Tag: Business

Categories
featured Money

4 Steps People Who Weren’t Born Rich Can Take to Get Rich

get rich
Image credit: Akira Sakamoto | Getty Images

Building wealth is a matter of working consistently and managing what money you do have well. A little luck is a big help.

President-elect Donald Trump was born into wealth. His first job was literally handed to him in the form of a lofty title and loan from his real estate tycoon father. Most of us aren’t that lucky. In fact, it’s incredibly far from the norm to spend day one of your life rich.

The path to wealth for most people is more nuanced, complicated, riddled with hurdles and unique to personal circumstances. While Trump had wealth handed to him, the rest of us have to do it the other way around. We have to make smart decisions with the money we do have and build wealth over time. Here is the swiftest way to do it:

1. Pay down high interest debt.

The first step to wealth is to settle outstanding debt. Holding significant debt inhibits people’s ability to make new investments and buy assets. Start with high interest loans and work backwards. Low cost debt can be okay — think under 3 percent — but high-interest loans, with rates between 5-20+ percent, should get paid off as fast as possible. In order to sustainably gain control of your finances, pay down debt until you have paid off all loans with higher interest rates.

 Related: 10 Steps everyone must take to get rich

2. Spend less than you make.

This step is perhaps the easiest to say and hardest to do. Get a handle on what your monthly expenses are and look to get that amount to be less than your monthly income. The key is lowering spending to less than your income so you can build a savings cushion. Start slow by putting away a certain amount every month that allows you to keep enough money on hand to pay bills, pay off debt and live somewhat comfortably.

Related: 4 Smart money habits to help you earn your first million dollars

3. Build a savings cushion.

You never know what could happen to your income. Maintaining a savings cushion to cover three to sixth months of expenses in savings is an important contingency plan. Small business owners take a similar approach. Many work to build a three to six month liquidity cushion so they can stay afloat while establishing their businesses and scaling their operations to meet growing consumer demand.

Related: How to earn extra money

4. Become an owner.

Start investing after your savings cushion is built. We have all been told “work hard and you will be rewarded,” but that doesn’t mean you will be wealthy. Wealth comes from ownership. Take savings above your cushion and buy a diversified portfolio of stocks, bonds and other assets that will grow. Monitor the progress of your investments, and keep expanding your portfolio.

Related: Do the side hustle: 5 better ways to earn extra cash

People don’t build wealth just by working hard. They build a nest egg by owning things that become more valuable over time and investing responsibly. In order to become an owner, you need to pay down debt, spend less than you earn, save enough to live for three to six months without an income — just in case — and invest in attainable assets. The jury is still out on whether we can still classify President-elect Trump as lucky to be hand-delivered wealth, but the door is open for everybody else to earnestly pursue it if they follow these steps.

Source: Entrepreneur by

Categories
Business

How to Transform a Terrible Idea into a Money-making Venture

transform idea into money

Have you ever found yourself in that situation where it seems no idea is working? You are just so determined to do that one that but that one thing is so far away from you because all the formulae you have tried seem to be so lame and the worst part is: that is all you have. Well, don’t fret too much. These are some ways to make an idea that sucks a genius one:

Draft down he whole idea or ideas

First of all you need to put down what you have in mind, no matter how horrible you think it is, remember that you are limited and the probability that another one will never come in mind is almost hundred percent. Therefore just take advantage of what has come in idea.

Sieve your ideas

If you have only one idea then let is skip the skipping part but if you have several of them, put them in order, starting from the worst to what you think is not that bad though it sucks, select one from the top, better still the one on the top of the list since it is less bad than the others.

Break down your idea

Now, draw branches to the idea you have selected but if you had only one idea from the start then this is the next step after drafting. Your branches should comprise of what you think makes the idea a really bad one. For instance, what makes your catering services idea a bad one is the fact that those in your area hate outside food because they have a health and gem thing. So get out all the negatives.

What can be changed?

The idea will not seem so bad if you make some positives out of the negatives. If it’s location, what about an alternative? If it’s time, what about something par time? If it is finances, what about a loan? So try turning around the negatives in the way that would suit your situation. Or, try to identify what the idea lacks and try other alternatives instead.

Work on them

So now you have decided what to do and what not to do so going ahead shouldn’t be so hard. On the contrary it would be much easier than when you began then you will be good to go. Just begin your plans then done!

In the end, you may realise that your idea wasn’t bad at all but just needed an extra touch or a little subtraction.

By: Nana Afoa Selorm

Categories
Money

5 Reasons Why Most People Don’t Become Wealthy

how to become wealthy

In this video, Entrepreneur Network partner Brian Tracy discusses five reasons why most people never experience the wealth they desire.

Click here to watch video

To start, it’s simple: “If you want to achieve true wealth, you have to be willing to put in the necessary work to get there,” says Tracy.

Most people don’t achieve wealth because they have low confidence, a lack of motivation, a lack of clarity, they are lazy or no one is supporting them. Confidence is key when it comes to success and wealth. Your level of self confidence is a critical factor — the more things you try, the more likely you’ll figure out what you like and want to do.

In terms of motivation, many people think someone will come along and motivate them. But, the hard truth is that no one is coming to the rescue and you must take charge of your own life.

From writing out clear goals to surrounding yourself with people that support your goals, you can get on track towards a wealthy life.

To learn more, click play.

Watch more YouTube videos from Brian Tracy on his channel.

Related: 10 Steps everyone must take to get rich

This article originally appeared on Entrepreneur by

Entrepreneur Network is a premium video network providing entertainment, education and inspiration from successful entrepreneurs and thought leaders. We provide expertise and opportunities to accelerate brand growth and effectively monetize video and audio content distributed across all digital platforms for the business genre.

EN is partnered with hundreds of top YouTube channels in the business vertical and provides partners with distribution on Entrepreneur.com as well as our apps on Amazon Fire, Roku and Apple TV.

Categories
Money

10 Steps Everyone Must Take to Get Rich

how to get rich
Image credit: Shutterstock

The millennial generation is at the point now where they’re starting to think hard about how to build long-term wealth for themselves.

When I was young, I was really bad with money, but now I’ve learned that when it comes to building personal wealth, often the best strategies are the simple habits that, when properly implemented, end up paying off big in the end. The challenge, of course, is that financial responsibility is not always easy when bills are piling up and you feel as though you don’t have the ability to save. But part of building wealth is learning to discipline your spending habits so that you are always operating in the positive — instead of racking up debt.

If building true wealth for yourself is something you’re interested in, these 10 steps will be your foundation for establishing positive financial habits that will move you closer toward your goal.

1. Never operate at a loss.

The most simple step toward building wealth that people struggle with is spending less than they make. It might seem ridiculous, but it’s the truth — many people spend more than they make and float the difference on credit cards. They assume they will make more in the future and that it will all “even itself out,” when in reality, the moment they start making more money, the more they spend.

The bad habit stays, and they continuously operate at a loss.

