Living paycheck to paycheck is a precarious way to live. You probably aren’t prepared for unexpected emergencies, and it may be difficult to save extra money.
Besides getting out of the paycheck-to-paycheck cycle, you may want to pick up a side hustle to diversify income, pay off debts faster, reach certain financial milestones, or simply try it for fun.
Now, the million-dollar question if you want to join the league of side hustlers: What should you do? Here’s how to make extra money with the following side hustles.
House sitting allows you to leave your familiar abode and enjoy a new one for a while. See it as taking a vacation and getting compensated for it. You look after people's homes when they are away for an extended period of time. Many pet owners need a house sitter if they can’t bring their pets along on a vacation, so they may need a house sitter.
On average, home watching may earn you up to $1,349 every week at $33.73 per hour. That's a potential income of more than $5,000 every month. With an app like TrustedHousesitters, it’s super easy to find a house-sitting job.
Drive a wrapped car
If you own a car, you could make money by converting it into a moving billboard. To be considered for this job, you must have a clean driving record, drive a specified number of miles and hours each day, and own a reliable vehicle.
You may be able to earn between $100 and $500 every month. Carvertise and Warpify are two well-known ridesharing advertising firms. You can learn about how and when to apply by visiting their websites.
Be a virtual assistant
Virtual assistant (VA) jobs include a wide range of skills that you may already have. Typing, data entry, writing, proofreading, and project management are a few of the many skills that people look for in a VA. You could offer one or more of these services from the comfort of your home. VAs who have mastered a certain skill set may earn more.
The average hourly compensation for a VA is $20. You could net close to $1,000 each month if you work an average of 12 hours per week. Outsourcely and Freelancer are two websites where you can find VA jobs.
Create a course
Developing informational products for eLearning can be an income source. According to Udemy's SEC filing, the average income for an instructor on the platform in 2020 was $2,950. Over 9,000 instructors earned more than $1,000 per year. Extrapolating from this report, you could earn up to $250 each month.
Here’s where it gets interesting. Selling courses as a side hustle is not a one-time affair. A course may increase in value and price over time and can provide a consistent source of passive income for many years. You can produce and sell your work on sites like Coursify.me, Coursera, and Udemy.
For a fee, pick up and drop off passengers in your private car. Uber and Lyft are the best-known apps that allow people to request a ridesharing service. Once you have a vehicle that meets the company’s specifications, you can sign up to drive for Uber or Lyft.
Drivers may make an average of $709 per week at $16 to $24 per hour. That can add up to more than $2,500 per week in extra income.
Making money as a lender may not have crossed your mind. If you have spare cash, peer-to-peer lending is an investment option available through P2P lending sites. You can invest with as little as $25. Depending on how much and how long you invest, you may earn 2% to 6% on your loan. With a good portfolio, you may earn up to 10% annually.
Interest from the loans you invest in is credited to your escrow account each month. You may earn higher rates when you reinvest or invest for a longer period of time.
To reduce your risk of investing in unsecured loans, diversify your lending portfolio by investing small amounts across many loans. Study the historical data of prospective borrowers before investing to make informed decisions. Joining a P2P marketplace like Prosper can also help you connect with borrowers.
If you live in a big city where scooters abound, charging electric scooters is a creative way to earn money. A scooter-sharing app called Bird assists you in locating scooters that you charge and then return to their owners.
You may earn between $3 and $20 per scooter, depending on the ease or difficulty of finding them. Your monthly take-home depends on how many you can charge in a month and the payout for each of the scooters you charge.
If you have deep knowledge of an industry or years of experience working in a niche, you may already know how to make money on the side.
Using your network, you can help a company solve problems or prevent them and help improve performance. As an expert, you give opinions, analyses, and recommendations to individuals and organizations. It's also low risk with high returns.
Being a good networker is the key to finding clients. Using your social media pages, you can begin to position yourself as an expert in a niche. A freelance consultant can average $36 per hour. At $30 per hour for 12 hours, you could potentially make over $1,000 per month.
If you can soundproof a room in your house and invest in good microphones, audiobook narration can be a lucrative side venture. By just talking, you may make between $50 and $350 per hour. ACX is one marketplace for would-be narrators. You’ll need to register and upload audition samples to connect with publishers to create audiobooks.
Evaluate search engine results
You can earn money by evaluating search engine results to ensure they are accurate, relevant, and spam-free. Search engines do not directly recruit search engine evaluators. Instead, they outsource the entire process to contractors, who hire and train you to do the work.
Appen is a good place to start. You possibly can earn about $5 to $17 hourly. At $17, your annual salary could be $35,471, which would give you approximately $3,000 monthly. You might want to peruse Google's 200-page quality guideline to understand how to evaluate search engines.
If you’re lucky or work really hard, your side hustle might snowball into a lucrative business that you can run full-time. When choosing a side hustle, consider how much time you can devote to a job. Assess how much money you may potentially make in a month and whether it is in line with your financial goals.
If you don't already have the skills required for the job you might like to pursue, you may need to learn a new skill. A website like Skillshare provides a number of training options for creative types. Codecademy offers free tech classes. Lastly, remember that the best side hustles are the ones you enjoy.
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