5 Ways to Boost Your Monthly Income (Part 1)

ways to boost your income

ways to boost your income

Since 2013, I have been writing on personal finance and, along the way, I have received all kinds of questions. However, the most common question that I receive is “Damian, how do I make some extra cash online?” With their no-waste philosophy, Millennials are the ones that look to multitask their income the most by making money completing little tasks during their breaks of their full-time jobs.

I could write a book on the different ways that you can leverage social media, marketing research, and the sharing economy to land a few extra dollars in your bank account. For now, I will get started with Part One from this series. Here are 5 ways to boost your monthly income through the Internet.

1. KnowledgePanel

With offices in over 100 countries, GfK is one of the world’s leading market research companies. This company operates KnowledgePanel, which is an online consumer research panel that looks to find key patterns and trends of the U.S. population.

By participating in KnowledgePanel, you can gain points per survey that you complete. You receive $1 per 1,000 points that you accumulate. The least that you can make per survey is 1,000 points. I recommend to wait to complete the surveys that pay you at least 5,000 points because some surveys may take between 5 to 20 minutes. By following this rule, you would be making $15/hour.

The good news is that your unique demographics may qualify for some unique surveys that pay up to 25,000 points!

2. Crowdology

Another great source of income completing online surveys is Crowdology, which not only has a portal for U.S. survey takers but also one for U.K. survey takers. This member panel pays $0.50 per 5-minute survey at the U.S. portal and between £0.40 and £10, depending on the length and type of survey, at the U.K. portal.

The Crowdology crew likes to interact with people on Twitter and you can find them there at @CrowdologyUK.

3. Wyzant

Like that old school song from Molotov goes, “So If you got the skill use it or lose it”. If you have unique skills that others need, leverage those skills to make money by teaching them through Wyzant.

From Spanish to Trigonometry to LSAt, virtually any subject is on demand through this tutoring platform. By setting up your profile you can offer your services both on-site and online, and students can request your services directly. Whether you’re an established or novice tutor, Wyzant is great to expand your client base.

Most Wyzant tutors set their hourly rate between $30 to $60, but Wyzant takes a hefty cut of 40% until you become an established tutor (20+ tutoring hours).

4. JustPark

With over 500,000 drivers looking for parking at Just Park, one of them is bound to need your parking spot. Parking spots are pricey commodities in several U.S. cities and you can use yours to make some side income without almost any effort.

Depending on your location, you could make money by renting out your parking spot at home after you leave for work and by renting out your work parking spot when you leave the office. Plus, I really like the fact that this platform is much less creepy than trying to offer your parking space through Craigslist.

5. DogVacay

If the idea of meeting strangers totally terrifies you but you’re absolutely fine hanging out with dogs that you’ve never met before, then DogVacay may be a better fit for you than Airbnb. By becoming a certified dog host through this platform, you qualify for a $3 million coverage against commercial general liability and a $25,000 of veterinary coverage for dogs in your care.

When calculating your rates, you need to take in account that DogVacay will deduct a 15% fee of your earnings.

Stay tuned for upcoming parts of this series of ways to boost your monthly income!

Image Credit: Denise Cheng

Author: Damian Davila

Ideas and concepts from Damian Davila, Ecuatoriano thriving in Hawaii. Pro marketer and blogger. Find him at @idaconcpts on Twitter.