{"id":10920,"date":"2022-09-26T19:12:13","date_gmt":"2022-09-27T00:12:13","guid":{"rendered":"http:\/\/blog.jlbn.net\/?p=10920"},"modified":"2022-09-26T19:12:14","modified_gmt":"2022-09-27T00:12:14","slug":"how-to-make-money-without-a-job-16-epic-ways","status":"publish","type":"post","link":"http:\/\/blog.jlbn.net\/?p=10920","title":{"rendered":"How to Make Money Without a Job: 16 Epic Ways!"},"content":{"rendered":"\n

Are you looking for an alternative way to make money outside of the 9 to 5? Whether you desperately want to quit your job<\/a> or just want some extra income, you\u2019ll find something on this list that suits your needs and interests.<\/p>\n\n\n\n

According to a new report by Gallup Inc.,<\/a> only 30% of the U.S. workforce are engaged by their work, which means that 70% of Americans spend 35 or more hours<\/a> a week doing something they aren\u2019t passionate about! Working under these circumstances can drain your energy and take a toll on your mental and physical health. But what if we could make a living in a way that offers more flexibility, less time commitment, and more income?<\/p>\n\n\n\n

This article explores making money without a job (or at least a \u201ctraditional\u201d job). There are some great options to consider, from blogging to taking paid surveys to becoming a day trader. A few of the ideas we will cover are investments that can provide you with spendable cash flow. Others will offer you equity growth, which increases your net worth and gives you more job flexibility in the future. Some of these ideas could even provide both.<\/p>\n\n\n\n

Alternatively, some of the items below are not investments at all but are instead ideas that can produce extra money for you for either little or no work. You can combine a couple of flexible side gigs to invent your perfect mix.<\/p>\n\n\n\n

Ready to learn how to make money without a job? Let\u2019s do this! I rank each money-making method on a scale of effort, with \u201c10\u201d requiring the most hustle to make moola and \u201c1\u201d being utterly effortless money in the bank.<\/p>\n\n\n\n

How To Make Money Without a Job<\/strong><\/h2>\n\n\n\n

1. Invest in Dividend Stocks<\/strong><\/h3>\n\n\n\n

Effort Level Required: <\/em><\/strong>2<\/strong><\/p>\n\n\n\n

I started with this one because it\u2019s one of the easiest ways to make money without a job. But you do have to have money to start with.<\/p>\n\n\n\n

Dividends are cash or stock payments made by companies to shareholders (usually quarterly). If you have a sum of money at your disposal, investing in dividend stocks is an excellent way to produce a (relatively) stable source of cash flow and spending money.<\/p>\n\n\n\n

So, how does it work? Let\u2019s say you invested $100K in a company paying an 8% dividend yield. In this case, you would receive $8000\/year from the company in the form of dividends (or $666.66\/month) without doing anything! That\u2019s actual spendable money in your bank account (pre-tax).<\/p>\n\n\n\n

If managed correctly, dividend investing can be a great way to grow your wealth and provide passive income<\/a>. It does take effort to find and pick the stocks, hence the \u201c2\u201d on the scale.<\/p>\n\n\n\n

Now, you can undoubtedly make money investing in regular stocks as well. But they won\u2019t all offer regular spendable money. Before you invest, learn how to make your money work for you<\/a>by comparing a few investment philosophies.<\/p>\n\n\n\n

Not sure how to buy stocks? Why not try an investment app? If you Google \u201cAcorns vs. Robinhood vs. <\/a>Webull<\/a> vs. M1 Finance<\/a>,\u201d you\u2019ll find lots of info on various brokerages.<\/p>\n\n\n\n

2. Invest in Real Estate<\/strong><\/h3>\n\n\n\n

Effort Level Required: 2-6 Depending on Investment Type<\/em><\/strong><\/p>\n\n\n\n

You may have heard that real estate is a fantastic vehicle to build wealth. Well, you heard right. You just need to uncover a real estate strategy that works best for you. The approach you choose will determine how much effort is required.<\/p>\n\n\n\n

Own Your Residence<\/strong><\/h4>\n\n\n\n

The easiest way to get into the real estate game is to own your residence. You have to pay rent anyway, so you may as well turn it into an investment. That\u2019s a \u201c3\u201d on the effort scale.<\/p>\n\n\n\n

If you\u2019re strapped for cash but want to buy a home, a duplex can be your ticket into the market! You live on one side and rent out the other. Genius! That\u2019s \u201c4\u201d on the scale. You can even use the rental income to help you qualify for the loan.<\/p>\n\n\n\n

Rental Properties<\/strong><\/h4>\n\n\n\n

Another way you can use real estate investing to make some income is to own and rent out a property yourself. It\u2019s not entirely passive income (more like a small business<\/a> effort), but it gives you myriad advantages over a typical 9-5 job. I give this a \u201c6\u201d on the effort scale.<\/p>\n\n\n\n

