5 of the Most Popular Side Hustles — And What to Do Instead
As side hustles become more popular — and perhaps necessary — let’s take a look at some of the common options … and what you might consider doing instead.
Investing
Investing might sound scary or intimidating, but really it’s about one simple idea:
How to make your money work for you.
You earned it once, now how can you multiply it in a way that aligns with your risk tolerance?
It’s weird, but I sit on both ends of the spectrum on this, at once having made big bets on my own business and experimenting with “alternative” investment platforms, and on the other hand being paralyzed into sitting on the sidelines by fear the market might go down.
In this section of the site, you’ll find information on real estate investing, trading stocks, and even buying businesses.
Before You Get Started
Know your net worth.
Your net worth is the sum of all your assets (cash, savings, mutual funds, equity in your home, etc.) minus your liabilities (student loans, credit card debt, mortgages, etc.).
One tool I like to help calculate your net worth is Personal Capital. It’s free!
Know your objective.
What’s the goal of your investment? A goal of accumulating wealth to retire in 30 years is very different than a goal of earning $1000 a month in passive cash flow.
Get tailored recommendations.
If you’re evaluating all your different investment options, it can be a little overwhelming. This cool quiz from my friends at Money Made can help narrow down your choices and point you in the right* direction.
*Nothing on this site should be considered financial advice.
303: The 15 Income Streams I’m Working on Right Now
Could you live for free?
That’s what The Side Hustle Snowball framework proposes: to erase your expenses with new income streams.
Here are 15 things you can start this year to begin living for free. These are my primary income streams today.
Credit Card Rewards 101: How to Earn Free Cash and Travel by Spending Smarter
Over the last 10+ years, a simple habit has earned my wife and I thousands of dollars in free money — in the form of cash, gift cards, and travel — just for buying the stuff I would have bought anyway.
Here’s how to get started with this fun and unique side hustle.
292: Free Houses: How to Build a $1 Million Real Estate Portfolio on the Side
Austin Miller built a $1.2 million real estate portfolio at 31 years old — for free.
He’s a side hustling real estate investor specializing in “creative” financing deals — houses he can buy without using his own money.
Professional Liability Insurance: Does Your Business Need It?
Professional liability insurance covers legal fees if someone sues you in your business. But is it really something you need?
Learn about common risk factors and how to shop policies wisely.
Dividend Investing: How to Get Paid Over and Over Again — From Work You Do Once
Regular Side Hustle Nation readers and listeners have a whole brain full of strategies on how to get paid.
The question is:
What do you do with the extra income?
What if your savings could pay you growing passive income every year? This article covers how to make your side hustle earnings continue to hustle for you – without doing anything.
280: How to Start a Bounce House Rental Business (Investing in “Inflatable” Real Estate)
Corey Jeffreys turned an $800 investment into $3k in the first year and has been growing his business and adding more automated processes each year.
His entrepreneurial adventure began by exploring the world of real estate investing, when he happened upon a slightly different rental business model: inflatable bounce houses.
272: How the New Tax Law Impacts Entrepreneurs and Side Hustlers
Want to know how the new tax laws that came into effect at the beginning of 2018 impact the amount of tax you pay as a side hustler or business owner?
I invited Mr. CPA on fire Josh Bauerle back onto the show again to talk through the most important tax changes and what they mean for you and your business.
My Alternative Investing 7-Year Performance Update
Here’s my annual review of my “non-traditional” investments, including peer-to-peer lending, real estate crowdfunding, business lending, and even cryptocurrency.
And of course this is just a snapshot into my experience, not investing advice or a solicitation to invest.
Let’s dive in and see what happened.
The 30 Day Money Cleanse: A Step-by-Step Detox Program for Your Financial Health
Have you ever done a juice cleanse or a “Whole30” challenge?
While I haven’t ever gone to that extreme, I DO always feel better physically and mentally after even just a few days of clean eating.
So if a quick “cleanse” can work for our health, why not try it with our money?
