5 Revolutionary Ideas to Add Extra Income to your Life
Turn on any political show, and what do you hear?
“Wages are going down, taxes, inflation and healthcare going up…”
You know the story.
Check out this crazy map of the United States and the average millennial income in each state:
Many make around $23,000 a year! Whoa. In the 90’s, that’s living pretty good (in the 60’s you’d be buying drinks every night!), but nowadays, that’s pretty meager earnings.
What can millennials do?
Make more money.
This is when you grab life by the horns and gallop to your destiny! Too much for you? I know it might be intimidating, but trust me, you should be psyched about this!
Here are some revolutionary ideas to make some extra income:
1. Start Flipping Goods on Amazon and Ebay:
Gary Vaynerchuk just mentioned this in a recent podcast:
There is a gap right now in the market. You can find cheap things on Ebay, buy them, and immediately put them on Amazon and get a 10–20% markup. Again, IMMEDIATELY. Now, I’ve flipped an item or two in my day, the only caveat is: This takes a lot of your time. He says it takes 18 hours a day.
Perhaps that’s a bit of an exaggeration, but point is it takes a huge chunk of your time. But, he says after your second year, you should be able to bank 6 figures. By your first year, you should be about to do $30–40k. That’s more than the average for a millennial.
You just need to start today. If you find local garage sales, you’ll be able to get even more money on Amazon for them as garage sales are cheap. You may be hoping this section doesn’t end, but we don’t have time to go into the tactics side of it…but trial and error is the way to go!
2. What are you good at? Do that.
I’m not going all “self-help guru” on you. Think about “What do I do in my spare time? What do I do better than many people I know?” Start doing that.
I had a friend that is awesome at re-finishing furniture (making an old piece look new), so she started re-finishing on the side. First client? Her Verizon wireless salesmen at the store. She had done some pieces on her own furniture, showed pics, and BOOM, he hired her for $400.
Can you play a musical instrument? Go to a wealthier school district, put up signs or talk to parents and get some students. Don’t undercharge yourself either. Present yourself as an expert (not an amateur) and people will gladly pay you for your expertise.
3. Negotiate your Salary:
For you, you’d be surprised how little millennials negotiate. Most likely due to fear. Fear due to the unknown. If you plan ahead, it’s not the unknown anymore, it’s just discipline to follow through.
Go and check out the post. There are scripts, psychological triggers, the whole kit-and-kaboodle. You could bump your salary 10–20% with just these scripts.
GO FOR IT!
4. Set up a Fiverr account and go wild:
Fiverr is a digital marketplace where people can go and buy services for $5. Those offering the services are just normal people like you and me. $5 doesn’t sound like a ton, but hear me out.
Five dollars is just the starting point. You can add on services for many multiples of $5. Here’s the catch: Many common services are already saturated. If you want to write or draw, you’ll be competing with hundreds — if not thousands of others. Instead, find a specific niche and do that.
If you’re good at drawing cats, you can have your offer as: “I will draw a Cat for you in 24 hours.” Now, you become the “Cat-drawing expert.” You’re not just the “Drawer.” This is important.
If you have a great voice, you can do voiceovers or sing jingles. Don’t just say “I sing.” Say, “I will do a voiceover for your online show” or “I will sing your small business jingle.” When someone is hiring a voiceover to do a jingle for their small business, they’ll hire you or someone who just says “I sing.” NOTE: You don’t have to be great at it! It’s $5, most aren’t expecting the moon!
5. Start a Blog, Get Affiliate/Direct Income:
I chatted about building a personal brand, and blog helps in that way. You can also use blogs to make money. Now, let me not lead you astray my young Olivia reader, this takes A LOT of work. You can’t expect to post 1 blog post and expect to vacation in the Mediterranean afterwards.
I’ve heard it takes a year of consistent blogging before any “real” results are seen. As of right now, I’m in the middle of that one year. I’ve had years of writing before, but each blog is like a new baby. It starts from nothing and needs time and nurturing to grow. Because of this time factor, you need to start right away. Use other steps above to make money in the interim while you build your blog.
Ok, the meat: How do you make money?
Check out sites like Pat Flynn’s, Smart Passive Income, he makes all his money from his blogging. He also makes money from different products he creates. So you can combine #2 (from above) and this step to offer great content and sell your services.
Affiliate income is when you are just a referrer to a product and you get a small percentage for advertising the product. The cuts are not lucrative, so it’s a volume game. You eventually need a lot of web traffic, but that’s when your marketing chops all come in handy (reach out to me for suggestions!)
Did you find any juicy pieces in this article on making more money. What have you done to make more money? SHARE YOUR IDEAS AND THOUGHTS BELOW!