photo credit: gwdexter
What would you say if you could make $500 in extra income and no work was required? You would want to know what the catch was, right? I know three couples that are facing this very same question and they are measuring the risks and rewards as it will impact the entire family and the current living arrangements. I’m not talking about asking your boss for a raise or even going out and finding an alternative income source. An extra bedroom is all that is needed for the potential $500 in extra passive income. The rental income would be passive as you have already invested in the building. Would you be willing to have a roommate live in your house, condo, or townhouse for an extra $500? You could possibly make more if you had more than 1 bedroom to rent.

How would you spend an extra $500 a month?

1. Mortgage payment. This should be your primary goals. Don’t consider the extra $500 as spending money but as a resource to pay your mortgage. It will also be tempting to spend an additional $500 a month and you might want to setup an auto deduction program from your checking account.

2. Payoff credit card debt. If you are able to make your mortgage payment but are still late or just paying your minimum due, the extra $500 will apply towards CC debt. Maybe your teaser 0% rate from Chase or American Express is set to expire and you don’t know where you are going to get the money to make your minimum payment. Many wonderful articles have been written about the debt snowball effect by Dave Ramsey and basically puts the emphasis on paying off your smallest debt first. The minimum payments will still be paid towards your other debt, but Dave Ramsey suggests paying all additional funds to your smallest debt first. Then once that debt is paid, do the same technique for your second smallest bill. Repeat process until all debts are repaid.

3. Home equity line of credit (HELOC). Maybe you recently renovated your home or added an extra bedroom and have amassed a balance on your home equity line of credit. The extra $500 from a roommate could allow you to repay this debt to the bank more quickly. Maybe you have tapped out your equity, but still have more building plans you would like to accomplish. Having a roommate could help repay the loan and allow you to build your dream home. Find a roommate with carpenter skills and you might save even more money.

4. Private school. Maybe you are not happy with the public schools in your neighborhood or you want to send your children to a private school. In our neighborhood private schools cost $450-$750 a month. Having a roommate could pay for your childrens education.

5. College. Do you have a 529 college savings plan for your children? Would you consider a roommate as an option to build $500 a month towards college for you kids?

Maybe you have a roommate now and are benefiting from the added income. I would be interested to hear how you have utilized the added income. If you are facing financial stress, would you consider having a roommate to save your home from foreclosure?

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I want to welcome MSN Money visitors that came through Karen Datko’s post Need extra income? Here are some ideas as she described my article Alternative Income Idea: Stringing Tennis Rackets. I hope you enjoyed the article and I am interested to know what alternative or extra income ideas are working for your family? Please take a few moments to leave a comment and tell us what are your passive income goals or success stories.

You might find these articles interesting if you want to learn more about passive investments and alternative income ideas:
Passive Income Ideas
Flickr: Frugal Pictures, Social Network and Blog Traffic Too
Pet Sitting For Extra Income
Lawn Service For Alternative Income. Mow Your Own Lawn and Your Neighbors?

Want to make your old items feel new again? You might enjoy this article:
10 Ways To Make Your Stuff Feel New Again

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photo credit: The Passive Dad
If you play tennis weekly or enjoy hitting hard top spin shots, you have probably had to have your rackets restrung several times. Tired of paying a club or someone else for a tennis restring? Instead of paying $20-40 to have someone string your tennis racket next time, now you can do it yourself. Wondering what type of tennis jobs are available in your city or town? Want to learn how to string tennis racquets and earn some income too? It’s much easier than you realize and you can teach yourself in a few hours time. Stringing tennis rackets can be a fantastic alternative income idea for tennis fans. How much can you make an hour? $20 and more. If you are looking for local tennis openings or tennis jobs near your home, you might want to consider stringing rackets for extra income.

I started playing tennis when I was 8 and it took me 5 years to break my first string. Once I started high school and began hitting the ball harder and with more topspin, the strings started to pop frequently. My high school racket was a Pro Kennex that cost $49.99 in 1990. The cost of a tennis restring with 16 gauge synthetic gut was $35. The true cost of the synthetic gut was actually closer to $3 or $4 and the rest was labor.