If you\u2019re not so keen to manage a property yourself, you can look into investing in turnkey rental properties. Basically, instead of running the property yourself, you control the managers. It\u2019s much more passive than renting out properties yourself but typically provides you with lower returns. This is a \u201c3\u201d on the scale.<\/p>\n\n\n\n

Real Estate Syndication & Crowdsourcing<\/strong><\/h4>\n\n\n\n

If you\u2019re looking for truly passive income, real estate has another avenue you can take advantage of: real estate syndications and crowdfunding.<\/p>\n\n\n\n

The total rates of return (or IRR) on these partnership and group deals are often lower than that of turnkeys and actual properties. However, they can work out to be higher if you take advantage of the research available on the modern real estate syndication platforms.<\/p>\n\n\n\n

Look up Fundrise vs. DiversyFund vs. CrowdStreet<\/a>, and you will find great information.<\/p>\n\n\n\n

As you can glean from that last statement, there is still research and decision-making involved in real estate syndication, so it gets a \u201c2\u201d on the effort scale.<\/p>\n\n\n\n

3. Save on Taxes<\/strong><\/h3>\n\n\n\n

Effort Level Required: <\/em><\/strong>3-4<\/strong><\/p>\n\n\n\n

By doing your taxes efficiently, you\u2019re saving yourself money without putting in much work. In this way, you\u2019re \u201cmaking money\u201d without a job!<\/p>\n\n\n\n

The approach to saving on taxes will differ depending on your situation. Namely, whether you work as a W2 employee or own a business will determine the difference. Paying less tax as a W2 employee will be more challenging, but it\u2019s still possible.<\/p>\n\n\n\n

If you own a business, you will have a far greater chance of paying less tax! I know not everyone owns a business, but you can work around that. Find a way to start a side hustle, perhaps with an evening part-time job online, and take advantage of the awesome business tax deductions that way.<\/p>\n\n\n\n

If your side hustle takes off (congrats!) and you start making extra money, you would be wise to learn how to incorporate yourself<\/a>. By creating an INC or LLC, you may be able to save even MORE money in taxes!<\/p>\n\n\n\n

Last but not least, if you are pondering whether you\u2019ll get the best tax results with TurboTax vs. H&R Block vs. an accountant, I\u2019d say it depends on your situation.<\/p>\n\n\n\n

If you\u2019re very young and have simple finances, you can do taxes on your own using something like TurboTax. But, for most relatively higher-income individuals, you should pay someone else to do it. You will save<\/em> money by spending<\/em> money on someone who knows how to save you money!<\/p>\n\n\n\n

The real difference a good accountant<\/a> makes is that they can provide tailored advice and tax planning. Hiring an accountant<\/a> is A MUST if you have numerous assets and investments.<\/p>\n\n\n\n

Just be aware that you will need to provide your accountant with an accurate set of books. And that leads me to my next idea.<\/p>\n\n\n\n

4. Manage Your Finances<\/strong><\/h3>\n\n\n\n

Effort Level Required: 4<\/strong><\/p>\n\n\n\n

The most reliable way to save money is to keep track of your earnings and spending. And as the adage says, \u201cA penny saved is a penny earned.\u201d Poof! More money without a job!<\/p>\n\n\n\n

Why? It\u2019s simple math. If you\u2019re spending more than you earn, you aren\u2019t actually <\/em>making any money! You are just working for debt. And you certainly won\u2019t have any cash to invest and help grow your nest egg.<\/p>\n\n\n\n

So, enter personal bookkeeping, which allows you to identify the areas of your life where you have the most significant overspending issues. Once you know how much you spend in a given category annually, you can make changes in your habits and amass some data for creating a budget to stick to your financial goals.<\/p>\n\n\n\n

This information is part of a financial planning process that can get you on the road to financial independence!<\/p>\n\n\n\n

The first step to managing your finances is to buy the right software! Research potential options such as Personal Capital vs. Mint vs. Quicken<\/a>. A relatively small investment in the appropriate software can have a substantial positive impact on the health of your finances.<\/p>\n\n\n\n

If you\u2019re a business owner, you\u2019ll need to compare Freshbooks vs. QuickBooks vs. Quicken to hone in on the bookkeeping software that\u2019s most beneficial for you.<\/p>\n\n\n\n

5. Get a Cashback Credit Card<\/strong><\/h3>\n\n\n\n

Effort Level Required: 1<\/strong><\/p>\n\n\n\n

Another way to take advantage of cashback is through credit cards. I like cashback (instead of other rewards) from my credit cards because it\u2019s completely flexible and easiest to access and use. If I want to use it for travel, I can, or if I want to put it in an investment account, no problem.<\/p>\n\n\n\n

The following credit cards all have pretty good cashback deals, which could make you some easy money. This information is accurate as of 12\/10\/2021.<\/p>\n\n\n\n