Related: 11 Business opportunities in Africa that will make more millionaires

2. Place a tax on yourself.

If the government suddenly increased taxes and forced you to pay an extra $100 each month, you’d find a way to pay it. You would have to. Yet when it comes to saving money, people constantly find ways to rationalize their inability to sock away $100 each month.

Set up an automatic bank transfer so that as soon as you receive your paycheck, a small portion of it immediately goes into your savings account. You should pretend it doesn’t even exist. And a few years from now, you’ll thank yourself.

3. Open an IRA account (to accumulate interest tax free).

One of the best things a young person can do is open an IRA account, which can double as either a primary or secondary savings account. The intention here, however, is that money is not touched until much later in life. If you withdraw from it before the age of 65 you are penalized. The bonus, though, is that your money in an IRA account can grow tax free, which compounded over three or four decades ends up being a lot of money.

4. Don’t play the stock market.

Unless your day job is trader, don’t try to time the stock market. Don’t think you’re smarter than the stock market. Don’t think you know which stocks are going to do well and which ones are going to do poorly. To think that you can do casually what some people make their entire careers is naive and reckless. At best, it’s gambling.

Instead, invest a portion of your money that you’re willing to lose in companies you like and want to hold on to for years to come. It’s best if you make these decisions with a financial advisor, and even better if you purchase these long-term options inside your IRA account. That way, your gains remain tax-free.

5. Build a side hustle.

Even the world’s most successful entrepreneurs have side hustles. According to Warren Buffet, the average millionaire has seven sources of income. Having multiple income streams is just part of the process.

The best thing you can do is figure out what you can provide or offer people that delivers true value. A perfect example is internet famous entrepreneur Sam Ovens, who has made millions selling online courses and consulting business owners.

Related: Make your creative ideas concrete enough to earn money

“The big lesson I learned is that you have to sell something that the market actually wants,” he told The Epoch Times. Simple, but that’s how it should be.

Bonus: If you can refrain from spending your side hustle money and save it instead, you’re in remarkable shape.

6. Always pay off your credit cards.

No matter how entrepreneurial you are, maxing out your credit cards without reliable streams of income to pay them off in a timely manner is irresponsible.

You always want to make financial decisions based on what you’re currently making, not what you think you’re going to make. Wait until you’ve got the money in the door before you go reinvest or spend it. Otherwise, you’ll find yourself drowning in interest payments.

7. Set financial goals at the start of each quarter and year.

When you have a goal, you tend to be more responsible with your money. It’s when you don’t have a goal that it’s much easier to rationalize spontaneous purchases.

At the start of each year, set a big goal for yourself and then break that goal down into three-month increments (quarters) so that you can check on your progress as you go along. These smaller goals are what help the larger one seem more attainable, and will give you a sense as to whether you’re on the right track along the way.

8. Follow the 50-30-20 rule.

Summarized in a great article by Nerdwallet, many financial experts suggest that 50 percent of your income should be spent on needs (such as housing, car payments, food, etc.), 30 percent should be spent on what you want (clothes, nice dinners, etc.) and the remaining 20 percent should be saved.

Especially when you’re young, you’re most likely going to operate closer to 70-20-10, living off 70 percent of your income, spending 20 and saving 10. If you can even follow that, you’re in good shape. But your goal should be to work toward following the 50-30-20 rule.

Related: 4 Smart money habits to help you earn your first million dollars

9. Surround yourself with financially responsible people.

Nothing breeds financial success like hanging out with people who have already attained it. This means finding people older than you that you can learn from and also making sure that your group of friends is comprised of people who share similar financial goals. It can be difficult to adhere to financial disciplines when you’re spending time with spontaneous spenders.

A great way to learn about the art of finances is to find a family friend who can mentor you throughout the process — someone who has achieved their own financial success. If you show an earnest interest in learning how to build the same for yourself, chances are someone will be happy to help. A willingness to learn goes a long way.

10. Judge yourself over the year, not the month.

While it is important to keep a tab on how you’re doing month to month, it’s far more important to judge success over longer periods of time. A year is a good indication of your financial practices. Some months might not be great (things happen), others might be wonderful.

But what’s important is that, come the end of the year, you saved at least 10 percent of your income. Otherwise, if nothing is being saved, how do you expect to build true wealth for yourself?

Source: Entreprenuer by

Categories
Entrepreneur

The Uberpreneur: How An Uber Driver Makes $252,000 A Year

how to make money with uber

“It’s a genius way to start a business nowadays, especially because nobody’s doing it.”

The man sitting beside me is sharing the most insightful business advice I’ve heard lately. His ideas are as unconventional as the location of our conversation. We’re not in a coffee shop or a corner office. We’re in an Uber and he’s my driver.

His name is Gavin Escolar, a charismatic Filipino man with a laugh that’s even louder than his orange-and-red striped dress shirt. We’re cruising down Valencia street when I notice diamond earrings dangling on the dashboard. Around his wrist, an emerald bracelet gleams through the sunlight. In the seat pockets, glossy catalogs display more jewelry. The cover reads: Gavin Escolar’s 2014 Collection.

 Related: 4 Tips from a 26 year old who built a $10million consulting business

Then it hits me: I’m not in Gavin’s car. I’m in his mobile showroom. He’s not just an Uber driver. Nor is he just an entrepreneur. He’s an Uberpreneur, using the ridesharing app to promote his jewelry business.

I find myself hoping we hit more red lights so I can hear more of Gavin’s story. He tells me how he immigrated from the Philippines to start a jewelry company in San Francisco. He recalls his initial struggles and how he became an Uber driver to make ends meet.

“My passengers surprised me,” Gavin says, remembering his early days. “I thought they would be silent or on the phone. But most people wanted to talk. When I mentioned my jewelry, they asked for business cards, but I didn’t have any.”

 Related: 101 Ways to make an extra $500 a month while keeping your full-time job

That’s when a light bulb went off in his mind: Why stop at business cards? Why not just show them my jewelry? So Gavin turned his car into a showroom. He positioned jewelry everywhere and stored extras in the glove compartment.

“My passengers peel back the onion,” he says. “I never solicit. I only keep subtle hints to spark conversation if they notice. If they don’t, they probably wouldn’t be my target customer anyway.”

“It’s a salesman’s dream,” he continues. “I have 10 minutes to make an impression. Would that happen if I went door-to-door? Or if I bought tiny online ads? My way, I get quality time with quality leads. Best of all, I’m being paid as I do it. It’s like Uber is providing a base salary before I make any jewelry sales.”

Gavin may be savvy, but do passengers find him sleazy? After all, they use Uber to request a ride, not a sales pitch. I’m also curious: does Uber condone drivers speaking about side businesses?

“Absolutely,” Uber spokeswoman Kristin Carvell says. “One of the greatest things about the Uber platform is that it offers economic opportunity for a variety of drivers — full-time, part-time, veterans, teachers, artists, and students — in more than 260 cities around the world.  Supporting and fueling the local economy is important to Uber and our driver partners help us to achieve this goal.”