In 1990 I was not fortunate to have the internet or tools to research tennis string machines. The local pro shop at the country club was my only alternative for our high school team. In prior years, they had a student who would string rackets and offer a substantial savings for the team. Here’s where the business idea started. I subscribed to Tennis magazine and saw ads for several expensive string machines that would cost in excess of $1,000. At 14 years old, I was not about to have the $1,000 needed for a state of the art pro shop quality machine like a gamma stringer or prince stringer. I did see an ad for a Klippermate that cost less than $200 and was advertised as an easy to use, drop weight machine. A few days later I opened my package from Klipper and got to work stringing rackets for our high school team.

In 1990 I was not able to utilize YouTube videos teaching tennis stringing techniques, so I had to rely on the manual that came with the Klippermate. It took me 2 hours to string my first racket, as I had to learn about the string pattern and knot tie off points, tension, and the art of tying a knot. Tying knots is really not difficult, it just appears to be a little intimidating at first. My second racket took 45 minutes, and my fastest time is around 25 minutes using the Klippermate. I used to travel with my stringer in my car and take it down to the tennis courts to work on my friends rackets. What did I charge them? I was a nice guy, and covered my expense for the string and some of my time and charged $5. I know, the local pro shop charged $35, but these were my buddies.

Today I still have a Klippermate and love it. Tennis stringers like the Klippermate can be easy to use, doesn’t require a stand, it’s portable, inexpensive, and fun. Don’t feel overwhelmed by string tension or knots as they are easy to learn and you will quickly get the hang of it. After just a couple restrings you will know what tension you enjoy in your racket. It’s a blast saving money, and you can actually make a business out of your tennis stringer. I currently still string for friends and only charge for the string. Current rates for stringing are still $20+ at your local pro shop or retail store, so the opportunity to build a tennis stringing business is huge.

Where would I advertise if I wanted to create alternative income from stringing tennis rackets?

1. Craigslist You can advertise for your local area or if you commute to work, like San Francisco, you can offer to pickup rackets.

2. Business cards Create a business card and hand it out next time you play tennis. Leave some at you local park tennis courts or even Starbucks. Vista Print is a great resource for inexpensive business cards. Be creative and add some graphics to make your business stand out.

3. Word of mouth Offer to string some rackets at your local high school for free. This could be a great community outreach opportunity and gain some business from parents. Offer each student a free tennis stringing and show off your new talent.

Stringing tennis rackets might sound interesting, but are you still unsure of your ability? Don’t worry, it’s not rocket science. I have friends that come over and look at me stringing tennis rackets like I’m undergoing brain surgery. Yes, you do have a few parts like clamps, stringer awl, and pliers, but they are really easy to use. The hardest part about stringing tennis rackets can be reading the directions. You get so excited that you want to dive in and start stringing right away. Just take a few minutes to read the directions and you will save a lot of time.

Stringing tennis rackets can be a wonderful alternative income for yourself and your family. You can make $20+ an hour and your income potential is unlimited. If you attend college, you could string rackets in your dorm room for extra income. High school students can bring the stringer to the tennis courts and string after school for money. My favorite multitasking tip for tennis stringers is to watch tv and string at the same time. You can watch your favorite tv program and make money stringing tennis rackets. Lot’s of people are looking for the perfect work at home business and this could certainly allow you to start one for very little money. My total cost for the Klippermate and string was under $200. Add some business cards from Vista Print and a listing on Craigslist and you’re set. Remember to hand out those cards the next time you play singles or doubles tennis. If you currently string rackets, I would love to hear what your fastest time is and how much you charge your customers? Do you have a tennis business or stringing business already? How are you doing?

Do you have an extra income idea you would like to share? Maybe you sew, woodwork, or have a handy service you provide neighbors for extra income? Turning tennis basics into a lucrative tennis stringing business can provide you with some great spending money and pay for your tennis hobby, or it can provide some wonderful extra income for your savings account.

