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Twice a week, Karin Slyker, 40, a married working mother of three in Lubbock, Texas, donates her plasma for extra money. She began in the summer of 2010, receiving a check for her services, and then in March 2011, the plasma center began compensating her with prepaid cards, making it easy for her to track her earnings. Since March 2011, she has made $6, 690 – which has gone toward paying off debt accrued from a failed business, says Slyker, who works in the marketing department at a university.
"Even if I was debt-free, I might continue doing it. It's easy money, and I'd love to save it up and invest it perhaps, " Slyker says.
Donating plasma is one of those go-to strategies for anyone who needs extra money and especially anyone in a cash crunch. So in honor of those who need to put money in their bank account, pronto, here's more information about Slyker's strategy and others that will help you boost your income quickly.
1. Donate plasma. For those who barely made it through science class, plasma is the liquid part of the blood that carries the red and white cells. Mostly made up of water and dissolved proteins, plasma is used for a variety of medicines, medical treatments and medical research.
How much will you get paid? It varies, but you can expect to make between $15 and $40, depending on how much you weigh. The heavier you are, the more you make. Every plasma center is different, and there are more than 500 for-profit plasma centers throughout the country.
How fast will you get paid? Pretty fast. On your first visit, you'll be given an examination to make sure you're healthy enough to donate, which will add a little extra time. After that, expect to donate plasma for approximately an hour. And you are donating it; generally, plasma centers state that they pay people not for their plasma, but their time.
In Slyker's case, she says the lab technician scans the label on the bottle of blood, and the amount is immediately credited to her prepaid debit card.
2. Babysit. If you're way past your teenage years, you may not have considered this as a fast money-making option, but it absolutely is.
How much will you get paid? Set your price. But if you want to be competitive, according to UrbanSitter.com, the average babysitting fee per hour generally depends on what area you live in. For example, in San Francisco, babysitters tend to earn $14 per hour for one child, while in Denver, they generally make $10.25 per hour, per child.
MoneySense is a Filipino personal finance magazine published by MoneyTree Publishing Corp.
MoneySense is written for middle and upper-middle income readers who want to know about the best ways to earn, save, spend, borrow, invest, and protect their money.
A Borrowing limit is the amount of money that individuals could borrow from other individuals, firms, banks or governments. There are many types of borrowing limits, and a natural borrowing limit is one specific type of borrowing limit among those. When indiviuals are said to face the natural borrowing limit, it implies they are allowed to...