If you have $500, you might be wondering what you can do to turn your cash into more money.
Imagine if you could turn your $500 into $1,000?
That sounds nice, right? And it’s easier than you think!
In this post, I’ll explore how to flip 500 dollars, some tips to making extra money, and much more. Let’s get started!
KEY TAKEAWAYS:
Some of the best ways to flip $500 include:
- Flipping physical goods
- Investing with Acorns
- Opening a bank account with Albert
- Selling internet access
How to Flip $500
Whether you want to flip 1000 dollars or $500, these methods will help you reach your goals and make more money!
Flip Physical Goods
Flipping physical items can be a great way to make extra cash without needing a fortune to get started.
There are tons of different items you can flip for a profit ranging from furniture, to clothes, and even electronics.
Here’s how it works.
To get started, try checking out local garage sales, thrift stores, or online marketplaces like Facebook Marketplace and Craigslist.
You’re looking for items that have been highly discounted that you should be able to sell for a nice profit.
It’ll take some time to get a good understanding of what items are worth and how to haggle for the best price, but once you get the hang of it you can start making some serious money.
Some great items to be on the lookout for include:
With these items, there’s a good chance the owner doesn’t know their true value – which allows you to make a nice profit.
Once you’ve purchased an item, you might need to restore it or give it a deep clean before listing it for sale.
It’s worth noting that you won’t have to fix or refurbish some items, which makes you job even easier.
For example, a piece of furniture might require a deep clean, but a popular baseball card won’t need anything.
Once you have your items in hand, you can list them for sale online through Amazon or eBay, or you can sell locally through sites like Facebook Marketplace or Craigslist.
I’ve found that the rare collectable items often sell for more online, but bulky items are better sold locally because of shipping costs.
It’s all about effort when it comes to flipping.
You’ll need to spend time visiting flea markets, garage sales, and thrift stores to find items in order to be successful.
If you want to flip your money fast, flipping physical items is an awesome method that I highly recommend.
Check out this coffee table I found in my area listed completely free. I should easily be able to sell it for a quick $50 or $75!
If you aren’t sure where to start, I recommend checking out the Flea Market Flippers. They’ve made a full time income from flipping and will show you exactly how you can do the same!
Flip Digital Assets
Just as you can flip physical goods, you can also flip digital real estate like domain names, websites, cryptocurrency, and more.
If you want to flip money online, this could be your best bet.
Now, this can be very risky if you aren’t sure what you’re doing so I wouldn’t try to flip all of your money this way.
For example, with domain flipping, you’ll buy a domain and sell it for a profit.
It sounds easy, but you have to be strategic.
You’ll need to understand which domains are valuable and why.
For example, shorter domains tend to be worth much more than longer ones.
Domains ending in .com or worth more than other domains as well.
Domain flipping is a game of numbers in most cases. Because it’s so difficult to know which domains will actually be worth something, you’ll need to buy multiple and hope some of them sell for a nice profit.
Domain flipping can be risky. You should avoid putting all your money into a single domain.
Another option is flipping websites.
With this method, you’ll essentially buy a website, improve its earnings, and sell it for a profit.
This method is more predictable than domain flipping, but it requires more work.
You’ll need to put in the time to improve traffic, rankings, and conversions before you can sell it.
But, if you’re willing to do the work, website flipping can be very profitable.
You can also flip cryptocurrency.
Thanks to the massive swings and change of prices, there’s money to be made by buying and selling crypto.
You can use a platform like Titan to get started.
Invest in Stocks
Stocks can be another great way to flip 500 dollars if you’re willing to be patient.
The stock market has been a proven method to build wealth and grow you money so if you want to flip $500 – this is an easy way to reach your goals.
According to the Rule of 72, on average, you can double your money every 7 years with a average return of 10%.
This means if you invest $500, in 7 years – it would be worth $1,000 on average thanks to the power of compound interest.
If you’re not sure what to invest in, I recommend index funds and ETFs.
These are baskets of stocks that are designed to track the entire market, rather than individual companies.
ETFs have an average return of around 7% annually, making them a solid investment for the long run. Check out the returns of a popular ETF, VOO over the past decade.
This means you’ll make money when the market is up, but you won’t lose everything when it crashes.
You can use an app like Acorns to easily invest in the stock market with as little as $5. As a bonus, they’re giving new investors $10 free – so why wouldn’t you give it a try?
If you’re looking for ways to flip money online – investing in the stock market is an easy way to make passive income and grow your money.
Check out these investments that pay monthly or these income producing assets for more help!
Invest in Real Estate
Real estate can be a great route to take to make passive income and earn more money.
There are several different ways you can flip money through real estate.
You could start by investing in crowdfunded real estate like LEX Markets or you could start flipping houses to make money.
It’s up to you to determine which method is the best option given your skills and financial circumstances.
For example, LEX Markets is a real estate investing app that allows you to start invest with just $250. This is a hands off approach that allows you to make money doing nothing. You can expect to earn around 6% to over 15% depending on the year.
