First and foremost, I am not trying to sell you anything. In no way am I sponsoring any of these businesses. This is purely an informative list of some of the best services that can put a little extra money in your pocket risk free.
- EcoATM: “Recycling your old phones, MP3 players, and tablets doesn’t have to be a hassle. We want to make ecoATM the most convenient way for you to leave a positive impact on the planet while also putting a little cash in your pocket.”
EcoATM is sometimes referred to as the “gamestop for selling phones” you are not going to get rich from EcoATM. HOWEVER, EcoATM is rated highly for its convenience. It literally takes zero effort to get some cash, other than bringing your outdated device to one of their ATMs and hitting a few buttons. You don’t have to ship anything, and you don’t have to interact with untrustworthy vendors on the internet. EcoATM is 100% legit and safe to use.
Honestly, I probably have 4-5 broken devices just sitting around in my bedroom that I have not touched in years. I wouldn’t mind bringing it over to one of those ATMs and getting $25 for them. If you are in the same situation, I would recommend checking out EcoATM. If you google “ecoatm near me” it will show you a list of ATMs that are closest to you.
Keep in mind, I have read that this service sometimes does not offer any money to you if it finds your item completely worthless. However, you do still have the option to take back your phone, or opt to recycle the phone if you want to make a contribution to a good cause. I attached an article here that provides why recycling your phone can be a benefit to our environment.
So again, for all you who have a ton of old or broken phones stacked up in your bedroom, consider using this service!
My grade: B
Final take: EcoATM’s grade is boosted a lot from convenience and practicality. Just think of how many unused or broken devices you have laying around your house. These damaged devices can be turned into some quick cash. Plus, it’s good for the environment! If you’re looking to sell your old devices/ phones for more money, and they are in good condition, then I would recommend selling it online or simply using the trade in value that Apple offers.
Calling all fashion lovers…. and also those who are trying to declutter your closet. Do you want to make some cash by selling your clothes? Then check out DePop and Poshmark!
With Covid-19 dismantling on-premise thrift shops around the country, its hard to go out and dump off all of your unused clothes somewhere. Fortunately, there’s a solution.
DePop and PoshMark are two up-and-coming online thrift shops. DePop mainly focuses on streetwear/ trendy styles, while PoshMark specializes in designer brands, such as Vineyard Vines, Nike, Zara, etc.
The selling structure is pretty straightforward on these two sites. Poshmark takes a commision of 20% on sales over $15, and $2.95 for anything under $15. Whereas Depop takes a flat 10% commission for anything you sell on the site. I would say this a pretty fair deal, considering it is free to list an item and you have the power to price your clothes at whatever cost you choose.
A lot of influencers call Depop and PoshMark a mix of instagram, amazon, and ebay. Negotiating/swapping can happen, and you have the power to price your own products. Additionally, both of these websites allow you to gain followers and make a brand for yourself.
A tip to the wise: simply putting a picture of a normal piece of clothing probably will not sell. You have to know how to create a brand and take good pictures of your clothes (Youtube videos can help with this).
If you do not have a specific piece of clothing you are looking to sell, you could also possibly bundle a bunch of clothes together for cheap. Will it sell? Maybe, maybe not. But it does not hurt to list a product on these websites though, as thousands of people a day are looking to buy clothes.
Something to keep in mind: Watch for scammers on these sites! Be sure to do some background research before buying or selling something.
My grade: A
Final take: I love the idea of both PoshMark and Depop. With retail companies declining in numbers due to the rise of big companies like Amazon, a door has been opened for individuals looking to profit off of their unused clothes. Instagram and digital marketing are also on the rise, so if you can easily create a brand for yourself. I give Depop and PoshMark an A because it is totally worth the effort, and people will actually buy your clothes that you no longer wear. Also a huge benefit can be seen environmentally, as these websites reduce clothing waste and deter individuals from “fast fashion”.
- Open a free savings account with high APY
You probably have heard this back in high school personal finance, but compound interest is one of the most powerful money-making tools anybody can come across. You are literally getting paid to lend money to a bank, so why not let your money work for you?
The Annual Percentage Yield (APY) is the rate of return given per year. For example, you put in $1,000 into a savings account with an APY of 2%. How much will be in your account in five years? $1,104.08. How about ten years? $1,218.99. Twenty years? $1,485.95.
This is pretty much the easiest way you can generate money by doing legitly NOTHING. And that’s only with $1,000, a 2% APY, and no annual contributions!
Another benefit of keeping your money in a savings account is its ability to adjust to inflation. Finance professors advise you to never keep cash under your mattress because it is losing its value overtime!
In general, if you’re one of those people who love seeing their money grow with very limited risk, then open a savings account today. Three of the most trustworthy savings accounts with the highest APYs are: CitiBank (1.40% APY), Marcus by Goldman Sachs (1.30% APY), and Ally Bank (1.25% APY).
