Given that Millennials are a generation with a lot of debt, it should come as no surprise that many are also looking for the best ways to make money on the side. They have a regular full-time job, but that income isn’t enough. When your main job isn’t giving you the income you want, creating a side hustle could be the solution because finding high paying side jobs can be tough. Part time work that fits around full-time jobs is few and far between.
What is a side hustle?
A side-hustle is a job you have created that you do outside of your normal full-time job. Looking for ideas for side income? Look to the things you already spend your time doing or like to do. Do you like to bake, then maybe you start baking custom cakes from home? Are you crafty, then maybe you create something to sell on Etsy? Here are some more side income ideas:
- Web design
- Computer repair/computer instruction
- Blogging
- Ghost writing
- Editing
- Babysitting/pet sitting
- Lawn services
- Fix up furniture to sell online
- Tutoring
The list could go on but find something that works for you, your lifestyle and your goals.
How do I create a lucrative side hustle?
Did those ideas inspire you? If not, take some time to think about what you like to do and do some googling. Maybe there is someone out there already doing something similar but in a different market. Find some inspiration and pick a side hustle.
The next step will be to find a way to brand and market your skill set. And making side money doesn’t have to cost you a lot of money. There are plenty of free ways to advertise your services on the internet.
Think local. Is what you are doing something that friends or neighbors would be interested in? Post on a local Facebook or Community page. Whatever you do, just get started with it. Start small and grow as you can and as you want to.
How can I use it to save for my goals?
Now that you have figured out how to earn money on the side, its time to decide how you are going to use it. Is this income for extra spending money in your budget or is it to save for a goal such as buying a home or financial independence? If you are looking to save for the long term, there are some things you can do if you’re self-employed to save for your financial future.
You can contribute to a retirement plan. There are a variety of options depending on your income levels. Some of the options are Traditional or Roth Individual Retirement Account (IRA), SEP IRA and Solo/Individual 401(k). If you are thinking about contributing to a plan, make sure it is the right one for you and be mindful of the deadlines and contribution limits. An accountant can help if you are at this point.
If you have successfully created a side hustle to make money, you may wonder if you can do it full-time. If it is something you love and are willing to put in the work, then, sure! Here is a guide to helping you turn the side-hustle into the main-hustle.
Finding good paying side jobs is only as difficult as you make it. Be sure to think creatively to monetize your passions. Now go hustle!