Plenty of things are touted as grand money-making hobbies, but in reality – would you really want your friends to see what you’ve been doing to earn those few dollars? A real hobby usually costs you a bit of money to enjoy, but it’s worth it for pure enjoyment’s sake. It’s important to keep that in mind when considering hobbies that might actually pay off.
If you like finances and you love the idea of testing your knowledge (or gaining some knowledge) of the stock market, penny stocks might be a fun way to learn more about how the buying and selling works. With penny stocks, you’ll buy very inexpensive stocks for literally pennies and then hope that the stock doubles or even triples its value over time.
The big boys spend thousands on penny stocks hoping to double their money and at that level it’s a risky animal. But if you set a budget of $5 or $10 per week to invest as you please, you’re spending less than a couple of lattes and you just might come out ahead. Remember the basics of the stock market though – diversify your portfolio (buy lots of different things) and stay in it for the long-haul. Even if your penny stocks lose money in the roller coaster of the stock market, resist selling out until the stocks rise again. You only lose money in the stock market when you cash out.
It’s amazing how many people are using the gift of written gab to turn a quick buck. You’ll never get rich writing for one of the many content mills online, but writing quick articles for $10 or $15 each isn’t a bad way to spend an afternoon if you happen to love writing about completely random topics. Of course, if you plan to brag about these later, you’ll want to avoid writing the How to Pick Lint from Your Belly Button type articles and stick to ones that are somewhat less embarrassing in polite company.
We can’t flip houses any more for a quick profit, but there are still plenty of things out there you can buy, fix-up and sell to other people. Consider old furniture. Buy the broken piece and use a bit of handyman skill to repair and re-purpose the item. Buy ugly pieces and sand them down and refinish or paint and antique the items before reselling them at craft fairs or online. You can buy up odds and ends and make collections to sell or revitalize certain items by changing the fabric or using a high-quality can of spray paint.
Get creative and start looking for the items others consider junk – garage sales are a perfect place to start. Find treasures and resell them. Even if you sell a box of odd tools for $1 each, you’ll make a profit so long as you paid less than that for each item initially. It’s amazing how much money you can make with a big bottle of cleaning spray and a bit of savvy when it comes to finding hidden treasures.
Rebecca Garland is a veteran freelance business writer working hard to populate the internet with relevant, interesting content you can actually put to use. She writes regularly for many companies and websites such as www.pennystockclassroom.com on topics ranging from social media to penny stocks, including everything in between.