His passengers seem to agree. Gavin’s ratings are 4.85/5.00 on Uber Black, 4.87/5.00 on UberX and 4.95/5.00 on Lyft, which he also uses. Those ratings have held up over time; Gavin drove over 3,829 passengers in the past 18 months.

These passengers include “executives who people pay thousands of dollars to meet at networking events,” Gavin says. He’s met Vogue fashion editors and Silicon Valley’s top brass, including legendary investor Shervin Pishevar.

“I’ve had a lot of amazing drivers, but Gavin is one of the best,” Shervin told me. “I was in his car with my daughter when I saw his jewelry designs. I thought they were wonderful and gave him a lot of encouragement to pursue his dreams.”

I had to see it for myself. So I spent a day with Gavin picking up passengers (we used Sidecar, another ridesharing app, to avoid breaching Uber’s policy on driving with companions). For most rides, he barely says a word, respecting passengers who are on the phone or disinterested. Even when he speaks, it’s not a monologue. It’s more about the consumer, asking them questions and understanding their needs.

It’s these tactics that translate to sales. In the past year, Gavin designed many jewelry pieces for passengers, averaging $18,000 in transactions per month. Adding the $3,000 monthly gross earnings from Uber, he made $252,000 last year. Gavin used the income to expand his business, buying three more cars and hiring six new drivers.

 Related: 10 Dumb money mistakes people make in their 30s

“The best generals are always with their soldiers,” he said. “That’s why I drive at least eight hours every week. It keeps me up-to-date so I can tell my drivers where to pick up customers, which hours to drive and when big events are happening.”

For his top drivers, Gavin “graduates” them from the low cost UberX to the premium Uber Black, where they meet more affluent passengers who might buy jewelry. One day, he hopes to buy a Tesla to make his mobile showroom feel on par with his brand.

But Gavin’s growing business doesn’t tell the full story. As he’s become more successful, he hasn’t forgotten about his fellow Filipino immigrants.

“I reach back to my roots,” he said. “When hiring new drivers, I find underemployed Filipinos and give them the jobs first. Most don’t know much about smartphones — and that’s okay. I teach them about Uber and Lyft. I teach them how to use the internet so it can help their lives in other ways, too. I let them use the cars to run errands and pick up their children. It’s not about squeezing every dollar from them. It’s about empowering the community that you came from.”

Gavin’s greatest contribution, however, may be to entrepreneurs everywhere. He’s the pioneer of Uberpreneurship, a discipline with the best of all worlds: salary of a stable job, autonomy of an entrepreneur, relationships of an executive and feedback of a focus group. He’s showing the world that  Uber may not just be a disruptive platform for transportation, but one for small businesses.

Eventbrite CEO Kevin Hartz, another of Gavin’s high-profile passengers, sees a big opportunity ahead. As the founder of an online ticketing platform that processed $1.5 billion in sales last year, he believes Uber can venture down a similar path.

“New technology is providing small business owners and entrepreneurs not only with additional revenue streams, but also with platforms to help them market and compete better than ever before,” Kevin said.

But have other drivers caught on? I asked my subscribers at Every Vowel to help find an answer. Together, we surveyed 89 Uber and Lyft drivers in six cities. Turns out 28 drivers (31.5%) ran their own businesses. But here’s the kicker: only two of them had marketing materials in their cars that could spark a conversation (a Los Angeles driver had a flipbook for her hair salon while another San Francisco driver wore his startup’s bright orange T-shirt). This means there’s a huge missed opportunity for more of these drivers (and people who aren’t even drivers) to talk with passengers about their products.

Of course, the dark side of Uberpreneurship is drivers who don’t have Gavin’s tactfulness. They may push products in our faces without waiting for signs of interest. But that’s where the rating system comes in. If passengers give poor ratings, others will know to cancel (as long as it’s within 5 minutes of your request) or Uber will deactivate them altogether. That way, Uberpreneurs can follow their dreams without creating nightmares for passengers.

So if you’re starting a company, what are you waiting for? Whether you use Uber, Lyft or another ridesharing app, there’s never been a better time to drive your business forward.

Want more? Join 400,000 readers by subscribing to Every Vowel, the home for unconventional career ideas, stories & advice.

This article wouldn’t be possible without the help of many incredible people: Alan Eagle, Anita Saggurti, Brett Kopin, Caroline Talley, Erin Philpot, Hunter Horsley, Jack Dreifuss, Logan Ury, Maany Peyvan, Meredith Kendall, Michael Scognamiglio, Terra Carmichael and Kevin Fryer, who took the amazing photo.

This article originally appeared on Forbes by Jon Youshaei

Disclosure: I work for Google, whose Google Ventures is an investor in Uber. However, I am not involved with Google Ventures, and I wrote this story completely independently.

Categories
Money

4 Smart Money Habits to Help You Earn Your First Million Dollars

Earn Your First Million Dollars
Image credit: Shutterstock | Enhanced by Entrepreneur

So, you want to be a millionaire? Conventional wisdom dictates that to save money, you need to squirrel away as much as possible while drastically reducing your spending, period. While there is some merit to that strategy, the smarter way to grow your wealth is to cultivate careful spending habits that will allow you to maximize your savings without cramping your style.

Here are four smart spending habits to help you save your first million dollars.

1. Categorize your expenses and monitor your spending.

One easy way to keep your finger on the pulse of your spending habits is to break down your expenses into categories. Garrett Gunderson, CEO of WealthFactory.com suggests a framework consisting of four expense categories: destructive, productive, protective, and lifestyle.

 Related:

Destructive expenses refer to, “Overdraft fees, using credit to consume, spending on vices, or products or services you don’t use or that don’t add value to your life,” according to Gunderson. These are financial sinkholes that do not offer any benefits to you.

Productive expenses are those that will make you money, like hiring the ideal employee or being an early investor in a company or product that goes viral. These expenditures are also ones that can improve your overall well-being like education, nutritious food and fitness classes.

Protective expenses, like health, life and auto insurance, are associated with preserving yourself and your family.

Last, lifestyle expenses are comprised of the fun things in life like vacations, the latest technology and new clothes.

By categorizing your expenses, you can easily see how to cut destructive expenses, splurge on productive and protective expenses, and spend conservatively on lifestyle expenses. If you make the right choices in setting limits on your spending, your productive expenses will pay for themselves and then some. Make sure to monitor your spending carefully and, soon, good habits (and savings!) will emerge.

Related: Your savings account can make you rich -or poor.

2. Avoid emotional spending.

We all have those days where we feel down in the dumps, and we rationalize that we will surely feel better after buying a new pair of shoes or some gourmet chocolate.

However, Kevin O’Leary of ABC’s Shark Tank and O’Leary Financial group urges, “Don’t go shopping to change your mood. It might make you feel better in the short term, but I promise: the long-term fulfillment of saving and growing your money far outweighs the temporary satisfaction of retail therapy.”

