3 Unlikely Ways To Make More Money
Conventional ideas about making money have changed a huge amount in recent years. This is thanks in no small part to the explosion of the sharing economy.
From Uber – the ubiquitous ride-sharing app that allows drivers to be their own boss – to Task Rabbit – a platform for outsourcing small jobs to others in the neighborhood – there are now plenty of ways to trade skills and assets to turn a profit.
It’s fair to say that the sharing economy has brought less-than-traditional occupations into the common consciousness. But there are so many profitable yet relatively obscure options that continue to surprise with their financial rewards.
Requiring different levels of involvement and healthy caution, here are three 3 ways outside the 9-to-5 that that can yield some extra cash.
Unwanted items? Your house could be a treasure trove.
We can grow all-too-accustomed to our living arrangements and neglect to think that some of our possessions are particularly valuable.
As this guide from Ebay mentions, it’s highly likely that there are items in our homes which are already selling on the online marketplace. Even damaged electronics could prompt competitive bids from buyers who are interested in repairing and reselling.
By listing unwanted items on Ebay, not only is it possible to make money (selling is always better than throwing away), it’s also a great way to declutter.
The London-based clearance company Clearance Solutions understand the potential for finding profit in decluttering better than most. According to one of their blog posts, their clearances have regularly resulted in them finding a range of weird and wonderful valuable items that have been left behind.
Their finds, including a Victorian drawing compass set and 17th century water bottle, seem like particularly surprising artefacts to come across in a house clearance. But in the context of a pile of unassorted objects, they probably wouldn’t look very interesting.
This just goes to show that owners often don’t realise what they have been holding onto.
Fine wine, it’s not just for drinking.
This video of Bloomberg reporters discussing Sotheby’s recent auction of wines serves as a fine example of how most of us think about wine investment.
Sotheby’s Chateau Margaux wine auction raked in $2.8million, and Bloomberg’s reporters were amazed. They all agreed that wine investment must be a good business because the most expensive wine, selling at $98K, was only six year’s old.
The reporters may have been surprised at the results of the wine auction, but fine wine has actually become one of the top performing alternative investments of the last decade.
According to the Telegraph, stocks and shares aren’t the only option for investing savings; Nick Harding writes “fine wines are one of the profitable ways to prepare for the future”.
Although there are enormous profits to be made, fine wine buyers The London Wine Cellar advise that fine wine investment attracts a lot of scams. Citing that fine wine investment is often advertised in alluring (but false) ways, such as being “recession proof”, they suggest never investing more than you can afford to lose.
There’s more to vanity plates than meets the eye.
Personalised number plates usually elicit groans. But tenuous attempts at humour through a combination of numbers and letters don’t concern the attendees of private number plate auctions. Vanity plate investors have been known to more than double their returns.
Those who have attended private license plate auctions throughout the years would probably be surprised to learn who they’ve shared a room with. According to a press release, Duncan Bannatyne (best known as one of the venture capitalists on the investment TV show Dragon’s Den) first started buying plates as something to do while setting up new companies.
Looking to the professionals, there’s no doubt that number plate investment could be a lucrative venture. In their blog on the ten most expensive license plates, the personal number plate experts Click4Reg say that the DVLA holds auctions with personalised plates going from £350. They also state that in 2014 the most expensive one was bought for over half a million pounds.
Private license plates don’t guarantee an easy fortune, but they don’t just have to be an investment either. As a gift, the initial value could be more sentimental than financial. As time goes on however, the option to sell could be an added bonus.