You’ve probably heard the saying “money doesn’t grow on trees,” but, with some extra income, it can sometimes feel like it does!
Extra income, either from sources that don’t require your involvement (ie: passive income) or from a part-time gig, can be a great way to build up wealth as you build up your career. And, when you have multiple sources of income, it can even help you afford to quit your day job and rely on passive income as a main source of revenue. That’s a lot of free time to work on your core passions!
So how can you start bolstering up your bank account? The Guide to Graduate team has rounded up six side hustles you can start today. Let’s get into it!
Publish an eBook
If you’re an expert in a niche topic and have some technically savvy skills, self-publishing an eBook could be a relatively simple way for you to start collecting passive income.
eBooks have low publishing costs and the ability for worldwide distribution through sites like Amazon, so the only real upfront risk is your time spent writing one. Start by selecting a niche area you can write about, create a short (30-50 pages) eBook, and design it in a site like Canva. The more value you can add on a desired topic of reader’s interest, the more downloads you get, which means more and more income in your bank account over time.
Invest in Rental Properties
Although it’s a bit of a longer-term approach to fully be considered a “side hustle,” investing in rental properties can be an effective way to earn extra income – but only if you’ve done your research beforehand.
Be sure the property you invest in has a desired market, and always take the property’s total costs and expenses, along with any financial risks associated with owning the property (such as a decline in property value in the area), before moving ahead with the decision to buy.
If you’re able to charge enough rent to outweigh the upkeep and maintenance costs, along with property taxes, associated with owning a property, you can begin earning monthly income through tenant rental fees. The more profitable properties you own, the more income you can accrue.
Join an App
Adding another stream of revenue to your docket can be achieved with the click of a download button! With apps designed for part-time earning – like DoorDash and Instacart – you can work flexible hours around your current full-time job, while pocketing all of your revenue earned into savings.
The typical delivery driver or Instacart shopper averages out their earnings to about $18 per hour. So if you dedicate 15 hours per week to a part-time gig like this, you can bring in upwards to $800 – $1,000 per month. Not a bad gig!
Host in Your Home
If you’re a homeowner, and comfortable with the idea of having guests in your home, renting out a room on sites like AirBnB can be a great way to collect some extra cash. The average host makes anywhere from $500 – $900 per month (depending on the location and home arrangements), which makes hosting an appealing offer to homeowners looking to earn some extra income.
Start a Virtual Sale
Virtual yard sales, held on sites like NextDoor or Facebook Marketplace, are a great place to sell items you no longer use. From selling furniture and clothing, to plants, dishware, and other knick-knacks, you’d be surprised what sells!
And, the average part-time seller easily earns $300 – $500 per month. Not too shabby for not having to leave the house!
If you work from home or have the flexibility to, pet sitting can be quite the lucrative side hustle. From dog walking to in-home overnights, the average pet sitter earns between $30,000 – $45,000 a year. That’s a nice chunk of change for the chance to play with some pups!
Have a side hustle we should know about? Share it with us in the comments!