I am going to detail the 6 best side hustles you should look at starting as 2020 winds down. A side hustle is something you are doing in addition to your 9-5 job to earn money. It can be as little as an extra $100/month, or a side hustle could be something that scales into a full time income for you.
Previously, we have detailed why it is important to invest and the power of compound interest and the house hack. Let’s say for example you want to save up the money to invest in a duplex, be able to put money into your IRA accounts, pay off high interest debt, or even start your own business and be your own boss; well a side hustle can be your ticket!
I’m not going to lie to you on this blog, and I know no one is excited to hear the term “more work.” However, anything worth doing is difficult and you have to put the time in. The famous saying comes to mind “Where there is a will, there is a way.” Taking care of yours and your families financial future may require you to do some things you don’t want to do.
A side hustle can change your life
One of the messages of this blog is that anyone can become wealthy, anyone can have financial freedom, and anyone can succeed. Side hustles are especially important for my folks who are at a lower income level. Sometimes I feel like have such a high income actually makes it harder to achieve wealth because those folks are used to so many luxuries that others aren’t. Not a knock on anyone, just the way it is.
If you are making $35K/year, and you can add a side hustle that brings in $500/mo, you just added $6K per year! That’s a 17% increase to your yearly income. Do this for 2 years and you have saved $12K- this will get you into a house hack up to around $200K. Now you can stop the side hustle and let your renters hustle for you.
Side hustles can also grow into a full time business for you if it is a scalable business. Certain side hustles like a Content Creator on Youtube is a scalable venture. It is quite reasonable to believe if you are passionate and treat Youtube like a job, it will scale to a decent income. However, if you decide to do something like walk dogs, there is no way you would be walking 100 dogs down the street with leashes duct taped around your entire arm.
Anyway, here I am going to show you 6 examples of side hustles you definitely need to look at!
1. Flipping Furniture
OK, so to get the best of this one, you will need a truck, a storage unit and you will have to get off the couch. Here’s how it works: You buy cheap furniture (couches, kitchen sets, etc.) from auctions, estate sales, or grab them from craigslist/Facebook Marketplace, etc.
Now you want to pay very little, and hopefully some of the ones from online are free! Let’s say you find a couch that someone just wants out of their house- you come and remove it. Now clean it up, wash it, and re-list it for $150. There you go quick flip.
Of course, you need to watch out for bed bugs, and I would be careful where you are picking up the couches from. However, I believe there will always be a market for this if you have a good eye- robots are not replacing couches yet!
Here is a Youtuber who is currently flipping furniture and has made around $10K from the flipping. He also just moved into a house hack…hmm sounds familiar! Good for him. This guy would be an example of how to do this side hustle.
2. Youtuber/Content Creator
Speaking of Youtube, COVID-19 has only accelerated the push in to digital everything. Kids are learning online, adults are working from home, folks are shopping entirely online, so it just makes sense to turn to how information is being consumed.
I’m sure most everyone has heard of some famous Youtuber making stupid money. But the smaller channels can earn a decent amount as well. Granted due to Youtube’s new partner program you will need over 4K hours watched on your entire channel before you can make any money, so this one is quite a grind.
However, the rewards can be scalable and replace your 9-5 job. According to influencermarketinghub.com a Youtuber who has around 15K average views per video can stand to make between $10K-$16K per year. That doesn’t include any sponsorships or paid promotions or merchandise, patreon, Onlyfans, whatever!
3. Ubereats/Instacart/Delivery Services
Due to the pandemic, more people have gotten accustom to having things delivered including groceries and food. I used Instacart for some medication my family needed from a store along with a few other random things we needed. It was my day off, I didn’t want to drive there and back.
So, I signed up for Instacart and the items were at my doorstep 2 hours later. Anyone with young kids knows what a pain that can be to load everyone up to go run errands. I see this being a trend going forward as the lines continue to blur between work and home life; time will be of the essence.
This side hustle will continue to be of value for a while. Now you might never become independently wealthy delivering Hot Pockets and Poptarts, however it is another stream of income. Instead of sitting and watching Netflix for 5 hours, put on an audiobook or podcast that inspires you and go make $100. The average pay seems to be around $20/hr, not bad.
This guy made over $8K doing only Ubereats for 12 hours a day for a month. Now I don’t recommend that for everyone. But if you were laid off from COVID-19, or didn’t have any other work, you could at least survive.
4. Teaching English Online
Are you in college or have a college degree? Well this side hustle is for you. There are plenty of websites where you can teach English to kids primarily in China. This can be perfect because it is typically early mornings or late at night.
Pay is usually $20/hr and can be a good gig if you are still in college, or would enjoy working with kids and teaching them. Doing just a few nights a week can add up to over $500 per month or $6K/yr. There is your house hacking money again!
Some of the companies I’ve heard of are VIP Kids and QKids, although there are others. This side hustle doesn’t require you to leave the comfort of your computer.
5. Social Media Manager
Would you enjoy being on Social Media more often and working with companies on building their brand? This is the side hustle for you!
Small businesses and non-profits are the target client for this niche, they may not have the technical know-how to operate a successful social media campaign, or maybe they don’t have the time. But for $15-$20/hour you might be able to bring your skills into play!
Unless you have some sort of background in this space, you may have to prove yourself first. This is a side hustle that can scale as you grow clients. This could grow to a full time income as well too depending on your results and expertise.
If we are looking forward past 2020 and beyond, I think the outlook for those with these skills will only grow. With the trend to online shopping, online watching, and online everything, it would make sense that an online presence is pretty much required for many companies now and going forward.
6. The Ultimate Side Hustle- The Real Part Time Job!
Yes, I went there. With many states increasing minimum wage, these side hustles while not easy nor particularly lucrative are out there. Let’s say you don’t have online skills, nor can drive around to deliver food or couches, maybe you could flip burgers!
Hey, don’t knock it until you try it! Many places are offering different perks to help out including some health insurance. Are you unemployed and in a state where you can’t get cheap health insurance? Working part time at Chipotle, Home Depot, REI and Starbucks will offer you some form of health insurance.
I’m not saying it is the greatest option ever, but to make some extra money to work on becoming wealthy, it might be a worthy sacrifice. Heck, Starbucks will even give you a pound of coffee! Now you can drink your Starbucks everyday and not worry about that $5 everyday that is ruining your entire financial picture!
Who knows, you may end up like this lady who started working at McDonalds as a side hustle, and now owns 3 McDonalds franchises!
There are hundreds of side hustles you could do, this is a short list of 6 ones that I wants to highlight because I feel almost anyone could do one of them. You want the extra cash to change your financial picture, then you need a side hustle. There is no replacement for the hustle muscle, if being wealthy was easy then everyone would be one. You must weigh how much your time is worth versus how much you need the extra income.