I already have a side hustle of tutoring math, and I make a minimum of $200/month from it. I don’t exactly need the extra $200; I mainly tutor for resume building and I genuinely enjoy teaching people who want to learn. In my eyes, this $200/month is “free” money that I can do whatever I like with it. In particular, I’m interested in using it to take small financial risks in hopes of high returns.
I’m open to any and all suggestions for ways to make good money; even suggestions such as sports betting, online gambling, or investing it all in crypto. Even though I am open to “goofy” suggestions, I’m interested in honest answers of tried-and-true risky investments that have high returns.
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Kelsey said:
Give it to me and I’ll either give you back 400 or 0.
Don’t tempt me; one of my ideas is once a month to go to a casino and put all $200 on red.
You’re only 12 good flips away from generational wealth. But nuking aside, keep it safe in silver or gold biscuits. Anything else that you can flip, like collectibles. It will come in handy later.
Parker said:
Invest the money in getting more math tutoring students.
That’s the most likely path. I’m currently tutoring one high school student who comes from an extremely wealthy family. It sounds like most of my student’s classmates are also struggling in their math class, so I want to try and expand to group tutoring sessions and basically tutor for the same hours but increase profit from an increased number of students. However, this is just one side-project I have going on alongside others, as well as a full-time job, so I’m not really looking to expand too much, I just love math. I would like to make some sort of passive income or make additional money doing something enjoyable like playing poker (I am still young and dumb after all).
Save up 1,000 invest in a CD at a bank with a fixed rate and fixed term. Then compound that over and over until around 2,500 and invest into a ROTH IRA, create a retirement fund that you can take out around age 63. Total around couple hundred thousand $$ and should be a good couple thousand every month from age 63 that until you pass.
Or invest into a flexible CD with a fluctuating rate but you can invest money into at any time and withdraw at anytime.
@Marley
That’s not too shabby of an idea… I once had an acquaintance who would browse flea markets, thrift stores, and garage sales to find items to flip. It was just a side-gig for him, but he could have lived off the income he made. On multiple occasions he flipped a couple-hundred-dollar jacket that he bought for no more than $20.
Hadn’t considered the event material rentals either, I’ll have to look into that.
@Shan
Upon further investigation, mobile/online sports betting is not allowed in my state. There are a few casinos that will allow you to make bets in person, but I live too far from any of them for that to be realistic.