How To Make Small Investments For Extra Monthly Income

If you feel like you are having trouble getting to the end of the month with the money you earned, then you have two choices. You can either make yourself a better budget and make sure you spend less. Or, you can earn more money to make sure that you are able to make it to the end of the month and come out ahead.

If you have already trimmed as much waste as you possibly can from your budget then you really only have one choice. And that is to find a way to make some extra money.

Finding another full time job that pays more than your current one is probably not realistic at this point so you are better off trying some small investments to make at least a few hundred dollars per month extra.

In this article, I will go over how you can do that so you can start getting ahead financially.

Buy and sell Bitcoin

Bitcoin and other cryptocurrencies have a reputation as being volatile. Though they are not as erratic as people think, they do provide a unique opportunity to make money due to the fact that there are a lot of fluctuations in their value.

This means that if you were to buy and sell bitcoin then you could see some tidy profits of at least a few hundred dollars per month and possibly more. It all depends on how much you invest and your timing when you sell.

Finding where to purchase Bitcoin is easy as you just need to go to an exchange and connect your bank account so you can start buying your currency. Then, keep an eye on the trends and wait until you see some gains and sell. You can sell all of your coins, or keep your original investment in bitcoin and sell the profit.

Of course, there is a risk that you could lose money but this is the case with any investment. It’s a risk versus reward scenario that you have to account for when considering this as an option.

Investing apps

You can actually use your phone to make money by using investment apps that are almost completely passive.

There are a number of investing apps that use robo advisors that do the work for you. They use advanced Artificial Intelligence to create a sort of robot that analyses data and will make investments on its own according to your preferences and settings.

It’s very much like having a personal investing coach that handles the dirty work for you 24 hours per day and 7 days per week. And all for the cost of the small fees that the app charges to do so. If you like the idea of having a totally passive system then using an app is for you.

The way they work varies but there are two general types. One will take money from your bank account directly every month set to your preferred amount and invest it for you. Others will use your purchases to invest by rounding up every time you use a connected debit or credit card.

*This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.