Sensible money spinners are those activities that help us improve our lifestyle without an enormous amount of effort.
We all have to find ways to make a little extra money in our lives, as often our ‘day jobs’ don’t provide as much as we may need.
You could be working every hour under the sun but still bring home a measly pay packet. Perhaps you have dependents relying on you to earn a decent wage.
Perhaps you’ve just bought a new home so it’s important to realize there are other ways of earning money on top of your current job.
Let’s have a look at some sensible money spinners to earn a bit on the side.
Sensible Money Spinners: The Freelance Lifestyle
If there are skills you have fine-tuned over a period of time, either in your current job or as a hobby, use them in a freelance capacity to earn some extra money.
For example, if you’re good at crafting blog posts there are plenty of freelance websites that pay decent money for engaging copy.
In fact, if you look at any freelance websites there always seems to be a job suitable for someone with a niche skill. Whether this is transcribing Japanese or sewing skills, there appears to be something for everyone!
Sensible Money Spinners: Property Investment
A very common approach to making some extra money is the buy-to-let culture that’s very popular right now.
If you are already on the property ladder, it certainly makes life easier for you to buy another home which you can renovate and rent out.
But be careful with the type of property you invest in as if you go for a cheap option because that’s all you can afford, it can result in cheaper rates, and therefore it might be prone to more problems.
It’s always advisable to keep your ear to the ground and to see what investment property leads there are available where you live, and if there are any schemes available to get you onto the property ladder if you aren’t already.
Investment in a property will always be a popular choice for earning money on the side because people always need somewhere to live!
So if you can find a house that has a lot of potential which you can get for a decent price, then you are flying!
Sensible Money Spinners: Using Your Knowledge
Another benefit of being skilled at a niche subject means that you would be in demand to teach. Whether in the form of an eBook or teaching classes online it’s a very lucrative way to earn money on the side.
In fact, using the Internet to communicate your knowledge about a niche subject could be a bigger money spinner than your typical 9 to 5.
If you sold an eBook for $2.99, online retailers like Amazon pay writers 70% of royalties between $2.99 and $9.99 which means you could earn up to $60 for every 10 books sold which is just shy of a typical day’s wage.
You could also create an information product, tutoring students, or even starting an online tutoring business, all of which you can do on the side.
We all need to find ways to make an extra bit of money now and again so use your knowledge, invest in a property, or start freelancing!