Every week I look forward to reading the advice of Scott Pape, Australia’s “Barefoot Investor” who writes articles about finance in our Sunday papers. He has a no nonsense and common-sense approach to building wealth. It relies heavily on ways to better manage and save money, and invest in smart options for long term returns. People can write in to Scott and he’ll answer their questions at the end of his article and on a number of occasions he has suggested to his readers that they should increase their income by taking a second job. I’ve often wondered how people deal with that advice – I could not have imagined taking on a job in addition to the one I have.
Then just last week I picked up a book from Kylie Ofiu (www.kylileofiu.com) titled “365 Ways to Make Money”. I thought at first it would be all lemonade stands, carwashes and dog-walking, but the ideas were actually whole lot better …. I could even see myself getting started in a few of them. It was quite exciting to read the possibilities so I’m recording the ones I am most interested in here:
1. Rent a room to a boarder
This one is not for everyone, and really isn’t for me right now either, but a dear friend of mine has had several boarders share her house, enabling her to earn an extra $250 a week! What a quick and easy way to earn decent coin. She advertises for boarders on websites such as www.gumtree.com.au and interviews people, ensuring they sign a tenancy agreement.
2. Host an exchange student
This would be a great way to introduce an overseas student to the Australian way of life. Some programs will pay about $200 a week for the student’s room and meals.
3. Rent your house out while you’re on holidays
I’m probably a little too suspicious of people to rent my house out to strangers, but would consider doing this for acquaintances or if someone I was close to needed a house for visiting family etc. You could potentially make up to $500 per week – much cheaper than if the family were to stay in hotel accommodation.
4. Be a product tester
Won’t probably make big bucks, but will save you some money on your grocery bill, providing some of the items you try are substitutes for what you might normally purchase. Websites to try are www.freestuff.com.au and www.soup.com.au
5. Record your shopping habits
This is one that is not featured in Kylie Ofiu's book but one that I currently do through AC Nielson (homescan.acnielsen.com.au.). Each week I scan through the grocery, butcher and fruit & veg items I purchase with a hand-held scanning machine. The information is sent back to AC Nielson who compiles it and sends it out to their clients. I am rewarded for this on a points system and when I get to about 500 points, I can order a $50 voucher. You can keep accumulating points for better rewards, but I like to use the vouchers – it takes about 3 months for me to hit this target.
6. Sell potted bulbs or herbs
I have recently planted some seeds, some of which have sprouted and I can see quite a few basil plants growing now. I’ll need to split these out into individual pots and then, once they are mature enough, I’ll be able to sell them either on www.gumtree.com.au or www.ebay.com.au or www.ripenear.me .
7. Type resumes
The friend I mentioned earlier who has a boarder is very astute, and always looking to improve her financial situation. She’ll give anything a go – she has great drive and tenacity. She has investigated Express Mobile Service’s franchises, and found that typing resumes was one she could do for little cost, and decent reward. She’s a very good writer and has had experience in developing her own CV and resume with successful outcomes. Once a template is in place it can be easily adapted to others’ situations and then tailored to meet the needs of the job for which the customer is applying. Sounds like an excellent business idea, considering the current climate for jobs in Australia at the moment.
8. Become an editor
I’m really interested to pursue this one, as I enjoy the process of editing for marketing material and tender submissions at work. I’m pedantic about correct grammar, and find it so irritating to see spelling mistakes in published works (my own included!). Kylie suggests that a way to attract work is to contact websites where there are errors in copy and ask if they are interested in paying you to provide an editing service for future published pages.
9. Design and print restaurant menus
The menus might also be used for a direct marketing campaign as part of a letter-box drop, so the order could be quite large.
10. Creating a local real estate website
This business has small start-up costs – just a domain name and some web design software – but may require some funds to advertise and get some traffic onto it. By only showing houses for sale or rent within a specific area means you can provide more information about that area – what the amenities are, what the demographics are like, even some statistical information about property sales. You could provide stories of families that have lived in the area for a long time, or are new to the area and are enjoying it. You can make money through the property listings on your site, and possibly make commissions.
11. Become a household organiser or a “just moved out of home” coach
“Many people live in absolute chaos and could do with someone teaching them how to organise their home.…..Visit your client’s homes and help them to declutter…create a budget, and organise realistic schedules so that their domestic lives can run more efficiently. You could charge around $20 per hour for your organising services.”
People who have just moved out of home could also benefit from a similar service, although tailored for their needs. This might involve cooking, regular household chores, ensuring adequate insurance cover is in place and more.
12. Prepare homes for sale
Many real estate agents are so keen to list a property that they don’t even allow time for the owners to make simple improvements before the first home-open or photo shoot. I could offer a service where I advise clients what furniture to keep and where to place it, what needs to be gotten rid of, and complete some simple styling improvements. It would be reasonable to charge from $800 for this service.
13. Offer your services as a frugal living consultant
This is definitely up my alley – I would love to build up the skills and knowledge to do this. And I’m quite certain that over time I will have a stack of information and personal experience to draw upon to offer this service. I could offer an in-home service and charge around $50 per hour.
There are plenty more ideas in the book, so try to get your hands on it or go to the website www.kylieofiu.com.au to find out what might suit you. If you have any good money making ideas I’d love to hear them! You can drop me a post or send me an email: livewelllivesmart@gmail.com
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