3 Ways to Earn Extra Income

Given the growing concerns about health and safety worldwide, most people are opting to stay indoors whenever they can.  Whether you’re working from home, taking classes online, or are just yearning to make some extra cash from the comfort of your own room during spring break, here are some ways you can do so:

  1. 1. Varsity Tutors

    This is a great option for academics who love sharing their knowledge with others.  Varsity Tutors gives you the ability to tutor remotely via their online learning platform.  Upon approval of your application, you will then be able to select various subjects you would like to tutor.  Subjects range anywhere from grammar school mathematics to college-level calculus to digital media skills, so there are plenty of options to suit your interests!  After selecting a few subjects, you will be prompted to take proficiency tests to demonstrate your level of knowledge in these areas. Once you’re done, you’re all set to start receiving tutoring opportunities.  I highly recommend this for anyone with some free time on their hands. If this sounds like something you’re interested in, click here to get an extra $25 once your tutor application is approved!

  2. 2. Rakuten

    Ok, admittedly, this isn’t exactly a way to just earn money, but it’s a way for you to save when you spend.  Rakuten allows you to earn cash back at over 2500 stores - including Amazon, Postmates, Sephora, Hertz and Expedia - whenever you shop.  Rakuten is completely free of charge and very simple to use. If you want to place an Amazon order, all you have to do is go to the Rakuten website and click on Amazon.  From there, it will create a ‘Shopping Trip’ which ensures that you get cash back for that order. Shortly after placing the order, you should receive a notification saying that you’ve earned cash back!  The amount of cash back depends on the store you shop at; some offer 1%, and some offer 50%. Make sure to keep an eye out for Double Cash Back deals! 5% cash back might not seem like a lot at first, but it definitely adds up over time.  If this sounds like something you’re interested in, click here to get an extra $10 after your first purchase of $25 or more plus cash back!

  3. 3. Stock Market

    Out of the three options I have listed here, this is definitely going to pay you the most money in the long run.  Investing in the stock market is a long-term commitment, so it might take you a while to see results. However, with proper research, this can be both a learning and a money-making experience for you.  I began investing at a young age, thanks to my mom who opened up a custodial account for me. Over the years, I was always amazed when I would ask her to see the account balance and I saw how much the money had grown.  As soon as I turned 18 - the age you have to be in order to start trading stocks on your own - I opened up my own account. I began researching stocks on my own, reading the Financial Times, The Economist, Bloomberg, the WSJ and watching CNBC daily.  Now, as part of my college’s investment team, I’m lucky to have access to more stock data via FactSet through our participation in a hypothetical small-cap portfolio competition.  Investing has been and continues to be, hands-down, my most rewarding passive stream of income, and I highly suggest you start investing your money if you aren’t already doing so. I recommend opening an account with Charles Schwab to begin trading.  Once you’ve done your research and have started trading, you might be pleasantly surprised at the results when you check your account balance in a few weeks :)

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