What’s Your Side Gig?

If you’re happy with your income, congratulations! You must live in Colorado, or another state where it’s legalized. If not, please tell me what meds you’re on because I need to get some. If you’re not happy with your income, then you need to do something about. I’m guessing you can’t make any more money in your current job, so that means finding a side gig.

It’s All About Working More

I haven’t worked 40 hours a week since I graduated from college. As I’ve progressed through my career, I’ve increased the amount of time I spend at work and it’s paid off. I now make multiples of what I did when I started. Part of that is because I have more experience and more education, but I think a lot of it has to do with the fact that I just work a lot more. If you’re dedicated, somebody will notice. Maybe not at your current company (we’ve all had bad bosses before), but somebody will notice.

When you think about it, working 40 hours a week still leaves you a lot of extra time. There’s 24 hours in a day. Hopefully, you get eight for sleeping and another eight for work, leaving another either for everything else. Obviously you need time for commuting, showering (2-3 times a week, tops) and spending time with friends or family. But do you really want to spend that much time with family? That leaves a lot of time that could be spent working on a side gig. And that doesn’t include all your free time on weekends.

Right now, I spend a manageable 60 hours a week at work. This website is probably another 10 hours a week (I know, it doesn’t show). That still leaves plenty of time for friends and family and maybe another side gig?

1. Create a Website

This is the route I took. The great thing about starting a website is anybody can do it. And start-up cost are low. I paid $300 for my domain name and hosting for 3 years. There are millions of websites out there, but if you think you have a differentiated view or opinion, why not share it? If it doesn’t work out, you’re out $300. If it takes off, you’ll make a lot more than $300.

How Much Can I Make?

Again, there aren’t a lot of costs associated with creating a website, other than getting the domain name and a server to host your site. The key to making money is getting traffic to your site. If you can get the eyeballs, then you can monetize through advertising, and affiliate links. Some sites can make thousands or tens of thousands per month through these channels. Of course, it’ll takes years to get to this level, but it is possible.

2. Sell on Etsy

If you’re artistic (I’m not), and you like making things, why not try to sell your creations on Etsy? People are sick of mass-produced crap and they like unique items. My sister-in-law made these beautiful dresses for my girls and every time they wore them, they would get compliments and people kept asking us where they could buy them. I actually thought about trying to find a way to produce the dresses and sell them online.

Etsy as a side gig
You could be the go-to fashion mogul for Carmen Sandiego fans.

How Much Can I Make?

The sky’s the limit, but I’m guessing you won’t make much at first. However, it’s an opportunity to showcase your talent. Total blue sky scenario, but if you can develop a strong following, there’s the potential to develop a brand. A brand which you would own and control.

3. Sell on Amazon

I have a friend that is selling things on Amazon. A long time ago, it would be difficult to sell products because you’d need to set up manufacturing in a low cost location (i.e. China) and then find distribution in the US. Not many people were capable of doing this. Now, it’s easy (relatively speaking).

Amazon is your distribution in the US. You can source products from Alibaba. You don’t even need to take delivery of the products now. All you have to do is send the products directly to Amazon warehouses!

How Much Can I Make?

We’re anchored to expectations for how much something should cost. Like $20 for a t-shirt, or $100 for sneakers. But you’d be amazed by how much it actually costs to make these products. Go to Alibaba and you’ll see what I’m talking about. It really spotlights how much companies make on something. With your own Amazon store, you can capture this spread.

4. Develop a Real Estate Empire

Getting into real estate isn’t easy, since you need a lot of capital and need to understand the local real estate market. But if it’s something you’re interested in and you’re willing to put in the effort, it can be a very profitable venture, since people will always need a place to live and not everybody can afford or will want to buy.

I have a hedge fund friend that’s turning into a real estate mogul. He’s approaching 20 rental properties now. It took a long time, but he’s getting close to being able to turn it into a full-time job.

real estate as a side gig
I’ve owned 20 houses in Monopoly before Hurricane This Game Sucks comes in.

How Much Can I Make?

There’s a reason why many billionaires are real-estate moguls. The best part of owning real estate is you’re using other people’s money to get richer, and there are substantial tax advantages of owning properties.

5. Driving for Uber or Lyft

You have the free time and you have car, so why not put both to good use? If you’re trying to get out of debt or are saving for something, this is a way to get some cold, hard cash.

How Much Can I Make?

I like this option the least because the upside is capped. Also, anybody can drive a car, so you’re not really earning your worth if you have more desirable skills. However, the benefit is the more time you put in, the more money you can make. And you will make money immediately, unlike the options listed above. But you’ll never make millions doing this, while it’s possible you could become a millionaire following the options above.

Why Look for a Side Gig?

Obviously, money is the main reason to do it. I’ve heard some people suggest diversifying income is needed to become rich. Tell that to Bill Gates or Mark Zuckerberg. All you need is one great source of income to become rich. When you don’t have that one source, that’s when you need a diversify.

But it’s not just about money. My friend that works on the buy side already has a great job. Sure, he would be fine with just living on his hedge fund income. But he wants to create something. He doesn’t want to work for somebody else for the rest of his life.

Me? The main reason I created this site was to share information on investing and saving, since it’s surprising how many people are uninformed about such important topics. I’ve caught many lucky breaks in life, but I’ve done well mainly because I understand the value of saving and investing for the future. And that’s what I want to share with others. I’m happy if somebody (please, anybody) learns something from reading this site. Hopefully, it can turn into an income stream down the road as well.

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