We’re always looking for ways to earn more money and make our lives more comfortable. Whether it be taking on a second job or doing some smart investing with your money, there are ways that can help you grow your wealth. Before you set out to make more money, there’s something you have to be careful about first.
Your government will tax you based on the amount of money you make each year. Simply put, the more money you make, the more money you have to owe the government. However, if we look even further, we can see that there are several tax brackets that the government uses to help determine how much you owe. You must use an online tax calculator to help determine the bracket you’re a part of. The higher the bracket you’re on, the more money you’ll have to pay the government. Why does this matter with the amount of money that you make? Let’s say you’re $1000 away from moving up to the next bracket level, and the side job you’re doing will make you roughly $3000. This will move you up to the next bracket, and you have to pay more money than you were paying previously.
To make matters worse, the amount of money you’re now paying might be even more than what you made during the side job, therefore rendering it almost useless. This is why you have to be smart when it comes to earning extra income, as sometimes, earning extra income can result in you losing money. All that aside, however, if you can work more, and it’s beneficial for you to do so, you can get creative. Here are creative ways for you to earn extra income in 2020.
Uber driving
Uber has become all the rage in North America due to the convenience it offers, mixed with affordable prices. Not only is Uber easy to get involved in, but it also provides you with the flexibility to work whenever you want to. If you enjoy meeting new people and talking to them, you should look to drive Uber on the weekends. You’ll find a ton of people going out with their friends who are easy to talk to. If you’re lucky as well, a surge hour might occur where drivers make a lot more money for driving. If driving on weekends isn’t for you, there’s one easy way for you to make money doing Uber without inconveniencing yourself at all.
Uber has a great function that allows you to set a destination you’re heading to. From there, it will look for any potential riders in your area and will be going to roughly the same destination. This means you can pick someone up on your way to work in the morning and have your gas paid for. You can do the exact same when it comes time to leaving work by setting your destination to your home. It can easily cover your car expenses, allowing you to save the money you make at work.
Cryptocurrency
Cryptocurrency surged into the mainstream a few years ago, thanks to the huge increase in the value of Bitcoin. Now, millions of people worldwide are looking for the next currency they can get rich off of. How can you make money in the crypto market? Depending on how dedicated you are, you can either look to day trade, or buy currency and hold it for a long time.
Day trading can be a little intimidating and difficult as it requires luck, good forecasting, and tough decision-making. With how volatile the currency is, you can find yourself making money one minute, and then losing it all the next. That’s why it’s essential to act quickly and decisively with day trading, so you can either make profits or cut your losses before they get too bad.
If day trading isn’t the thing for you, instead, look to invest in something like Bitcoin for an extended period of time. Current experts in the market are forecasting that Bitcoin will continually rise throughout the years. Simply put some money into the system, forget about it, then check back in a few years to see how it’s going. You might be surprised at the amount of money you can make.
Renting a room in your home
Do you have any rooms in your home that you barely use? Instead of having it sit empty, look to rent it out to someone. With the current housing market prices, there’s a ton of money to be made by renting, especially if your location is good. Come up with a rental agreement for your tenant and negotiate a price. At the end of the day, you might even make a new friend.
Turn your hobby into a profession.
Everyone has a hobby that they enjoy doing as a way to unwind after work. Why not find a way to turn that hobby into some extra money in your pocket? If you play a musical instrument, you can definitely market yourself out as a teacher in the area, and bring on students to teach. That being said, you need to have a passion for teaching and working with people for that to work.
If you’re interested in art, try potentially listing your paintings online for people to buy. Sure, they might take a while to sell, but at the end of the day, you’ll have made some money doing something you love to do. Be careful, however, when you go about turning a passion into a job, as sometimes, it can completely suck the energy and fun you once had for it. If you can do it, find a way to make money on the side doing what you love.
Freelance proofreading
There are many people out there who are looking for someone to proofread their essay or report. While spell and grammar checks exist, they often miss important details and leave many mistakes. Because of this, people will look for a set of human eyes to ensure that nothing has been missed. While it does take a lot of effort to read long documents, you can make a lot of money doing this. Things like court transcripts are always in need of proofreading, and with the right marketing, you can get yourself quite the lucrative side hustle.
Blogging
Do you love using the Internet? If so, you might want to consider if blogging is right for you. The great thing about blogging is that it can be about anything you want, from traveling adventures, to gardening tips. It’s very easy to create your own blog online on a free website and start creating your content. While it might take a lot of time for others to discover your blog, it does have the potential to go viral if you do things right.
If you properly employ search engine optimization, you can greatly increase the traffic to your blog, therefore growing your audience. Once you’ve done this, you can start to sell ad space on your blog and even collect sponsors to assist in what you do. Blogging is another great way to take your passion and turn it into some extra money on the side.
Teach English online.
By default, English is considered to be the international language of business and the world. If you know English, you’re lucky as you can put those skills to good use. Countries in Asia are always looking for people to help teach English to children and adults alike. While some jobs will allow you to live out there while you teach, you can also teach from the comfort of your own home. Teaching the language isn’t the most difficult, either, as the company you’re working with will help provide you with the necessary resources to get everything done. Once again, to do something like this, it’s crucial that you have a passion for teaching and helping others. If you do, you can find yourself earning quite a bit of money.
Freelance writing
Finally, if you’re a good writer and can type fairly fast, a side job as a freelance writer might be in the cards for you. Depending on who you work for, you could be tasked with writing a plethora of things. From online reviews, to guest posts, to offering insights for travel and weather, you can find a place for your voice to not only be heard, but paid as well. Depending on how big you get as a writer, you might start to attract a lot of money for each of the articles you write.
These are all great creative ways for you to earn some money on the side. The best thing about some of these is that they offer an extreme amount of flexibility for you, allowing you to keep your life relatively the same. At the end of the day, a side hustle shouldn’t be adding more stress to your life and causing problems, so don’t be afraid to stop if you have to. How do you plan to make some extra money?
