2673: 7 Ways To Make Money Instead Of Working A Full-Time Job by Courtney Luke of Arrest Your Debt

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[00:01:10] This is Optimal Finance Daily, Episode 2673. Seven ways to make money instead of working

[00:01:17] a full-time job by Courtney Luke of ArrestYourDead.com. And I'm your host and personal finance

[00:01:23] enthusiast, Diania Merriam. Welcome back to Optimal Finance Daily where I'm here with

[00:01:28] you each and every day reading from some of the world's best personal finance blogs. And

[00:01:33] with that, let's get right to today's article and start optimizing your life.

[00:01:42] Seven ways to make money instead of working a full-time job by Courtney Luke of ArrestYourDead.com.

[00:01:49] These days everyone's hustling and overworking themselves to make ends meet. Unfortunately,

[00:01:55] their money comes at the cost of their mental health and social lives. Work doesn't leave

[00:01:59] time for hobbies and loved ones. To many, the perks of working around the clock such as job

[00:02:05] security and constant income are no longer enough. According to Forrest McCall of Don't Work

[00:02:12] Another Day, you can quit your job and pursue a flexible career through multiple income streams.

[00:02:17] This work will leave your schedule relatively free, improving your mental health and providing

[00:02:22] time for yourself and your family. Here are a few ways to earn money without a full-time job.

[00:02:29] Number one, investment. Investment is an income strategy that does not require a nine to five

[00:02:34] workday to generate money. Instead, you purchase an asset and sell it at a higher price after some

[00:02:40] time. These assets can be anything. However, shares, bonds, precious metals, virtual currency,

[00:02:47] and property are the most common investment tools. Start investing, you'll require an initial

[00:02:52] sum making it an unsuitable option for many as they don't have the capital. It also comes with risk

[00:02:59] as assets can drop in value instead of rising. You should heavily research the market to avoid such

[00:03:05] undesirable situations. Find which commodity is performing well and determine the best time to buy

[00:03:12] and sell. Ensure your investments are small initially. The more money you invest, the more you may lose.

[00:03:19] For better returns, you should diversify your investments.

[00:03:23] Number two, start a business. Starting a business can be daunting, especially since 45 percent

[00:03:30] failed during the first five years. However, marketing and customer service makes any business plan

[00:03:36] or reality. Start your business small and focus on establishing an online presence and creating

[00:03:41] a brand name. Boost traffic to your website through social media and sell only a limited number

[00:03:47] of products at first. Smaller businesses have a greater chance of succeeding as they require less

[00:03:52] investment and have no closing costs. To ensure your business's success, choose products customers

[00:03:59] are likely to buy such as food, paintings, cosmetics, and accessories. Having a business allows you

[00:04:05] to create your schedule and manage things accordingly. When your business grows and becomes difficult

[00:04:10] to handle, you can always hire assistance to share the workload. This way, you can continue making

[00:04:15] money and have free time. Number three, freelancing. Freelancers work on a contract basis. They have

[00:04:23] the freedom to dictate their terms to the employer and choose whether to take a job or not. Freelancing

[00:04:29] is done in almost every field, from graphic design to modeling. Freelancing skills can easily be acquired

[00:04:36] through short courses and do not require an advanced degree. To attract clients, you must create

[00:04:41] an appealing profile with a well-equipped portfolio on a freelancing website. Employers usually only

[00:04:47] hire freelancers with good ratings so they'll take a few months for you to establish yourself as a

[00:04:52] freelancer and solely rely on it for your income. It's vital to note that working from home can

[00:04:58] get tricky. It often blurs the lines between work and life and finishing your work can be hard

[00:05:03] when your loved ones are nearby. To ensure you stay on track, create a proper work schedule and

[00:05:08] utilize mobile apps that help avoid distractions. Number four, start a blog. Blogging is a great way to

[00:05:16] express yourself regarding topics you're passionate about. You can start a blog on any topic,

[00:05:21] eventually becoming an informative and interactive website. Aside from creating content,

[00:05:27] you'll also have to design a website and graphics for your blog. Building a website can be

[00:05:31] intimidating, especially if you're unfamiliar with programming. Multiple online platforms with a

[00:05:37] simple interface allow you to create unique websites. If your website is appealing and strategic,

[00:05:43] it can generate a lot of traffic through search engines. Once people visit your blog,

[00:05:48] you can begin making money by placing Google ads on your website. While you control the size and format,

[00:05:54] Google chooses the ad. The ads are related to your blog's niche and you earn money whenever someone

[00:06:00] clicks on them. You can also use your blog for sponsored product reviews in which a company will

[00:06:05] directly pay you for your service. Earning from a blog is unsuitable as a steady income option.

