In this economy, who couldn’t use a few extra dollars in their pocket to offset the skyrocketing costs of everything from groceries to gas to home goods? But other than a sudden windfall or a winning lottery ticket, how are you supposed to make extra money quickly?
It turns out there are more ways than you might have considered — if you’re able to apply a little creativity, skill and diligence. Here are eight ways to make money “overnight.”
You don’t have to get a new job to make money overnight if you have some skills that you can market. According to Holly Hanna, owner of The Work at Home Woman, you can look for “short-task jobs.”
“These are independent contracting jobs where gig workers log in and work on tasks in their spare time,” she said. These can include transcribing audio files into written documents for services like TranscribeMe, acting as a virtual assistant and taking on administrative tasks through BYRON, or tutoring through Course Hero.
“With most of these positions, you’ll be able to earn a decent side income. For instance, top tutors earn $1,500 monthly with Course Hero, and on BYRON, VAs earn $13-$17 per hour.”
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Sell Items on Poshmark or Mercari
Many people have more clothes than they actually wear. According to Andy Kalmon, CEO of Benny, “If you want to make a little side money and have a closet full of clothes you never wear, consider listing your items on apps such as Poshmark or Mercari. Shoppers access these apps 24/7, so you have around-the-clock earning potential from these sources.”
Market a Skill on Fiverr
Most of the really profitable money-making business models require a ton of effort upfront and you won’t see the results overnight, says Juliet Dreamhunter, a creative entrepreneur from Juliety.com. For short-term money making solutions, she recommends selling your services on Fiverr.
“You can create a Fiverr account in a few minutes and list your first couple of gigs. Try offering something useful but unique so there aren’t five thousand people already doing the same thing. For example, I had some success creating Pinterest ad videos for brands. Another service I offered was making aesthetic vision boards for people who don’t have the time or design skills to do it themselves.”
She says the best way to make money there is to find a common problem people have that you can offer your services to solve. “On Fiverr, you don’t need 20 years of experience, but you need some skills to leverage. There is surely something you can do that you are taking for granted and not everyone can do it.”
Teach English Online
If you speak English fluently and are good at breaking down the mechanics of the language, consider teaching English online, according to Tia Campbell, Director of Marketing at Practice Reasoning Tests.
“Parents in numerous non-English speaking countries throughout the world, especially China, want native English speakers who can teach their children the language. Also, they are willing to pay for your services. VIPKID is one of the most well-known sites for this business, and they pay between $14 and $22 per hour. You determine your own schedule and work from home utilizing a laptop, phone, camera and internet connection. Also, you can teach additional subjects and market your tutoring services on internet job boards and Craigslist. Online tutoring will not earn you $1,000 in 24 hours, but it is a start.”
Focus Groups and Surveys
One viable solution is to take part in focus groups and other surveying efforts, says Donny Gamble, CEO of Retirement Investments, a financial literacy website. “Companies often pay well for surveys, as they provide invaluable insight into customer behavior. It’s important to research these opportunities beforehand though, as scammers will often offer work that requires upfront payments or offers too good to be true wages.”
Carl Jensen, a personal finance expert and the founder of Compare Banks, added that while paid survey sites occasionally get a bad reputation, this is typically due to consumers having unrealistic expectations. “Surveys will not make you wealthy, but they are a simple way to generate money in your leisure time. Surveys will not help you if you need assistance paying expenses that are about to become due. Surveys, on the other hand, are ideal if you want to gradually acquire up to $50 in cash or gift certificates each month without excessive labor.”
Invest in Dividend Stocks
A great way to make money “overnight” is to invest in dividend stocks, says Jake Hill, CEO of DebtHammer, a personal finance publication.
“These investments periodically pay investors dividends, which are a percentage of the company’s earnings. Dividend stocks are an excellent form of passive income for this reason. Still, it’s best to consult a financial advisor to help you identify the best-performing stocks to add to your portfolio,” he said.
Open a High-Yield Savings Account
A smart money move to help you earn passive income is opening a high-yield savings account, says Carter Seuthe, CEO of Credit Summit Debt Consolidation.
“Traditional savings accounts offer hilariously-low interest rates of 0.1% or even less in some cases,” he explains. This started changing a few years ago when small, online players started offering limited-services banks that specialized in offering good returns on savings accounts –and were able to offer rates of up to 5%.
“This pushed bigger competitors to up their rates closer to 0.5%, but they just couldn’t go higher since they offer a wider variety of services and have more overhead. Now, 5% is still not going to beat inflation in this market, but there is literally no risk here. You’re guaranteed to get your deposit back, plus the 5%.”
Invest in Financial Derivatives
Investing in financial derivatives, such as options or futures, presents potential opportunities for investors to generate significant returns overnight due to the high leverage provided by these instruments, says June Jia, owner of Canny Trading and a quantitative researcher at GF Securities. “Compared to ordinary stocks or ETFs, options or futures can multiply assets by tens or even hundreds of times overnight.”
Options and futures trading are legitimate and accessible to retail investors, who can easily open brokerage accounts to participate, she explains. “Moreover, there are many options and futures strategies available online to cater to diverse investment objectives and risk tolerances.”
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