Some helpful videos on Youtube showing how to string tennis racquets:

Preparing the tennis string
Mounting the tennis racket
Stringing the mains

Racket stringing machines and tennis sports equipment:

Klipper USA
Tennis Gamma stringers
Prince tennis stringers
Eagnas stringing machines
Tennis liquidmetal Head string
Gut tennis string

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photo credit: Joseph.S

A few months ago I was looking for a source to post pictures online efficiently and cheaply. At the time I did not even think about the ability to store pictures, have a social network, and deliver quality blog traffic to my site. I was just looking for a cheap alternative to storing pictures on my computer hard drive. I was excited to get a new digital SLR camera and take picture of our trip to Disneyland, Yosemite family wedding, and as much of nature as possible. With my new Nikon D60 I was able to capture some great pictures, but soon found out that I needed many more pictures for my blog posts. How would I find them? Well, I found it and so much more. Flickr has transformed the way I upload and search for blog pictures online. Most important, I adhere to the creative commons license agreement and give attribution to the photographer. If you enjoy taking photos and have a blog, why not utilize a service like Flickr?

You might have a website about dogs or maybe you have a personal blog about mustangs. If you own a mustang you could post personal pictures on Flickr, but how will you get your other photos? If you’re writing about the new Shelby Mustang and your local Ford dealer doesn’t have one in stock, what will you do? Find a Shelby photo on Flickr that you can share through the creative commons agreement and you can now add a great picture to your blog article. Share you own mustang photos and people will find out more about you. Another writer may be looking for the photo that you just took and is interested in using it. You also never know when a magazine or print vendor might be looking for a photograph of the exact car you own.

Here’s what it has done for my blog. ( I will add that I’m an amateur and bet anyone with better skills could grab more attention and traffic):

1. Use the advanced search criteria and find creative common licensed pictures.
2. Once you’ve found your picture, leave a comment for the photographer with a link to your post.
3. Curiosity and flattery will bring that photographer to your blog or website. 1 source of traffic.
4. Whenever another visitor comes through Flickr, they can see your comment and might be interested in learning more about your site. The second form of traffic.
5. The photographer or visitor may also be interested in looking at your pictures too. A third source of traffic.
6. I’m not a professional photographer, but if you did have pictures for sale, you can mention that with a link to your site. Many photographers offer a smaller size online and then have a link if you are interesting in purchasing the larger file or a print for media. This could be a tremendous source of alternative income or extra money for your photo business.
7. Join a group. Even if you don’t own a Nikon D60, you can find others that own the same camera and share info.

Lot’s of ways to drive traffic to your site from Flickr. If you are a photographer with a blog, this is one of the easiest and best ways to start with a social network. You already have an eye for quality pictures, so now is your time to show off your talents. If you have a blog, do you utilize pictures in your posts? Do you have an alternative to Flickr that you enjoy better? Are you made any photo sales through Flickr?

More posts from bloggers excited about Flickr:

Wordpress Flickr plugin Photodropper
How to Rock Flickr Like a Champ
A Complete Guide to Finding and Using Incredible Flickr Images
Turbo Charge Your Traffic With Flickr Groups
A Comprehensive Guide to Using Flickr for Traffic Building and Brand Marketing

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I have several ING Orange Savings $25 referral codes available for new customers. ING is current paying 3.0% interest and is free to open a new account. You will need to make an initial deposit of at least $250 when opening your new Orange savings account to qualify for the $25 bonus. Just to be clear, using the codes below, I will receive a $10 referral bonus from ING. This money is not taken out of your account, but is a referral fee paid by ING for referring a new customer. If the link below is dead or doesn’t work, please try another link and let me know that the link no longer works. Please be sure to read all disclosure policies and ask any questions before signing up with your new ING account. The ING accounts can also be a great source of passive income or alternative income.

Highlights from the ING Website:

The Orange Savings Account

* Great rate - no minimum balance required. Everyone earns the same high yield.
* No fees - your money goes to work for you.
* No changing banks - the Orange Savings Account is linked to your checking account.
* 24-hour access to your account - you’re always ready for opportunities.
* FDIC-insured - your money is safe and secure.

$25 ING Referral Bonus
$25 ING Referral Bonus
$25 ING Referral Bonus
$25 ING Referral Bonus
$25 ING Referral Bonus
$25 ING Referral Bonus
$25 ING Referral Bonus
$25 ING Referral Bonus
$25 ING Referral Bonus

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