Let your home pay for itself

Let your home pay for itself
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All over the world, there are millions of unused bedrooms in homes that could potentially be rented out. “This is often especially true for empty nesters and retirees,” says Wendi Burkhardt, CEO of Silvernest. “Rather than letting them gather dust, profit from them by renting them out to a long-term housemate. Estimates show that you can earn an average of $10,000 a year per room. Even better is that you can split bills with your housemate, helping you slash monthly expenses while you’re earning passive income on the side.”

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Do gig work in your spare time

Do gig work in your spare time
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“There are apps that let you pick the jobs that you want to do when you want to do them, without having to commit to something ongoing,” says Carisa Miklusak, CEO of tilr. “Another upshot of this type of work is that it typically pays daily or weekly, so you get money in your pocket even faster. It can also be a good way to test the waters in various jobs if you’re looking for a more permanent position down the road.”

Sell your expertise or advice

Sell your expertise or advice
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Become a coach, consultant, or anything along those lines. “You can find customers/clients/students for anything you’re good at,” says Jeff Rose, a certified financial planner and the founder of Good Financial Cents. “Know how to change your own oil? Shop using coupons? Edit video content? More and more people are learning remotely how to do things via video. If you need help getting started, there are various platforms that offer specific income opportunities, such as teaching English. Get your name and what you’re offering out there.”

Harness the energy of the sun

Harness the energy of the sun
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Invest in a solar energy system to take advantage of the rebates and incentive schemes available while reducing your utility bills.

Explore peer-to-peer marketplaces

Explore peer-to-peer marketplaces
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Airbnb is an obvious one, but the peer-to-peer universe is far-ranging—and constantly expanding. “Today, there are sites to rent out your car, boat, bikes, power tools and more,” says R.J. Weiss, a certified financial planner and the founder of the personal finance site The Ways to Wealth. “If there is an asset you have sitting idle, see if there is a peer-to-peer marketplace where you can list that item. It’s a great way to earn some extra cash, without taking up too much of your time.”

Refinance your student loans

Refinance your student loans
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See if you can refinance your student loan to get a better interest rate and pay less over the duration of your loan.

Keep your current vehicle a little longer

Keep your current vehicle a little longer
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“A little-known trick that can save lots of money is to get another year or two from your present car,” says financial advisor Mark Snyder. “If you’re thinking of buying a newer model or rolling over a lease, think about who is actually benefiting from this – you or the salesperson? Next, think of where that saved money can be better utilised, like paying down debt.”

If you really can’t put off that car purchase any further, save money when you buy with these secrets that car dealers will never tell you. 

Treat your savings like a monthly bill – and pay yourself first

Treat your savings like a monthly bill – and pay yourself first
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“Think about what you’re saving for and set up a separate account,” says O’Connell. “Each month, just like one of your bills, deposit a set amount into that account. If you have a direct-deposit option through your employer, all the better. Most will allow you to add multiple accounts, so set this up to deduct a set amount right to your special savings account and then sit back and watch it grow. No matter the amount, it will add up!”

Track your spending

Track your spending
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“There are all kinds of applications and programs out there that allow you to see where you’re spending your money,” says Cameron Burskey, managing director at Cornerstone Financial Services. “A lot of you might be surprised by how much that daily coffee is costing you. Little things add up. Be aware and look for cheaper alternatives.”

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Earn your certification in a specific field or discipline

Earn your certification in a specific field or discipline
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“You may not have time or the income, or even the desire, to go back to school to earn a college degree,” says Rose. “But you might want to earn a certification in something you’re passionate about or in a field in which you currently work. Doing so can open up pathways to more income in your current career or perhaps an entirely new career.” Learn how to earn more money based on your zodiac sign.

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