Are you looking for a way to generate more money faster than ever before? I’m going to explore five side hustles that can easily generate money and allow you to save faster. I love side hustles, I like to call them gigs.
This is something that I’m extremely familiar with because I’ve had a lot of various side hustles over the years. Today, I want to summarize what I think are the easiest side hustles you can kick off almost immediately with very little cash. First, we’re going to explore a few side hustles where you’re still going to be trading time for money.
So to start, first one, work your profession. The easiest is to take your profession and create a side hustle from it. This is possible for just about everyone with just a few exceptions, but overall, this is the fastest and easiest way to start to make some extra money.
Let me give you a tangible result. I’m a computer programmer and I had a colleague approach me and asked if I’d have some extra time to help him develop a program for a customer of his. After talking with him, I felt it was a great opportunity for me.
Also, it permitted me to generate more money per hour than I normally make because it was part-time and a very temporary arrangement. Well, I was able to generate over $40,000 in just over six months with this side hustle. The real points to take away though is that it’s something that you’re an expert in and you can charge more for your time and that’s really important.
The downside of course is you’re going to be taking time outside of your free time to work this side hustle. So you are, like I said, trading time for money. Number two, work in something outside of your primary profession.
The next which may be less lucrative but can still generate some serious cash is creating a side hustle you can do that might not be your primary profession but will still permit you to generate extra cash. Good examples of this is in many low-cost service businesses where you can start over a weekend, literally over a weekend. It can include power washing, window cleaning, car detailing, house cleaning, so on.
The list is virtually endless. This isn’t my favorite way to generate cash through a side hustle. I believe that if you are in your profession and doing a side hustle in your profession, you’re always going to make just a little bit more.
But this second one is very legitimate. This is still a legitimate side hustle that you should explore. A personal example of this is the automobile windshield glass repair business.
In Alberta, there’s a lot of small gravel used on the roads over the winter months and it generates a lot of bullets in the windshield and cracks. Oh, I hate it. I hate them.
Cost of repair ranges from anywhere from $45 to over $60 per repair. An average repair takes less than 15 minutes. If you’re willing to be price competitive and fix bullets for $35 per repair, you can feasibly complete four repairs per hour at a profit of about $140 an hour, which is crazy.
The trick is to keep your eyes open and look for services that need to be done and you don’t feel that they’re properly serviced in your area. Don’t try to become the 20th painter in the area because you’re going to be competing against the other 19 guys.
Yeah, I like that. So number three, document what you know. This side hustle can be a bit time intense on the front end, but can reap the highest rewards overall.
It’s one of my most favorite types of side hustles. A super example of this is creating a YouTube channel. I love talking about wealth generation and this channel that you’re watching right now is my way of sharing what I know with you.
And the great thing about this is the initial outlay can be practically zero dollars. The only thing you need to definitely outlay is your time to create content and learn how to effectively publish it. Initially, I’ve not made any cash from this effort, but I know it has a strong possibility to generate full-time income in the long term.
This can also take other routes as well. Have you considered creating an online course or a paperback book? Yes, your first venture could take several months, but over time it could become a very profitable venture. What I really like about this is your efforts are front-loaded and your profits are back-loaded.
In other words, you’ll put a bulkier efforts up front before you see any profits. But the profits on the back end can be literally unlimited. I’ve been documenting much of what I’m teaching about on my YouTube channel here and it is my intent to release an easy-to-read paperback book in the near future.
Can you see how the two easily fit together? Think about what you’re an expert in and are just curious about becoming or become an influencer in. It’s never been easier or cheaper to get started in today’s day and age. Number four, rent what you have.
Another very valid side hustle is renting out something that you own. This can be something as big as a house or something as small as a tool. What I like about this is your time is your asset that isn’t being used, but rather the tool to generate a wonderful stream of cash.
You might be thinking, but Frank, I don’t have the money to buy a house and just rent it out. Hey, I get it. But do you have enough to purchase a bicycle? You know in a lot of places you can rent out bicycles for an hourly rate and make back the cost of the bike in just a few months and now you’re in the profit.
Or maybe you purchase an industrial tool that’s a bit more expensive and would like to make some extra cash from them. How about an industrial carpet cleaning machine or paint spraying machine? Those are options and the options are endless. Like selling your time in a side hustle, be sure you decide what you rent is actually something in demand and can make you a continued stream of extra cash.
As time progresses, you can add to what you rent out from out of your profits, effectively growing your income stream. So as you’re making income from it, you’re going to buy new things and rent those out as well. So I think it’s a very lucrative option.
Option number five, get your money working hard for you. Well, this last side hustle might not be a side hustle, but in my opinion, it’s one of the best ways to generate extra cash. Don’t just spend the extra cash you create.
In my opinion, you’re just kind of wasting those precious hours that you just can’t get back. Get that extra cash that you’re earning from your other side hustles into a good investment broker and invest it into a good stocks or exchange traded funds. Either way, this investment can start to generate substantial wealth stream that can allow you to retire if that’s what you want.
Personally, my investment account is generating around $1,350 per month on autopilot and I’m looking to take capital in some of my real estate holdings to increase my returns to over $3,000 per month. If I allow it to compound for five years by generating at least $5,500 per month without any input from myself, at that point, I can consider taking it out and retiring on it. So that’s why I like this as a side hustle.
The big takeaway from this point is to start creating a wealth accumulation account for yourself. Take all that extra money and put it into it. And hey, if you’re still with me, I got a bonus for you.
If you want to supercharge your efforts, combine all of these side hustles. Do side hustles in your profession while renting out what you own while you create your own wealth stash. This is how I created over $100,000 in my wealth stash in under 18 months.
It does work and it works really, really well. Hopefully, this has given you some ideas, but the real trick is to get started. Remember Newton’s laws of motion.
It always takes more energy to get an object in motion, but once it’s in motion, it takes less energy to keep it going.
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