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.
Discover investing opportunities on MoneyMade.io
*Nothing on this site should be considered financial advice.
How to Make Money with NFTs: Opportunities for Side Hustlers and Creators
Selling JPEGs and other digital collectibles – do NFTs present some of the hottest investment opportunities right now?
You could hardly open your laptop or unlock your phone this year without reading about NFTs or non-fungible tokens.
When you start to see jpegs selling for tens of thousands of dollars, you can’t help but ask, wait, what’s going on here?
Mobile Home Investing: $10k a Month in Positive Cash Flow
Cash-flowing $10k a month from a portfolio of mobile homes.
Sounds like a great side hustle, doesn’t it?
It is.
When most people think of real estate investing, mobile homes probably don’t come to mind. In fact, technically speaking, mobile homes are personal property – not real estate.
Domain Flipping: $70k+/yr Investing in Domain Names Part-Time
Can you still make money in domain flipping?
Last year, Mark Levine flipped 70 domain names, for around $160k in gross profit.
Of that, he spent a little over half on renewal fees for his domain name portfolio and acquiring new domains to add to it, netting $70-80k for the year.
Not bad for a part-time hobby!
10 Reasons to Buy a Laundromat Business as Your Next Side Hustle
Are laundromats “the ultimate side hustle,” like my guest Jordan Berry described?
These simple, local, cash-flowing businesses have been around forever, but surprisingly this is the first time discussing them in detail on the show.
Selling Tradelines: The $1000 an Hour Side Hustle?
Could selling tradelines be a new income stream for you?
I’d heard whispers of this lucrative, relatively low time-investment side hustle, but never met anyone actually doing it.
That is, until I ran into Paul at FinCon. He said he started out skeptical, but had turned it into a $1000 a month income stream with very little work.
10 Unconventional Money Rules to Live a Richer Life
A little bit of a different format this week.
We’re looking at 10 unconventional money rules – at least, in my mind they’re unconventional – to help you save more, earn more, and improve your financial situation.
To help me go back and forth on these points I’m joined by Rich Jones. He’s the host of the award-winning PaychecksandBalances podcast – helping you navigate your finances and career.
Rental Arbitrage: $200k in Profit Without Owning Any Property
Rental arbitrage gives you a way to make money with Airbnb — without owning any property.
Traditionally, building a real estate side hustle takes big bucks for down payments, closing costs, and renovation projects.
But enterprising short-term rental “moguls” are questioning if owning the property is even necessary. These rental arbitrage entrepreneurs sign long-term leases, and then turn around and sub-let the property on a short-term basis — profiting on the spread.
387: Retiring Early with Real Estate: $15k a Month in Passive Cash Flow
The passive income dream is real for Dustin Heiner of MasterPassiveIncome.com, he’s currently making $15k a month with around 30 minutes time investment on his part.
Dustin has achieved this by following a systematic approach to buying and letting out properties.
He started with his first property back in 2006. Within 6 years he had 19 properties, and within 9 years he had 26 properties and had retired from his day job at the age of 37.
Land Flipping: From Zero to $10,000 a Month on the Side
Roberto Chavez started his raw land flipping side hustle a little over a year ago, and with persistence, has already built it into 5-figures of monthly revenue.
This is a business model that was first introduced to me by Mark Podolsky, from TheLandGeek.com, in episode 108 of The Side Hustle Show.
He called it “the best passive income model” because it avoids “the 3 T’s” of traditional real estate investing: tenants, toilets, and termites.