Instead, try to regulate your emotions by talking with friends and family, exercising, watching a documentary, or reading. Or, for a more harm-reductionist approach, try planning small, regular outings for yourself using your lifestyle expense budget. For example, plan to get a fancy massage at the spa or indulge in a lavish meal once a month instead of every time you feel stressed. Developing good coping strategies will eliminate bad spending habits and help you save money quickly.

Related: 6 Stories of super successes who overcame failure

3. Choose and pay off your loans strategically.

Loans can be terrifying. Before becoming anxious about how to pay off your personal or business loans once you get them, take the time to research the different types of loans out there. Entrepreneur offers a great step-by-step guide on how to navigate the loan process and weigh the pros and cons of several loan options.

If you are already in the throes of debt, Diana Ransom from The Wall Street Journal’s Smart Money magazine proposes prioritizing debt repayment for the loan with the highest interest rate first and then consider consolidating your loans into one longer-term package. Paying off one larger loan will allow you to avoid wasting money on costs accrued on many smaller loans.

In more dire situations, call your creditors and seek help from legitimate debt-relief agencies. Finding the right strategy for paying off your loans can enable you to save thousands on interest rates and possible legal fees. Whether your loans are business or personal, be intentional and deliberate when planning your approach to getting out of debt.

Related: 5 Reasons why the bank is rejecting your loan application

4. Invest wisely.

Neil McCarthy, a research chemist, made his first million dollars solely by investing in the stock market in the 1990s. Paul Glandorf, a pipe fitter and construction worker, took investing seriously as a retiree and is now sitting on a huge pile of money. The lesson here is clear: know how the stock market works.

After you do your homework and have a good grasp of the stock market, start monitoring stocks for yourself and experiment with making investments. Robinhood is a neat app that allows you to trade stocks for free and makes it easy to keep track of companies you are interested in but haven’t put money into yet.

Once you get a hang of trading, sales expert Grant Cardone advocates diversifying carefully and committing fully to your causes. In an interview with Entrepreneur, he said, “You want to find one or two spaces you completely understand, that can’t be destroyed, and go all in. That’s how people get rich. People don’t get rich by tip-toeing in with $100 investments all over the place.” By spending wisely in the stock market, you can strategically multiply your initial investments and be well on your way to becoming a millionaire.

Source: Entrepreneur by

Categories
Business

4 Tips to Become a Good Boss

become a good boss

Expectations are usually directed towards employees for a smooth running of business. But in every business, two-way works far better. the employees do their part, so should the boss. Here are ways to be a great boss:

Be on top of things all the time

Sometimes, all duties are handed over to the manager. The manager may take on the position of a CEO, running everything in the office. However, it shouldn’t be so. As the boss of your business, your supervisory role is also essential.

Related: Dealing with female bosses in 5 simple ways

Know what goes on in your office

Most bosses are barely present at their offices. They mostly just take feedbacks from whoever is in charge and relax. As a boss, every activity in the office should be in your knowledge so that when things are good, you would be duly informed, if not, then actions can be taken more quickly.

Perform supervisory activities

The fact that you are the boss does not mean that all should be handed over to employees. Supervise every activity in your workplace by checking in on every part or department in your workplace, making sure everyone is partaking as required, as well as meting out missing duties.

Related: This is why I want to slap my boss

Know your employees

Knowing your employees is essential for running a business. If you know your employees, it wouldn’t be difficult to know each and everyone’s capabilities, as well as who can be responsible for what. Knowing your employees helps in solving problems faster because since each is well familiar to you, there wouldn’t be a need for formalities when duties in cases of emergencies need to be meted out.

There is more to becoming a boss than just owning a business.

By: Nana Afoa Selorm

Categories
Life

5 Frugal Habits of the World’s Richest People

world's richest people

Just because someone has accumulated a bank account that rivals that of Bill Gates doesn’t mean they spend like there is no tomorrow. Research and anecdote teaches that wealthy people, including the very wealthiest, are surprisingly frugal.

That’s not saying they’re cheap. After all, there is a difference between being cheap and frugal. Frugal means being smarter and wiser at prioritizing your funds, finding the best value and making solid investments, traits that have fattened the bank accounts of the richest people in the world. They have so much wealth because they realize the real value of money.

Here are some of the frugal habits of the wealthy you adapt to build up your own hefty bank account.

1. They use coupons.

Surprisingly, households with average incomes of $100,000 or more use more coupons than those that bring in under $35,000. Celebrities including Carrie Underwood, Lady Gaga, Kristen Bell and Hilary Swank are just a few examples of wealthy individuals who are fans of coupons.

As a whole, it’s been found that an astounding “71 percent of the affluent use paper coupons every month, with 54 percent using online coupons every month.”

Related: 5 Habits of the wealthy that helped them get rich

2. They live below their means.

The super rich are also known for living well below their means – even as far as cutting their own hair. One example of this is that they don’t see a vehicle as a status symbol. Instead, they realize that a car serves just one purpose; to get from Point A to Point B.

Sam Walton, the founder of Wal-Mart, famously drove around in a 1979 Ford F150 pickup truck. Walton’s son, Jim drove an older Dodge Dakota despite being worth over $16 billion. Mark Zuckerberg owns a modest $30,000 Acura TSX entry-level sedan, the 61st richest person in the world Azim Premji drove a Toyota Corolla, and Warren Buffett recently sold his 2006 Cadillac, which was noted for not being anything special, for a new model.

Many very rich people live in modest homes. Warren Buffett still resides in the house he bought bought for $31,500 in Omaha, Nebraska in 1958. Mark Zuckerberg, Tim Cook and Christy Walton all live in modest homes.

Ikea founder Ingvar Kamprad, Hobby Lobby founder David Green and former Microsoft CEO Steve Ballmer prefer to fly commercial, and even coach. Bill Gates was known to fly commercial for years. Azim Premji usually stays at company guest houses.

Finally, the wealthy don’t spend money on only luxury clothing. John Caudwell, an auto-shop owner who entered the cell phone business in 1987 and is now worth $2.6 billion, has stated “I don’t need Saville Row suits” and “I don’t need to spend money to bolster my own esteem.”

In fact, 74 percent of the super rich shop at Wal-Mart, while only 6 percent shop at Brooks Brothers.

Related:How one woman went from homeless to millionaire

3. They are charitable.

One of the more interesting habits that the rich have in common is their willingness to donate a vast majority of their wealth to a charitable cause. Zappos’ Tony Hsieh personally invested $350 million in the Downtown Project to improve downtown Las Vegas. Chuck Feeney, the co-founder of Duty Free Shops, has donated more than $4 billion to disadvantaged children and public health initiatives. Other wealthy individuals including Bill Gates, Warren Buffett, George Soros, Mark Zuckerberg, and Michael Bloomberg have donated huge chunks of their fortunes.

