Whether you've got some extra vacation time but you don't have the budget to travel, or you're experiencing furloughs at work, time off can turn into money in your pocket.
Leverage your skill sets to dial up the cash flow on your down time with these four low-risk moneymaking strategies.
1. Monetize a Passion
Are you an avid hiker? An art aficianado? A tech whiz? Leverage your skills by arranging hikes, museum tours or tech 411 classes for those in your social network. For example, if you’re spending Saturday on a glorious mountain trek or touring local galleries, send a twitter blast or Facebook invite to pals that for a small price, you’ll be docent for the day or make the hike arrangements. Or, if you’re the go-to guy or gal when anyone’s about to buy a computer or set up a blog, hold a moderately priced workshop or Q&A for the technology-challenged in your group.
2. Capitalize on Your Friends of Friends Network
The days of barter are back. Maybe your best bud knows nothing about stocks, but he knows someone who is pretty savvy. Ask for an e-mail intro and offer to exchange something you know, such as tips on technology or even a personal training session, for financial advice. You keep relationships on the personal or friendship level when you exchange knowledge for knowledge, time for time or introductions for introductions. The upside for both parties is valuable goods or services are exchanged for free.
3. Race for Charity
OK. You are actually raising money for other people, but we think charity group events like Fred’s Team or Race for the Cure pay off for participants, too: they’re free activities that save you in gym membership fees, plus you’ve got a built-in excuse for contacting your entire network of friends and coworkers. Try givespot.com for a listing of charity races around the country. If you’re not a fitness fan, change your moneymaking model to a networking party that charges a fee or a neighborhood clean up with donations to shelters (hello, tax write offs).
4. Hunt for Investment Pieces
Whether you’re a high-end collector or the crafty type who loves a renovation project, scouring flea markets and estate sales can turn up a worthy find that can eventually provide a hefty return. Even the profit on small refurbishing project, like an end table or a chair, can fund a latte habit for a month or two.
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