With house flipping, you’ll need to be much more hands on.
You’ll have to do your research to find homes that can be flipped, spend the time and money to refurbish them, and then sell them to make a profit.
There’s a lot more work involved with flipping homes, but there’s also more money to be made.
It’s possible to see a $50,000 profit or more with some homes – granted there’s more risk and work involved.
Real estate is a tremendous way to flip money and make $3000 a month or more.
Start an Online Business
Not everyone wants to get rich slowly, and that’s where entrepreneurship comes into play.
Starting a business is one of the best ways to flip money and earn a tremendous income if you’re willing to do the work.
There are many different types of online businesses you can start to make money. Some of my favorites include:
- Blogging
- Starting on online store
- Dropshipping
But there are plenty of others.
My favorite online business to start is blogging because the cost to start a blog is so low.
In most cases you can get started with less than $200 a year – making it a perfect side hustle you can start with little money.
And the income you can make from blogging is extraordinary.
I know some bloggers who make $100k a month from their sites!
While I haven’t reached that level yet, my blogs still make $10k a month in passive income so it’s a realistic way to flip 500 dollars.
To get started, you’ll just need to secure a domain, purchase hosting, install WordPress, and select a theme. Then you can start creating content and promoting it to others.
I recommend purchasing your domain from Namecheap because they offer some of the lowest prices on the market.
I recommend SiteGround for hosting because they are extremely affordable and offer superior customer service. This should cost around $10 per month.
After you install WordPress, there are plenty of free themes you can select to get your site off the ground.
The most difficult part of blogging is staying consistent even when things don’t seem to be going right.
In many cases, it will take at least 6 months before you start seeing results from your blog. But if you’re consistent and continue working hard, it will eventually pay off.
Once you start to gain traffic, you can monetize your blog through display ads, affiliate marketing, and other methods like selling digital products or sponsored posts.
If you’re not sure about how to start a blog, check out these types of blogs that make money!
Other online businesses can also be extremely profitable.
For example, online stores can be a great way to make money and produce tremendous cash flow. You can set one up in less than a day and start promoting products to generate sales.
Ultimately, starting an online store is more work and will require more maintenance than blogging, so I would pursue blogging first.
Rent Things Out
Renting things out can be an easy way to make your money work for you.
Best of all, there are plenty of items you can rent ranging from electronics to baby gear, and even lawn equipment.
The amount you can earn will depend on your city and the item you’re renting, but it’s possible to make $40 a day or more for some items.
For example, if you want to make money from a drone, I found one listed for rent for $40 a day online.
There are several different resources you can use to rent things, but some of my favorites include:
Start a Physical Service Based Business
Opposite to an online business is a physical service based business.
These are businesses that provide a service to their local community or region such as a lawn care business or pressure washing business.
I love these businesses because they cost very little to get started, have proven business models, and almost anyone can start them no matter what skills you have.
In most cases, you can start these businesses for less than $500 – so it’s a great option to flip your money.
If you want to escape the rat race and work whenever you want, starting a business is your best bet.
It’s possible to make $6000 a month or even $20k a month by starting a business – it just takes time, effort, and dedication.
Check out these business ideas for men or these business ideas for women to get started!
Open a New Bank Account
Want an instant $50 or more?
Opening a new bank account can be a great way to flip $500 because it’s the easiest method on this list.
By opening a bank account through Albert or Axos you can score a free $150 just for completing a few basic actions.
Sell Internet Access
Here’s a unique way to make money, selling access to your internet.
If you live in an apartment and want to make some extra money, selling internet access could be one of the best ways to make passive income and make money on autopilot.
All you need to do is find other people who are willing to pay and you can easily make $100 a week for access to your internet that might cost you $100 a month.
It’s that easy!
Just be sure to read the terms of your internet access before doing this as some providers may not allow it.
How to Turn $500 into $1,000
If you want to turn $500 into $1000, I recommend flipping things, investing in stocks with Acorns, and opening a new bank account with a sign-up bonus.
These are all great methods to make some extra money and grow your wealth.
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Final Thoughts on How to Flip 500 Dollars
Learning how to flip 500 dollars is easier than you think and there are plenty of options to grow your money.
Flea market flipping, starting a business, or investing your money in stocks or real estate are all great ways to flip 500 dollars.
It’ll take some time and effort, but it’s well worth it.
Forrest is a personal finance, entrepreneurship, and investing expert dedicated to helping others obtain life long wealth.
He has a Bachelor’s degree in business and has been featured in many popular publications including Forbes, Business Insider, Bankrate, CNET Money, and many others.
To learn more about Forrest, visit the About Me Page for more info.
Download My FREE Income Ideas Cheat Sheet!
Make. More. Money. Join 20,000+ subscribers learning how to boost their income and take control of their finances.
Don’t worry – we hate spam too. Unsubscribe at any time.