4. They value quality over quantity.

Wealthy individuals aren’t cheap, and certainly are not against enjoying themselves, but they put more thought into their purchases. For example, T. Boone Pickens has said,  “I don’t go cheap on anything, but I’m not a shopper. If I want something, I look at it, decide what it is, but it will usually be the best product. I’ve got a pair of loafers that I still wear that I got in 1957.”

Related:29 Valuable facts about millionaires

5. They don’t carry wads of cash.

It’s been found that “86 percent of people who spend cash on luxuries like expensive cars, jewelry, and electronics are non-millionaires trying to act the part by purchasing luxury brands.”

Take the advice of oil mogul T. Boone Pickens and carry around only the cash that you need for what you intend to buy. According to Brad Klontz, a CFP professional and associate professor of personal financial planning at Kansas State University, the rich are often “money vigilant.” They avoid credit debt, and “are more anxious about making sure they have enough money and are managing it well.”

Source: Entrepreneur by

Categories
Money

11 Ways To Be Frugal Now So You’re Rich Later

how to get rich
Image credit: Yury Vinokurov/EyeEm | Getty Images

It’s easier to double how much you save than it is to double how much you earn.

To be honest, there isn’t one sure-fire way to become rich. However, you can increase your chances by investing in things like stocks or real estate, planning for your future by saving for your retirement as soon as possible and having multiple streams of income. It also involves being careful with your spending by being frugal.

Want to see how it’s done? Start by following these ten tips.

1. Stop keeping up the Joneses and live below your means.

You know those neighbors or family members who constantly have a new car in the driveway of their McMansion, are on vacation in exotic lands, wear the latest fashions and eat at only the best restaurants in town? It may appear that they have it all. Here’s the thing. They don’t. And, if they’re like most Americans, they’re just one paycheck away from the street.

 Instead of trying to keep with Joneses, follow the lead of wealthy individuals like Warren Buffett. He lives in the same house he purchased in 1958 for a mere $32,000 (which was a lot of money in 1958). He’s known for buying modestly priced vehicles every couple of years, such as a 2006 Cadillac that he auctioned off for charity. Buffett, despite being worth more than $74 billion, lives well below his means.

Related: 5 Habits of the wealthy that helped them get rich

2. Eliminate unnecessary expenses.

How much money do you spend at Starbucks each morning? How much have you paid in ATM fees this month? Why are you paying over $100 per month for a cable package when you rarely watch TV? In short, we all wasted countless amounts of dollars on unnecessary expenses or things that we don’t need.

Instead of buying coffee daily, buy a bag of Starbucks and make it home. Avoid ATM fees by only withdrawing money from machines that don’t have any fees or start transferring money through digital wallets. Cut the cord and pay around $10 for Netflix or Hulu.

The easiest place to start when determining which expenses to cut is by creating and sticking to a budget. This allows you to easily see where your money is going each month so that you can start trimming the fat, as well as help you accomplish any financial goals that you’re set..

3. Stop paying full-price.

Here’s another secret from the world’s wealthiest individuals? They never pay full price for anything. In fact, it’s been found that households with an average income of $100,000 or more use more coupons than households that earn under $35,000 annually?

Besides couponing, the rich are known for buying used items on Craigslist, eBay, or their local thrift shops.

4. DIY.

You don’t necessarily have to become a jack-of-all-trades or even a master one particular area, but learning how to do some basic chores can save your a lot of cash in the long-run. I’m talking about everything from cooking dinner to changing the oil in your car to sewing to replacing an electrical outlet.

If this seems overwhelming, consider starting with food delivery services like Blue Apron, Hellofresh, Sun Basket or Home Chef. They sound you all the ingredients and step-by-step instructions on how to prepare the meals. It’s a foolproof way to learn how to cook nearly restaurant quality food. For home repairs, many of the big box home improvement stores like Home Depot have weekly workshops for free. And, there’s always turning to instructional videos on YouTube or asking someone who is familiar with these skills to teach you.

Related:The fabulous life of Dr Dre, one year after Apple acquired his company, Beats, for $3bn

5. Reduce, reuse, recycle.

You’re probably familiar with the three R’s when it comes to the environment. But, they can also apply to frugal lifestyles.

Reduce the amount of time you’re in the shower and electricity that you’re using. Invest in gadgets like the Nest so that you’re wasting any heat or air conditioning when you’re not home. All of this will drop your electric, water and heating and cooling costs.

You can reuse those take-out containers instead of purchasing brand new Tupperware. These aren’t meant to last, but you can get some use out of them. Personally, I rescue cling wrap and aluminum foil when eating leftovers. I don’t reuse that same piece for each meal, but I get a couple of uses out of it.

When it comes to recycling, you can cash-in on your aluminum can, cardboard and broken appliances by taking them to scrap yards. You could also get clever and convert that busted dresser into a cabinet or table instead of buying a new piece of furniture.

6. Rent or sell the stuff you’re not using daily.

Do you have an extra bedroom? Rent it on Airbnb. If you have a garage, parking space or driveway, rent those out too. Heck, you can even rent out your car, bicycle, clothes and household items if you want to.

You can sell all the junk you’ll never use again on eBay, Craigslist, LetGo, a local thrift shop or have a yard sale.

Related:11 Business opportunities in Africa that will make more millionaires

7. Be wise with credit cards.

Don’t use your credit card if you don’t have the money to pay off the balance. You’re going to end up paying hundreds, if not thousands, of dollars in interest.

Credit cards are not completely terrible. They’re useful when building your credit, which you’ll need if you want to start a business or purchase a home. They also come with cash back and rewards, like free hotel visits or airlines. Just be cautious that you don’t put yourself in credit card debt.

Here are a few payments statistics that might be interesting!

8. Look for freebies.

It’s not too good to be true! There really are a lot of free things out if you do a little bit of research. Most communities have free activities for families on weekends. You may be able to get free, or low-cost, haircuts, dental care or oil changes from local tech or vocational schools.

9. It’s all right to splurge now and then.

Boone Pickens has said, “I don’t go cheap on anything, but I’m not a shopper. If I want something, I look at it, decide what it is, but it will usually be the best product. I’ve got a pair of loafers that I still wear that I got in 1957.”

There’s a misconception that being frugal means that you’re cheap. In fact, most frugal individuals splurge occasionally. For example, I’ve purchased a Tesla. Why? It’s a quality vehicle that’s going to last for years. I’m eliminating the cost of gas and, most importantly, I could afford it without putting myself in debt.

10. Side hustle and save.

Jay Leno reportedly saved every dime while hosting The Tonight Show. He lived off of endorsements and live appearances. “You know, when I was a kid,” Leno told fellow comedian Jerry Seinfeld on Comedians in Cars Getting Coffee, “I always had two jobs, and I would bank one, and I’d spend the other. Then when I got ‘The Tonight Show’ I just continued to do that.”

There are hundreds of ways for you to side hustle these days, such as freelancing, finding a part-time job, or selling products online. Instead of spending that cash on something frivolous, set that money aside into an emergency fund, your retirement, or to pay off any debt, like a credit card or student loan.

