There are a lot of fun things you can do with your money. Some of them can even make you money while you are having. Just be careful, because some can also lose you money. Here are a few different ideas:
1. Daily Fantasy Sports
Daily fantasy sports like FanDuel and DraftKings have come nowhere to be huge, huge companies. Unfortunately for most of the people participating in them, the vast majority of the winnings go to the experts. There are people who put together spreadsheets with more than 200 factors such as wind to figure out the very best odds.
However, if you ware one of those people who analyze a lot of different numbers well, you can make some money in daily fantasy sports.
2. Spread Betting
Spread betting is a newer term for me. I found a website that explains spread betting this way:
“Spread betting is an exciting and fast-paced method of trading which allows you to take a position without actually owning the options in question; the main advantage being that your initial deposit only needs to be a fraction of the actual price of the product.”
It’s leveraged which means a little money can make, or lose, a lot of money. The site also has some pros and cons for spread betters in the UK:
“One of the advantages of spread-betting in the UK is that profits are tax-free. Since spread betting is currently considered to be a form of gambling by HMRC, no Capital Gains Tax is due on proceeds. This means that if you win you get to keep 100% of your profits, untaxed. However, losses cannot be used to offset taxes.”
I don’t often see financial markets strictly viewed as gambling, so I found this particularly interesting.
3. Slot Machines
In college, I had a system to win money at Foxwoods. It worked nearly 100% of the time. The plan was to play slot machines with a bonus wheel spin. Get the bonus wheel to spin once and you were almost assured of making your money back. I figure that most people left before getting that bonus wheel to spin. That’s where the casino made its money.
Not everyone can get to a casino, so here’s a play to play online slots. I say “get your slots for free“.
4. Day Trading
Around 1998, I thought I could make a ton of money day trading internet stocks. With big swings in prices, it was just a matter of buying low and selling high. It sounds so easy. Then I realized that if I bought a stock and it went down it was dead money… sometimes for a long time. Hoping to get back to break even is not a good way to make money.