[00:06:12] It can vary too much as user preferences continue to evolve. As a result, your blog can quickly

[00:06:18] become outdated. Instead of relying on your blog as your primary income source, consider it an

[00:06:23] extra earning option. Number 5 Teaching In physical teaching, substituting is a great way to earn

[00:06:31] a steady income without working 9-5 hours. Substitute teachers are also provided with summer vacation

[00:06:38] and perks such as free health and life insurance if their government employees. Working as a substitute

[00:06:44] teacher in a school allows you to enjoy a flexible schedule with these added perks. For that,

[00:06:49] you'll also require a bachelor's degree and a state certification for teaching. Consider

[00:06:54] teaching a vocational course if you prefer something even more flexible in accommodating. These

[00:06:59] courses can teach anything from a skill to a language. They're usually a few months long,

[00:07:05] most students are adults and require less management. You can also teach courses online and have

[00:07:10] students from all over the world. Charging students for additional learning aids is another way

[00:07:15] for teachers to earn more money. Over the years, you can build a reputation for your course,

[00:07:20] which allows you to raise prices. Teaching a class gives you guaranteed income and a flexible

[00:07:26] schedule to devote to other parts of your life. Number 6 Rent Out A Room Your apartment or house

[00:07:34] might have a spare room. Instead of letting it gather dust, clean the room and rent it out to

[00:07:39] someone. As property prices skyrocket, most people starting with their jobs cannot afford to rent

[00:07:44] an apartment. This makes single rooms highly in demand. Carefully choose your tenant,

[00:07:50] ensure they have a steady income and good credit scores so that they can pay their rent. Check

[00:07:55] that their temperament matches yours, making arguments less likely. Renting out a room is ideal

[00:08:01] if you live alone, but if you have a family with children, your tenant will make noise complaints

[00:08:05] and it can get hard to find a favorable deal. Number 7 House Sitting Many people frequently travel

[00:08:13] because of constant work trips and vacations. As a result, they leave a lot of valuables behind in

[00:08:18] their homes, including pets. They need someone to care for their house and pets when they're gone,

[00:08:24] so they hire a house sitter. To work as a house sitter, you must create a profile on a related website

[00:08:29] and ensure you have favorable reviews from past clients to testify to your services.

[00:08:34] A house sitter sets their rates depending on the house's size, the number of pets,

[00:08:38] and the requirement list of the employers. Before taking on any job,

[00:08:43] sign the contract with an employer of what both sides expect. The agreement lets you avoid

[00:08:48] any miscommunication and unresolved expectations later on. Then as your house sitting profile grows,

[00:08:54] you can make it a steady income over time. And no. If you're looking to escape the over-burdening

[00:09:01] work culture of a 9-5 job and pursue a more flexible career path, the jobs mentioned today can help.

[00:09:08] Remember that in the beginning, these ways will not produce a sizable salary you can live off,

[00:09:13] so you may have to consider two to three modes of earning to make ends meet.

[00:09:17] However, as you gain experience and your presence in the field grows,

[00:09:21] you'll be able to have higher salaries while having a relaxed schedule.

[00:09:25] You can also maintain a healthy work-life balance and will not have to over-burden yourself

[00:09:30] for the full-time job.

[00:09:35] You just listen to the post titled, Seven Ways To Make Money Instead of Working a Full-Time Job

[00:09:41] by Courtney Luke of ArrestYourDead.com and I'll be right back with my commentary.

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[00:11:00] There are so many benefits to not having a full-time job, but I'm glad I waited

[00:11:06] to explore self-employment. I first got myself to a strong financial position through traditional

[00:11:11] W2 employment, and then I decided I was in a good position to take a risk.

[00:11:17] I've heard people say that they would rather work 80 hours for themselves versus 40 hours for

[00:11:22] someone else. But I don't agree with this sentiment personally. I'd rather work 40 hours for someone

[00:11:29] else to get into the financial position where I can graduate to working only 20 hours for myself.

[00:11:36] The issue is that there's a ton of uncertainty when it comes to your income when you're self-employed.

[00:11:41] Of course, this depends on your line of work, but I can tell you from personal experience

[00:11:46] that all of my projections on what I thought I would earn from various sources of income were

[00:11:51] incorrect, which is okay because I'm in the financial position to not have to worry too much about

[00:11:56] my income. But if I had a lot of financial obligations, I'd be very careful about self-employment.

[00:12:03] One strategy to consider is starting many of the things mentioned in this article as a side hustle.

[00:12:10] If you gain traction on the income side, then you can consider if it makes sense to focus on it full

[00:12:15] time. And that'll do it for another edition of Optimal Finance Daily. Thank you so much

[00:12:21] for joining today and every day, and I'll be back again tomorrow. So I'll see you there

[00:12:26] where your optimal life awaits.