Looking for ways to make a little more? In today's economy, who isn't.
As you already know, everything is more expensive now than it was just a couple of years ago thanks to the surge of inflation caused by reckless government spending and printing.
We've all heard of diversifying investments, but in today's economy there's probably a more important means of diversification - your earnings. In today's rapidly changing economic climate, having a single source of income may not be enough to secure you and your family's financial success.
If you're reading this, you've probably searched for and read other posts and articles on side-jobs or residual income ideas. Unfortunately, many of the options they give are not realistic and require too much extra time, specific knowledge or are just complete nonsense. Instead, below are some realistic options to pad your income; some of which have been proven to be possible full-time business opportunities!
Lawncare and landscaping
One of the best side-jobs that can easily turn into a full-time business. A lot of people shun the idea because it requires manual labor and getting dirty but that is also what keeps it in high demand. Many people do not have the time or desire to maintain their yards and are happy to pay you to do it. Startup costs are relatively low if you already have a truck or a trailer. You could start locally offering only a lawn cutting service then expand with time into other areas such as spring and fall clean ups, weeding, fertilizing, aeration, seeding, all the way up to complete landscape design.
Food delivery and Ridesharing
Have a car? Then you have a side-hustle. Food delivery and ridesharing make for attractive side job options because of their flexibility and convenience. These roles enable you to earn extra income on your own schedule, making them ideal for those looking to supplement their primary income or balance work with other commitments. The demand for food delivery and ridesharing remains steady, ensuring a constant stream of potential customers. These side jobs offer autonomy, ease of entry, and the opportunity to explore your city while earning some extra money. Some companies to consider if you're looking to explore this option are Uber, Lyft, and DoorDash.
Mobile Businesses
Again, if you have a car, you have a side-job. I've personally seen some mobile businesses bring in anywhere from a few hundred to a few thousand per month in additional income. The best reason to start a mobile business is that your startup costs are minimal. Another good reason is that they are businesses which you can scale over time to potentially grow into full-time companies! Some mobile businesses to consider with low or no startup costs:
Car washing / detailing
Power washing
Dog grooming
Personal Trainer
Electronics repairs
Insect control
Painting
Bicycle repairs
Makeup artist
Babysitter
Dividend Stocks
Before deciding to jump into the stock market, thoroughly research the company whose stocks you're interested in. Understand its business model, financial health, competitive advantages, and growth prospects. Look for companies with a strong track record of stability and profitability. Be sure to analyze the company's dividend history. Consistent dividend payments and a history of dividend growth are positive indicators. Companies that have maintained or increased their dividends for several years are generally more reliable choices.
Examine the dividend yield, which is the annual dividend payment as a percentage of the stock's current price. A higher yield can be attractive but be cautious of extremely high yields, as they may indicate financial instability. Additionally, assess the payout ratio. A sustainable payout ratio is typically below 75%. Look for companies that have the potential to increase their dividends in the future. Growing dividends can help you beat inflation and boost your income over time.
Blogs and Youtube channels
Youtube channels and blogs, like this one, are another good option as a side-gig. Before deciding if making a blog or a streaming channel is a good choice for you, first identify what you're most passionate about. If it is something you know enough to write or talk about, then you're all set to get started! For example, I started this blog because I saw the amount of terrible financial information and misguided opinions on the internet, and I was determined to start helping everyday Americans become more financially educated by providing realistic approaches to budgeting, saving, investing, and achieving financial success.
Your blog is a reflection of you. Be professional and courteous to your followers. Once you have a decent following then start to explore ideas on how to monetize your blog such as affiliate links, subscriptions, or advertisements. I recommend using an easy to operate site such as Wix.com to get started. One big advantage is that you can have a free blog to get you up and running before deciding later if and when to switch to a paid plan.
ATM Business
Another great option for residual income is running an ATM business. You can either purchase or lease ATM's and place them in areas of high foot traffic. Running an ATM business can be a lucrative and low-maintenance side job for various reasons. ATMs generate passive income by charging transaction fees and require minimal ongoing effort after the initial set-up. The initial investment can be recouped quickly, and as you expand your ATM network, your income potential grows with it. If you're looking for a hands-off, profitable side job, running an ATM business can be a smart choice. If you wanted to take a little more risk to potentially see faster growth, there are cryptocurrency ATM's that you can purchase or lease as well. These machines allow users to exchange cash for cryptocurrency and vice-versa. Setting them up in tech-friendly environments would likely generate a steady income stream with a higher growth opportunity tied to the future of crypto.
Coaching
Love kids? Start coaching youth sports. Even if you are not extremely knowledgeable, programs are always hurting for more people willing to coach youth sports. A lot of these positions pay little to no money, but you'll be networking with other coaches and parents which could help to make you more long-term in your current job. Another option is being a referee instead of a coach. High school sports referees typically get paid about $100 per game. Each game is about 2 to 3 hours long so for an extra 10 to 15 hours of your time per month, you could take home an additional $500 cash. That's enough to cover your car payment or to help pay down burdensome debt.
Tutoring or childcare
Tutoring or childcare could be great side job options for several reasons. First, they offer the opportunity to make a positive impact on the lives of children and students, contributing to their educational and personal growth. Second, they provide flexible schedules, allowing you to work around your primary commitments. Tutoring, in particular, leverages your expertise in a subject or skill, making it a fulfilling way to share knowledge and earn extra income. Both tutoring and childcare can be started with minimal upfront costs, making them accessible side jobs for most people. These services are always in demand, ensuring a steady stream of potential clients and making them attractive options as supplemental income ideas.
Masonry and Stonework
Jobs consisting of manual labor, for example masonry and stonework, can be rewarding for several reasons. Whether it's repairing a brick wall, building a patio, or crafting stone features, there's a diverse range of projects available. Additionally, masonry work often pays well due to its specialized nature. Side jobs in this field can provide a lucrative source of extra income. These are great options for those who enjoy hands-on projects or being outside more. It does require more specified skills than some other options but if you have the skills already or are able to learn, it's an excellent choice as a side job opportunity.
Part-Time Work
One of the most common side-jobs is...another job. Working part-time in a retail store or for another company means you will obviously make a little extra, but it does come with a trade-off as you won't have much free time to enjoy life. Personally, even though this is the easiest way to make extra money, this is my least favorite option. You need to consider your physical and emotional health as well as your financial health when deciding on ways to diversify your income. However, working part-time on a seasonal basis, like during Christmas, could be a good option as it won't erode your life elsewhere over an extended period of time.
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