The U.S. market added 209,000 jobs in July, more than most analysts expected, but cover rose just 0.3 percent in July to an average of $26.36 an hour. Perhaps it’s not surprise that millions of Americans are doing the side hustle — but some are proving surprisingly lucrative.
Canadian entrepreneur Jeff Schwartz has made a successful career from a side hustle he started following a family member’s death that entails buying and selling everything from sex toys to pianos. Recent college graduate Noam Shapiro has levied one achievement — getting into six Ivy League colleges — to start a college admissions coaching and tutoring enterprise. Some require even less effort: Some families can earn $3,000 a day by renting out their homes for movie shoots.
As they’ve shown, doing something you are truly passionate about is typically preferable than just moonlighting or freelancing by using the exact skills from the day job, said Chris Guillebeau, founder of Side Hustle School, a company that offers workshops on jump-starting a side gig. “An accountant can earn extra money doing friends’ taxes at night,” he said. “That’s not bad, but you are probably going to get burned out doing this.”
Over 44 million Americans have a negative hustle, according to an estimate from personal-finance company Bankrate based on an inaugural survey of over 1,000 adults. Some 28 percent of younger millennials between the ages of 18 and 26 are the most likely to have a monthly side hustle versus 21% of elderly millennials, 20 percent of Generation Xers — approximately born between 1965 and 1980 — and 15% of baby boomers.
When some people have turned their hobbies into six-figure professions, many men and women use them to supplement their income. Younger millennials are not as likely to earn big bucks from it. Less than 20 percent of them earn more than $500 a month from these gigs, compared with 50 percent of individuals who are older. Regardless of age, there is a chance that a side gig can become a serious money-maker. Here are six side hustles which have made people thousands of dollars:
Buying and selling domain names
Domain names are the online equivalent of real estate and, similar to with homes, savvy consumers stand to make big bucks from flipping them. Grant Sabatier, the creator of the site Millennial Money, who said he became a millionaire largely through different side hustles he developed over time, has made over $140,000 through domain reselling.
Websites like GoDaddy and Sedo have auction-based marketplaces for existing domain names. Unlike flipping real estate, buying and selling domains does not want plenty of money up front. In one instance, he said he bought a web address for $40 via an auction and ended up selling it to a restaurant with the same name for $5,000. “The huge majority of domains are sold on the secondary market,” he said.
The tech boom in countries like China is helping to maintain the marketplace for all these names afloat, together with the introduction of new domain extensions such as “. Luxury” or “. Xyz,” based on CNBC. Websites like Estibot.com and GoDaddy can appraise a domain name to help determine how much of a money-maker it can be.
Creating personalized candy hearts
Marketing specialist Sarah Hannington wanted to send custom candy hearts to customers as little presents, but found that many companies in this industry had less-than-stellar sites, according to the Side Hustle School podcast. It was not unique, but she saw an chance to do it differently. She built a site and eventually created her own candy-heart-making company.
Now, Hannington says she generates a six-figure income from this business, while still working her day job. But that’s only one way having a negative hustle improved her family’s wealth. “This project has also allowed me to get more schedule flexibility and even higher pay in my ‘real job’ since I’m not dependent on my income and my boss understands that,” Hannington told the podcast.
Driving traffic to Your Site
Another one of Sabatier’s side gigs entails consulting with companies regarding their search engine optimization strategy, a way to help companies get their websites to appear higher in internet search results. “I heard SEO consulting on YouTube in 60 days,” he said. Sabatier says he has charged companies between $500 and $100,000 within the last ten years. But as anyone who works on a site who gets bombarded with emails understands, it’s also a crowded area.
Refurbishing vintage automobiles
Monetizing a hobby is another way to get into a side hustle without much additional effort. Up to now, Sabatier has made more than $50,000 from buying, refurbishing and selling vintage Volkswagen Westfalia Campers and European mopeds. Because of his longstanding love of those vehicles, he found it easy to spot great deals on models he might get into working shape and resell. “I know when I see a value,” he said.
Running a blog
While employed as a post-doctoral fellow in Israel, James Ashenhurst began instructing in organic chemistry to earn some extra money, using his doctoral degree in the area from McGill University in Canada, he advised the Side Hustle School podcast. Since he couldn’t find many English-speaking pupils, he switched to Skype and then started a site, Master Organic Chemistry. His website now generates revenue through sales and advertising of his study guides.
Walking a dog
Yes, traditional side gigs like dog-walking can get extremely lucrative. After losing his passion for dance following a struggle with cancer, Ryan Stewart originally turned into tasks like acting in commercials and waiting tables. Today, he earns over $100,000 through his dog-walking company, despite not working full-time. And he isn’t alone, the dog-walking company employs 23,000 people and is worth roughly $907 million, based on data from research company IBISWorld.
The catch with any side hustle
Everything you do with the money is just as important as how you earn it. The most current Bankrate study on side hustles discovered that 54% of individuals who have some sort of side gig use their money on necessary expenses instead of treating it as disposable income for other pursuits. Just putting away a couple of dollars each month from the money people generate with these jobs is good practice, and will help put them on track to building a large nest egg.
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