I’m always exploring new ways to earn extra money. Even better if you can find a way to make money fast.
In this post, I will offer some smart questions that one should ask before buying into a side hustle. Next, I will offer one of the better side income ideas that I have found.
Earning money on the side is a great idea. I am in favor of having more money for your family, money to pay off debt, and more income to live a better life. Absolutely.
I want to make sure that you discover the best side hustle ideas.
- *Affiliate Disclosure: This post contains affiliate links. Business partners may compensate me for inclusion on this blog, but I strive to only partner with quality businesses and the reader pays nothing.
Side Hustle Meaning:
Side Hustle: typically part-time jobs that allow one to make extra money. Sometimes a side hustle involves making money online, but not necessarily. Some side hustles involve working from home.
Let me start by saying I like the idea of side hustles- part time jobs or gigs that can earn you passive income online. And I occasionally listen to podcasts from side hustle entrepreneurs like Pat Flynn and Nick Loper.
In my opinion, you need to analyze any potential side hustle idea critically before you commit to them. You are investing two valuable resources in any side hustle opportunity: you are investing money and you are investing your time.
Relevant Articles:
The Best Personal Finance Books
Survey Sites That Actually Pay
It’s not about the Money. It’s about Taking Charge.
Questions you Need to consider before starting a side hustle:
1. What is the probability this side hustle will make me money
Yes. The main purpose of a side hustle is to make money. I want an extra income. I need cash. Period. So, the idea that you could invest in a side hustle course and not make money and possibly, lose money is something we want to avoid at all costs.
Just because there is a quote from someone on the internet claiming that they made money doesn’t mean much to me. And also, When did this person make money?
Many opportunities no longer exist.
Flipping textbooks on Amazon via AMAZON FBA used to be a good money maker. And then one day Amazon changed their fee structure. Now, the people who did this side hustle are selling courses to teach a program that worked a few years years ago.
My concern with this side hustle is that you make an investment in inventory and Amazon can change their policy at any time.
It no longer works because Amazon eliminated the profit margin. And it’s important to ask yourself, which other side hustle jobs have the potential to evaporate like this.
YouTube: Recently, YouTube changed their fee structure to smaller content providers. You now need 1,000 subscribers and 4,000 hours of content to monetize your channel.
Realize that people had spent considerable time creating videos (and buying courses and video equipment), and now have almost no way to recoup their expenses. They started a side hustle and lost both money and time.
My intention is to look critically at side hustles to prevent this from happening to you.
2. How much time will I need to commit?
There are many side hustles that allow you to make an income rather quickly and others you need to wait for a payoff.
Some side hustle ideas that pay immediately include: Getting Paid to Drive:
Essentially, You can Get a Check This Week
- People Join Door Dash for a variety of reasons: to spend time with their kids, earn extra money, to pay for school, even to exercise and see the world. You can use any car to deliver, as long as you have a valid driver’s license, insurance, and a clean driving record. Join Door Dash
- Get paid to drive for LYFT: Visit the LYFT website and Use this Exclusive CODE: DOUG4287 for an Extra $1,400 payout.
3. How much can I Earn vs. The Costs to begin?
The purpose of a side hustle is to make money. One needs to consider a realistic estimate of how much money one is likely to make. And what is the source of the information.
I could show you 100 Pinterest Pins that claim someone has quit their job to blog full time and is making a six figure income. Blogging is not a great side hustle if you need extra income now.
In reality, that is the exception. Blogging is competitive and requires a lot of time and commitment before someone can make money.
It can also be a great side hustle for the right person. See my post on, The 7 Golden Rules to a Profitable Blog Here.
Relevant Articles:
45 Ways to Increase your Income
9 Best Ways to Save $7K This Year
11 Legitimate Survey Sites for 2018
44 Ways to Make Money Now
4. Is this Side Hustle Idea still making money?
Do you know who is guaranteed to make money from a side hustle? The person selling expertise, a funnel guide, or a side hustle program.
Is this Side Hustle idea still making money. Is this side hustle idea still viable.
These are real questions. And it requires research. Right now, the Subway restaurant chain franchisees are suing the company for not supporting them with advertising.
Its being called a franchisee revolt.
You would never spend the $50,000 or $75,000 to invest in a Subway franchise after you learned this information. Additionally, you would not want to invest in a side hustle course that is no longer viable.
5. Does this Side Hustle add to my skill set?
Great question. A really good side hustle would add to your skill set as well as helping you earn extra money.
Become a Certified Closing Agent.
- One big advantage of becoming a Closing Agent is that you learn a new skill.
- You Earn Extra Income, Set your Own Hours, and the Income is Excellent ($75-$200 per appointment).
- You can get started with absolutely zero experience. You are hired simply based on your location in proximity to the loan signing.
- Next, you can work from home and be your own boss. Owning your own business can allow you to take advantage its many benefits, such as tax write-offs.
- • You have the ability to make money almost immediately.
- It pays nearly 9X more than driving for Uber. However, it requires you to take a class and invest time and money.
- If you can do that, then you can start making up to $200 per signing.
- Learn More about the Loan Signing System here
One of the Better Side Hustle Ideas I see:
This side hustle fits with all of the previous criteria I’ve mentioned.
You learn a valuable skill.
You earn an excellent fee of $75- $200 per appointment.
The up front costs are pretty small compared to the actual compensation.
Learn More about the Loan Signing Course.
Conclusion:
In this post we’ve reviewed the important questions you need to answer before you invest in a side hustle idea that’s being promoted. Is this still a great side hustle idea. Is this person selling a course because the idea is no longer profitable. What’s the investment of time and money for this idea. When will this side hustle make me money. All legitimate questions.
My only interest is in helping you succeed.
And I would hate for you to invest your time and money into something that is no longer a viable side hustle idea.
I’ve explored a bunch of side hustles and for me, they took too much invested time for a pay off that may or may not come someday.
My time and money is valuable. And I need that payoff.
Caveat emptor! Buyer beware.