Whether you’re working a part-time or a full-time job, everyone could do with a little bit of extra cash in their pockets at the end of the month. For many, however, finding ways to make extra money can be the most difficult part. If you want to boost your income, here are a few great ways to make an extra $1,000 per month.
1. Start Your Own Online Store
For individuals who are business-savvy and want to set up something that will bring in significant revenue, one popular method that is taking over the internet is to set up an online store. All you have to do to get started is to create your website, figure out what kind of merchandise you will be selling, and begin marketing your products to your target audience.
The best part? You can easily purchase a variety of great inventory from companies like Direct Liquidation that sells pallets of inventory from major retailers that you can, in turn, resell to your customers. Just find some warehouse locations near you where you can store your surplus inventory, register your business, and you are ready to go!
2. Begin Trading Assets
There are those who invest with the intent to earn passive income over time and those who invest with the intent to make money quickly. If you belong to the latter group, one potential way to earn extra income is to trade assets regularly. One of the more popular (and potentially profitable) ways to do this is by trading cryptocurrency.
Unlike traditional assets, popular cryptocurrencies like Bitcoin and Bitcoin Cash experienced extreme volatility. While this can be a major risk, it can also produce a major reward for those who are knowledgeable about digital currency.
The process is rather simple:
- Find a popular exchange that allows you to buy and trade cryptocurrencies (and has a track record of being the best exchange and trading platform on the market).
- Sign up for the exchange and provide your contact information, payment methods, and identification needed for the verification process (so that you can conduct financial transactions, make withdrawals, and access all of the features for buyers and sellers).
- Conduct a bank transfer of fiat currency (like the Canadian dollar or another legal tender) over to your account so that you can trade your fiat currency for digital currency.
- Take a fraction of your first order of digital currency and put that in an exchange wallet (whether you have to send it out to a specific trading platform or you can keep it on your current cryptocurrency exchange). It can also be a good idea to put some cryptocurrency away in a cold wallet
- Start trading! The best exchanges often give access to a wide variety of currency options, digital and fiat. Just keep in mind that bank transfers can take a couple of business days
To get started, sign up for a cryptocurrency exchange (you can Google “best crypto exchange Canada” to find the best for your needs), provide your basic information as well as your debit card or credit card, store whatever crypto you don’t need in cold storage, and take your time learning the best practices of trading in the market. Once you feel ready, you can trade cryptocurrency on your laptop regularly.
3. Offer Your Services As a Freelancer
Business skills that you’ve picked up in your career or on your own aren’t just valuable in the office. There are plenty of business owners looking for freelancers who can help them with projects temporarily.
Some popular freelance skills include graphic design, content development, SEO, marketing, and other aspects of a business that business owners may not be willing to execute themselves. If you have a laptop, customer service skills, and track experience that you can leverage to your advantage, you can easily make more than $1,000 a month this way!
If you need extra money, you don’t have to pick up extra shifts or extra jobs to bring more revenue in. Instead, use some of the popular ideas listed above to start making an additional $1,000 per month!