In general, it’s never a bad idea to pick up a side hustle. But, with the inflation at a 40-year high of 8.6%, side hustles are becoming much more of a necessity for many Americans. Luckily, there have never been more ways to earn spare cash in your free time. With that in mind, let’s dive into this exhaustive guide to the best side hustles in 2022.
NOTE: There are a few links to other businesses/services in this article. I DO NOT get paid if you use any of these links. I just included them for your convenience. The Best Side Hustles in 2022
Invest
Since we mainly cover investing here, this is the perfect place to start. Now, most people don’t consider investing a side hustle. This is because many investors focus on building their wealth over time. Growing a portfolio of stocks over the course of 20-30 years is a great way to build wealth, but it’s not a side hustle. This is because this type of investment doesn’t really produce consistent income.
However, if you invest your money so that it produces monthly income then we can consider it a side hustle. Here are a few ways that you can do that: Dividend stocks: Build up a portfolio of stocks that pay monthly dividends. There are lots of funds out there that are designed for this strategy. This way, your investments are paying you consistently each month.
The good part about this strategy is that you can also choose to re-invest your dividends each month. When you do this, you can expect to earn even more the following month. The biggest downside to this strategy is that it requires a pretty significant chunk of money to earn a decent income. Real estate or Airbnb : You can also invest your money into real estate. This is another way to generate monthly income. Or, you can turn this into a side hustle by buying and flipping properties.
Real Estate Investment Trust (REIT): Investing in REITs is a combination of these two strategies. A REIT is a fund that buys income-producing properties. It then pays out 90% of its income to investors in the form of dividends. This is an easy way to get exposure to real estate while also getting paid monthly.
Start a Business
I know what you are thinking, starting a business is hardly a side hustle. Most of the time, starting a business is more time-intensive than working a job. But, there are a few huge reasons why starting a business is worth it:
> Financial: Most side hustles will only ever generate a few extra hundred bucks a month. While this can help you pay some bills, it’s not exactly life-changing. On the other hand, starting a business has almost unlimited financial potential. It’s not an exaggeration that starting a business could turn you into a millionaire within just a few years.
Control: On that same note, starting a business is one of the best ways to gain more control over your life. When you own the business, you are essentially in control of your own destiny.
Passion: Starting a business gives you the opportunity to work on projects that you are passionate about.
The biggest misconception about starting a business is that you need to start the next Amazon or Apple. This couldn’t be further from the truth. You don’t need a revolutionary idea or concept to start a business. In fact, many successful businesses are based on a fairly simple idea. For example, Allbirds created wool shoes. Nerdwallet started a credit card comparison spreadsheet. All you need is a simple, yet valuable product. Start a Product-based Business
If you have a great idea for a new product then it’s definitely worth your time to try and create it. From there, it’s fairly easy to set up an online store on Shopify . Or, you could leverage existing marketplaces like Amazon and Ebay .
Etsy is another great marketplace to sell on is Etsy. Etsy is a marketplace that focuses on handmade or vintage goods. If you have a passion for creating crafts then Etsy is the perfect place to start selling.
With that said, no one said that you even need a product at all. You could start a one-person service business. The best way to get started with a service business is to start freelancing. Start Freelancing
In the wake of COVID-19, many companies are much more open to offering flexible remote working […]
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