doing what you love: creating passive income through side hustles
what is a passive income?
A side hustle can be anything. If you make money doing something outside of your 9-to-5, you’ve got a side hustle. It allows you to pursue what you enjoy, learn and develop skills, and achieve financial freedom There are so many options to explore, so how do you start?
how to make money doing what you love
First, you need to find out what you like to do when you’re not on the clock. Are you an avid reader? Do you love to paint? Is dog walking something you’ve thought about but never started? Take some time to find out what appeals to you.
Once you’ve found your passion, it’s time to monetize. Search online for different places to advertise your new service or product. If you’re into creating art, you may want to start a shop on Etsy. If you’re excited to walk dogs, put up ads around town. Maybe even grab a bumper sticker for your car. If you already have your own blog, consider freelancing for companies who need writers.
Everybody needs something. If your first idea doesn’t work out, go back to the drawing board and find something else that you enjoy. Another tip is to minimize spend by pursuing a passion with little to no startup costs. Strike the perfect balance of making money doing what you love while helping others in the process.
6 profitable side hustles from home
fiverr freelancing 💻
Fiverr is one of the largest freelancing websites in the world, netting over 4 million active buyers and $200 average spend per order. There are over 500 different categories to list your services under, ranging anywhere from project management to life coaching to graphic design. Believe it or not, our founder freelanced on Fiverr before creating Good Aura.
Best part, it’s free to get started. All you have to do is set up an account and fill out a simple tax form. You should be approved after about 24 hours.
On Fiverr, you make money by creating “gigs” for your services. These are little advertisements within the website that tell others what you’re offering. Then you set up your prices and bonus offerings, such as faster delivery or additional revisions. It may take some time for people to find your gigs but if your services are distinct, affordable, and eye-catching, you’ll rack up orders in no time.
sports betting 🏈
You’ll need to create an account with a sportsbook in order to start betting on sports. FanDuel, DraftKings, and Yahoo! Sportsbook are among the most popular ones to choose from.
It’s okay to set up accounts with multiple sportsbooks to see which one you prefer. You can start with as much money as you like, with the minimum bet being $1. There are also plenty of promotions you can opt into that will allow you to earn additional funds with your first deposit.
Once you’ve got your account set up, you’ll want to decide on your strategy. Do some research because no one method is perfect. Pay attention to player and game stats, analyze past performances, create a sports betting system. Find the one that works for you. Then place your bet(s) and wait for the payoff. There is always a gambling risk, so don’t bet more than you’re willing to lose.
invest in crypto 💰
Cryptocurrency has picked up major movement worldwide in recent years. There are so many options now to get invested in this side hustle. If you’re unfamiliar with crypto, it’s a digital currency secured by cryptography. This makes it almost impossible for people to make counterfeit money.
There are several options when it comes to investing in crypto. You can choose to mine Bitcoin. This will take an advanced computer to solve mathematics problems. The time consuming process can definitely run up your electricity bill. An alternative is buying and trading cryptocurrencies like stocks in the market. Another popular way to get into crypto is to mint new NFTs, or converting files into digital assets stored on the blockchain.
invest in stocks 📈
Trading stocks is similar to the cryptocurrency side hustle. You may find it more profitable to do both at the same time.
The main thing with stocks is that you have to pay close attention to the market. Do your research, make a strategy, and stay on top of it. The market is constantly changing. You’re also more likely to get what you put into it. So invest your time with your money for a higher return.
get into real estate 🏠
One popular way people build success in real estate is through renting. You can rent out a room or your whole house for the weekend through sites like AirBnB, Homestay, and Booking.com. You could also purchase a new property to rent out full-time.
There are a few other options for you to take advantage of as well. For example, you can become a realtor and work in your spare time. Many people buy houses that have solid bones but need some TLC. The act of taking a property in need and turning it into something people want to live in is called “flipping.” You could also sign up with a brokerage to become their photographer or listing content writer. The possibilities are endless.
write a book 📚
Now that everything is accessible online, one of the best side hustles is writing an ebook. Fun fact: a typical ebook is anywhere between 5,000 to 25,000 words, so don’t worry about having to create a long reading experience.
Write a fictional piece or a topic that you’re knowledgeable about. Think children’s books, cookbooks, DIY guides or short stories. Once your work is spotless and your book cover has been designed, self-publish your ebook through Amazon’s Kindle Direct Publishing or another platform like Barnes & Noble Press. You’ll then be able to make passive income off of something you only had to do once. It’s one of the most relaxing side hustles out there.
part-time hustle, full-time passive income
Everybody has the potential to start a side hustle and achieve financial freedom from itYou can choose to work exclusively online, or you can do it when you have time off from your 9-to-5. The most important thing is to choose something that you love, so that you avoid burnout or feeling like it’s extra work.
On your mark, get set, hustle!
Tanner Rahl is the Lead Creative Marketing Specialist at Good Aura. Outside of helping businesses radiate excellence, he’s a fanatic when it comes to sports betting and reviewing the latest video games. Along with being the host of The 412 Podcast and owner of Rahl Reviews, he’s the proud dog parent of Kato the husky.