What do you like to do on a Saturday or Sunday afternoon? How about when you get home from work? If you answer has anything to do with sit around and watch TV, waste hours on the computer reading social media, or anything similar to that, then you may want to consider trying something different to occupy your time. Namely – finding money making hobbies that could actually pay off for you in the long run.
The Importance of Having Money Making Hobbies:
Lots of people don’t realize it, but the things they like to do could actually be worth money. Whether you’re producing something that someone else may want, or sharpening a skill or talent that could be beneficial to others, your pass-time activities could be worth more money than you think.
Having talents such as this is the back-bone of creating your own passive income streams. Because you have a skill that others will pay you for, you can earn money on the side. But the other part of it is that you also have to be willing to market these skills to the right people. In some instances your retirement income could even be supplemented by these hobbies.
With that said, here are a few things you could be doing with your time that will eventually result making money on the side:
Learning about personal finance and investing has not only been one of the helpful life skills I’ve put my time into, but it is also in my opinion one of the best money making hobbies of all time. First of all the articles I find to read help me to sharpen my skills at picking out the best stocks or mutual funds. On top of that, I end up saving myself thousands and thousands of dollars in possible lost income to taxes and penalties by learning about what and where to invest my money. If you’d like to get started, here are a few small investment ideas that take less than one thousand dollars. Or if you’re feeling more ambitious, you could familiarize yourself with all the various social trading (copytrading) sites available and try your hand at swapping assets.
Being handy around the house has long been a money saving and useful skill to have. But in our current state of depressed home prices, it could also work to your benefit if you’re interested in flipping homes. For example, you could purchase a foreclosed home, do all the renovations yourself to make it attractive to new buyers, and then sell it for much more than you paid for it.
Not sure about buying a house yourself? You could always get in contact with someone who is and then work for them getting paid to do the renovations.
If you know how to play or teach a sport really well, you could be an instructor for a younger class of kids. Lots of teams need coaches who are patient enough to teach their kids or teenagers the basic skills. If you are in demand enough to conduct private lessons, that would generally be worth even more.
This is one that my sister used to her advantage. Rather than simply “go to the gym”, she got herself certified as a fitness instructor. So now she gets paid to go to the gym, work out, and teach others in the process.
Being a musician is one of the more versatile of the money making hobbies available. If you’re good at what you do, you could:
- Teach instructions to beginners
- Perform at local restaurants or bars
- Record and license the music on a site like istockphoto.com
Similar to being a musician, being into photography and having the right equipment can also be a pretty lucrative hobby to have. When you’re good at taking photographs, people will pay you to:
- Take pictures of their wedding, graduation, party, anniversary, announcement, etc
- You can license your stock photos over the Internet. Follow the link to see a few suggestions of where you can get started.
Running a blog is a surprising money making opportunity that a lot of people don’t think of right away. At first they assume it’s similar to messing around on Facebook or sites like that. But what they don’t realize is that as your blog gains in popularity, you will position yourself to start receiving generous advertising deals. This is how many bloggers are able to receive over $1,000 per month from their efforts.
The other way it can be rewarding is that, like a rental home, the blog gains value as an asset. If you sell your blog when it is at the peak of its popularity and earnings, you could command several thousand dollars for it. Read here for more ideas on how to build a network of money making websites.
Suppose writing blogs really isn’t your thing, but you still love computers! You may be good at programming, HTML, C++, visual basic, or any of the other popular programs that are out there. If that’s the case, someone somewhere will need your talents (as coding to the average person can be a very cumbersome challenge). Advertise your abilities over the Internet, or use a place like oDesk to find jobs.
Writing is a skill that is always in high demand. People need writers for blogs, books, articles, publications, brochures, marketing media, etc. And not only do they need this content to be well written, but also thoroughly researched, specifically structured, etc. Try a place like Elance to market your talents.
A good logo or graphic can make or break an article or marketing publication. If you know how to illustrate something digitally, then you could be hired as a freelancer from someone in need of your services. Try a site like 99designs.com to find projects you will want to take on.
Do you know how to use computer-aided drafting (CAD)? Even though this might seem like one of the more niche money making hobbies, lots of people need drawings to be created for their home or small scale projects. If you have this skill, then it could help to make you some money on the side for only a few hours worth of work.
Images courtesy of FreeDigitalPhotos.net