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I haven't gone busking in a long time, but every time I do I can usually make $50-60 in an hour or three.
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Play guitar and/or ukulele and sing. I take requests when I know the tune. I find that having a varied repertoire helps a lot with busking, I'm usually able to find a song that would appeal to whatever demographic is keen on giving me money. A No Diggity/Thriftshop mashup has bought me more than one six pack.