Everyone is always looking for a fun side-hustle to make some extra bucks. So, we thought we would break down the top three.
What makes these the Top Three, you might ask? Because we said so! Also, because it makes a compelling title and it’s really hard to track down verifiable data on this particular topic.
1. Day Trading
Day trading has to be one of the biggest ways to make extra cash, right? Especially now that the pandemic happened and millions more started to dabble in day trading stocks. You can make some decent extra cash day trading, but you can also lose your shirt. The thing to remember is moderation and a conservative approach, especially while you’re a rookie who’s just getting their feet wet.
— Marc (@SimplerTrader) November 17, 2020
If you are going to trade, immerse yourself in literature. Heck, pull out a couple of hundred bucks to spring for a reputable online course or workshop. Put that Kindle and book subscription to use by downloading as many trading strategy books as you think you can reasonably consume.
Sounds like a lot of work, right?
That’s because it is. If you want to earn, you have to put in the work. They say that something like 90% of day traders lose their money. I can almost guarantee that 90% of that 90% went at it half-assed.
The good news is, you can get started for around $500 bucks plus the cost of some books and an online course – I’m serious, don’t skimp on the learning.
2. Cryptos Trading
You can also day trade cryptos. The same goes for trading cryptocurrencies.
My portfolio is up a little over 500% this year. But you need to take the same approach. Learn trading strategies. Stocks are a good place to start because many of the strategies will cross over to cryptos. I like to dabble in altcoins like TRON, Stellar, XRP, and ORCHID that you can get for dollars or even fractions of a cent.
That said, everything pretty much follows BTC’s index, so learn Bitcoin first.
3. Sports Investing
No, it’s not dropping cash at the Big 5 Sporting Goods store.
Sports investing is where you take your knowledge gathered from a lifetime of lovingly watching sports and immersing yourself in fantasy leagues to bet the games. Before, this wasn’t a viable option. However, now that sports betting is legal in many states, it’s a great way to earn some extra cash. First, you need to learn to bet on sports.
I am something of an expert on this subject so I’ll give you a couple of tips to start out.
No.1 – Create rules and stick to them.
This is perhaps the most important aspect of sports betting. I
t’s a war of attrition against the sportsbooks, so come up with a plan that details how many games per week you are going to bet and what your maximum wager is (should be no more than three percent of your total bankroll). Also, come up with your average betting unit (between one and three percent).
For me, my bet size is $35.00 because it’s roughly 1% of my total available sports betting bankroll. No matter how much you win, don’t start upping your bet amounts or wagering on more games. Trust me; I know from experience that this is when you go on a losing streak.
No. 2 – You usually don’t bet for or against a team, contrary to popular believe.
The reality is that you are betting against a number the book sets. Do your homework and make sure that you don’t bet against a number you don’t see a clear advantage against.
No. 3 – Track everything you do on spreadsheets so that you can make adjustments every couple of weeks.
You may find that you lose under certain situations and win more with specific circumstances.
No. 4 – make sure you have multiple accounts funded always to find the best betting line for your intended play.
Thirty-five bucks per NFL or College football game might not seem like much. But, it falls into the $3500 bankroll that I built up over a few seasons, starting with just $100. It’s not a killing, but I make an extra couple hundred per month for spending cash, and it’s fun.