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Making Extra Money during the Recession

Under normal circumstances, many people struggle to make ends meet.  But during the recession, the situation becomes even more desperate. As a result, many people are increasingly looking for ways to boost their income. Tighter credit, job loss, and the increasingly popularity of saving has forced many ordinary Americans to be innovative and tap into their networks, skills, and even hobbies.

Jennifer Winslow used to work part-time. While she needed to increase her income, she also didn’t want to give up the flexibility of part-time work. She turned to baking. Around five years later, her thriving bakery in Winslow, Maine has become an inspiration to people who want the same flexibility. Fortunately for individuals who have limited baking skills, there are many other ways to make extra money.

According to Gail Cunningham from the National Foundation for Credit Counseling, the key is to discover your skill or “what you think would be fun to do.” For example someone familiar with web development can offer courses that teach people how to build basic websites. Meanwhile, renting out a room in your house, getting paid for your opinion, or selling extra furniture can provide much-needed cash.

Selling It – this is probably the fastest way to generate cash. If you have unused or unwanted stuff in your home, you can make hundreds or even thousands of dollars from selling them. Set up a garage sale, auction things on eBay, or join flea markets. Some people have discovered astounding success on eBay. In fact, their products became so in-demand, they turned it into a business.

Renting It – real estate is the biggest asset of majority of people. Rent out a room, grab a roommate, or even rent your entire apartment. It is a good and almost hassle-free way to generate cash when you feel strapped. In the same way, cars can also be rented. Just be sure to complete all legal requirements before you get started.

Doing It – that means using your talent, capability, and interest. It can be as simple as teaching a class, working as a caddy, or cooking for small businesses. A lot of people also earn extra income by watching their child friend after all. One lucrative area to get into is to be a tutor. Pay ranges from $30 to $100 an hour.

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Category: Personal Finance

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One Response

  1. [...] were created. This is certainly a positive development for everyone concerned. The key is for the labor market to recover as quickly as possible for growth to the sustained. It will also help stabilize equity [...]

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