My grade: A+
Final take: If there is one thing that you should do (if you haven’t already) is open up a savings account. For those who are not currently making money at the moment, this may be a little harder for you. However, those who are currently employed, or those who will soon be employed, you should definitely look into opening a savings account with one of the banks listed above. Please do your research before opening one of these, and make sure you are aware of the benefits and drawbacks of the savings account you choose. I give it an A+ because it takes no effort while it also has the potential to make a decent amount of money over time.
- SliceThePie: “Get paid for your opinion”
For all the music lovers out there, this site is for you! Basically, SliceThePie is paying you money to leave reviews for songs.
In order to make money, you must listen to a song provided by the website for at least ninety seconds, and give it a rating of 1-10. The company uses some sort of algorithm that figures out if you are not actually listening to the song. So a tip of advice: vary your reviews if you don’t want to get booted from the site.
In my opinion SliceThePie is brought down largely by the “effort-to-payout” ratio. The “effort-to-payout” ratio is a term I use to determine if the effort I am putting into something is worth the money I am getting back.
On average, you are only going to get around twelve cents for every review submitted.
There are some bad reviews out there about SliceThePie, as many people suggest to use alternative “survey junkie” serivces. I personally give it a higher rating compared to surveying because I would rather spend time listening to music rather than answering a bunch of questions about myself.
My grade: C
Final take: If you have some extra time on your hands and love listening to music, sign up for this. Even though this is not going to get you rich, SliceThePie is pretty straightforward and can be done on your couch. I give SliceThePie a low C rating simply because it takes a lot of work for a low payout. The site has also been known for banning people’s accounts that are not actively engaging in the music.
- DoorDash, Postsmates, InstaCart, etc
For those with adequate access to a vehicle, consider delivering food! In the wake of COVID-19, people are still skeptical of going out to eat. There are plenty of customers who are willing to pay for you to bring their food to them. In addition, some of these services are offering contactless delivery, so you can just drop the food right at their doorstep without any interaction.
People often write these companies off when they first hear their names, but if you have some extra time on your hands why not try it? You don’t have to drive people around, like Uber drivers. You aren’t bound by a specific number of hours you have to drive a week, like Dominos. You create your own schedule, and dictate how much you want to make.
I have heard the average hourly wage ranges depending on the service. But a simple answer is anywhere from $7-25. That is largely dependent on tips, average number of deliveries, and the price of the food the customer orders.
A downside to driving for one of these services is constantly getting gas. However, for the time being, take advantage of these low gas prices!
Which delivery company is best for you? There’s a great article I found online that shows the benefits of all delivery companies which hire in the United States, check it out: https://www.creditdonkey.com/delivery-driver-app.html
My Grade: B
Final take: Delivery driving is pretty straightforward. Although I would not recommend driving for a pizza shop or chinese restrauant, these delivery services are a great second source of income. Whether it is DoorDash, Postsmastes, or Instacart, each one guarantees you money upon completion of a delivery. I give these services a B because it may not be the most exciting or rewarding job, but it is pretty easy and will cover your small expenses.
- Etsy: “Find things you’ll love. Support independent sellers. Only on Etsy.”
Your simple art project can be the next big hit! Etsy has taken off over the past few months with the rise of face masks/coverings.
Etsy rewards those who have created a unique product with high demand. This website is great for beginners, user-friendly, and gives you the ability to show off something you’ve created. Marketability is at an all-time high, and the site is rising in popularity by the day.
If you decide you want to post a product on Etsy you will be met with some fees. There is a 5% transaction fee (including shipping) for any of your products that sell, and .20 cent listing fee.
The downside to Etsy is that there is a ton of competition. You have to be ready to answer the question of “what makes your product special” before you list an item. Or else you are probably going to be losing 20 cents for each listing.
My grade: B+
Final take: Even though there is a lot of competition present on Etsy, those who have a creative and sales-oriented mindset will thrive. The fees are a little discouraging, however, pricing is completely up to you. Take advantage of this website if you want to share your art with millions of individuals around the world! I give it a high B since it takes some effort to be successful, but the potential is through the roof, and demand is surging.
- SOME OTHERS…
I know I only listed six above, however, there are still plenty of other opportunities out there:
TeeSpring allows you to sell T-shirt designs.
Swagbucks pays you (mostly gift cards) for taking surveys.
TaskRabbit gives you money for completing simple tasks for customers.
Rakuten Rewards gives you cashback for every dollar you spend (over 2,500 stores).
Take a look online if any of these interest you. Keep your options open! It doesn’t hurt to try something new if you have extra time on your hands.
Stay tuned for my next blog, as I will uncover some high-risk/higher return money-making strategies!