8. Turn your hobby into a businessedit
Did you know you can make money by buying items and reselling them? You can earn even more money by fixing up an item and restoring it to a higher quality item.
Here’s an example of an item you can flip. My friend Melissa bought this item for $50 and sold it https://homeloansplus.org/payday-loans-in/ for $500. She found this item when she was on a road trip with her husband and kids. This item basically paid for her vacation.
I think it’s so awesome and inspiring seeing people take a few bucks and turn it into hundreds of dollars. I have a friend in my personal life who does this, but with furniture. She buys cheap furniture, fixes up the upholstery, and makes hundreds of dollars in profit.
If you want to learn how to buy and resell items for profit, Flipper University is an affordable way to learn how to create a profitable selling business in less than 14 days. The creators of this course created a side hustle that made them $42,000 their first year of side hustling and now make them over $133,00 a year.
Many of us never even think about using our hobbies as a way to make money, but it’s a great way to earn cash! You can turn your passion into a part-time or full-time career. Pretty amazing and a ton of people are doing it.
My friend turned her macrame hobby into a small business shop on Etsy. She sells homemade macrame items that she makes in her free time and sells them online. I personally supported her business by purchasing a Christmas wreath. I love it!
- Crochet, Knit, or Macrame designs and sell items online
- Blog about a hobby and help others get started
- Create a course about a hobby and teach people how to do it step-by-step
- Turn your writing hobby into a freelancing career
- Creating graphics and selling them on Etsy
9. Set up automatic transfers
Create a set-it-and-forget-it strategy by automating your savings. You can do this by setting up automatic transfers to go from your checking account to your savings account or investment account. This is ideal for people who want to “pay themselves first” on payday. Instead of manually putting money into savings, it’s done automatically so you don’t even think about it.
Once you create a budget, you’ll have a general idea of how much money is leftover that can be put into savings. If you don’t have any money left over, this is time to reduce expenses and learn how to save money. Set up an automatic transfer with the leftover amount biweekly or monthly. If you save $500 a month, that’s $6,000 in 1 year. That’s enough to max out an IRA account in 2020!
Setting up automatic transfers is unique to each bank and investment account. Some accounts let you do this online via dashboard or you have to contact a bank teller or customer support representative to set it up. Most banks and investment accounts will have information about this in the settings area.
I learned this method in 2 different books that I recommend reading: 1) The Automatic Millionaire and 2) I Will Teach You To Be Rich. Both books have great lessons about paying off debt and building wealth in the long-term.
10. Start a blog
I created this blog and made over $80,000 in my senior year of college (that’s me in my first major feature by Forbes!).
Blogging isn’t easy and takes a lot of hard work. If you feel that you can help people with a blog and inspire others to live better lives, a blog is a great way to do that. I make money with ad revenue, affiliate marketing, sponsored posts, and selling my own digital products.