Earning money in your free time is simple. There are various jobs to choose from, both online and offline, depending on your skillset. Below are a few methods for earning money in your spare time:
Day Trading
Day trading is the process of buying and selling stock shares on the same trading day using leverage and strategies to make high returns. A day trader analyzes how the market moves and capitalizes on market fluctuations to make the most money.
All a person needs are enough capital, discipline, market knowledge, and trading strategies. There are many strategies involved, including:
- Range trading
- High-frequency trading
- Scalping
Once one learns how to apply these strategies, they can make a lot of money without effort. There are also methods to reduce day trading taxes, such as mark to market accounting, harvesting tax losses, and trading deductions on expenses by writing off investment expenses such as equipment costs, software expenses, and office space rent. To earn day trader status, inform your tax collection body in advance.
With the evolution of technology, day traders can work from their computers. The use of algorithms and high-frequency day trading programs has improved the commission structures.
If you are a day trader for a huge company, there are many benefits such as trading desk access for merger arbitrages and steep market movements, many news sources to receive fast information when significant changes occur, and access to analytical trading software to monitor market patterns, neural networks, and perform back-testing.
Mystery Shopping
You can make money in your spare time by being a mystery shopper. Companies employ mystery shoppers to analyze how customers interact with their products to enhance their performance. A shopper visits stores masquerading as an employee or consumer and collects information. When they collect the information, they receive payment.
The information collected includes employee product knowledge, customer service, employee kindness, quality of goods, overall efficiency, and prices. Mystery shopping ensures that companies are consistent with the brand promise. When businesses maintain their performance standards, their sales will increase exponentially.
To be a mystery shopper, you need open-mindedness, efficient communication skills, flexibility, and a keen eye. You can also work online with companies such as BARE, IntelliShop, Secret Shopper, and BestMark.
Couponing
Using coupons can earn you money and also save you money when shopping. To earn from couponing, collect as many coupons as you can from metropolitan newspapers, grocery stores, and the Internet. Organize them into categories using a binder or a box.
Be sure to check for overages. An overage happens when the coupon is of a higher value than the item purchased; for example, if you have a $5 coupon and a $4 item, there is a $1 overage.
Many stores will give you overages in cash or credit. Others will ask you to use fillers.
Virtual Assistance
A virtual assistant provides online services to businesses, including event planning, social media management, email organizations, report preparations, and booking hotels.
The reasons to be a virtual assistant include:
- Flexibility: You can work when free and from wherever as long as you have a laptop and Internet.
- Creativity: You get to provide creative fixes to your client’s issues.
- Financial rewards: You can negotiate your payment and earn a huge amount of money.
- Communication: Since you work with many small businesses, you learn effective communication skills and adapt to any business.
Agencies with virtual assistant jobs include Fancy Hands, Zirtual, Redbutler, Vasumo, Wonder, and Indeed.
Video Games
Video games gained massive popularity during the coronavirus pandemic. If you love playing video games, you can get paid for it. One way to make money is to test games for companies, where they pay you to make improvement suggestions and detect glitches.
You can create a YouTube channel where you comment on games, review games, and analyze game playthroughs. One can also earn with apps such as Lucktastic, Swagbucks, and Mistplay for playing games or sell gaming guides.
You can join the eSports community of gamers to get into tournaments and win prizes. You also get to improve your gaming capabilities.
