If you have a little money saved up, you might not know how best to utilize it. While the best choice will depend on your financial goals and how much you have saved, here are some unique ideas to help you grow your wealth.
1. Buy Land
It’s true that you need to spend money to make money with this route, but it can definitely pay off. Land doesn’t depreciate over time. So, hold onto it for a few years (or longer). Once you’re satisfied with the price increase, sell it and enjoy the wealth.
2. Become a Motivational Speaker
This may seem silly, but it’s a great way to make some serious cash. Salary.com claims that pay for motivational speakers starts at around $64k per year. You don’t even need a degree or any training to get started!
3. Create a Service Company
There are many things people have to do but don’t want to do — and they’ll pay someone a reasonable price to do it for them. Think cleaning, walking their dog, doing their laundry. The possibilities are endless!
4. Share Your Expertise
It can be hard to break into the realm of social media. However, it can be easier if you know something others don’t but would be excited to learn about. You can profit from your knowledge, whether it’s how to fix, create, bake, or something similar.
5. Invest in the Stock Market
One commenter mentioned, “Online investing can be a great way to make money online, especially if you understand the stock market and investment strategies well. Online investing involves using online platforms to buy and sell stocks, bonds, and other securities.”
6. Rent Out Your Space
With platforms like Airbnb and VRBO becoming so popular, renting your space for a large sum is easier than ever. You can rent your spare bedroom, your vacation home, etc. You can even rent your backyard if you have a big, nice one to share for events!
7. Rent Out Your Fashion
Did you know that you can rent your clothes? If you consider yourself a fashionista and have a wardrobe full of high-end clothes you’re willing to rent, check out sites like Rent the Runway or Style Lend.
8. Sell Photos
Another user commented, “If you have a knack for photography, you can upload your images to stock photo websites and earn royalties whenever someone purchases or licenses your photos.”
9. Rent Your Parking Space
Houses, rooms, backyards, and clothes aren’t the only things you can rent; you can rent your parking spot, too. This is a good choice for those living in downtown areas, where it can be challenging for consumers to find a parking spot.
10. Become a Translator and Interpreter
Finally, one commenter asked, “Do you speak another language? Anywhere you find expat communities—and where English is not the first language—you’ll find a need for interpreting and translation services. You can also do translation and interpretation online.”
Plenty of Ways to Make Money
There are many great ways to make money, and most do not require much money upfront — some are even free! So what are you waiting for? Start earning more money today!