The way COVID-19 and world governments completely shut down businesses has changed the way many people see work and personal finance. We’ve realized that we have to be diversified in our income or we may end up screwed.
With that in mind, we thought that we would put together a quick article that outlines a few ways to make a supplemental income that you may not have thought of.
1. Sports Investing
If you are a fantasy sports fan, this one is right up your alley.
A massive amount of adults have wagered on a game or two in their life, whether it was at a casino, an online sportsbook, or just cash changing hands among friends.
Now, legal sports betting is rapidly expanding in the United States, and it provides an unconventional income for those who love sports, statistics, and a little bit of hard work. Before you write this idea off, I am not talking about dropping hundreds of your hard-earned dollars on games as a get rich quick ploy. I’m talking about fully understanding how to bet on sports and changing your mindset from betting on Team A versus Team B to betting against the lines set by sportsbooks and entering into a war of attrition.
This change in mindset is critical to becoming a successful sports investor. You have to think of it as a long-term battle against the bookie. This thought process will keep your head on straight when you enter into a winning streak. It’s important to stay disciplined at all times. Just because you are winning does not mean you should suddenly increase your wager amounts or start betting on more games. I guarantee that the second you do, you’ll hit a horrendous losing streak. Losing streaks are bound to happen—even the best of the best only win at around a 55% clip. So, if you stay disciplined and only bet between 1% and 3% of your total bankroll – no matter what– you can weather the storm of multiple consecutive losses and bounce back to earn a profit in the long run.
Parlays are risky but the rewards are high. Using a parlay calculator is the easiest way to double-check your risk versus reward. I don’t recommend parlays on any sort of regular basis, but they can be fun here and again if you go into it with the expectation that you are going to lose.
2. Rent Your Yard
A lot of people are cashing in on the whole AirBnB thing, and you may have thought, jeez, I wish I had a second apartment to rent out on these apps. Well, if you have any land around your home, you can list it on Airbnb to campers. This works exceptionally well if you live in a more rural area, and there is an element of beauty to your property. But even if you live in the city, you can list your backyard, and people looking for a place to crash on the cheap will stay.
This is a great way to get into the rental game without giving up a room in your home and having strangers inside of your home. Creating your listing is free, and you only pay a three percent fee on bookings. So, if you are not making money, you’re not paying any fees.
3. Dirty Money
No, not that kind of dirty money … but you can actually sell your poop for cash. In 2020, the going rate was $40.00 per … load. It might be the most unconventional way to make money. But not only can you make money doing this if you are a healthy individual, but you help people in the process. The gut microbiome is a complex and interesting thing. Sometimes people fall ill with bugs that antibiotics just can’t knock out … but fecal transplants do the trick. OpenBiome in New England specializes in sourcing feces for fecal microbiota transplants, or FMTs. Other companies across the US do this as well, and you can find them with a little digging.
You’ll need to pass a series of tests, but you would drop three samples per week if you make the cut. That’s 120 buckaroos for something you didn’t want anyhow. This is exactly the opposite of flushing your money down the toilet!