You don’t have to be born rich, inherit wealth, or win the state lottery to get money without having to work for it. An average joe who spends his waking hours watching Netflix, playing video games, or eating potato chips on his couch calling out plays during Monday Night Football can live a comfortable lifestyle doing the same things day after day. That is – doing nothing.
No, you don’t have to join a reality show and this isn’t a scam. There are real, honest, and legitimate ways for you to get money and not do the daily grind like the typical 9-to-5 crowd. If you’re presently unemployed, in between temporary jobs, disabled and unable to work, retired, a stay-at-home parent who needs to watch over the kids, or just someone who isn’t ready to work for a paycheck, this article is for you!
Apply for a Loan
There are types of loans that don’t require the applicant to be employed. Here are a few loan options that you might qualify for and get money from:
- Unsecured Loan – No collateral is needed
- Secured Loan – Requires collateral that’s greater in value than the amount of the loan such as your house
- Cash Advance – A type of loan that’s available in your credit card
- Title Loan – Requires a title of an asset such as your car
Keep in mind that loans have to be repaid and these types of loans usually carry interest rates as a trade-off for convenience. Before taking out a loan, make sure you have the means to pay for it in the future. For unsecured and cash advance loans, things can turn ugly if debt collectors come after you. And with Secured and Title loans you’ll lose more than the shirt off your back.
If you need money, ask family or friends. To keep sweet relationships from going sour, put down the conditions of the loan in black and white. The good thing about getting a loan from a family member or a friend is that they’ll be more flexible with the terms and conditions.
Take Advantage of Overdrafts
An overdraft is a funding facility that’s a standard feature in most bank accounts. The limit of the overdraft is set and you can draw from it whenever you want. It’s a great way to manage your cash flow when you have to pay for expenses and cash is a bit tight. If your bank account doesn’t carry the overdraft feature, talk to the Bank Manager or an account officer. Setting up an overdraft facility is quite easy to do.
Whilst the interest rate charged on an overdraft facility is lower than a loan’s, if you happen to exceed the limit, the bank might levy additional charges such as arrangement fees if you desire an extension of the account or penalty fees. The bank might also surprise you with a request to tie collateral to the account or notice of reducing the amount of the overdraft because it hasn’t been utilised.
Invest Your Spare Change Via Acorns
Have you always been interested in investing in the stock market but were worried about the amount of the investment? Download the Acorns app on your smartphone and start investing in the stock market with spare change. Literally, your spare change. All you have to do is to link a debit card or a credit card to the Acorns app. Whenever you spend, Acorns round out the amount and then sets aside the change.
For example, you used your debit card to buy groceries for US$54.60. Acorns will round out the amount to US$55 then sets aside the change of US$0.40 and invest it in select stock portfolios. Stock market trading has never been easier! Every time you spend, you’ll create opportunities to own shares of companies.
If you enjoy posting content on social media about stuff you like and the activities you do frequently, keep doing what you’re doing and you might hook a sponsor. Companies are constantly scouring the Internet for mentions about their products and services. If they come across your posts, like what they read, and are impressed with the level of engagement, they might offer you a sponsorship contract.
A sponsorship contract might pay you out in cash, discounts, commissions, or in products. Either way, you get something out of doing something you were getting nothing, to begin with. You might have to up your game a bit by using higher resolution images. But that shouldn’t be a problem once you have the money to pay for a better digital camera.
Park Your Money In a High-Yield Savings Account
Many people keep their money in savings accounts because they believe it’s the safest thing to do and they get interest payments. What they might not be aware of is that the interest yield in most savings accounts is so low that the money you earn won’t be enough to keep up with inflation.
Be selective about the savings account that you decide to park your money in. With some Internet sleuthing, you can find a few banks that might offer you a higher rate than the average bank in your area. Another option is to open a savings account at an online bank such as Comenity Bank. As a purely online bank, the overhead is much lower as there are no brick-and-mortar locations to operate. Generally, these types of banks will offer higher interest rates on their savings accounts.
Invest in Real Estate
Real estate is an investment that takes time to produce returns. But with a bit of patience, the worth can be worth the wait. As the population continues to grow, real estate becomes more valuable as the demand for residential and commercial property increases. Like all assets, there are periods of ups and downs. The great thing about real estate is that even if the property you bought doesn’t look feasible for living or commerce, the local government can have the area undergoing gentrification.
Of course, real estate is an investment that requires a lot of capital. If you can afford to buy the property and you don’t mind parking your money in real estate for years, then you can chill out and let time pass by as the value of your investment grows.
Exercise – Lose Weight, Build Your Bank Account
HealthyWage is an app that allows you to bet on yourself to lose weight. When you sign up for the app, you’ll be asked to set a goal – how much weight do you want to lose and how many months do you think it will take you to lose the weight? From there, place a bet anywhere from US$20 to US$500 per month. If you have the “Eye of the Tiger”, the only thing that might fatten up is your bank account. Some members have won US$10,000 – and lost weight – by using HealthyWage. Another similar app is Gympact which pays you for hitting your workout goals.
Get Paid By Watching TV and Playing Video Games
InboxDollars is a platform that pays you for doing your favorite online pastimes such as watching TV shows, movies, and playing video games. InboxDollars uses the time you spend playing video games and watching online shows to gather data for research. The site will ask you to play particular video games and watch specific TV shows and movies. Afterward, you’ll be asked to complete a survey. To get started, simply download the InboxDollars app and open an account.
Earn Money By Browsing the Internet
Welcome to the age of Big Data! Similar to InboxDollars, Swagbucks is another app that pays you to spend more time online. This time, the app wants to know what you’re searching for. By downloading Swagbucks, you’ll have to install an add-on icon to your browser. The add-on will record your search activity. Swagbucks collects data for its clients who need to stay updated on consumer search behavior. You’re paid in gift cards that you can redeem at select online stores, some of which you frequently browse.
Do what you love doing and get paid for it. The catch is, you’ll be doing those things in someone else’s house. Some might consider house sitting a job but in reality, you’re paid for being unproductive. The “change of environment” will add a bit of a twist in the usual. Imagine if the house you’re sitting in has a bigger TV, a ton of food in the ref, and a real comfortable Lazy Boy. That’s idle time well spent – and earned!
Before you run out and resign from your office job, keep in mind that these activities don’t assure you of financial stability and sustainable success. Also, taking loans carry risks. These are great options as side hustles or to augment your income. We just want to show you that you can make money in many different ways. It’s not just whenever you put in another day at the office.