5 Ways to Make Extra Cash

November 21, 2012

in Saving money

By Lau (guest contributor)

I came across an article on how to make extra cash which listed ten ways to do so:

1. Sell your unwanted stuff

2. Rent out your spare room

3. Get a part-time job

4. Get paid to do surveys

5. Become a mystery shopper

6. Sell your skills

7. Make money out of your hobby

8. Show off your problem-solving skills

9. Get paid to baby-sit

10. Sell advertising space on your website

Basically, most of them required an exchange of time for money, specifically methods 1, 3, 4, 5, 6, 7, 8, and 9. This is no different from your current job. In fact, it should be weighed vis-a-vis the per hour rate of return. If it does not, I would prefer to focus on improving my value add to the organization to move up or be in demand from other employers. These methods are not practical for full time employees who require a minimum amount of work-life balance, unless one is a full time home maker.

Thinking of getting a part time job?

Some per hour rate jobs that stand a higher possibility of return in my opinion would be tuition, photographer, property agent and insurance agent, but these may require you to have specific skills or a clientele base.

So, the bottom line is, the methods to make extra cash need to be practical or else the suggestions can be endless (and pointless), like being petrol pump attendant, coffee shop assistant, 7-11/Cheers cashier, car wash cleaner, janitor, security guard etc. I believe you get my point.

Renting out a room is possible but most people are uncomfortable living with a stranger. But is worth considering as it does not involve time being exchanged for money. However, not everyone has a spare room to begin with.

Selling ad space on your website is also a good possibility. However, the revenue generated could be quite insignificant for most people, unless your site is a real success like those celebrity bloggers.

I am not just criticizing these ideas, but I believe it is important that the suggestions should not involve the direct exchange of time for money, as it would be just finding a second job. We will stop earning when we fall ill or meet other unforeseen circumstances.

My Top 5 Ways to Earn Extra Cash

My personal five suggestions (which everyone is free to criticize as well) would be:

1. Rent out a room

If you really need the cash why not go all the way and rent out the whole unit while you stay in one room instead? Or if you can afford it buy another property to earn more rental income.

2. Sell advertising space on your website

You need to invest some effort upfront to create this, but if you’re good at writing this could b ea good possibility.

3. Write and publish a book on any topic of interest

Same as point two above. You could write a book on Cooking, Where to Eat, Gaming, Investments, or anything that interests you.

4. Build a business

You could look at doing MLM, Property Agency, Insurance Agency, Tuition Agency, Franchising, Consultancy, Facilitating etc.

5. Invest for passive income and capital appreciation

This could include Property, REITs, stocks, and so on.

Well, no one said it would be easy! What are your top ways of making some extra cash?

 

By guest contributor Lau, a consultant and CPF IMSavvy blogger who founded Living Healthy, Staying Wealthy.

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{ 2 comments… read them below or add one }

Murai February 8, 2013 at 4:26 pm

Your suggestions on 1)Sell Your Skills 2) Write & Publish a book on any Topic of Interest..How do I get started? and where can I get help ?
Thanks.

Reply

MoneyMatters.sg February 11, 2013 at 9:35 am

Re: publishing a book you can check this page out: http://aktive.com.sg/get-published/

Reply

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