Money Making Tips for Tough Times

by Stacy Francis, CFP®, CDFA

One of my mom’s friends has a daughter who studied interior design, and then scored an assistant manager position in an upscale furniture store right out of college. She was estatic, loving everything about her job . . . until last week, her employer cut everyone’s hours from forty per week to eighteen. She was on the verge of tears – how was she supposed to make any money?

As she is far from the only person facing a situation like this, I thought I should throw some ideas out there for how to create extra income in tough times.

  1. The first, obvious idea is to take on an extra job. While many businesses are crumbling, some are still doing well and hiring.
  2. Another idea is to finally clean out your closets, shelves and storage spaces and have a garage sale. You’ll make money and have a less cluttered home.
  3. If you want to unload a smaller amount of stuff, or you don’t want strangers coming to your house, try selling some things online instead. There is a reason eBay has grown so much over the past decade; many people do make a good deal of money there.
  4. Trade your car for a smaller one. If you play your cards right, you may end up with not only a chunk of cash, but lower bills at the pump, too.

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