My 3 Techniques For Making Extra Cash

My goals for making money (Ha!)

So rather than just talk to you about how you should make money, I think its fair that I explain what my goals and approaches are. I currently use all of the ideas that I mention on the site unless I say otherwise. The ideas that I refer to are things that I’ve tried, so I’ll try to highlight the mistakes that I’ve made so that you can avoid them where possible.

When it comes to making money, its better to have a range of income streams rather than relying on just one significant income stream. The reason for this is obvious, since if something goes wrong on your main income stream, you’re screwed! So if you can split the risk up into smaller chunks, then you’ve got more protection if something goes wrong. For this reason, I try to spread my money making assets out a little.

1. Money from Websites

I own a few websites that earn extra cash through Google Adsense and affiliate networks. My goal for 2008 is selling off or phasing out my deadweight sites, and owning websites that generate a regular monthly income.

My flagship website Spy Review earns around about $800 per month from Google Adsense. However, I have run out of ideas on how to develop the site, therefore I am in the process of selling it. If the ideas are stale, it’s time to move on.

I have 4 websites that are web directories, which I am slowly phasing out. When they were in their prime, they brought in a sall chunk of money (about $50 a month). Now that Google is going after people who sell paid links for pagerank, there’s next to no money in web directories anymore. I’m basically not working on my web directory sites any longer.

My older money making website Little Earner is a sporadically updated website about earning a little extra cash. PowerDosh builds on that concept, but this time I am committed to writing regular articles and information on making money, particularly from websites.

I earn a very small amount of money on Little Earner from Google Adsense and a couple of Paid Survey affiliates. My intention is phase out Little Earner and send all the traffic to PowerDosh. PowerDosh is about sharing my ideas rather than me making money. If I cover my costs, then great!

I’m going to be starting a new flagship website in the next month or so, and have already got a plan on how to achieve it. I’ll share my tips and progress as the site grows.

2. Tax-efficient Savings Accounts

One of the safest ways to earn extra cash is to put your money into a savings account. In the UK we have something called ISAs, which are tax-fee savings accounts.

So I have money in an ISA earning me interest that is not taxed. The rest of my money is in a normal high interest savings account for emergencies. It’s not a huge amount of money, but it still comes in useful. And it takes no effort to earn!

3. Doing Paid Surveys

Paid Surveys have their place when it comes to making money. You’ll never earn a fortune with paid surveys, but you can still make a few extra quid to pay for treats such as books and DVDs. My favourite paid survey sites are YouGov, Ciao and Valued Opinions.

Conclusion

So there you have it! I don’t do anything that involves rocket science, but I earn enough that gives me more financial freedom. I’m doing it to buy my dream home. What are your motivations for earning extra cash?