Bank Deal: Earn 1.00% APY on an FDIC-insured savings account at Barclays.
Whether you want to pay off outstanding debt, save up for a house, or just have extra spending money, having a side hustle is a great way to reach your financial goals faster. The nice thing about side hustles is that they do more than just bring in extra income. Side hustles can be a source of fulfillment as well.
Before we discuss how to find the best side hustle for you and look at some ideas, let’s define what a side hustle is:
What’s a Side Hustle?
A side hustle is something you do in addition to your main employment, as a way to make extra money. Since a side hustle isn’t your primary source of income, it gives you flexibility to use it as an opportunity to explore something that truly interests you. If you aren’t in love with your full-time job, a side hustle could be exactly what you need to do something more fulfilling while making some money at the same time.
One thing a side hustle is not is a part-time job. If you seek hourly employment at a place like a retail store or fast food chain, that generally isn’t considered a side hustle. That’s just part-time employment. A side hustle is more of a venture that you embark on for both money and enjoyment.
How to Find the Best Side Hustle for You
The first step to find the best side hustle for you is to identify your interests. As previously mentioned, a side hustle is not only a means for extra income but also a way to explore a passion you may not be able to explore at your day job. When you decide to pursue a side hustle, now’s the time to decide what truly interests you. Do you have a passion for cooking? Are you fascinated by technology? These are just a couple of interests that could turn into a side hustle.
The next step is to identify your money-making skills. Not all of your interests may easily translate into a lucrative side hustle. To determine which skills are easiest to monetize, simply do a web search and see what other people are offering. For example, if your skill is writing, you can look up other writers’ websites and search for their rates. If your skill is coding, you can search on freelance job boards and see how much those types of projects are paying.
The last step is to evaluate the time commitment needed. Some side hustles require more time commitment than others. You want to find one that doesn’t require more time than you’re willing (and able) to dedicate.
A Few Ideas
Now that you know how to find the best side hustle for you, you may already have some ideas in mind to get started. In case you don’t, though, here are 10 that you can try:
- Resell items on eBay – Make money by buying highly discounted items at places like yard sales or thrift shops. Then, resell them on marketplaces like eBay.
- Sell crafts on Etsy – If you’re a crafty person, consider making keepsakes like scarves or figurines and then selling them on a marketplace like Etsy.
- Freelance writing – If you’re a good writer and have subject matter expertise, freelance writing is an excellent way to bring in extra income. Sites like Upwork can be a great place to find potential jobs.
- Drive for Uber or Lyft – If you have a decent car and a lot of spare time, you can spend a few hours each day driving for one of these ride-sharing services.
- Rent a room on Airbnb – Renting out a room (or the whole place!) on Airbnb is a great way to take advantage of any extra space you have in your house.
- Publish eBooks – If you know enough about a particular topic to position yourself as an expert, publishing eBooks can bring in passive income for years.
- Create information products – You can go a step further and create other information products, such as online courses and training materials.
- Tutoring – If you’re knowledgeable about a subject that is taught in school, such as history or math, you can seek out students to tutor on a regular basis.
- Network marketing – Become a representative for a reputable company and sell their products to people for a commission.
- Become a consultant – Leverage your skills from your day job to create a consulting business, where you advise people for a one-time fee.
When deciding which side hustle you’d like to explore, remember to consider both your skills and interests. In addition to being an additional source of income, a side hustle should be something that brings you enjoyment.
Another thing to consider is how much time you’re willing to commit. This may rule out certain side hustles that require a lot of time in order to make good money. Once you get the hang of things and begin bringing in a consistent stream of income, you can brainstorm ways to increase your income even more. One day, your side hustle income may even exceed that of your full-time job!
- How to Become a Millionaire
- How to Get Out of Debt
- The Best Dollars I've Ever Spent
- How Our Estate Plan is Structured
- How We Paid Our Mortgage In Less than 10 Years
- Money Making Ideas
- How to Manage Your Asset Allocation with Multiple Accounts
- Consumption Smoothing - Save While the Saving's Good
- How to Save on Groceries
- How Much Life Insurance Do You Need?
- Eleven Great Books About Money
- Dave Ramsey is Bad at Math (693)
- Dish Network Customer Service SUCKS (537)
- $8,000 Homebuyer Tax Credit (429)
- Should You Pay Off Your Mortgage Early or Invest? (424)
- How to Claim the First-Time Homebuyer Tax Credit (352)
- Termite Control: Sentricon vs. Termidor (330)
- How Much Should You Pay a Babysitter? (292)
- Ethanol Blended Gas = Lower Mileage? (273)
- Reduced Credit Limits? Share Your Experience (256)
- $15,000 Homebuyer Tax Credit (242)
- Buying Furniture off the Back of a Truck (237)
- Will Mac OS X Lion Kill Quicken 2007? (191)