Related:10 Dumb money mistakes people make in their 30s

11. Stop falling for “get rich quick” schemes.

I hate to be the bearer of bad news, but there is no such thing as getting rich quickly. According to studies conducted by Thomas C. Corley, “16 percent of the wealthy gamble on sports at least once a week versus 52 percent of the poor.” Additionally, only “9 percent of the wealthy play the lottery every week versus 77 percent of the poor.”

Instead of wasting your hard-earned money attempting to accumulate a significant amount of wealth in a short period, invest it wisely and place it into a savings account. You may not earn that jackpot amount, but at least you’re guaranteed to be increasing your wealth. Remember, becoming a millionaire takes discipline and patience.

Source: Entrepreneur by

Categories
Business

101 Ways to Make an Extra $500 a Month While Keeping Your Full-Time Job

ways to make extra money

Whether you want to pay off your credit card debt or save money for your dream vacation, we could all use a little extra cash.

Whether you want to pay off your credit card debt or save money for your dream vacation, we could all use a little extra cash. Of course, finding that extra money can be a challenge when you are working 40 hours a week at your full-time job. Thankfully, there are ways for you to earn an additional income while still working full-time. In fact, most side gigs can earn you an extra $500 a month easily. Here are 101 different ways for you to achieve that goal:

Make extra cash at your current job

Since you have a full-time job, you can use that full-time gig to your advantage. Because of the convenience of already knowing the job, you are already on site, you already have contact with the people that make decisions — this is one of the best places to start.

1. Volunteer for overtime

You’ve already spent more than enough time at work, but volunteering for overtime is one of the easiest ways to earn extra money. Often the boss is relieved to have the extra help too.

2. Refer new employees

Some places of business will offer a bonus if you refer a new employee. If you know someone who needs a job, take advantage of this referral program.

3. Customer referral

Just like an employee referral program, some companies have a referral compensation program for bringing in new customers.

4. Do a job no one else wants

Are there any tasks or projects that no one wants to be a part of? Offer to complete these unwanted assignments for a fee, of course.

5. Use the suggestion box

If your employer pays for awesome suggestions, then put your thinking cap on and start filling that suggestion box.

Cash in on your skills or hobbies

Most of us are skilled and experienced at something — or have an interest in another area that we don’t usually get paid to do. If that’s the situation, you can finally put your talents or hobbies to work if you need some additional dough.

6. Launch a blog

No matter your interest or talent, you can write about it on your blog and make money by selling ads.

7. eBook publishing

Another way to make extra cash through your writing is to publish eBooks in either your field of expertise or whatever you’re passionate about. This goes back to #6 and you can often combine a blog and an eBook, by taking all of your blog posts and making an eBook with them.

8. Coaching or consulting

If writing isn’t your cup of tea, you can offer your services to individuals or businesses either in person or via Skype or Google Hangouts. Some people just need someone to help push them forward. You can be this person.

9. Public speaking

If you have an inspiring story or if you have the ability to motivate others while sharing your knowledge, public speaking is a lucrative side business where you could make anywhere from a couple of hundred dollars to a couple of thousand dollars per gig.

10. Photography

Do you have an eye for capturing moments? Put those skills to work and start a side gig as a photographer. Instead of trying to be a jack-of-all-trades, focus on a niche like weddings.

11. Sell pictures

Another way to make cash from photography is to sell your images to sites like Shutterstock. If you are artistic and unique with your photography in any way, Shutterstock (and others) will be interested in your pictures.

12. Become a gym instructor

Whether you’re trained as a personal trainer, yoga instructor or weight lifter, you can find some part-time work at a local gym. Again, some people just need someone to push or encourage them to continue their workout.

13. Become an umpire/referee

One umpire told Business Insider, “I umpire softball/baseball games for USSSA. There’s also Little League, ASA and others. I make $30 for an hour-and-10-minute game. Ten games in a weekend, and that’s $300. You can also maybe pick some games up after work. It’s not so bad if you, don’t mind a little yapping in your ear.”

14. Caddie

Love golf and being outside? Caddie on the side. You’d be surprised at how much money you’ll be able to rake in. A good caddie is hard to find. Some golf courses make you sign up for this job. Check it out in the pro-shop.

15. DJ events

If you’re a music lover and have the gear, charge people for your deejaying services.

16. Run a photo booth

Unlike photography, you don’t need a whole lot of experience in running a photo booth. Once you get the basics, it’s pretty easy and you can pocket around $1,000 per weekend if you work a couple of events. Be easy to work with, take the shots people dream of, chat with people and enjoy yourself. You’ll have all the work you can stand.

17. Become a session musician

Talented musicians can sit-in during concerts or recording sessions and actually get paid for their talent. Many places need rehearsal pianists and the like. Be willing to go early and stay late.

18. Write music

You can offer to write and record music on sites like, Fiverr and Craigslist, or write and record something for YouTube. Nowadays, many have become famous doing this.

19. Woodworking

You can turn this hobby into a nice little side business by selling your crafts on sites like Etsy or at local flea markets. Keep your ears open to what people are looking for and make the items people want.

20. Scrapbooking

Here’s another creative hobby that you can start cashing in on. Chron.com has simple step-by-by guides to getting this business started. Google “scrapbook” and see what comes up. Some people want something particular, and others don’t care and will let you do what you want. Scrapbooking can be a great creative outlet too.

21. Cater

If you’re an excellent cook then you should start catering events on the side. Here are a few tips to getting paid along the way. You may want to sign up and work for a busy caterer for a while. This is a tough business, and you may need help. But small specialty parties like baby showers, wedding showers and graduation parties are a little more manageable.

22. Bake

If you’re a better baker than a chef, then start selling your baked goods, such as birthday or wedding cakes, during your spare time. I had a neighbor who sold three things: homemade bread, breadsticks and cinnamon rolls. That’s it. She made a ton of money. All a person had to do was call her early in the morning for their order. This woman was able to stay home and raise four kids in style with this business.

23. Movie or TV extra

If there’s a major network or studio production in your town, you may be able to bring in a quick $200 per day just by being an extra.

24. Watch TV

If you’re a TV junkie who binge watches your favorite TV shows, then you may be able to start earning some extra money. You can download the Viggle App or become a Netflix ‘tagger,’ which has only launched in the U.K. and Ireland so far, but watch out for it in other countries soon.

25. Create or edit videos

If you have the talent and equipment, you can either start creating your own YouTube videos or editing them for others.

26. Draw caricatures

Artists can sell caricatures at fairs or local parks. Although, you may need to get a business license to draw at your city’s parks.

27. Make jewelry

There’s a demand for handmade jewelry on sites like Etsy. Also, many local spas, resorts and even hair salons like to sell great jewelry. You could start by selling on consignment until they see your worth.

28. Knit or crochet

There’s also a market for handmade knit items on Etsy. Baby items such as a shawl or blanket sell very well. Even knitted baby clothing sells too. Listen around your office for someone who has a special person coming into their life.

