Risky Side Jobs and Safer Alternatives
When it boils down to making extra cash, it’s not surprising to find numerous options on the Internet. Some seem incredibly promising with high potential earnings but make you pause over their riskiness.
Usually, boosting your income could depend on your skills, resources, and most importantly, your risk tolerance. For instance, starting a business could be riskier than working extra hours on a side job. But it comes with a potential high reward. Here are a few examples of risky and less risky side jobs you can consider:
**High Risk: Gambling**
Although it may sound crazy, gambling can become a source of income for some. I’m not suggesting you sit in front of a slot machine all day, betting to strike rich. But cultivating skills, like card counting in blackjack, might give you an advantage. While card counting isn’t technically illegal, casinos can kick you out for it, so be careful. Furthermore, poker also offers financial gains if you develop your skills. Some professional poker players reportedly make between $100,000 to $250,000 annually.
**Less Risky Alternative: Udemy Course**
Perhaps the idea of gambling is too risky for your taste. What you can do instead, is turn your card counting knowledge or poker skills into a money-making Udemy course. With a friend acting as your dealer, you can record instructional videos right at home. Throughout the course, you can teach the basics and advanced strategies like bluffing and identifying tells.
**High Risk: Spread Betting**
If betting on cards isn’t your style but you’re still into riskier options, you might enjoy spread betting. Basically, you’re betting on the movements of stocks or currencies. For instance, if you bet that Exxon’s stock will rise by $6 at the end of the week and it does, you win. If you’re wrong, you’ll owe the spread betting company.
**Less Risky Alternative: Drop Shipping**
Drop shipping is a safer alternative if spread betting seems too risky for you. You select a product and sell it at an inflated price, shipping it directly to the customer after purchase. The profit is the difference between the buying and selling price.
**High Risk: Egg Donation**
For women, egg donation can be a lucrative yet high-risk side job. This process requires a month’s commitment, including hormone injections and about 10-12 clinic visits. With the right qualifications, you could earn up to $14,000 per cycle.
**Less Risky Alternative: Dog Walking Business**
If egg donation seems too invasive for you, a dog-walking business is relatively low-risk. Particularly in affluent areas, this job could bring in a decent amount of cash. Starting with a small base, you can gradually create your own successful business.
To sum up, there are diverse high and low-risk options you can explore. The choice primarily depends on your risk tolerance and personal comfort. These examples are here to guide you, but always remember, no risk, no reward! But it’s also essential to avoid risks that could lead to irreversible harm.