Looking to make some money so you can invest? Today we thought we’d share 10 ways you can increase your income so you can start trading in the stock market.
Why should we make extra money? Well, think about it: if you want to invest, it’s a good idea to make some extra side money income so you can trade fearlessly.
We can say “money’s not what matters in life” all we want, but the reality is, if you want to do things in life like eat and have a roof over your head, you need to have money.
Even if you didn’t care about your own needs, wouldn’t you be able to do a lot of good in the world if you had a little money to spare? The more you have, the more you can help others. If you earn more, you can then invest this money to help increase your income even more.
Why Using Extra Side Income for Trading on the Stock Market is a Good Idea
The best thing to do if you trading stock as a beginner is of course to do so responsibly. You certainly wouldn’t want to risk losing money you need for your basic needs.
One of the best ways of getting money to use for practice is to earn some side income. Having a side hustle to make money is not a bad gig, and it can certainly help you generate the income you need to start trading.
By using side income, you’re not dipping into savings. The side income can be used in so many ways, so if you have an extra 5-15 hours a week to spare, you can really start exploring your options to eventually lead your way up to investing to make stock trading your full-time income source.
Here’s some key benefits of using side income for trading:
Becomes “Additional” Income: Using side income ensures you are not using funds necessary for basic needs. It’s tempting when trading and investing to dip into your savings. Side income will give you a specific budget to stick to!
Gain Experience: You don’t have to invest a lot to learn how to trade in the stock market. It can give you some great experience in learning your trading software. You can also use it for testing trading strategies with minimal risk, since this income is income you wouldn’t normally have anyways.
Invest to Have More to Invest Later: No one said you have to work the side job forever. If you spend 10 hours a week earning more income and invest it each week in something lower risk, such as an EFT or mutual fund, you very well could have larger sums to work with to invest more in the future.
Now that we’ve explained all the reasons it’s good to consider increasing your side income, let’s brainstorm for some ideas for ways to make that extra money!
Here’s 10 Side Hustle Ways to Earn Extra Money to Invest
This list by no means is exhaustive. It’s simply a list of ways you can increase your earnings, so you can feel more confident about investing with little money.
You might also like an earlier article on our website: 8 Ways to Make More Money for Trading for tips on how to stretch your existing income to find the funds for investing.
Here’s a list of ways you can make more money to trade on the stock market:
- Drive for Uber or Lyft: These two ride sharing companies are almost everywhere, and many drivers are finding it to be a great way to earn the maximum possible revenue. If you have a car, this is an easy way to start earning side money.
- Babysit: Think babysitting is for teenagers? Think again! Many parents would much rather trust the caring of their kids to an adult than a teenager who might not be as responsible. Sites like Care.com are a good place to checkout.
- Pet Sit: Like to walk your dog? Why not walk your neighbors dog? There are a lot of ways to make money caring for pets as a side income.
- Wait Tables: This might sound ridiculous, but many waiters and waitresses can earn up to $100-$200 a day from tips waiting tables – yes, even while making minimum wage.
- Vend at a Flea Market: The stock market is closed on Sundays, so why not set up a table at a local flea market or vendor fair near you? You can sell your own junk out of the attic, or offer to sell items that friends and family want to get rid of for a small commission.
- Write a Book: Self publishing your own book today is easier than ever thanks to Amazon’s kindle publishing platform. Write a how-to book on a hobby or something you do well. You could even try your hand at fictional short stories or even poetry.
- Pick up some freelance work: Maybe you have a decent job already, but you just need more $$$. If it’s not against your company’s policy, see about using some of those skills for freelance work. For example, many companies could use internet marketing help or someone to process their data entry work. Check out sites like Upwork and Craigslist for freelance gigs.
- Tutor: You might be surprised to learn most tutors can earn anywhere from $25-$50 an hour. If you’re good with math, science, or other popular school subjects, you could certainly find ways to increase your side income!
- Teach Music Lessons: Do you play an instrument? Why not teach this to others? You could teach guitar or piano lessons or even help someone learn tips to sing better.
- Fix Things Up + Sell Them: If you’re handy with DIY repair, you could fix up things people are throwing away and then sell them. Items like lawnmowers, computers, household appliances are all great opportunities for repair work. You could do very well selling these items on Craigslist or even in Facebook flea market groups.
- Don’t Discount the Part-Time Job: While most part-time jobs don’t pay very well, many can help you build up some income. Night shift jobs and even some grocery stores will pay $12-$18/hour depending on your location and the company, so don’t discount it entirely. If you made an extra $180/week, that’s enough to buy some decent penny stocks.
Extra Money to Invest is Always a Good Thing
There of course are many other ways you can make some side income. It never hurts to leverage your skills and talent to make money. The more you earn, the more extra money you will have for investing, which hopefully with a bit of skill, experience, and strategy will make the side hustle all worthwhile.
Have you made extra money with a side hustle? Share your thoughts and tips below!