Side hustles are a great way to make more money. Whether your cash flow is tight or you want to accelerate some of your financial goals, side hustles can help. Beyond the extra money you can make with a side hustle, there’s also the possibility that you’ll explore a new field or career that piques your interest.
Who should consider a side hustle?
If your finances are tight or you’d like to reach your financial goals faster, side hustles are something you might want to consider. Side hustles are jobs that you do part-time, or “on the side” of your main job. The idea is to use your extra time so that you can bring in more income.
Whether or not you can manage a side hustle without burning out will depend completely on your competing responsibilities and your motivation. You’ll need time and energy to devote to your side hustle. If your current job or main source of income drains you completely, you may not have the time or energy for a side hustle. Remember, the goal of a side hustle is to support your financial goals and your overall life – not to negatively affect your health or wealth in the process!
What should side hustle income be used for?
To reach financial security and build wealth, the key is to use your surplus income towards savings and investments. For the 60% of people in the U.S. who are living paycheck to paycheck (LendingClub, 2023), putting money into savings and investments is nearly impossible to do with their existing income. This is where side hustle money comes into play.
Side hustle money can be used towards building your financial foundations such as building an emergency fund, paying down debt, saving for short-term goals, and making sure you are adequately covered by insurance. Once your foundations are in place, using your extra side hustle money towards investing will help you get another step closer towards financial security and wealth.
Are side hustles necessary to build wealth?
Side hustles are one way to increase your income and provide breathing room in your cash flow. They are not necessary to build wealth but they can surely accelerate your path towards financial security if you are directing your extra income to the right places. As mentioned earlier, this means using money towards emergency savings funds, debt payoff, investing, and other financial goals.
Ultimately, most people will need to stop trading time for money in order to build lasting financial security and wealth. Most side hustles, at least when you first start them, require a lot of your time and energy. While there’s nothing wrong with this in the short-term, side hustles can lead to burn out in the long run. As a temporary tool, side hustles can get you closer to your financial goals and set you up for lasting financial success. Side hustles can be a bridge to more passive sources of income such as investment income, real estate income, and business income.
28 Ideas for Your Next Side Hustle:
If you are looking to increase your income with a side hustle, here are some ideas:
Side hustles you can do from home
- Online tutoring: If you like to teach and/or have specialized skills or knowledge, you can tutor people online for extra income.
- Online coaching: Similar to tutoring, if you have specialized skills or knowledge, you can provide coaching services to people. For example, you can be a life coach, career coach, business coach, public speaking coach, and more. While some coaching specialties require certifications or experience, there are plenty of fields that don’t.
- Virtual assistance: Virtual assistants, also known as VAs, typically provide administrative assistance to individuals and businesses without having to go to an office. You can start your own virtual assistant business by finding clients who need your skills, or work through an agency.
- Freelance writing: If you are good at writing, you can offer your skills on websites like Upwork.
- Freelance video editing: If you know how to edit videos, there are content creators big and small who seek the help of video editors. Websites like Upwork, Fiverr, and many others connect video editors with paying customers/clients.
- Freelance proofreading and/or copyediting: Similar to writing, there are many content creators who seek help with proofreading and copyediting.
- Graphic design: Build a portfolio of your work and promote your services through social media and/or online marketplaces.
- Web development and/or web design: Similar to graphic design, start by creating a portfolio that you can use to advertise your services.
- Social media management for a small business: Build a social media presence and/or examples of work you can provide, and market yourself to small businesses.
Side hustles you can do in your neighborhood
- Babysitting: To find babysitting work, start by working through your personal network of friends and family. There are also online platforms that vet and connect babysitters with families in need of childcare services.
- Dog walking or pet sitting: You can start dog walking or pet sitting by using your existing network of people you have a trusting relationship with. Additionally, there are online marketplaces specifically for pet services.
- Yard work or landscaping: Create a list of services you offer and start marketing yourself within your existing network or your own neighborhood.
- Handyman services: Similar to yard work, create a list of the services you offer and market yourself within your existing network. There are also websites such as TaskRabbit that may help connect you more easily with potential clients.
- House sitting: Your personal network is probably a good place to start since house sitting requires a trusting relationship. Let your friends and family know you are available for house sitting so that they’ll think of you if the need ever arises.
- House cleaning: To clean houses, start by offering your services to friends and family and build a strong reputation through positive referrals.
- House organizing: Similar to house cleaning, start by offering your services to your existing network. You can also build a portfolio using images to show what you can offer.
- Meal prep or personal chef services: Start by creating a menu of healthy and delicious meals, and promote your services through social media and word-of-mouth referrals.
Side hustles you can do with your car
- Food delivery services: Look for food delivery services in your area such as Uber Eats, Grubhub, Postmates, DoorDash, InstaCart and others.
- App-based courier services: Look for ride-sharing or courier services in your area such as Uber, Lyft, Postmates, and others.
- Rent out your car: Look for car rental apps and services such as Turo, Getaround, and Zipcar.
- Wrap your car in advertising: Research companies that offer car wrap advertising programs and apply directly with those companies.
Other skills you can learn & create into a side hustle
- Photography
- Videography
- Personal styling
- Bartending
- Fitness coaching
- Interior design
- Beauty services like hair & makeup styling