29. Build websites

You don’t have to be an expert at web design (although that does help) to build simple websites for individuals and small businesses. You might be able to make $100 per site too.

30. Build an app

If you love to code and have an awesome idea for an app, then you can absolutely cash-in on your app.

31. Social media manager

If you’re a social media wiz, then start charging individuals and small businesses to manage their social media accounts.

32. Repair computers

If you love to fix computers, smartphones and other tech gadgets, start a small repair business. Half the time the computer just needs to be unplugged for a while.

33. Auto repair

Whether it’s changing oil or repainting a vehicle, put your talents (and your garage) to good use. There is also the gig of, “I will take your car while you are at work and get it cleaned inside and out.”

34. Tutor

If you’re proficient in subjects like math, science, English, history or any other academic subject, then start tutoring after work or on the weekends. Parents are overwhelmed and need help in this area. Start looking in your own neighborhood first.

35. Teach English

There are plenty of people from around the world looking to learn English as a second language. You can help them out on a part-time basis. Most people only need to have you sit and speak with them or go for a walk and speak.

36. Install software

If you have a knack for installing software, then reach out to local businesses who need someone to do this task for them. Many cities and local governments look for this type of part-time help.

37. Bookkeeping

This isn’t the most exciting side gig, but there are plenty of businesses and individuals who could use someone to keep their paperwork in order.

38. Tax preparation

Everyone could use a little assistance when it comes to taxes. (Note: make sure to file a 1099 when you do this.) Some professional tax companies need seasonal help when they are in tax season.

39. Office or home organization

Both busy business and home owners could hire someone to come in and organize their office or home.

40. Interior design

If you have an eye for design, then spend your weekends decorating the homes of people in your neighbourhood. Brainstorm and create a portfolio of ideas so you are ready to spring into action when the opportunity arises.

41. Event planning

If you’re organized and enjoy making plans, then start charging others to plan out the events that they don’t want to, or don’t have the time to. You can plan and carry out office events, mixers and marketing events — especially on a smaller scale. It may be advisable to work under a larger planner for a while to get the hang of this job if you have not done it before. Many planners are on contract and not part of a company, and this is just the situation you want.

42. Build furniture

Handmade furniture is another craft that is in high demand, especially among millennials. Millennials are not going to be denied anything of great value. You can sell your work online on a website like Etsy, or at flea markets and maybe even local furniture stores.

43. Personal shopper

Not everyone enjoys shopping. But, if you’re a shopaholic, then take advantage of this and become a personal shopper for those who don’t like to shop, or who don’t have the time to shop. Busy executives are prime people to look at for this business. Notice the businesses which have recently popped up using this idea. Many people don’t want a business person, per se to do this work, they want someone who will become their friend.

Offline hustling

If you don’t have any skills or talents that you feel you can convert into a side business, then you can make additional money by doing the following offline side gigs.

44. Babysit

Do you have friends, family or neighbours who have children? Watch their children whenever they need a sitter. Determine your price beforehand so you will know what the going rate is. To have someone already known to the children is worth a lot to the parents.

45. Dogsit

The same goes for man’s best friend. Personally, I would rather hire someone to dog-sit rather than board her in a kennel.

46. Housesit

This also applies to watching the homes of people who go on vacation. Many homes are summer-only or winter-only. These people like someone to stay in their homes for security reasons.

47. Mow lawns

If you have a mower and other basic landscaping tools, and like being outside, then mow lawns in your neighborhood when you have free time. There’s nothing like a beautiful yard. My brother cut lawns to put himself through dental school. The school would not let him have a regular job so mowing lawns was perfect. Ditto for MBA school.

48. Shovel snow

Whether you have a truck with a plow or are willing to shovel by hand, people will gladly pay you to remove the snow from their driveways.

49. Painting

If you have some painting skills, then provide this service to anyone who needs a room, fence or even large job like an entire house painted. Go up and offer yourself to someone you see painting, or check out people in your local Lowe’s or Home Depot.

50. Moving

Does anyone really enjoy moving? Probably not. That’s why people and businesses hire moving companies to do the legwork for them. Even your neighborhood will have people who just need stuff carried to storage, or up and down their stairs.

51. Hauling service

If you have a truck, van or trailer, you can offer to pick up and deliver large items. Look in IKEA for these folks.

52. Pool cleaning

If you love being outside, here’s another perfect seasonal side gig. Most pool owners have their own equipment too. The main thing here is to be consistent and be there every week.

53. House/office cleaning

Whether people are too busy or don’t the have the physical ability to do this job, there is a demand for house and office cleaners. Be sure to get bonded and insured. Learn how to “clean green” too — this appeals to many people especially in larger areas of the country.

54. Clean gutters

This job can get pretty grimy, and it also requires a ladder, gloves and not being afraid of heights. If you have these things, you’ll find plenty of people to hire you for this dirty job. This job is especially easy to find in the fall. You can go door-to-door and ask for this job. Offer to put up their Christmas lights at a discount too and no one will turn you down.

55. Set-up holiday decorations

If you’re extremely festive and enjoy decorating, then offer your services to people who may be more on the Scrooge-side. Many business haven’t thought of making their front office cheery during the holidays, so have some ideas and prices ready. Second week of November is a great time to look for this job.

56. Handyman work

If you’re decent enough at basic home repairs, you could launch a steady side business for those who aren’t as handy. Nowadays, many handymen (and women) have made a full-time job of this.

57. Be a TaskRabbit

If you don’t mind running errands for people or assisting them with chores around the house, then you can become a TaskRabbit person for some extra cash.

58. Find odd jobs on Craigslist

If you just browse through Craigslist you’ll easily stumble upon a number of odd jobs that you can do in your free time.

59. Deliver pizzas

This is a great weekend gig where you can easily make $500 in a month — if you’re reliable and have the right personality. Most pizza places never have enough drivers.

60. Bartend

If you have the skills, both at mixing drinks and being a people person, you can make hundreds of dollars bartending on weekends.

61. Paint curbs

This is an out-of-the-box job. But you can paint house numbers on street curbs with just some spray paint and stencils. Have the stencils ready to show. Some pictures of prior work helps too. Some people go out one weekend to get clients and jobs, then come back during the week to paint.

62. Detail cars

Who wouldn’t want a nice clean car? Use this to your advantage by detailing automobiles during your downtime.

63. Recycle

Whether it’s cardboard or scrap metal, you can make a pretty penny by recycling on the side. I recommend you read this guide before getting to work so that you know what you and can not recycle. If you don’t have any metal or cardboard, there are still plenty of other common household items that you can recycle for cash. You should also make arrangements beforehand to drop off the recycling.

64. Work sporting events or concerts

Sporting events and concerts need plenty of bodies to make an event run smoothly, such as security. If you work at an NFL stadium, for example, you may be able to bring home $100 per game.

