Financial Thoughts

4 Ways to Earn Money While Unemployed

Earn money while unemployed

Trying to enter the job market is tricky as you have to continually find ways to survive. You need to be employed to earn money to pay for shelter, food, and clothes. And not everyone has extended family to help when the life gets tough. If you find yourself in this predicament or fear that it could happen one day, keep reading.

Not earning money can make it difficult to pay for basic needs such as groceries, utilities, and health costs. Searching for a job may even seem trivial as some sectors are saturated, and some companies employ only people that have adequate working experience. Not finding work may cause additional stress because of lack of finances. But there are ways to stay hopeful and build a better future.

Let’s take a look at a few ways you can earn money while unemployed and looking for that dream job.

Create YouTube Videos and Get Paid

There are countless ways you can generate an income by making YouTube videos. All you have to do is create videos for a certain target market that generates lots of views. On average YouTube can pay you $1 per 1000 views. You can generate more views if you create content on:

  • Tutorials on arts and crafts.
  • Product reviews.
  • Movie or music reviews.
  • Self-help videos.

You will have to post videos regularly to create a large following. The more followers you have, the better the viewing rates. Being a YouTuber, you can earn up to $55 000 a year depending on your video content.

Become a Freelance Sitter

You’ll find that many people in your neighborhood are looking for people to babysit, housesit or people to look after their animals when they are away on business or at work. You can offer your services to people in and around your area & create your service rates.

Rates Guideline for Freelance Services:

  • Babysitters make $10 per hour on average.
  • House sitters can earn $37 a day.
  • Pet sitting ranges from $50 to $75 a day.

To advertise your freelance services, you can create online profiles and send your information via email or social media. Virtual advertising is a cheaper alternative than printing flyers.

Open Garage Sale

If you’re literally on your last dollar and you need a fast way of making a bit of cash, you can have an open garage sale by selling:

  • Clothes you don’t wear.
  • Tupperware and household goods you don’t use.
  • Technical gadgets like radios, MP3 players and television sets.
  • Jewelry.
  • Pots and pans.
  • Music such as old records, CDs and cassettes.
  • DVDs you don’t want to keep.

Set up tables outside your house and put prices on all the items you’re selling to make it easy for passers-by to decide whether they want to buy your items. With the extra money, you can either purchase the necessities you need or use it for other business ventures.

Alternative Solutions: Short Term Loans

Applying for personal loans may seem counterproductive as you don’t necessarily want to owe money while you’re unemployed. But it can be a way to help you in the interim while you’re searching for work. You could use the money to create a small business of your own and become an entrepreneur.

Pros of Short Term Loans

  • Quick access to cash.
  • Lower interest rates.
  • Can be used to pay off additional debt.
  • Easy to apply for.
  • No need for collateral.

Cons of Short Term Loans

  • The temptation to overspend.
  • You have to qualify for a loan.
  • An additional initiation fee is charged.

Before taking out a short term loan, you must carefully weigh your options and draw up a plan of how you will use the money & pay it back.

Unemployment Rates in the USA

Currently, the unemployment rate in the US is 3.80%, which is the lowest it’s been in the past 5 years. The decrease in unemployment rates could be because most Americans are finding new and innovative ways to make money. Entrepreneurial skills are on the rise as youth and adults have found new ways to create an income without working for a boss or working in a corporate office. To help the 3.80% of Americans, government benefits would provide money for unemployed people. This is only a short term proposal as benefits do not last endlessly.

How about you? How do you generate your income? Don’t become part of the 3.80% of unemployed Americans. By using the tips above, you can quickly get out of a challenging financial situation even if you are unemployed. All you need to do is construct a plan and execute it the best way you possibly can.

Good luck!

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