With high prices still an issue for the average consumer, more and more people are looking for ways to make money on the side. However, there is a big difference between a lucrative side hustle and one that will simply end up costing you money.
Read below for the best and worst side hustles.
Worst: Driving for a Rideshare Company
Driving for a rideshare company might seem like an obvious side hustle, but it might be a lot less lucrative than you think. First, if you don’t have separate commercial insurance, you could be out of luck if you get into an accident. It’s just not worth the risk.
Worst: Delivering Food
Just driving for a rideshare company delivering food might seem like an easy side hustle. But tips aren’t guaranteed, and some customers will make you wait a while before getting their food. Finding a place to park might also land you a ticket.
Worst: Affiliate Marketing
If you have ever been on social media and seen a post saying: Use my link or special code to buy this item. Then you know what affiliate marketing is.
Unfortunately, it’s one of the worst ways to make money. You need a large social media following to earn any real amount, and that can take years to build.
Worst: Donating Plasma
If you don’t have a lot of monetizable skills, donating plasma might seem like a good side hustle. The hard part about donating plasma is that you don’t know if you’ll be accepted until you get there. And you might have to spend a lot of time in the waiting room because most places don’t have appointments.
Worst: Renting Out Your Car
Renting out your car can seem like a good way to make some money if you don’t drive that often. However, you’re taking a big risk with letting someone else use your vehicle.
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Worst: Being a Landlord
It’s one thing to rent out a room in your house on Airbnb, but becoming a real landlord can be much more difficult. Having a rental property can ruin you financially if you have to evict a tenant or pay for expensive repairs.
Still want to go down this route? Make sure you have a hefty emergency fund, a solid lease and extensive background checks for all potential tenants.
Worst: Flipping homes
These days, everyone wants to be a real estate mogul. But it’s a lot harder than it looks. You need a lot of startup money, and if you don’t know how to fix a problem, you’ll end up outsourcing labor and paying more than just expenses.
Worst: Flipping Items
A few years ago, you could go to a yard sale, buy a few things and sell them for more on eBay or Facebook marketplace. But now that everyone and their mother is trying to do that, it’s harder and harder to make a profit. You really have to know how to fix things to make flipping profitable.
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Worst: Starting an Online Course
A few years ago online courses were all the rage. It seemed like a great way to make money, especially if you had some kind of special knowledge or skill. But the online course marketplaces have become too saturated lately.
Worst: Vlogging
Starting a YouTube channel might seem like an easy way to make a few bucks, but it can take months — or more likely — years to make a decent income. And even then, you’ll have to spend a lot of money on equipment just to get started as a vlogger.
Worst: OnlyFans
Making money on OnlyFans might seem worth it, but it’s become oversaturated very quickly. Plus, you can risk losing your regular day job if your boss finds out.
Best: Freelancing or Consulting
Freelancing or consulting on the side is often the best side hustle because you can charge premium rates if you’re an expert in your field. And even if you’re not, you can often begin freelancing with few start-up costs.
Best: Tutoring
If you were a star student in high school, now’s your chance to make some money. You can tutor kids on the side and get a decent rate. Once you build up a solid client list, you can start getting referrals from past students.
Best: Bartending
Bartending might seem like an old-school way to make extra money. You can make a lot of money in tips if you’re willing to work weekends. However, be prepared for your income to fluctuate depending on the time of year.
Best: Mowing Lawns or Shoveling Driveways
Some of the best side hustle ideas are the ones you did as a kid. Mowing lawns or shoveling snowy driveways are simple, yet still effective. Even if you don’t have your own lawn mower, you can try to find homeowners that already have one.
Best: Refereeing Sports Games
Refereeing a game can be a good way to make money on the weekends. You’ll get paid per game and the amount may vary depending on the week. It’s best to choose a sport that you already know how to play, so you’re familiar with the rules.
Best: Renting Out a Room
Most people think that to make money on Airbnb, you have to rent out a whole apartment or house. But you can still make a decent amount by renting out a single room. Try to capitalize when major events are happening in your town. That’s when you’ll likely earn the most.
Best: House Sitting
House sitting is one of the easiest ways to make money. The most you might have to do is water some plants and bring in the mail. And if you can get enough house sitting gigs you may not even need to rent your own place.
Best: Dog Sitting
If you love animals, pet sitting can be one of the most fun ways to earn an extra buck. It’s even better if you can stay at the owner’s house, so you don’t have to worry about the pup or cat ruining your own furniture.
Best: Dog Walking
Dog walking can be a great way to make some extra money, while also getting some exercise. If you can get a reputation as a reliable dog walker in your neighborhood, you won’t have to spend a lot of money on gas or wear and tear on your car.
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