Ways to make extra money in Turkey:
Buy and Sell Goods
Invest in stock trading
Auto Detailing
Babysitting Services
Start a Blog
Copy trading
Write and Publish Ebooks
Rent A Room In Your Home
Sell crafts
Become a dog walker
You can develop a passive income stream in Turkey, whether you are an entrepreneur or a full-time employee. With the high cost of living, it is challenging for a full-time worker to save for the future or retirement and achieve financial freedom. However, the opportunities to make extra money in Turkey are much simpler and will not conflict with your other full-time jobs.
One advantage of Turkey's emerging technological landscape and online presence is the availability of stress-free means of making money. While some ways to make extra money in Turkey require you to make an initial investment, others don't, apart from your time. Many online platforms allow you to earn money conveniently.
As a result, while working a full-time job, you can have side businesses or passive income streams to save money to cater to other needs. This article will teach you the top ways to make extra money in Turkey. But first, let's understand clearly what a passive income or side job entails.
A side job, also known as a side hustle or part-time job, is extra work people do alongside their main job to earn more money or pursue a passion. It can be freelancing, part-time work, gig work, or a small business on the side. People take on side jobs to boost income, follow hobbies, gain experience, or diversify their earnings. Common examples include freelance work, tutoring, driving for ride-sharing services, or selling crafts online. However, it's essential to consider tax and legal aspects when engaging in side jobs.
More and more people are finding that flipping secondhand items are one of the best ways to make extra money online. Buying items at a low price and then reselling them (with or without repairing or refinishing them) is a great way to make some extra cash. Some people even find items offline in thrift stores or similar and resell them online.
Stock trading is not a short term or quick way to make extra money – at least not at first. But if you have some extra cash to invest, you can make around 10% in profit every year without doing anything. Interactive Brokers is an app that makes this easy, and you can choose to invest long term or be an “active trader.” Investing in the right stocks at the right time can make you a lot of money. Just ask Warren Buffett.
As you can see from this list, there are many ways to make extra money in 2023, and this list only just scratches the surface.
Auto detailing is another great idea for an easy and cheap business. If you’re wondering how to make extra money but you have a vacuum cleaner, some buckets, and some time, you can easily turn those things into a successful mobile auto detailing business.
This one is really simple, and you can either sign up on a site like Care.com to market your services, or just print flyers and pass them out in your neighborhood. People always need babysitting services, so while you might need to do a course to do this, you can get started quickly. If you have kids of your own, you can even offer this service in your own home, so you can still be around when they need you.
If you have an interest in something that other people want to read about, you can create a blog. Before you ask how to make extra money by writing blog posts, the answer is advertising and affiliate programs. If you can get enough people to read your blog, you can use both to make a decent amount every month.
Then, there is copy trading. This is an easy to use way to copy trading transactions easily online. You don’t need to know much about how trading works to get started, and you don’t have to spend a lot when you’re starting out.
RoboForex is the best according to the reviews of Traders Union users (for non us users) This kind of trading allows you to identify top traders and simply copy what they do. So, you don’t have to learn too much about how it all works before you start earning from your trades.
Writing books and getting them published used to be hard. Not anymore. You can write novels and publish them free on platforms like Kindle and Smashwords. While there is a lot of competition, there are several self-publishing success stories that are making hundreds of thousands of dollars per year this way! If you don’t like writing or have the time to do it, you can even hire a freelancer to write your story on your behalf.
Of course, there’s always Airbnb and Vrbo. They’ve been around for a while, but they’re still a great option. Whether you rent your vacation property, an apartment on your property or a room in your home, this is an easy way to make some extra cash.
If you love to craft, you can make a good living selling your home made items on Facebook or on sites like Etsy.com. You don’t even need a website to be able to earn from your arts and crafts this way. You could make custom t-shirts, sew clothing or other items, do beadwork or custom signs and painting. Some people even make a good living selling craft kits.
If you love dogs, then you will love this one! Rover.com is a leading dog sitting and dog walking app, and if you live in areas they serve, you can sign up to become a dog walker or sitter. It’s also relatively easy to create your own dog walking business, or to offer a dog sitting service when people go away or can’t be home for their furry friends. Not a bad answer to the question of how to make extra money for dog people!
It is 100 percent possible and legal to make an extra $1,000 monthly in Turkey. Even though there are many other factors to consider, the type of online opportunity you choose impacts how much money you make. The passive income generated by an affiliate marketer, copy trader, or ebook writer in Turkey will not be the same.
