It really is a tried and true way to eliminate your largest

5 Simple Ways Almost Anyone Can Save

So this canada goose coats article is basically the same thing, right?

Well, kind of. But not really. There is going to be some overlap, but I am only going to talk about the side hustles that I have done AND that I can confirm make it possible to make (and save) over $1,000 a month in a relatively short amount of time.

Canada Goose Jackets The idea here is that you are saving 100 percent of any additional income you are Canada Goose Outlet making from these side hustles. I realize that there are tax implications with many side hustles, but that is beyond the scope of this article. Canada Goose Jackets

In the following, I will show you 5 ways to make $1,000+ per month in pre tax income, all of which I have done. Talk to your accountant about the tax stuff.

1. Uber/Lyft

Canada Goose online Signing up for Uber or Lyft is relatively easy. If you live in or outside of a city, have a clean driving record, and own a car that is under 10 years old, there is a high probability that Uber or Lyft will accept you to be a driver. Within just a few days, you will be on the road escorting people to their desired locations. Canada Goose online

canada goose coats This is a great side hustle if you are just starting out on the financial independence journey, you don’t mind driving, and you like meeting and talking to people. canada goose coats

canadian goose Canada Goose Jackets jacket I did this when first moving to Denver for about three months. The purpose was threefold: canadian goose jacket

canada goose store Get to know the city neighborhoods so I could find a place to purchase my first property. canada canada goose coats on sale goose canada goose factory sale store

canada goose deals Meet new people and network with them. I told every single passenger what I did and what I was looking for. It turns out that I ended up meeting my Airbnb cleaner in an Uber buy canada goose jacket ride. canada goose deals

buy canada goose jacket cheap Make $1,000 or more per month. buy canada goose black friday sale canada goose jacket cheap

canada goose I successfully did all three of these things. However, to make $1,000 per month, I had to drive between 80 and 100 hours per month. After three months and closing on my first property, I decided that my buy canada goose jacket cheap Uber driving career had served its purpose and cheap Canada Goose it was time to move on to bigger and better things. canada goose

2. House Hacking

canada goose coats on sale For those of you who don’t know, house hacking is when you purchase a 1 to 4 unit residential property with low money down (5% down or less). The caveat to any low money down loan is that you are required to live in the property for at least one year. canada goose coats on sale

canada goose black friday sale The idea here is that you live in part of the property and you rent the other parts out such that your tenants (or roommates if it’s a single family home) are paying down your mortgage. canada goose black friday sale

I have yet cheap canada goose uk to find a better risk/reward trade off. For relatively canada goose uk shop low risk, it is not uncommon to see canada goose clearance sale annual returns north of 100% when you factor in the four wealth generators of real estate.

Canada Goose Outlet Canada Goose Parka My first property was a house hacked duplex that I Canada Goose Coats On Sale purchase for $385,000 for only $17,000 down. In the first year, my cash flow canada goose uk outlet including rent savings was close to $12,000 https://www.canadagoosejacketonlines.ca not to mention the loan pay down, the appreciation of the property, and the significant tax savings due to depreciation and write offs. Canada Goose Outlet

Since I was able to save so much during my first house hack, I was able to purchase a second one a 5 bedroom, canada goose uk black friday 2 bathroom single family home that I purchased for $343,000. I rent it out by the room, and it cash flows roughly $1,400 per month when you include rent savings. This excludes loan pay down, tax advantages, canada goose outlet and appreciation.

There are countless other successful house hackers out there with returns as good or even much better than I am getting. It really is a tried and true way to eliminate your largest expense and save $1,000 or more per month.

buy canada goose jacket 3. Rent Hack buy canada goose Canada Goose sale jacket

Canada Goose Parka This is a term that I made up, which may or may not stick. But many people cannot yet afford the down payment on that first property. So what do they do? They grab a box of Twinkies and continue watching season 9 of Friends(again). Canada Goose Parka

canada goose clearance But what if we thought outside of the box a little bit? What if you searched for a 3 to 4 bedroom apartment (or house) to lease and then found roommates to rent it by the room to? canada goose clearance

Let’s take an example. Note that the numbers here are just for reference they will be different depending on where in the country you live.

Canada Goose sale You are currently paying $800 to rent a studio apartment downtown. Instead of re signing this lease, you decide to find a 3 bedroom apartment or house in a cheaper part of town. It’s $1,200 for the 3 bedroom place, which you sign the lease for. You then turn around and rent the other two rooms out to canada goose two other individuals for $700 each. Now your roommates are paying $200 more to you canada goose clearance than the rent payment, uk canada goose outlet and you are getting paid to live! Canada Goose sale

Before you go do this, note that you MUST and I mean MUST tell your landlord that this is what you plan on doing. Be straight up. If you ask around to enough landlords, I’m sure you will uk canada goose get a yes. You may need to negotiate a little bit, perhaps give them higher rent or be a property manager Canada Goose Online for them, but either way, it’s well worth it!

4. Airbnb Arbitrage

canada goose clearance sale Airbnb arbitrage is the cousin to the pre house hack. I am doing this right now with my friend Canada Goose online as we speak. He owns a condo that is in a great location. He rents the property out to me, and I turn around and put it on Airbnb. canada goose clearance sale

I do all of the work in terms of scheduling the cleaning crew, talking with the guests, fixing small things, and making sure everything runs smoothly. He only does landlord duties, which entail communicating with the HOA and any large ticket items in the unit.

Every month, I pay him a monthly rent plus 10% of the net profit made from Airbnb. I keep the 90% from Airbnb. In the summer months, I make upwards of $1,000 to $2,000 extra, whereas in the winter months it is $300 $500.