It would be great if you could earn money without having to work! While it's nearly impossible to get rich without working, there are still ways to earn money with little, or no, effort. If you have some money to invest or are ready to put in the effort to make the next one, you will have a greater and consistent chance of earning money without having to do traditional work.
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Method 1 of 4: Making Money Outside the Traditional Way
Step 1. Rent a room in your house. If you have an empty room at home, you can prepare and rent it out. If you decide to rent it out, make sure you manage it according to the regulations in force in your area regarding market prices, facilities, and the like. That way, you can collect a sizeable income each month without doing any work other than setting up space for tenants.
- The more privacy your rental space offers, the more potential tenants will take an interest in it. If you have a basement with a kitchen and bathroom, you can charge more than just a bedroom.
- Rent your room only to people who are responsible and can be trusted. There's nothing wrong with checking potential tenants by looking at their background and credit history, as well as asking for a reference letter from the previous owner and a copy of the last payment.
- Services like Airbnb can help connect you with travelers and people looking to rent in no time. This way you can charge a much higher rate per night than renting it out directly per month.
Step 2. Make money on the internet
There are so many ways to make money on the internet today. However, most require effort as well. If you put all your heart into developing your self-image, you may earn a lot of money.
- Start a networking site or blog. If your site is successful in gaining popularity and being visited by a large number of people, you can earn a lot of money by selling ad space. If you don't like writing, you can create video content.
- If you understand certain topics, you can sell informative content, such as digital books, webinars, or instructional videos. Whether you're good at teaching math, juggling, or a foreign language, you have the opportunity to earn money by sharing your knowledge!
- If you're willing to do a more traditional job, you can make money online by becoming a freelance writer or virtual assistant. Try searching the internet for job openings that are aimed at freelancers and/or remote work.
Step 3. Earn royalties
If you're willing to go the extra mile and then get paid long term, you may want to consider writing a book, composing a song, or innovating a new product. Indeed, the opportunity to succeed immediately is not much. However, once your creation is famous, you will continue to make money without having to work again.
Alternatively, you bought the copyright at an auction. However, for that, you must first research the feasibility of the product for investment
Step 4. Find a short term job
If you don't like a sedentary job but are willing to spend a few hours per day working on the internet or visiting different places around town, you might be able to earn some money from it. Before signing up for any job, make sure you fully understand how it's paid.
- Participate in focus group discussions (or FGDs). Some FGDs require your in-person attendance although some allow online attendance. You will get paid to listen to the presentation and give your opinion.
- Taking online surveys is an easy and fast way to earn money. Many companies offer paid surveys, such as SurveySavvy and SurveySpot.
- If you like surfing the web, you may be interested in getting paid for trying new websites and sharing your thoughts on them. Sites like UserTesting.com provide many opportunities for that.
- Mysterious shopping is also worth a try if you like shopping and eating at restaurants. You just need to act like a regular shopper, then pass on some details about your current shopping experience to the company that owns the store or restaurant. Depending on company policy, you may be paid and/or receive a free product or service in return. You can look for such opportunities through the company itself or register with an institution such as the Mystery Shopping Providers Association.
Step 5. Sell your item
If you have an item that you no longer use, you can sell it on sites like eBay, Amazon, or Craigslist. If you like making crafts, you might want to consider selling your craft on Etsy or a similar platform.
- If you are willing to keep stock of goods, maybe you can benefit from buying and selling goods. The secret is to find cheap items at flea markets, thrift shops, and second-hand stores, and then sell them at higher prices online. This advice is especially appropriate for items like books that are relatively easy to store and ship.
- If you don't like selling on the internet, open a secondhand shop or try selling at flea markets and craft fairs in your area.
Step 6. Beg
When all methods have been tried and still fail, you still have a choice, namely begging for money. If you're ready to do this, do it on busy streets or public places that are safe and frequented by pedestrians and vehicles. Maybe you can make a decent living begging although of course it will take more time to raise money if you are begging in unfavorable weather.
- If you want to beg, your image is at stake. You have to look like you really need the money so people will get blown away. However, don't make yourself appear dangerous or threatening to others.
- Perhaps your endeavor will be more successful if you can also entertain passersby by playing a musical instrument, singing, juggling, or putting on some other performance. However, you should check the tax provisions in your area. In some countries, such as the US, making money this way is taxable, while money from begging is exempt from taxes.
Method 2 of 4: Earning Income on the Money You Already Have
Step 1. Lend your money
If you have some cash, you can lend it and charge interest. There are many companies, one of the biggest is Prosper and Lending Club, which brings together prospective borrowers and lenders. Even though the industry is starting to engage institutional investors, you still have a chance here.
If you want to lend money, be sure to comply with all applicable regulations in your area
Step 2. Take advantage of flowers
Instead of just letting your money sit in a savings account (or even under the pillow), put it in a profitable account, such as a money market fund account, time deposit account, or retirement fund account. These kinds of accounts pay higher interest rates than regular accounts. Contact the nearest bank to help you deposit money in these accounts.
Please note that these accounts may require a minimum deposit to start making profits. Not only that, these accounts may require long term investments and during that time you cannot withdraw them without paying a penalty
Step 3. Invest your money in the stock market
One way to earn money without working is to play in the stock market. Stock trading is definitely full of risks. However, if you are smart, careful and a little lucky, you can make a lot of money from it. Whatever your investment choice, never invest in the capital market if you can't afford to lose.
