With the economic effects of the COVID shut-down still lingering, inflation on the rampage, unemployment up, and a host of other problems facing working adults these days, millions of people are trying to generate extra income just to get by. Fortunately, there are several, completely legal ways to bring in extra funds and survive the current malaise. The good news is that most of the popular methods for adding money to the monthly budget don’t require taking on another full-time or part-time job, getting involved in shady schemes, or engaging in legally questionable tax gimmicks. The following strategies are all legit and reliable ways to generate extra cash.
Rent Out Your House, Or Just One Room
While legal, it’s essential to check with local housing, state, and city laws about how to go about renting a single room or your entire house to an unrelated person. For extra income, people who only own one home typically rent a room for about $100 per week. You won’t get rich by becoming a renter but an additional $400 or so each month can make a big difference in your ability to save for retirement or cover extra expenses.
Sell A Life Insurance Policy For Cash
Selling life insurance is a great way to generate extra cash. If you currently have a life insurance policy of any kind, you can offer it for sale to a third party. In essence, you sell the contract to a company that routinely purchases life insurance policies. In most cases, what you receive will be an amount greater than the cash surrender value but less than the death benefit. The best way to begin the short, simple process is to review a comprehensive online guide that reviews the best life settlement companies so you can maximize your return and get the highest possible payout. Plus, as the recipient of funds, it’s up to you to decide how to use the money. Some people bank it while others use the proceeds to pay for trips, new cars, pay off a mortgage, or cover emergency expenses.
Refinance Student Loans, Houses, And Vehicles
People often overlook the advantages of refinancing. When interest rates go down, or when you build up a significant amount of equity in a car or home, refinancing can greatly reduce monthly cash outflow. Additionally, by refinancing student loans after you’ve been working for a few years, it’s possible to get more favorable terms and lower rates if your credit scores have improved.
Become An E-Commerce Reseller
Pick a product that interests you or to which you can add value, like hand-made decorations or custom jewelry, and resell it via an e-commerce store. Expect to spend about six months getting everything in place and building up a customer base before you see profits. But reselling is a low-cost way to earn extra money without having to work more than a few hours per week.
Start A Resume Writing Business
If you’re willing to take a few training courses on resume writing, pass a certification test, and spend a few weeks finding customers, it’s possible to earn several hundred dollars per month writing resumes for no more than five hours per week.