Sick of the stock market? Bored with the bond market, and not making any money in those CDs? While they certainly are mainstays, they're not the only ways to make money. It's time to think outside the box if you're looking to book some extra profit these days. After all, we live in the most entrepreneurial time in history, where anyone with an idea, some seed capital and a modest supply of elbow grease can make money.
The initial and overarching caveat here is simple; there will always be some risk involved. There is plenty of risk inherent in stock market investing, as we all learned so well last year. So while there's no foolproof strategies herein (or elsewhere, for that matter), these tips might get your mind going in an entrepreneurial direction.
Is there a big-name concert coming to town next month? Live in a city that will be hosting a sports playoff series or a major event later this year? Well if you've got the patience and a little investment capital you can scoop up a bunch of tickets the day they go on sale then try your luck in the "secondary market". Ebay is a very popular place to peddle event tickets, but sites like Craigslist.org are also great for reaching fans in a localized geographic area.
This type of investment requires some pre-strategy and also some ongoing evaluation. First of all, stick with what you know. Don't bet on a band, performer or team that you're not sure has a large and loyal fan base. This not only hedges against making a bad bet, but it also makes the process more enjoyable and potentially satisfying.
Secondly, unless you're within days of the actual event, don't flood the market with all your gobbled-up supply all at once. Peek around, and get a feel for who else is offering the same product and what price they're selling it for. It may be better to wait out an initial blitz and see if demand doesn't become stronger and more desperate as the event day approaches.
One final word of caution: proceed to the event, tickets waiving in hand, with extreme caution. While potentially profitable, it's not exactly on the legal side of the fence.
Sell That Metal - It's Precious!
Many people feel that we are going to be entering a major inflationary period in the years ahead. If you agree, then it's a safe bet that the prices of precious metals like gold, silver and platinum will continue to rise. (Worried about how inflation will affect your portfolio? Check out Curbing The Effects Of Inflation.)
Got some jewelry lying around collecting more dust than fond stares? Why not get it appraised and either sell it, or use some investment capital to buy up collectibles and jewelry from others in hopes of a higher price in the future?
I'm not suggesting you melt down your grandmother's silver spoon collection; sometimes a collectible has more value than the underlying metal, and sometimes it doesn't. As I've already mentioned, stick with what you know, or at least what you're willing to read up on and ask around about.
Got A Product or Service and $50? Start a Website
The internet is truly an amazing medium. For just a few bucks a year to lock up a domain name and a hosting service, you can set up your own business in literally minutes. Maybe you have a unique craft or product you like to make. Maybe you have a service or special skill that you'd like to market for a profit. Maybe you just like to write and think others would like to read what you have to say. (Find out how to spot internet fraud and protect your money. Read Avoiding Online Investment Scams.)
Any and all of these can make you money in the internet age. With some simple e-commerce software, you can be collecting money and shipping off your wares within days. You can use your website to sell yourself to a client or customer by telling then exactly what you can offer, or simply opine about anything that blows your hair back.
If folks start gravitating to your website, you can earn money via advertising or maybe find that perfect customer that would love you have you as a consultant, tutor or partner. With so little of an upfront investment, it's hardly worth wondering "what if"?
As has become my common theme here, stick with that you know, and hopefully what you enjoy. What's the point in making or selling something that doesn't provide you any enjoyment along the way? (From lawn care to summer fairs, expenses can skyrocket if you're not paying attention. To learn more, read Save Money On Summer Bills.)
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