning your hobby into an income.

My hobby is exploring how to get rich online ;o) - and funny enough - it's starting to pay off little by little....

[Melvin J. Richardson]

This article is absolutely great! There is so much information about saving money and making it is unreal. I think everyone should have this info.

I have started my own wealth building blog which includes some other tips for making money like getting paid to write articles.

[Cayumi Nagasumi]

Such an informative and well formed post!

Thank you for sharing that, it was wonderful of you. I’ve only discovered your blog in the last month or so and I find it so useful and full of great info.

I’m usually just a lurker but I had to comment on this post.
Thanks for Sharing : )

[Miyagi Nagamura]

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Thanks for Sharing : )

[paul]

Great stuff.
I just found your blog and love it.
Look forward to reading more.

[Jeremy]

I happen to be very lucky. I work with computers and it happens to be a hobby of mine. I do home computer support on the side. It is a great way to earn some extra money and it is relatively easy for me to do. I charge what I think is a reasonable rate in Central Jersey and I would like to think I am more knowledgeable than those people that drive black and white bugs (read: Geek Squad). Been doing IT for over 10 years now.

So yes, your hobby can earn you money (maybe a lot if you are in computers). Just make sure you know what you are getting into and never undersell yourself. My only question is when do you make that jump between hobby into some type of side business? Everyone I talk to says something different from $1000/year to $1000/quarter or I have heard $500. Anyone got a quick answer or should I just search in this blog since it might have been covered already?

[Paul Earn]

This is the most comprehensive list that I have come across in recent times. I am writing in reference to Turn your hobby into an extra income. I like developing websites and about an year back I developed a simple charity website for a kids school. Thanks to the references I am now able to make small websites faster and was contacted by several schools who give me give me some money. This job has been paying many of my bills lately.

[Dr. Artfredo C. Abella Ph.D]

For me the 11 Great Ways to Earn More Money are the following:
1. If you have pet dogs, stud them, if you are lucky, selling breeds like poodle and chiwawa can augment your income;
2. If you have extra rooms in your house which remain idle hire boarders, there will be plenty of coeds/students who will be interested to lease your rooms at a reasonable fee of dollars. Find one however whom you can trust, check their backgrounds for your own security;
3. If you are inclined to art, make some landscape paintings, have it well framed but your work must be original so that it will command a price, then search for stores who would be willing to post your work for a commission. Once it sells both the store owner and you could earn additional income;
4 If you have some idle backyard, try some gardening. Cultivate the soil and buy some seeds like carrots, tomatoes, potatoes or even grow flowers. If your flowers will bloom try to commission it in the markets or sell your carrots, tomatoes and potatoes for a farmer's price, this can add your income;
5. Learn the techniques of being a clown to entertain children during special occasions. Clowns who are hired to entertain children during birthday celebrations are paid reasonably;
6. Never throw away empty plastic containers, bottles, and cans. There are plenty of groups who are willing to buy those stuffs for recycling purposes. It can however convert your thrash into some dollars;
7. Do not be afraid to buy products under promo items. Companies sometimes would attract customers by giving them some extra perks by providing some promotional discounts as a gesture of customer's loyalty and gratitude. People sometimes berate buying their goods under promotional sale, they tend to have the impression that they are buying low quality goods which is a great mistake. Discounts are money savers as well as earners, you don't have to part additional monies, hence it is earned;
8. Sell all your items at home which are all stock in the warehouse. It can augment your earnings. Do not clutter things in your house, sell them at garage sale. Your neighbors would be interested to buy some of your unused utensils, decors and stuffs. If it is not sale able post them in the local newspapers, it can easily attract buyers;
9. Post a pocket card if you have the time and advertise that you are willing and accepting tutorial jobs for children needing some lesson tutorials. This will add your income and even pay some of your city services;
10. Idle monies must be invested, whether in TDs, trust indentures, treasury bills, stocks, bonds or index funds. Money are like seeds once you plant and invest it, it will grow, grow and grow and you will be harvesting its fruits and interest income. The income then will again be invested and it will again bear fruits until you will be surprised how affluent you can be. The latest news that retirement endowments invested in some firms had earned 900% earnings in its original principal capital is really a very encouraging move;
11. Part some of your money for charitable purposes. If you give ten percent to charitable institutions whether it is the church, orphanage institutions and street children organizations, it will return to you for the nth times. What comes around goes around. If you want to be rich and you want more, you have to give more to your community.

[Frugal Work at home mom]

Getting a part time work at home job can really help the family budget. While my husband works full time, I have worked at home for several call centers. My husband does have a contract wiht one of the call centers that he will do about 5 hours worth of work for them a week as well. It really does help out.

[adamsmom06]

Your first two suggestions are so simple yet so often overlooked. I think many people myself included tend to get stuck in a rut at work or are afraid to really fight for what they are worth financially. I'm always looking for ways to make money on the side and appreciate the information you provided on this post. Thanks!

[Nazlie]

It's easy to say turn your hobby into a bussines but where would one find the time. My husband and I don't even have time for each other

[Mario]

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[Ryan@Spillingbuckets]

Great list of info. The main thing is to think about it and little by little incorporate extra income activities into regular life. One new thing we found was the Census Bureau is hiring for the 2010 Census, part time evening and weekend work for many many months. We signed up and took the exam, still waiting on the next step.

Could be a great extra income opportunity.

[Benjamin]

Great post!
I have been trying to raise money to pay my debts and publish my books, but in my country is very hard to get anything.Anyway, I am going to try some of your ideas.

[Jett Brenner]

Great tips!

There are two ways to get more money:

1. Make more.
2. Spend less.

To make more, asking for a raise is a great start. Sometimes just having the guts to ask for a raise impresses your boss. Try it. What is the worst thing that could happen?

To spend less, cut down on impulse buys. Try making shoppings lists and only buying things on the list. If you see something you like, it has to go on the list for another day.

[Veronica]

I love you! I went to the missing money website and I actually found my name at my old address saying that I had over $100 owed to me. You made my day!

[Jeff Paul]

My friend and I have started our own small website and internet marketing the site to attract some visitors to buy products from our clients. This can really help make good money.

[Peter Richards]

How about turning your home into a bed & breakfast by renting out extra space in your home? I found a site that helps you list your spare room and earn extra money off it, and it looks really easy to do. Probably a great way to earn some extra cash!

Check it out: http://www.istopover.com

[saurabh gupta]

Wow it was the great article i liked it and i started investing extra.And i think the other way to make money is..spend according to your prioritize.

[money]

Offer your professional expertise in an online marketplace.These days, you can do more than just sell your old books via Amazon and your old Coach handbags via eBay—now you can sell your professional capabilities in a marketplace. No longer are you limited to looking for a permanent or contract job on Web 1.0 style job sites like Monster or CareerBuilder. The new breed of freelancing and project-oriented sites let companies needing help describe their projects. Then freelancers and small businesses offer bids or ideas or proposals from which those buyers can choose.

Elance covers everything from programming and writing to consulting and design, while RentACoder focuses on software, natch. If you’re a graphic designer, check out options like Design Outpost or LogoWorks–you don’t have to find the customers, they’ll come to you. Wannabe industry analysts might sign up for TechDirt’s Insight Community, a marketplace for ideas about technology marketing.

[Lin Stephanie]

There were several great ways to earn more.I found a best way was simply search an idea on the net and select few that really be able to implement as offline.
I've did this since a year ago and give me good result.