There is no doubt that millennials have redefined how we work as we knew it once. They’ve brought in a new culture of working on whatever you love, from wherever you want and whenever you’re most productive. But it is also true that the millennials are the ones who hustle the most. Last year, when we spoke to millennial money expert Jessica Moorhouse in our Talking Money series, she called this generation the “side hustle generation”.
A side hustle is a job that allows you to make extra money on the side. But side hustles are not always about the money. It can be pursued due to the passion for a certain job, or it can be the way to test the waters before you make a big career shift.
Studies show that one in every 4 millennials are pursuing some kind of side-hustle already.
The basic principle of personal finance is that you can save only what is left of your income after spending. This means that to save more money, you need to increase the gap between your income and spending. And, there are only two ways to do that. You either spend less or earn more.
Side hustles are a great way to do the latter. The internet is filled with stories of how millennials side-hustled their way into paying off debt.
But what are the hustles that really work and help you earn some money? How do you go about starting to side hustle? Learn this and much more now.
5 Side hustles that actually work
This list will not feature any $1 jobs or data-entry jobs that will take a lot of mindless effort and pay a meagre amount. We’re looking at some creative and legit ways in which you can use some of your skills to earn a side income.
By the year 2020, 60% of the world’s workforce is expected to be freelancing. And, most of us have skills that people are willing to pay for. Be it something creative, like graphic design, writing, illustration or photography, or something more administrative like bookkeeping, recruiting skills or project management, you can easily find paying clients on the internet. Of late, there is also a new breed of virtual assistants or VAs who are billing anywhere from $300 to $500 per week. So find out what you’re good at and where to look for to find jobs that pay you.
Further reading: Here’s a great piece about how to decide on what skill you can freelance with, how to find your clients and how much to charge them by Ramit Sethi of I Will Teach You To Be Rich.
Sell your stuff
Yes, we’re looking at you, the hoarders. A lot of us hoard so many things that we barely use in our homes. Those books that are gathering dust in your shelves, those clothes you imagine you’ll fit into one day after you lose weight, that watch that you seldom wear or that old phone you don’t know what to do with. Every time you declutter your house, find things that you can do without. And, the easiest way to find buyers for your used stuff is to list them on eBay, Amazon, any local app or even Facebook’s Marketplace.
Further reading: Here’s what Anna Newell James of And Then We Saved has to say about making money from selling your stuff. Why should you listen to her, you ask? Because she paid off a debt of $24000 in just 15 months.
Most of you may have been doing what you’re good at for quite some time now. And, you may be able to share your knowledge and teach someone a new skill. Guess what, you can get paid for it. Be it dance, language, music, art or programming, you’ll find takers for good quality online classes. You can either start a one-on-one Skype class, a YouTube channel, a downloadable course or sell your online course through an online learning portal like Skillshare, Udemy, Teachable or Thinkific.
Further reading: Here’s an in-depth piece by Neil Patel on how to create, sell and profit from an online course.
Share what you own
The term sharing economy has been doing the rounds for quite some time now and many startups that started off with this philosophy have now turned into multi-million dollar businesses. So what is sharing economy? It just means sharing things that you don’t use for money. For instance, sharing that extra room in your house on Airbnb, sharing extra space in your car with BlaBlaCar, driving people around in your car with Uber or Lyft, sharing your luggage space with Ouibring, sharing your cooking skills with meal sharing apps, renting out clothes for a fee with apps like Rent My Wardrobe, and even sharing your leftover food with apps like OLIO.
Further reading: Here’s a more exhaustive list of sharing economy side hustles that can help you earn an extra buck.
Most people are busy these days and they may not have space on their calendars to fit in running errands. And, that’s the opportunity you must sweep at. Find jobs that people just don’t have the time to do it themselves. Pick up and deliver food from restaurants through services like UberEats, finish small tasks on TaskRabbit, walk dogs or sit them via sites like DogVacay, transcribe interviews or videos through TranscribeMe, or grocery shop for others through apps like Instacart.
Further reading: Find out how to start setting up a side hustle in running errands here.
Over to you
What are some of the side hustles that have helped you earn more? Have we missed out on some services that you use? Do let us know in the comments section below.