I’m all for discovering the simplest ways to do things. Whether it’s buying Christmas gifts for extended family members or meal prepping, efficiency is always the goal. I also believe this principle applies to making extra cash.
Let’s face it, not all of us are made to chip away on a tech-startup after we come home from our 9-5. However, that doesn’t mean we should be exempt from the financial pleasures of a second income.
Making a ‘passive’ income is possible and can actually be quite simple. It basically means you’ll be able to make money while you sleep (if you’re clever enough about it). It’s also a great way to figure out how to manage a second income if you do one day decide you want to kick off a side hustle.
It’s also important to acknowledge that times are tough right now. Work may be a little all over the place for people due to lockdowns and restrictions around the country, so we’ve gathered a bunch of digital and IRL options you could consider for some extra coin.
Sell Your Old Gear
Selling your old clothes on Facebook Marketplace or Depop is a money-making treasure trove. It’s no secret anymore either – according to Westpac, the most common ‘side hustle’ among young Aussies is selling items on platforms like eBay and Facebook Marketplace.
The beauty of vintage and thrifted fashion is that you don’t need to have designer pieces lying around to make coin on your old wardrobe. That tattered Team Edward baby tee you haven’t touched in 10 years would simply go off on Depop. The moral of the story is that one man’s trash really is another man’s treasure.
If you do start to see a significant amount of cash come through (and your passion for your passive income source grows) you may eventually want to turn it into a legit business. If that’s the case, do your research and take advantage of free services like Westpac’s Business Hub where you can get an idea of what it takes to set up a business and access helpful resources on managing everyday operations, cash flow or planning for business growth.
Rent Your Stuff Out
If you’re not completely ready to part ways with your old (or currently unused) belongings altogether, devise a way to start renting out your personal property. While renting out a room in your house is the obvious option, you probably have a bunch of other valuables you’re able to palm off for a period of time.
You can rent out your car, parking space, clothes, musical instruments and sports gear – you can even rent out your friendship. Of course, you can use official outlets for these kinds of endeavours (Airbnb being the most obvi), but sussing out what your friends might need with an IG story could be a way to get that extra cash flowing in.
Become A Dog/Babysitter
Getting paid to hang with dogs is likely the dream for around 90% of people, I assume. Anyway, charging by the hour to dogsit your friends’/family’s fur-baby is a slept-on gold mine. Try killing two birds with one stone and offer up your dog walking services too.
Babysitting is also an option and is easy, despite what people think. Yes, you might have to whip up a few nuggets in the air fryer and sit through an episode of Bluey, but, for the most part, you will be getting paid to sit comfortably and ensure the house isn’t burnt to the ground. It’s important to keep in mind that you will need to complete a working with children’s check (that complies with your state’s guidelines) before babysitting.
Trade-In Old Electronics
Trading in your old electronics is a smart and sustainable way to generate some extra coin. I know for a fact I have never once thrown out an old gaming console, even though sites like IsItWorthMore will literally give you an instant quote on the trade-in price of one.
The great thing about having a passive income is that you might actually be able to save up enough money to start up a proper side hustle in the long run. After all, 82% of young Aussie’s would like to have a side hustle in the future. Doing things like selling your clothes and renting out your car could be a great introduction to managing incoming finances if you choose to set up your own business one day, so getting into the groove of it early on could prime your inner-future mogul.
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice. Conditions, credit criteria and fees and charges apply, credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australians credit license 233714