Many people are feeling the financial squeeze, especially due to the holidays. You may even have a New Year's resolution to pay off debt. No matter the reason, you need ways to make extra cash. The best way is to pick up a second job, but if you're busy, this isn't possible. Here are four ways to make extra cash without a second job:
1. Turn your hobby into money
If you enjoy painting, knitting, or woodworking, you can turn your hobby into extra cash. You can sell your crafts online through websites. If you have a little knowledge of website building, you can even make your own store front. Are you a writer? You can self-publish your own fiction or start a blog. If you're going to paint or write, why not get paid for it?
2. Participate in a clinical trial or focus group
You can help further research while getting paid via clinical trials and focus groups. Clinical trials are studies in which researchers are testing a drug or treatment for efficacy and side effects. You can participate even if you're healthy. If you have a specific medical condition, not only do you get paid but you also get free medical care. In a focus group you are paid to try a product and give your opinion. Focus groups also tend to last only a few hours while a clinical trial can take months.
3. Buying and selling gold
This method will take research and patience. You also need a good sense of timing. Buying and selling gold is similar to investing, so don't buy gold with money you're going to need soon. Here are a few tips on how to buy gold:
- Buy valuable gold pieces like coins or bullion. Avoid scrap gold since you will only get the melting price for it.
- Buy when the price dips and shop around so you can compare purchase prices.
- Research how to identify purity and buy high purity products. The higher the purity, the more money you can get for it later.
Here are tips on how to sell gold:
- When gold demand reaches a peak, sell. Don't wait to see if the price goes higher.
- Determine the best buyer for the type of gold you're selling. For example, a coin collector may be willing to pay more for a gold coin than the gold is worth due to its value as a collectible.
For more information and tips, talk with gold sellers, such as Rocky Mountain Coin Inc.
4. Reselling items
Another way to make extra cash that requires some patience and a small investment of money is reselling items. Look around at thrift stores for cheap items that can be resold online for a profit. Examples of good items to look for include textbooks, high end purses, and rare or collectible video games and systems. You can also look in the free stuff section of your local newspaper or on Craigslist.
These are four ways you can make extra money without getting a second job.