A while ago we shared over 100 ways to earn extra income as additional money in your budget can play such an integral part to achieving your financial goals. Whether you are trying to make ends meet, get out of debt, or even grow your savings for a planned event or emergency, hopefully our list of ways to bring in that extra dough will give you some ideas on how you and your family can meet your goals!
Today we want to discuss the option of donating plasma for bringing in extra income for your family. Some very dear friends of ours have been enjoying the benefits of donating plasma – but what we didn’t know until recently talking to them is the amazing benefits for the recipients of the plasma as well as for the donors themselves.
First, we want to discuss what plasma donation is. It is different than donating blood as you are obviously not giving a pint of blood but rather the straw-colored portion of your blood consisting mainly of water, proteins, and antibodies which the body can quickly replace. What is great about this is instead of being able to donate only once every eight weeks you can donate up to twice in a seven day period. But what is even more important is that plasma is not directly used by local hospitals like blood, but rather undergoes a very highly engineered process to create life-saving therapies for persons born with genetic diseases, blood disorders, burn victims and more!
As we mentioned above, we didn’t realize until we spoke more with our friends about how many benefits there are for plasma donation. We have listed just a few of the benefits below:
- Compensation – Right now the annual worldwide demand for plasma is over 20 million liters whereas licensed donation centers in the U.S. only meet 11 million liters of that demand. As such, donors are compensated for their time and dedication to participating in the program.
- Compensation for your time and dedication – Each facility will offer slightly different compensations amounts, but our friends each make approximately $25-30 each per visit. When you consider that each visit is approximately 1-1.5 hours in length and that you can visit up to twice a week, one person could make up to $60/week or $200-240 per month. If both you and your spouse were to donate, a couple could make approximately $480/month by just donating plasma – or almost $6,000 per year for only spending up to three hours per week of dedicated time!
- Referral/promotion compensation – You can often earn referral compensation in addition to the money you earn just for donating. Donation centers often run promotions for first time visitors, compensation for referrals (either for you or your friend – or both!), and for continued donations.
- Compensation method – We’re sure the compensation method may vary slightly as well. The center our friends use gives them a debit card on their first visit and then refills it on each subsequent visit. They use their debit card on groceries, get the money back during purchase, or use the card on online bill pay for their budget. Each time they have donated, the money was on the card as soon as they walked out the door of the center.
- Knowing you are saving lives – Maybe it just didn’t click previously when I considered plasma donation. But when you consider all the life-saving therapies and diseases treated by the simple act of plasma donation it truly puts it into a different light. Knowing that your donation could save a life or even help someone in their healing process is priceless!
- Free babysitting and internet – Obviously this will depend on your donation center, but the center our friends utilize offers free child care during the donation process. And as 80% of the 1.5 hours is just sitting and allowing the donation process to finish, they take in their laptops and enjoy the free Wi-Fi their center offers as well.
- Enjoying a break – In combination with the possible child care and internet, our friends mention how much they actually enjoy donating blood as it gives them a nice break. The husband has taken in his kids to use the free child care after his wife has had a long day, enjoyed his time donating and given his wife a well-deserved break. Alternatively, his wife can stop in during a busy day of running errands and enjoy the same. Even just taking a few minutes to sit down with a good book while making $25-30 for doing so is enough incentive for our friends to donate!
With all benefits can come some downsides as well:
- Risk – According to donatingplasma.org there are risks but they are low when all things are considered. You will want to make sure to locate a licensed, International Quality Plasma Program (IQPP)-certified plasma collection center near you. Our friends love how comfortable they feel each time they go to donate – the center has professional, trained staff that provides a sterile environment with a medical office atmosphere assuring them of their safety throughout the process.
- Time to dedicate to plasma donation – As with every money-making endeavor you encounter you will need to determine whether the time is worth the amount of money you earn – your Return-on-Investment (ROI). While it is true you will spend about 1-1.5 hours (door-to-door) in the donation process, there are always additional factors to consider such as travel time and planning required to fit it into your schedule.
How can you get started?
- We found DonatingPlasma.org as an amazing resource to learn about this whole process. You can find out more about the eligibility requirements (at least 18 years of age and 110 lbs), health considerations and educate yourself about donating plasma.
- Find a licensed center near you and call ahead to find out anything special you might need to bring for your first visit. Some centers will require you to schedule an appointment while others will accept in walk-ins. Calling ahead will help you to anticipate what you will expect when you walk in the door.
- Ask your friends if they donate. As stated above many donation centers offer special promotions and referral compensation possibly for you and your friend. If any of your friends donate, just by simply asking you can help them (and maybe yourself) by mentioning they referred you!
- Schedule your first visit – When you sign up for your first visit to the donation center you can expect to receive a physical check up with a registered nurse and an evaluation of your health history. Each licensed donation center might have slight differences in their process, but checking with the center will let you know what to expect and the time you should allot for the initial visit.
- Go in and donate! If donating plasma is a good fit for you and possibly your spouse, then there is no better time than the present. We have often found that continuing the “We’ll start next week” mentality just delays the inevitable and gets you nowhere fast!
We would love to find out if you have donated plasma and to have you share with us your experience!
See our previous post Ways to Earn Extra Income: Over 100 and Counting. We love your suggestions for additional income ideas to help us continue expanding our ever growing list of ways to earn extra money to achieve your every financial goal!