Friendly reminder!
There is no shortcut to success. — Annika Sorenstam
Let me start with a punchline if an internet guru promises you a side hustle that can bring millions of dollars in no time. Run in the opposite direction as fast as you can.
The side hustles I will share, most of them you already know, maybe a couple of them will be new to you. You have to follow the process and wait for long-term growth.
Without wasting your time, let’s dive in.
Stock market
To invest in the stock market, you need money. Start small! It’s also counterproductive to say that you invest in the market when it is down at a massive scale.
If you are new to investing, I advise you to begin with the S&P 500 index. After a while, you can experiment with particular stocks if you believe in the industry or simply stick with the S&P 500 in the long run.
Don’t worry about the temporary fluctuations; bluechip stocks will go up in the long.
Flip websites
You may learn how to create a website and sell it on Flippa. If you are already familiar with website development, I recommend buying a 1-year-old website on Flippa and then sell after upgrading.
I own a few websites. My websites generate some passive money on a regular basis.
Affiliate marketing (blog, website, etc.)
Affiliate marketing (AM) is the process through which an affiliate gets a commission for promoting the products of another business.
The affiliate finds a product they like, promotes it, and receives a percentage of each transaction’s proceeds.
The seller will take care of everything. You only need to link a consumer with a producer, and if a deal happens, you will receive commissions.
I now earn a few hundred dollars every month through the Amazon associates program. I also make money from Google advertisements. The objective is to earn at least $2000 from affiliate marketing by the end of 2022.
You don’t need to buy any courses to start an affiliate website; I recommend starting with a couple of decent YouTube tutorials. For example, I plugin affiliate links in my Medium posts if I feel they would be helpful to the reader.
Fulfillment by Amazon (FBA)
Amazon is well-known for selling your products. I’d also want to point out that it’s highly competitive but ultimately rewarding.
I failed FBA a couple of times; however, I learned a lot. I, too, began my journey at the beginning of the epidemic and was unable to receive the products on time at the Amazon fulfillment facility. I couldn’t identify a product-market fit either.
Stockphotos
Almost everyone owns a smartphone, which is all you need to get started taking pictures. Many platforms, such as Shutterstock, will pay you for stock photos.
I never tried, although there have been numerous successes. I also believe I am not a good photographer.
Real estate investment
Buying a home and renting it out is one of my favorite side hustles. I use this simple method to rent the property for a minimum of 1% monthly rent of its entire worth.
For example, if I paid $100,000 for the home, I would charge at least $1000 per month in rent. It is a general guideline that mainly depends on location — for example, downtown vs. outside the city center.
Teach
I believe that practically everyone has something to teach others. For example, when I was at university, I used to teach math for $20 per hour. All you have to do now is figure out what subject you can teach.
After gaining more traction on Medium and other side hustles, I plan to create a course on Skillshare or Udemy.
If you have anything worth teaching, here is an amazing post with 10+ updated links to start exploring online teaching platforms.
ii) Tutor.com
iii) Magic ears
iv) Chegg
v) Tuter me
vi) Elevate K-12
vii) Yup
viii) Tutapoint.com
ix) Study Gate
x) Cambly
xi) Studypool
Rent out extra space
I’m sure you’re familiar with the Airbnb model. If you have extra room, I highly recommend renting it out on Airbnb, especially during peak season.
Tip: You can also rent a home and list it on Airbnb, but you must notify the property owner.
Vehicle
Yes, you may rent your car using the Turo app. For example, I have a car that I use to go on hikes or grocery shopping. It’s usually parked all the time. I’d love to rent it out on the Turo app. Unfortunately, the app does not work in my neighborhood.
Write a book
The traditional method of writing a book is out of date. You no longer need to look for a publisher to publish your book. I would recommend self-publishing using a service like Amazon Kindle Direct.
If you have a brilliant idea, I recommend creating a Medium account, posting articles, growing a following, and finally releasing your book at AKD. You can also use the print-on-demand option because some people prefer to read a physical book.
What are the benefits of a side hustle, primarily passive income?
- One of the primary motivations to generate passive income is free up time in your schedule.
- Earning passive money through a side hustle can help you get out of high-interest debt sooner.
- More money can make it easier to retire early.
- A side hustle can always help as another source of income which is excellent for paying bills or helping with other expenses.
Further reading: I highly suggest this book- Side Hustle by Chris Guillebeau (Amazon affiliate link)
Thank you for reading; follow me and clap a couple of times.
