Usually, in economics, there’s a tradeoff. If you want to make a lot of money, you have to give something up. For most people, that’s their time. However, it can also be other things, such as their assets or even their financial security.
For instance, let’s say that you want to make a lot of money in property investing. One option is to spend many years saving up to buy the investment properties you want with cash. But a much faster and more lucrative approach is to simply take out a mortgage with a bank and use that to generate capital.
The benefit is that you have the money you need today to make investments that will make you wealthier in the future. The cost is that you are taking on more risk. If property prices fall, you’ll have to foreclose.
But are there any ways you can make money quickly without increasing risk or giving up more of your time? Interestingly, it turns out that there are. Here’s what to do:
1. Get Paid To Go Shopping
Shopping is something that most people have to do anyway, so it makes sense to get paid for it. But how does that happen? Simple: you sign up to become a mystery shopper. You then go from outlet to outlet, following a script given to you by the company that owns the store. All you have to do is record what shop assistants say and provide feedback to management.
2. Get Paid For Giving People Lifts In Your Car
If you drive to work every day, you could find ways to get paid for giving people lifts. You may find, for instance, that people living in your area have the same route as you for work, and they are willing to pay you to come along with you.
Again, with this approach, there is no extra effort on your behalf. But the money you get paid could easily cover your fuel bill.
3. Play The Forex Game
Getting into forex and making a success of it is easy. What’s more, you don’t have to risk all your money. Even small sums of cash can lead to outsized returns.
What’s more, you can also lever up. In other words, you can make trades using other people’s money. This way, you can increase your profits, without putting your savings on the line.
4. Rent Out A Room In Your Home
If the kids have left for college (or you don’t have any kids at all), you might want to consider renting out a room in your home. This doesn’t require any extra work on your behalf and could cover some, if not most, of the cost of your mortgage.
There are all sorts of tools you can now use to rent out rooms. Airbnb, Vacasa, and VRBO are all viable options.
5. Sign Up For Credit Card Rewards
Lastly, you can sometimes make money by signing up for credit card rewards. Many issuers will provide you with a welcome cash gift if you use their products.