65. Donate plasma

If you donate blood plasma, you could almost make $500 per month — depending on the rates and how much you can donate. Know that the first time you donate plasma, the plasma is special and you can get double the money.

66. Participate in medical studies

If you don’t mind being a guinea pig, then you can partake in medical studies for some quick cash. There are many product tester jobs as well.

Hustle online

If you want to stay in the comforts of your own home, then start hustling with the following online gigs:

67. Freelance

There are hundreds of websites where freelancers can find gigs that range from writing to web development to translating. Just search these sites for opportunities that you’re good at.

68. Virtual assistant

If you’re an organized and reliable person, you can also search those websites to find virtual assistant jobs.

69. Tech support

If you have a landline and internet service, and don’t mind dealing with customers, then you can provide tech support on nights and weekends.

70. Fill out surveys

You won’t make a fortune taking online surveys, but the more that you take, the more you can earn on sites like Survey Monkey, Nielsen Digital Voice, Opinion Outpost or Survey Spot.

71. Join a virtual jury

Defense attorneys will hire people to test their cases on sites like http://www.ejury.com/ or http://www.virtualjury.com/.

72. Download smartphone apps

Apps like Rewardable, CheckPoints and Gigwalk will assign you tasks either online or offline for a couple of extra bucks.

73. Affiliate marketing

If you plug a business on your website or blog, you can become an affiliate for them and earn a commission whenever someone leaves your site to make a purchase. If done correctly, you can have a nice little side business. This takes extra smarts and know-how, but it can be learned.

74. Flip websites

This sounds a bit shady, but if you play by all the rules, you can purchase a domain for cheap and make it valuable by adding quality content to gain traffic. It gets even more lucrative when you purchase a domain that already has an established business. I like using Flippa.

75. Investing and lending

Thanks to sites like Lending Tree, you can join a peer-to-peer lending program and earn money through interest rates.

76. Facebook and Twitter administrator

Some people have easily made $500 per month simply by being an administrator for someone else’s Facebook and Twitter pages. If you are a good writer and quick thinker, this is a fun job.

77. LinkedIn profile writer

If you’re proficient at writing an amazing LinkedIn profile, and have a knack for writing resumes in general, you can write profiles for professionals and bank an additional $1,000 to $1,500 a month.

78. YouTube personality

YouTube personalities can make money through advertisements that have been placed on their channels.

79. Create an online class

If you have knowledge in specific subjects, you can create an online class on sites like Udemy. Piano, acting, SEO, entrepreneurship, writing, language, history, painting, knitting, quilting, woodworking — to name a few ideas. Write up a class schedule and what you plan to teach.

Renting out items you already own

If you don’t want to part with anything, there are plenty of ways for you to supplement your income by renting out items that you already own. Yard equipment, woodworking equipment, skis, rollerblades, skateboards and even your car will quickly bring in some extra cash.

80. Host a foreign exchange student

If you have the space, and meet the qualifications, you can easily earn $500 month by hosting a foreign exchange student. For safety reasons, programs usually like to send two students together.

81. Become a driver for Uber, Lyft or Sidecar

One of the most lucrative side gigs right now is being a driver for companies like Uber, Lyft or Sidecar. The average fares — depending on your local market — typically range from $11 to $15. It is said that people driving during Super Bowl week make up to $800/night.

82. Rent your vehicle or bicycle

Whenever you aren’t using your vehicle or bicycle you can rent them out for the day, or longer, if you like, via sites like RelayRides and Spinlister.

83. Become a PostMate

If you’re fond of transporting passengers, you can still use your vehicle to make extra money by joining PostMates, where you’ll deliver anything from clothing to groceries. If you live in a big city, you don’t need a car to become a PostMate — in New York City, PostMates can walk or ride bikes.

84. Rent out your home or your spare bedrooms

Thanks to sites like AirBnb and HomeAway you can rent out spare bedrooms or entire house.

85. Rent your garage

Do you have a garage that is being unused? You could rent it out to someone who wants to store their vehicle, or throw down a rug and make it an apartment.

86. Rent parking space

If you live in a busy part of town, perhaps in close proximity to a stadium, you could rent out your parking space or driveway whenever there are events.

87. Rent personal items

Instead of letting unused items like tools or kitchenware gather dust, rent them out to people who need them to complete a project.

88. Become someone’s friend

Yes. There are people out there who are willing to pay other people to be their friend. If you like meeting new people you can do this by joining a site like RentAFriend. Retirement centers may be good places to seek this type of employment too.

Sell stuff

You can always sell your unwanted junk or even new items to customers by going through the following avenues. Here are a few tips to using eCash and get paid for all of the things you sell.

89. Have a garage sale

This can be a hit or miss, but you can bring in some decent cash just by selling your unused items in your front yard.

90. Sell items on Craigslist

This is essentially the online version of a yard sale. No matter what you want to part ways with, you’re bound to find a buyer on the popular classified site.

91. Sell items on eBay

This site needs no introduction. It’s been one of the top places to sell your used items since 1995.

92. Sell other people’s items on Craigslist or eBay

You’ll have to give them a commission, but if you know anyone looking to sell their junk, make them an offer and sell it for them on Craigslist or eBay. Start watching what items sell online and what amount they sell for, then look for those items, pick them up cheaper and sell them online.

93. Drop shipping

You don’t have to sell used items online to make some extra cash. You can also start a side business through drop shipping. In this case, you would sell new items from a manufacturer or distributor online on sites like eBay and they’ll ship the items to customers for you.

94. Sell items on Amazon

Just like eBay, you can become an Amazon Merchant and sell both used and new items.

95. Direct marketing

People can actually make a decent living by selling products for Avon, Amway and Tupperware. In fact, there are hundreds of different direct marketing companies you can join. Check out this list of the Top 100 Global Direct Marketing Companies to find a direct marketing company that best fits you.

96. Set up shop at a flea market

Instead of selling items in your front yard, you could take your used goods, homemade crafts and even new items to local flea markets.

97. Sell items to consignment shops

Consignment shops are an option if you have an excessive amount of clothes or furniture to sell. Items that sell well are prom dresses, baby items, ties, men’s shirts, purses and coats.

98. Visit the pawn shop

If you’re in a real pinch, you can sell your valuable items to the nearest pawn shop.

99. Sell your used gadgets

If you don’t have a need for devices like an old smartphone or tablet, you can sell them on Gazelle.com. You may not earn a lot, but you could get a fair price for gadgets that are newer and in good shape.

100. Sell your old jewelry and silverware

If you have expensive jewelry or silverware, you can sell these to a proper jeweler or a silverware dealer, and receive a decent return. Again, this is an item to watch at yard sales and estate sales where you can pick them up cheaper and sell them for more online. Also, get a receipt if you can.

101. Resell or return unused gift cards

If you have any unused gift cards laying around you may be able to sell them on sites like CardPool or return them to the merchant. The same goes for concert, play and event tickets.

(By John Rampton)

Source: Entrepreneur