Increasing your income a little bit can go a long way. A 20-year-old, for example, who invests that $100 every month in a plain index fund that tracks the S&P 500 will actually retire a millionaire. Here are 9 ways to make an extra $100 a month so you can create more wealth:
1. Join an Affiliate Program: An affiliate program can offers great products and pays commissions for referring other people to purchase the product. Over time it could change your life as you earn commissions off your referrals’ referrals.
2. Sell on eBay and Craigslist: That stuff sitting in your basement collecting dust is valuable to somebody. Do some spring cleaning by selling some extra things around the house, or do some bargain hunting and flip your findings for a quick profit.
3. Online Surveys: Get paid to take free online surveys. Completing just a few online surveys a month can quickly add up to an extra $100/month in your spare time.
4. Word Processing: There are a lot of people who do not have a computer or know how to type well. Advertise your services to type reports, letters and documents.
5. House Sitting: People who travel need their plants watered, their dogs walked and their mail collected. Put an ad on craigslist.org for your services and see if you can get paid to watch over their house for them.
6. Design Websites: If you are technically and graphically savvy, building websites can be a lucrative side business.
7. Baby Sit: Babysitting can pay quite a bit if you create a name for yourself.
8. Donate Plasma: Donating plasma is a process similar to donating blood, but pays about $25 and can be done once a week.
9. Mystery Shopper: Mystery shopping pays you to go shopping. Retailers and shoppers will pay you to act as a legitimate shopper, even though you are actually rating employees and the store on attitude, cleanliness, etc.
A small amount of money can go a long way when The Power of Compound Interest kicks in. Not having enough money to invest is an excuse that can easily be solved with a little extra effort.
