3 Ways To Get Rich by Working Only 20 Hours a Month
Written by
Jennifer Taylor
Edited by
Zuri Anderson
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Working long hours isn’t the only way to build wealth. If you’re tired of putting in 40-hour weeks at a job you might not even like, it could be time to make a change.
It’s not too good to be true — there are business ventures that can allow you to earn serious money while working just 20 hours per week.
“In order to get rich by working only 20 hours a week, you will need to be investing something other than time,” said Charles Kyle Harper, certified financial planner (CFP), chartered financial consultant (ChFC), retirement income certified professional (RICP), and financial advisor at Harper Financial Planning.
This money won’t necessarily come easy, but your hard work will pay off when you’re living comfortably, while doing the minimum. Here’s three ways to get rich while working just 20 hours per month.
Purchasing Vending Machines, Ice Dispensers or Compressed Air
“If you’re not working 40 hours in the week, something else has to be working for you,” Harper said. “This could involve a passive activity like purchasing and installing vending machines or ice dispensers or compressed air for tire inflation.”
For example, snack vending machines cost an average of $2,000 to $3,000, beverage or soda machines cost approximately $3,000 to $5,000 and combo vending machines cost around $5,000 to $7,500, according to Vending Group. Alternatively, you could opt to lease a machine starting at around $100 per month.
“With a small amount of money, you can purchase units that work for you around the clock and require a limited amount of time,” he said. “It would be most advantageous to choose a market that is not already saturated in your area.”
If you’re able to identify a gap, offer the right product and provide minimal maintenance, he said this can be a lucrative field.
“In fact, I know of a former NFL player — who was in the league for over 10 years — who does this as a side job in retirement to stay busy and generate side cash,” he said. “Picture your favorite player collecting coins from a vending machine.”
Develop a Specialized Skill
“As a college student, I tutored SAT math,” Harper said. Math was something he was naturally good at, so he found a way to monetize it.
“I broke the ‘broke college kid’ mold by making $60 [per] hour tutoring,” he said. “Sometimes it even came with dinner.”
He suggested focusing on skill you’re good at and leveraging it to get rich.
“I have a friend who was a welder and enjoyed scuba diving,” he said. “He can make well over $100 [per] hour and just pick up contracts as needed.”
He said he knows someone else who turned his hobby of making 3D-printed figurines into a lucrative job making pieces for a popular board game — while working just 20 hours per week.
Create Online Courses
“Create a program where it makes money in the background,” Noah Damsky, certified financial advisor (CFA) and principal at Marina Wealth Advisors in Los Angeles. “This enables you to focus on distribution and sales rather than serving customers one-on-one.”
Generally speaking, it takes an average of 10 to 20 hours of work to create one hour of content, according to Six Figure Instructor. Therefore, your course would need to be no more than two hours in length.
Focus on a topic you already have expert-level knowledge in. Subjects on Udemy range from development and business to design and photography, so there’s something for everyone.
Creators that earn six figures have at least five revenue streams, according to Kajabi. Therefore, you’ll want to create new courses on a monthly basis to boost your earnings.
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