Submitted by ConsumerFu on Tue, 02/18/2014 – 06:01
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Rent out a room in your house on Airbnb, or even rent the whole place and stay elsewhere. Using Airbnb, you can charge premium rates that make it worth your while. Indeed, a full time Airbnb in a desirable neighbourhood and easily cover a mortgage repayment.
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Use discount apps like VoucherCloud when eating out, as these can save real money.
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Become an UberX taxi driver. Using Uber, anyone can become a taxi driver for an afternoon, as long as you have a car and a smart phone. During busy times, you can make up to $40 an hour. Look out for when it’s raining, Saturday nights or rush hour- as the more demand there is, the more you get paid.
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If you’re feeling lucky, well you can try your hand at the casino. Sites like CaesarsCasino let you play free online slots games; you have to be in it to win it!
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If you have spare cash, pay off all debts. It’s a bad idea to have cash sitting around while simultaneously paying interest elsewhere, but astonishingly people can sometimes have many thousands sat in a bank account while paying interest on their mortgage or credit cards.
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If you still have spare cash, the wisest thing to do is to invest your money in an index tracking fund. This tracks the value of the S&P500 (or whichever index you choose), so if it rises 10%, you make 10%. On average, the markets rise 7% per year, although in the short term they will fluctuate.
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Get a part time job. It’s possible to find a lot of work online that can even be done at home, including translation, writing, admin or basic graphics work. If you have specific skills, there’s a good chance you can find very well paying jobs online. Sites like Odesk, Elance and Craigslist can be a great help.