However, your skills, qualifications, and the specific opportunities available to you determine if your extra income reaches the $1,000 mark. But remember, setting the path to earning up to $1000 in passive income in Turkey might be daunting. But if you skillfully succeed in setting up an extra income stream, over time, you will earn even more than $1000.
The best ways to earn extra money in Turkey (up to $1000) are listed below.
Among the most lucrative passive income streams, stock market trading and investment (S&P 500 index) are top options
Becoming a Forex trader and possibly copying the trades of experts is another way to make extra money in Forex without actually trading in Turkey
You can earn extra income (up to $1000 monthly) in Turkey by creating and monetizing a YouTube channel and then producing and uploading lucrative videos that educate or entertain viewers
You can become a copywriter or translator on most dedicated freelancing platforms, like Upwork
Another excellent choice is to work as an affiliate marketer for some of the best online businesses or brokerages
Note:
Some ways to make extra money in Turkey might incur income or capital gain tax, especially for stock investors and Forex traders. Therefore, it is crucial to understand the tax repercussions of all potential passive income options before you start.
All profits or gains from activities carried out within Turkey, regardless of whether the person is a resident, are subject to tax. Due to the gradual application of income tax, rates can range from 15% to 35%, depending on how much money you make. In some cases, the rate is based on the level of annual income, and businesses must pay a standard 20% profit tax.
Profits from the sale of specific financial instruments, such as shares traded on the Istanbul Stock Exchange, may be exempt from taxes. A company must generally pay taxes on its capital gains as ordinary income.
The emergence of online remote work is pushing some companies to hire employees who can work from distant locations. How much you make depends on your financial goals, time availability, and skills. However, there are also online platforms, such as Forex and stock brokerages in Turkey, where you can trade for profit without being an expert by utilizing the copy trading features.
Copy trading allows an individual to copy the Forex trading strategies of experts to place trades and make an extra income in Turkey. Copy trading does not require you to be skilled in Forex or stock trading before you can get started. You only need to register with a top-regulated broker that supports copy trading, practice with the demo account, and start copying trades of experts to trade in a live account.
Combining a full-time job with a part-time job in Turkey is possible, but there are some crucial considerations. These include:
Some of the ways to make extra money in Turkey include paying taxes. So, you may need to pay taxes separately for each job or make additional tax filings. Hence, try to understand the tax implications of each passive income opportunity, whether online or offline.
Be mindful of how many hours you put in between your two jobs because Turkish labor laws typically only allow 45 hours of work per week. You may need approval from your full-time employer to take on a part-time job, so make sure both your full-time and part-time employers are aware of your circumstances.
Combining two jobs can be exhausting on both a mental and physical level, and if not done carefully, it can lead to burnout. Maintain a healthy work-life balance and put your own health first.
Ensure you have not broken any clauses in your employment contracts by taking on a side income in Turkey by carefully reviewing them. Find out the rules regarding working multiple jobs for each employer.
Be wary of any potential conflicts of interest between your two jobs, particularly if they are in the same field.
While tourism, real estate, and startups are among the top-safest investment options, investing in stocks, bonds, mutual funds, and Forex should also be considered.
The typical monthly salary in Turkey is between 7,830 Turkish Liras (405.86 USD) and 8,506 TRY (452 USD). However, given that a middle-class Turkish family needs $1,000 to live a standard lifestyle, this amount may be viewed as a respectable wage in Turkey.
You can earn extra income by choosing any of the side job opportunities( buy and sell, invest in stocks, real estate) in Turkey, especially the online options like copy trading.
You can earn money by being a full-time worker and subscribing to any of the passive income options in Turkey.
Peter Emmanuel Chijioke is a professional personal finance, Forex, crypto, blockchain, NFT, and Web3 writer and a contributor to the Traders Union website. As a computer science graduate with a robust background in programming, machine learning, and blockchain technology, he possesses a comprehensive understanding of software, technologies, cryptocurrency, and Forex trading.
Having skills in blockchain technology and over 7 years of experience in crafting technical articles on trading, software, and personal finance, he brings a unique blend of theoretical knowledge and practical expertise to the table. His skill set encompasses a diverse range of personal finance technologies and industries, making him a valuable asset to any team or project focused on innovative solutions, personal finance, and investing technologies.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).
