How to make extra cash without a new job
January 27, 2010 · Tagged with Career and Work
Jennifer Winslow wanted to earn some extra cash without giving up the flexibility of working part time.
An avid cook, she and a friend initially planned to cater meals for busy families. When that turned out to be too time consuming, she tried baking. More than five years later, she has a thriving bakery business in Winslow, Maine (her husband’s family has been in town a long time).
Now on her own, she supplies four restaurants with cakes and other sweets and makes desserts for individuals and weddings.
A growing number of Americans would like to follow Mrs. Winslow’s example. Job loss, tighter credit and a renewed appreciation for savings is persuading more people to cut expenses.
But you can cut only so far. Two full years of recession have not left many unexamined family expenses. Meanwhile, prices — from gasoline to utilities to food — haven’t fallen. And incomes, if you still have one, aren’t exactly shooting through the roof. It’s time to make some money.
Fortunately, there also are many ways to earn extra cash even when full-time jobs and extra shifts aren’t an option. They include taking in boarders, starting a small business and getting paid for your opinion. Some of this work provides only a free meal and $10 fee but others, such as tutoring or selling Grandma’s diamond broach, could be quite lucrative.
The key, according to Gail Cunningham, a spokeswoman for the National Foundation for Credit Counseling, is to “find your skill or what you think would be fun to do.” She says, for example, someone with computer skills may want to teach a class, install computers or create Web sites.
“Think about what are people willing to pay for,” says Ms. Cunningham. “Who do you know and how can you leverage existing relationships.” For example, does your dentist need someone to clean the office or does your accountant need someone to cater the Christmas party?
1. Sell It: One of the fastest and easiest ways to get extra cash is to sell unwanted and unused stuff. And it’s never been easier to make hundreds or even thousands of dollars. You could post a few signs in the neighborhood and sell everything at a Saturday garage sale or you could try the online route with services such as eBay or Craigslist.
Linda Lightman first tried eBay more than 10 years ago because she wanted to help her sons get more for their old videogames. It was so easy that the former lawyer started selling her old suits. Then, friends asked her to sell theirs.
Today, shoplindasstuff.com has 50 employees and expects to reach $7 million in sales this year on eBay. “The economy has been the perfect storm for my business,” Ms. Lightman says. “More people need cash, and more people are looking for bargains.”
Auction houses also are a popular place to sell potentially valuable items. Alexander Eblen, head of the jewelry and fine timepieces department at Leslie Hindman Auctioneers in Chicago, says people often don’t realize the value of an old watch or grandmother’s Art Deco jewelry. For example, a Tiffany broach recently sold for about $68,000.
Don’t overlook some of the more mundane items, such as books and sports equipment. Many bookstores provide cash or store credits for “gently” used books. Similarly, stores like Play It Again Sports provide cash and store credits for gently used sports equipment. Check with local stores but they often need golf clubs, ice skates, lacrosse equipment and other gear.