fund ways to make moneyMillions of people around the world are looking for fun ways to make money to help balance the checkbook. Thanks to the internet, there are now even more ways for people to make money to support themselves and their families.

However, finding the right type of money-making adventure must take into account the time you have available, your personal skills and the willingness to try new avenues of making money on the side. For the many people who find ways of making money that is fun and enjoyable, some will actually quit their normal job to pursue these particular avenues.

The following includes five fun ways to make money and have more to put in your bank account or spend as you like.

5 Fun Ways To Make Money

Start A Part-Time Business

Basically, if you have good skill or trade, then set up a shop and start making money. If you know how to cook, you can run a catering business. If you can fix computers, you can run a computer repair shop. Maybe you could even start a blog. The key is to find something that does not require a lot in the way of investment and provides good profits for your work. Remember to keep trying as there is something out there for everyone.

Sell Old Stuff

You would be surprised just how much old stuff you have around the home that other people find quite valuable. You can have a yard sale, but only so many people will show up for that. Instead, you can go on sites like Craigslist and eBay to sell items and make a little extra money. You’ll want to do a little research first and find out what items sell the best and how much they sell for as well. Craigslist is perfect for local sales if you have large items that cannot be shipped easily while eBay is great for small, electronic gadgets and other high-demand items.

Recycle Scrap Metals

Are you suggesting that this doesn’t sound like fun? Actually, getting rid of your old scrap metal that is taking up space is actually a lot of fun since you get that space back. Most people generate scrap metal when they renovate their homes or change out the pipes. You can look for old metal that has been left around the neighborhood or help your neighbors get rid of their old swing sets and split the profits.

Fill A Need

You probably noticed people begging for money along street corners. However, if they had something worthwhile to sell, they’d probably make even more money. Set up a water stand and sell water bottles other cheap items that people want. Be sure to choose a good place where people can park and start selling.

Part Time Cash Jobs

The problem with most part time employment is that you have to wait at least two weeks to get a check. However, there are certain jobs where you can earn cash money right away. Bartending and waiting tables are two of the most traditional while being a taxi driver, pizza delivery, or hotel hospitality can pull in tip money as well quickly if you are the affable sort.

Final Thots

These are just five fun ways to make money on your spare time. Look for things you enjoy doing and see how much money you can make. You’ll find that when you do something you enjoy, it won’t feel like work at all. Even better is that you will be getting paid to do it!

For more ways to make money, read this post.

{ 0 comments }

how much money should i saveA reader recently emailed me asking “how much money should I save for retirement”? While this question seems simple enough to answer, the truth is, it is much more difficult, at least for me. There are various reasons for this, all of which I will go into detail below.

How Much Money Should I Save – Various Factors

Factor #1: What Are Your Goals?

You have to be able to answer the question of what are your goals if you want to know how much money to save. Do you want to travel a lot or play a lot of golf? Maybe you are more of a home-body and will read and work on your garden.

The answer to this question will help a lot in determining how much you need. After all, I hope it is obvious that someone who wants to travel will need a lot more money than someone who doesn’t travel.

Factor #2: What Is Your Time Frame?

The time you have to save money also plays an important role in how much money you will need to save. If you have 30 years to save, you can potentially save less and allow time and compound interest to work in your favor. Conversely, if you have less time to save, you will need to save more.

Putting It All Together

After you take into account your time frame and goals, you will have a better sense of how much you need to save to reach your goals. In a general sense, if you are looking to retire around age 65 and are relatively young – 30 years old or less – you could save around 15% of your income and easily become a stock market millionaire. If you are older, you are looking at saving closer to 25% of your income in order to enjoy a fulfilling retirement.

Of course, if you want to retire early, meaning before 65, you are going to need to save much more money. I suggest a savings amount of close to 40%. While this seems high, there are many factors that require this amount of savings. I go into more detail regarding this in my how to retire at 55 post.

Final Thots

You cannot answer the question, “how much money should I save” without knowing the time frame and goals you have in mind. While you might not want to do the little bit of work involved with answering these two questions, doing so will allow you to have the most comfort and greatest rate of success for saving enough money. At the very least, use my general guidelines mentioned above to just start saving. From there you can begin to answer the questions I presented to get a better sense of how much you need to save.

{ 2 comments }