Do you work a steady job, make steady income plus maybe a bonus, but you still can’t get ahead or even squirrel away any money in a savings account? If so, you need to consider what you do in your spare time. Perhaps you need to change what you do when you are not at your job such that what you do puts more money in your pocket rather than taking money out of your pocket.
Having a “side gig” that makes you money can take any number of forms. This article from Medium.com suggests some ideas and gave me the idea to write this post. Teach a class on or consult in a field that you have expertise in; buy and manage a rental property – it’s not passive income if you manage it yourself; buy and sell niche products through eBay or Amazon; or write how-to books or manuals about something you know about. These are suggested in the Medium.com article. Other side gigs that might pay you money include some of the following:
- Drive for Uber or its like. This works if you have an inexpensive car and you like to chat it up with random people.
- Do you watch Flip or Flop on HGTV? Do you think you have a good eye for properties and perhaps are handy with some things? How about buying a property and doing a remodel and flip rather than a rental? I have written about this before: It can be a fun way to make some extra cash but don’t do it the way that they do it on TV.
- If you like to travel, consider becoming a personal tour guide and organizing a tour that you run yourself. You may not make much money, but you may at least have some or all of your expenses covered, so at least you won’t spend as much money as you otherwise would have.
- Generally, take any skill or avocation you have or do and think about how to monetize it. This is not a stretch – we likely have all dreamed about doing something we love to do for a living. Instead, think about doing it as a side gig that pays you somehow.
- Think about derivative activities. Example: You like to golf or play tennis, but you will never be a pro or earn money directly by golfing or playing tennis (is “tennising” a word?). Instead, derivative activities that might earn you some extra cash might be to write a blog about the pro tour or about your experiences with these activities or to organize tours of interesting golf courses or about rating golf courses.
- Babysit! If you are an adult, this only works probably if you are a female and really like kids and otherwise don’t have much of a social life. However, there is a real need for babysitters because high school-age kids who babysit are in very short supply.
The internet and the accessibility of online retail and other channels open up many doors if you are looking for a side gig that pays you some extra cash. Having a side gig is almost like a 2 for 1: Not only can you put money in your pocket, you also don’t spend money you otherwise would have during your spare time. So, if you make $200 with your side gig and don’t spend $200 on an evening out, that’s $400 more you have in your pocket. It’s a great way to work your way out of the issue I stated at the start of this article, which is that it is tough to get ahead with just the salary you make at your day job.