If you have ever heard me speak about finances, you know how much I talk about increasing your income. Yes, you can cut things from your budget. But…you can only cut so much. Increasing your income is one of the greatest hacks for your debt payoff and wealth building journey.
If you are ready to increase your income, then here are 5 GREAT side hustles to consider for the New Year:
Take part in the “shared economy.”
The shared economy allows asset owners to connect with those seeking use of those particular assets via an online platform. Many of us already take part in the sharing economy (think AirBnB and Uber.) Why not offer some of your underused assets on a platform to make some extra cash?
- Turo
- Turo is a car sharing marketplace that allows private car owners to rent their vehicles via an online platform. There are some rules and guidelines to follow if you want to rent your car on the platform. For example, cars must not be older than 12 years old and must have less than 130,000 miles. Click here to learn more: https://explore.turo.com/getting-started-guide/
- AirBnB
- Have a spare or underused guest room? Consider renting it out to travelers on AirBnB. Check out this article on how one woman made $16,000 renting out one of her spare rooms on the platform: https://www.businessinsider.com/airbnb-host-rental-spare-bedroom-side-hustle-income-2021-6
Hustle From Home “HFM”
Here are some options to consider if you don’t want to leave the comfort of your home!
Tutoring/teaching english
Love teaching? Have subject matter expertise in a particular area? Give online tutoring and teaching a try. Here are a few platforms you can use to make money, right from the comfort of your own home:
VIPKid
VIPKid is an online ESL teaching platform that pairs teachers with students, ages 4-12, in China. Teachers can make between $18-22 per hour and set their own schedule. VIPKid requires all teachers to have a Bachelor’s degree (although it does not have to be in a teaching-related field.) If you don’t have a teaching credential or license, you can take VIPKid’s free TESOL program.
https://www.vipkid.com/teach
Freelancing
Some of my favorite freelancing websites include Upwork.com and Fiverr.com
Selling goods on Etsy
If you are creative, consider selling products on Etsy. Etsy is a great marketplace for both handmade and digital items. Learn how to sell on Etsy: https://www.etsy.com/sell
Sell things you already own
The majority of us, more than likely, have unused items sitting around our home. While this may not become a full-time hustle (or make TONS of money.) However, you can easily turn unused items into extra cash, and declutter in the process. It’s a win-win! Two of my favorite reselling sites include:
- OfferUp
- Facebook Marketplace
Get a part-time job
This is an often overlooked option, as it is usually the most time intensive. However, getting a part-time job can be a great option if you are looking to get out of a tight spot financially. Maybe you need to pay of a particular debt quickly, or you need extra money in your savings cushion. Know that having a part-time job does not have to be a forever thing, but it can be a great tool for making quick financial progress. Here are some part-time gigs to consider:
- Driving services
- Uber
- Lyft
- Food services (Uber Eats/Postmates)
- Retail Services
- Food Service
That’s it! These are just 5 options to consider when planning a side hustle for the New Year, but know, there are ENDLESS ways to make more money. Remember to take care of yourselves on your side-hustle journey and happy wealth-building!
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