A Side Hustle Is More Than Extra Cash

A side hustle is one way to increase the amount of money you bring in each month. But it could be end up being more than just extra cash. Why Have A Side Gig? 40% of Americans have a side hustle, according to a new LendingTree survey, according to LendingTree survey. Here are some benefits […]

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A side hustle is one way to increase the amount of money you bring in each month. But it could be end up being more than just extra cash.

Why Have A Side Gig?

40% of Americans have a side hustle, according to a new LendingTree survey, according to LendingTree survey. Here are some benefits of side hustles: 

• Financial Security:
  • 61% of people say their life would be unaffordable without their side hustle income
  • 77% say their side hustle improves their quality of life
  • 44% say their side hustle provides long-term financial security
• Extra income: Side hustlers say they earn an average of $1,215 monthly. The median is just $400.

But there’s another reason to line up a side hustle.

Save Extra Money

Common wisdom and financial gurus recommend you have between three and six month’s worth of expenses in your savings account to help survive an emergency like a layoff or downsizing.

Few workers are able to accumulate that type of savings on an entry-level salary. Diligently depositing income from a side hustle into savings is one way to build up savings. Unfortunately, Bankrate found that less than half the side hustlers saved the money earned.

Income and Job Security

There is another benefit to a side hustle. If needed, it can easily be converted into a part of your portfolio career. This offers a form of job security or at least reduces the anxiety about losing a job and not having enough money to survive.

If you’re looking for ideas for a side hustle that require little to no investment, below are some opportunities to turn your passion into income, or at least allow you to use what you have to earn a buck.

Enhance Skills

If you want to keep your skills fresh or want to develop skills, taking on a side hustle is a great option. When jobs are scarce, it doesn’t mean there isn’t work. Companies and people still need to get specific projects done and might be willing to pay for someone to work on a project.

Why People Are Working Side Hustles

While many do it for the extra money to cover expenses, there are other reasons. Some have side hustles to fill their spare time, some do it to help others and others engage in side gigs to pursue their passions.

Start With What You Know and Like

If you are wondering where to start looking for your side hustle, it’s best to start with what you know how to do and what you enjoy doing. This will make it easier for you to dedicate some of your free time.

To get more ideas on the types of freelance jobs people are hiring for, investigate freelance jobs posted on job boards like upwork, LinkedIn’s ProFinder, a professional services marketplace. And for more sources of freelance job boards check out Think Like A Free Agent.

Freelance Writing

If you have strong writing skills, look for freelance writing opportunities. Search for freelance writing or content writing job sites.

Some job listing sites may require a small monthly fee to join. Carefully read the reviews and research the sites reputation. And watch out for scams that ask you to pay money for training or ask for you to write without a contract.

Another way to find freelance writing gigs is to talk to friends and family members who run small businesses and see if they need help writing newsletters or blog posts.

Graphic Design

There are lots of opportunities to use your graphic design skills. You can apply to offer your services using LinkedIn’s ProFinder. It will help potential clients make a decision if they can see your work so it’s a good idea to create an online portfolio with samples.

From designing logos to creating company brochures, you’ll find many types of freelance graphic design jobs on sites dedicated to creative services like 99designs.com or Behance.net.

Make Money Using What You Already Own

Are you looking to earn extra income from items you already have? Here are some straightforward options:

Rent Your Possessions:

• Vehicle sitting unused in your garage? Consider listing for short term rentals.
• Bike or motorcycle taking up space? Try renting it.

Use Your Vehicle Actively:

• Enjoy meeting people? Become a driver for Lyft or Uber.

Leverage Your Living Space:

• Travel frequently? List your apartment on Airbnb while you’re away.

Offer Your Time and Skills:

• Deliver groceries