Business & Finance

Need Money - 7 Simples Steps to Make Additional Income Fast

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Carletta O. Beckwith, CPA
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Money, Money, Money, we all need it.  Some make an abundance of money and others can’t seem to make ends meet.  Chances are if your 9 to 5 pays you well and you live a comfortable lifestyle you are not looking for more money.  But for those of you who find yourself on the other end of the spectrum in need of more income to make the wheel turn- this is for you.

Oftentimes when I meet with clients, I hear the same concern- I don’t have enough money to do all the things I want and need to do.  Whether you are trying to purchase a new home, save for retirement, reduce debt, or just supercharge your income, there are countless ways to make money.  The opportunities available to you will depend on your time schedule and the skill set you possess.

There are many ways you can make money from doing errands, to selling online, driving, and doing tasks at home.  Here are 7 ways you can make money that ranges from earning a few coins to thousands of dollars.

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1. Task Rabbit is a website where individuals compensate other individuals for performing small tasks for them.  For instance, someone in your area may be looking for someone to do yard work, help them move, or pick up dry cleaning or shopping.

2. Sell Something on Amazon, eBay, or Craigslist– Since we all have stuff we can sell this method is one of my favorites.  When I downsized, I sold all the furniture, paintings, dishes, and anything that wasn’t attached to the house on Craigslist.  I was shocked to see how fast I could rake in a few thousand dollars.  Few pointers to keep in mind, your listing appears at the top of the search page only when you initially list the item.  So, you will need to go in periodically to renew the listing for them to appear at the top of the search page. Taking clear photos of all angles of the item you are selling will help you attract more buyers.    How much you sell online will depend on the time and effort you put into it.

3. Drive for a Rideshare Company such as Uber or Lyft– If your schedule permits, this is another way to supplement your income.  According to Nerd Wallet’s analysis of data from Sherpashare- service that allows drivers to track income and expenses-if an Uber driver picks up on average 60 fares a week they can make a whopping $50,000 a year – this accounts for 20 hours of work per week.  While a full-time Uber driver can make $100,000 a year according to the Nerd Wallet Research.

4. Virtual Assistant- This method is extremely popular as you can perform the work outside of the normal course of business hours.  Virtual assistants usually have strong communication and organizational skills, so if you fit the profile, go for it. Typically, you will perform a variety of tasks such as scheduling, researching, typing, presentations, but all from the comfort of your own home.  Check out Craigslist, Elance/oDesk, VA Networking.com, PeoplePerHour, and Zirtual for Virtual Assistant opportunities.  Another way of seeking out these opportunities would be to attend real estate investor meetup groups.  Many real estate investors are often times in need of virtual assistants. 

5. Business – Everyone has a unique talent or skill that they can be compensated for.  Starting a side gig can supercharge your cash flow.  Perhaps you are a seamstress, baker, or event planner- with a little effort and word of mouth, you could turn your gift into an income stream.

6. Tutor– There are both local and online opportunities you could consider.  Care.com is a platform that you can register on to provide tutoring services in all disciplines within the local area.  Some online tutoring sites that may be of interest include StudyPool, Tutor.com, and CheggTutors. 

7. Host a Foreign Exchange Student- If you have space in your home and the time, you may want to consider welcoming a foreign exchange student to your family.  It is a great way for you to connect with another culture, help a foreign student, and make extra cash.  Not all agencies provide compensation for this so you will need to do your research, but the payoff can be as high as $1,400 a month for 10 months!

Do not overlook the obvious and that is asking for a raise or getting another job that pays you more!  There are volumes of books that have been written on creating additional income.  If you google you will find so many other ideas on how to boost your income.  One thing that I learned at an early age is that success leaves clues.  If you want to do something, the easiest way is to follow someone who has accomplished what you want to do!  

I want to hear from you.  If you use any of the methods above or have found the advice column useful, please email me or like me on Facebook (Tax Offices of Carletta Beckwith).

Carletta Beckwith CPA LLC is a firm that provides premiere income tax preparation, tax planning, and financial planning services. Carletta Beckwith is a licensed CPA and CFP® and shares her extensive industry knowledge to deliver superior customer service and personalized attention to her clients.  To learn more about the services she provides visit www.beckwithcpa.com or contact her at info@beckwithcpa.com.

IRS Circular 230 disclosure: Any tax advice included in this written or electronic communication was not intended or written to be used, and it cannot be used by the taxpayer, for the purpose of avoiding any penalties that may be imposed on the taxpayer by any governmental taxing authority or agency. 

Disclaimer: Nothing in this document should be relied on and you should seek professional advice if you are in need of tax information or advice.  This publication should not be a substitution for personal tax advice as every tax situation is different.  You should obtain personal tax advice from a Certified Public Accountant or other tax professional to address your specific tax needs.

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