You’ve worked hard, and you have developed a plan for snowballing your debt and getting it paid off. You know the date of when you can have it tackled. What if you could speed the process up even faster with some extra income?
“But, I’ve lowered my expenses as much as I can!” you say.
So how can you make this happen? You need a side hustle to make some extra cash!
When looking at your finances, you can lower your expenses, raise your revenue, or you can do both. Doing both allows you to speed up your debt payoff. There are lots of ways to make extra hundreds or even thousands of dollars extra per month. You might need to think creatively. I like to say that you don’t just need to think outside the box; you need to destroy the box.
Be open to opportunities – they’re all around you.
Less than a month ago, I was on a walk with my wife. Less than two blocks from our home, I noticed two beautiful mirrors on a trash pile. My wife and I instantly knew that we could sell them for $50-60 each.
So, did I leave them?
Of course not!
We took a quick walk break and carried them home. My wife snapped photos and put them on the Facebook marketplace. They were sold and picked up the next day for $100. We had a total of 30 minutes in the deal.
That’s a pay rate of $200/hr!
From mirrors sitting on a trash pile right next to our home.
Opportunities are everywhere. But you have to be looking.
It probably won’t surprise you to know that one of my favorite ways to make extra cash is…
Five Side Hustles for Extra Income
Facebook Marketplace has become the top outlet for flipping locally. If you find smaller items, you can open up your potential customer base by selling them on eBay. If you have zero dollars, start by finding free stuff that you can fix or clean up and then sell it. A neighborhood page might list free items, Craigslist has a free section, or you can look for items left on the roadside.
Why does this work?
Maybe someone doesn’t have the time to sell something, and they need it out of their way. Maybe they’re moving. Either way, it happens all day, every day.
Go to a yard sale at the end and then offer to buy the rest for $50 – 100. Many people that hold yard sales need to unload their stuff. They’re probably moving and need to get it all out of their way. You can create a win/win. Get the stuff out of their way, and then you can sell it individually over time from your home.
Be a Tutor
Do you speak English?
Well, billions of people around the world would like to practice with you. You can easily make $15-20 hr with this flexible job. Sign up on a site like Preply or VIPKid. Tutoring is a low-stress job that you can add to your toolbox for some extra income to pay down debt.
Get Involved With Airbnb
There are several ways that you can make money with the Airbnb platform.
- You can rent an extra room in your home (we have done).
- You can set up an entire house that you own to rent out (we do).
- You can lease a property and then sublease on Airbnb (we also do).
But those aren’t the only ways.
Are you a photographer? Reach out to local hosts that have terrible photos and offer a photo package for them.
Do you like communicating with guests? Offer to handle guest communication on behalf of an owner for a fee.
Rent Your Car on Turo
Turo is the Airbnb for cars.
If you have a car that you don’t use full-time, put it to use as a rental on Turo. The app is easy to use, and I’ve been impressed by the company. If you have a luxury car that people would like to try, then you can charge a premium on the site. Turo offers insurance that you can select from so that you’re protected in the case of damage to your vehicle.
Build a Brand
There’s no secret that I love building blogs, YouTube videos, podcasts, and courses.
If you google Brooks Conkle, you’ll see what I mean. This strategy is more long-term, but I believe that every person has knowledge and information that they can share that others would be willing to pay for. You just have to figure out what that is and start creating it.
Just Take Action
Any of these five ideas can help you on your way to generating some extra income needed to accelerate your debt payments. You just have to take action on one.
I’ve got tons of these ideas on my website. If you decide to sign up for my tribe on my website, I share my personal 19 income streams and 100+ money-making ideas!
But if you’d like to hop over to another article, here’s one I wrote with more ideas on how to create an extra $1,000 a month.
Good luck with paying down your debt.
Keep up the great work!