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How would you quickly make an extra $1,000?

Discussion in 'Freelancing' started by Joe F, Sep 30, 2014.

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  1. So my laptop is on its last legs and it got me thinking, in an emergency how would you go about making an extra $1,000 or similar amount in a short space of time?

    I'm freelancing and most of my time is spent working for existing clients so taking on extra work of that kind isn't really an option unless I did some kind fast turnaround stuff.

    Not sure what other services I could offer or money raising schemes I could get involved in.

    On the other hand, $1,000 is only 5 WP Engine referral comissions, and when you put it like that doesn't sound like much!

    What would you do in an 'emergency'?
     
    KeriLynn Engel likes this.
  2. @Joe F - would sell of some unused items in case of "emergency" Those extra things always there on the table that you see everyday but never use! I had like 5 routers and recently sold off 4 of them and made some quick bucks.
     
    Jay Mayu likes this.
  3. Good point. Never thought of offline stuff.
    Thanks.
     
  4. You need one of these :)

    ned-flanders-credit-card.png

    You can't rely on affiliate commissions in an emergency. Even if you could generate $1,000 in commissions for a website, you probably wouldn't get paid for it until 30 days or 60 days later.

    If you have no older websites or domains to sell, I believe that freelancing would be your best bet. It would be difficult, however if you get up earlier every day and work a few extra hours, you should be able to fit in a couple of other writing gigs.
     
    Jay Mayu likes this.
  5. Good point about deferred payments. Although if I saw I had made the extra money and even if it was pending I'd go out and spend some of my reserve cash with the hope it would come through eventually.

    Yes I guess I could work an extra $50 worth a day and in 20 days would have enough.

    Will see how I go this month.

    Thanks.
     
  6. Do you still use British banking over there e.g. for your bank, for a credit card etc?
     
  7. Yes have British and Thai bank accounts so usually transfer money from the UK to the Thai bank account, then withdraw money from the Thai bank account using the ATM as needed.

    Or occasionally withdraw money from the British account on a Thai ATM but that isn't free and exchange rate can vary.
     
  8. Right. I wasn't sure if you still had a UK credit card.

    Does your money still go far over there or are currency exchange rates affecting spending power?
     
  9. Yes still have a UK credit card. Money does go further in general but some things are getting more expensive.

    I think food shopping is comparable to back home, with less choice. But accommodation is the main saving as its about 1/2 of what we would pay back home and much nicer.

    If you were single and living in somewhere like Chiang Mai and didn't mind sacrificing a few things you could still live very cheaply in Thailand and work on your business in relative comfort. It would be the perfect way to switch from working in a job, 9-5 to going to earning a full time income online.
     
  10. If you don't mind me asking, how much are you paying to live in Bangkok?

    If I was in your position, I would go somewhere cheaper so that I could have the same lifestyle for less. If your expenses are less, you could save more money. Or you could work less and use the free time to work on your own blog.

    Perhaps Chang Mai, or even the south of Thailand or Vietnam. Or save up and go to South America. There's some good places to stay there too :)
     
  11. Our outgoings are about £2.5-£3k a month on average. We did think about maybe moving to Chiang Mai last year, but we are pretty settled here so will stay until next year then head back to the UK.

    I don't think it will be too much difference price-wise in England overall, but the days of having a maid coming four times a week and paying £2 an hour for a babysitter will be long behind us!
     
  12. Wow. I'm really surprised by that. That's a lot of money to be spending in Thailand.

    How much do you think you could save by moving to Chang Mai?
     
  13. Yeah, it all adds up. We don't even go out that much any more in the evenings.

    Its mainly things like rent and household bills, insurance, taxis, food shopping, groceries, maid, gym membership, sports clubs, etc.

    In Chiang Mai you could move out of the main town area and get a house for about £200 a month, but then we would need a car. Cars are expensive out here with not many decent used options.

    In the city centre of CM there aren't the amount of condos like there is in Bangkok so I don't think you'd save much. And day to day living, we'd still be shopping at the same supermarkets etc so I'm not sure it would be much cheaper. If you were doing it on a budget you could find cheap places to eat and live. But I'm not sure how long you could take it for before you'd need to live somewhere more comfortable.

    If you were trying to launch a project then it would be totally do able to lock yourself away, make some sacrifices, and live on a budget and grind out what needs to be done, but for day to day living, I'm not sure how fun it would be.
     
  14. Have you considered a cheaper country? Or perhaps somewhere quieter within Thailand? There are other places to live that are cheaper.
     
  15. We did think about it but Bangkok seems to be the best in terms of low cost of living and Western-style amenities.

    You can so somewhere more comfortable like Hong Kong or Singapore, but then you are paying a lot more. Or you can go somewhere cheaper, like Indonesia or Philipines, but then you don't get the nice lifestyle.

    KL sounds like its similar to Bangkok but it has its own drawbacks.

    If you just want a place near the beach with not much around then there are lots of cheaper places, but although it would be nice for a while, you'd soon get bored.
     
  16. Yeah Singapore is very expensive. I've visited KL and spent a couple of days there, however I don't know it well enough to say whether it would be good to stay. I spent a month in the Philippines ten years ago. Crime is certainly an issue. At least it seemed like it was to me as every local shop had a guy with a shotgun protecting it.

    It sounds like Bangkok has the best mix for you with regards to entertainment, lifestyle, and cost.
     
  17. How about offering a pre-paid package to your existing clients? For example, you'll write XX posts for $1000, providing them with a value they can't refuse? Just a thought...
     
    Kris Hoja likes this.
  18. That is a possible one. Would have to make sure I can find the time to fit it in.

    Also, if I picked up two new clients wanting one post a week each it would probably cover it in a month too.
     
  19. To add to this comment, reach out to prior clients.

    A gentle nudge like "Hey Name, loved working on [insert project] with you. I'm filling some gaps for the month and would like to give you priority if you have any projects you need completed! Thanks, Joe."
     
  20. Not sure what I'd do for an extra $1k, I guess I would cut down on expenses (I've gone from Tesco to Aldi here in the UK, boy is it cheap!).

    One question. Cannot your business cover this expense? Or do you have a separate business bank account? I do and all money goes into there. Every so often I pay myself from there.

    I also a few years ago had a horrible experience where I thought I was going to lose my job. I had most of my money tied up in an ISA, which wasn't great. Since then I've been building up an emergency fund - money that sits there, that I can get at, if needed. I generally keep about 3 months of my wage in there, so if poop does hit the fan, I'm not screwed. I'd recommend starting one off?

    I must admit I'm a general pessimist, so always plan for worst case scenarios, so I plan for not being able to earn extra cash. :D
     
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