Book Review: $1000 100 Ways

Wayness Tamm

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According to the foreword of Nick Loper’s recent book $1000 100 Ways: How Real People Make Real Money On The Side (And How You Can Too), 45 percent of Americans have not a single measly dollar in their savings account. This statistic means a very large number of U.S. citizens can barely cover their monthly bills and an unexpected expense -such as a car breaking down or a trip to the emergency room- requires taking on debt that they then struggle to pay off. It often means a miserable hand to mouth existence and saving little or nothing for retirement and then living in poverty in old age.

Nick states that earning extra money each month beyond your expenses gives you “…financial breathing room. Life becomes a lot less stressful and a lot more fun when you have some breathing room in your budget.”

He profiles a very wide variety of side businesses. They are subdivided into five categories:

· Local Services: Physical services provided to a geographical area such as a specific city. Examples include:

1. A pressure washer who spent 300 dollars to start and makes up to four thousand dollars a month.

2. A rental property investor who got started with 17k and now earns at least 15 thousand a month.

3. A tour guide who invested 150 dollars to start and now makes three to six thousand dollars a month.

· Freelancing: Contract services provided either locally or online. Some examples:

1. A web designer who started with zero dollars and now earns three thousand dollars a month.

2. An artist who does custom pen and ink drawings earning 700 to a thousand dollars per month. Her startup costs were 250 dollars.

3. A virtual assistant who started with zero dollars and now makes 3500 dollars a month.

· Online Business: Websites and virtual products.

Examples include:

1. An insurance blog that was started with 3500 dollars and now makes 50k per month.

2. A software review blog that was started with ten dollars and makes in the “high five figures.”

3. An investing podcast that was started with 600 dollars and currently makes two thousand a month.

· · E-Commerce and Physical Products including:

1. A nurse who makes seven to 10 thousand dollars monthly reselling items she finds at places such as thrift stores. She got started with fifty cents.

2. A reseller of books on Amazon who makes 1k monthly and had no startup costs.

3. A woman who does charcuterie arrangements which earn 16 thousand monthly. Her initial investment was 500 dollars.

Each of the 100 entries is in question-and-answer format and answers how the business was started, how long it took to reach a thousand dollars in monthly revenue, what the business owner wishes he’d done differently, how they market, any books or resources they recommend, etc.

One of my favorite quotes from $1000 100 Ways:

Earning $200 to $500 extra per month on the side for just a little extra work and minimal risk is something anyone can do. You don’t need to have a bunch of money, to be a marketing expert, to quit your job, to lose your weekends, to be extremely unique or innovative, and you don’t need a great website. You just have to set your fear aside, and put yourself out there.

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I am interested in most subjects including self-education, business/finance, sci/tech, and the general state of the world.

Pittsburg, CA
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