- Low-cost digital trading platforms are ideal for investors who don't want to pay others to manage their investments.
- There are many investment strategies. Find out which one is the most appropriate for you. Whatever the strategy, you need to have a diversified portfolio and stay abreast of changes in the market.
Step 4. Invest your money in the business
Investing in a successful business is a great way to get rich, although finding such a company can be very challenging. If you are lucky enough to find a business entity that you believe can really make a profit, make sure you research it before deciding to invest there.
- Trusting the leadership in the company is also very important. It's useless to have a good business concept if the company is led by a lousy CEO. Business in the end will still fall apart.
- You should thoroughly understand the costs and potential profits within the company, as well as the image and brand, before starting to invest.
- Make sure there is a clear contract outlining your rights. You should also understand your options if you want to leave the deal.
- Don't invest all your money in one business. If the business fails, you will lose massively.
Step 5. Perform a housing flip
Flipping a house is the process of buying a property that is cheap and in poor condition, adding value to the building (either by renovating or just waiting for the market price to rise), then reselling it for a profit. With smart choices and practical knowledge of home improvement, you can earn tens of millions, and even more, although of course unexpected costs and a bad housing market can cost you money.
- Make sure you fully understand the local market before investing in real estate or you lose money trying to sell the property.
- If you don't have enough money to hire a contractor, you should know that this job requires a lot of effort. Even if you hire other people, you still have to supervise their work.
- If you don't have the money to invest in real estate, there are many things you can flip, including furniture and cars. Anything you buy cheap, fix yourself, and make a profit on resale, you can definitely flip.
Method 3 of 4: Borrowing Money
Step 1. Take advantage of payday loans
If you're already working but still need some extra money before payday arrives, you might be able to take advantage of a payday loan. Payday loans are short-term loans that offer a certain amount of cash, usually not much. Payday loans can be obtained online or at the office of this service provider.
Be careful when dealing with this type of loan because usually the interest charged is very high. If you must borrow it, do so only in an emergency
Step 2. Use your credit card cash advance
Some credit card companies will send you a check via email that can be used to withdraw cash or provide the option of withdrawing cash from an ATM using a credit card. Like payday loans, cash advances are usually subject to high interest, so this option is quite expensive.
Make sure to read the rules carefully until you really understand how much you need to pay to pay off or in installments
Step 3. Borrow from the bank
Banks and credit unions offer a variety of loan products. Some loans, such as mortgage loans, require you to use personal assets as collateral if you are unable to repay the loan. Even if you don't own a home or other assets, you may still qualify for a personal loan, depending on your financial situation.
Be sure to compare interest rates at several institutions before deciding to apply for a loan. Credit unions often offer lower interest rates than banks
Step 4. Borrow from friends or family
Borrowing money from those closest to you can be tricky because your relationship will be at risk if you can't pay it off. If you do decide to borrow from friends or family, be sure to be honest about how long it will take you to pay it back.
Method 4 of 4: Earn Money without Effort
Step 1. Get inheritance money
If you have a rich and elderly relative, you may get some money when the will is read. Of course, if your relative thinks you're good, he or she may write your name in their will. Nonetheless, let's hope you do it selflessly. After all, being respectful and loving to an elderly person “just” for the sake of obtaining his wealth is clearly a very heinous and evil act.
Step 2. Win the lottery
In America lottery or sweepstakes coupons can usually be purchased for only a few dollars and are available in many stores. Thus, if you live in America, this method is among the cheapest and does not require a lot of hard work to make money. However, you still risk losing money by continuing to buy the lottery while not winning the main prize.
- Always understand the possibility of losing money when you buy lottery coupons. It is indeed impossible to win the lottery without buying a coupon and installing it. However, you should not make it the only source of life support. Obviously, your odds of winning the Powerball Jackpot in the United States are 1 in 200 million.
- Many people use this method by setting aside a certain amount of money every week or month. For example, instead of buying coffee every day for a week, buy it for six days or make your own coffee at home. That way, the money you set aside can be used to buy lottery coupons and even if you don't win, your life will continue as normal.
Step 3. Enter the contest and be a winner
Similar to the lottery, contests or sweepstakes can change your life overnight. The chance of winning it is not very high, but it is very likely to happen. The more you enter contests, the more likely you are to win money and other valuable prizes.
- The advantage of entering contests instead of lotteries is that registration does not require a fee. Try looking for contests and betting events on the internet and social media that you can participate in. You can also learn about these contests by paying attention to the advertisements that appear on sponsored products while you are shopping. Many also do not require a purchase as proof of registration.
- If you're serious about entering as many sweepstakes or contests as possible, try signing up for a newsletter or newsletter from an internet site like SweepingAmerica.com or SweepSheet.com. That way, you will always be exposed to information about the latest contests so you don't have to waste hours searching for them.
- There are many fake sweepstakes so always be careful. You shouldn't pay anything or provide a credit card number to win an official contest. You should be very aware of the personal information you provide when registering for a contest or sweepstakes event.
Tips
- Unless you're really lucky, you may still have to work to make money. Try to find activities that you enjoy so you don't mind breaking a sweat to do them.
- Find a mentor who is financially established and learn from him.
Warning
- All types of investments can bring losses. Therefore, don't invest more than you can afford to lose.
- Avoid gambling if you tend to get addicted to something.
- Beware of schemes to get rich easily. If the scheme seems perfectly perfect, you may need to watch out for it!
