So what are some good side hustles for 2020 and beyond? This one of the conversations I have the most with my friends and family is about side hustling. For most people they use their side hustle to pay debts or just save up for that nice vacation they have always wanted to go on. But I always get asked one questions over and over again. And that questions is what should I do for a side hustle while I am working my full time job or in between jobs?
The answer to this isn’t what most people expect, because the answer depends on many things. Such things as how much time are you willing to work at your side hustle, what skills and or talents do you have that people will pay for, what is your long term goal with your side hustle, and finally how much are you willing to invest in your side hustle?
These questions are very important to answer before you being to do any type of side hustling. For this exercise, grab a piece of paper, write down all those questions and answer them honestly. For me I am going to over those question in some detail and show you why I ask those. Then I am going to provide a list of some great way to earn some extra income.
Questions to ask your self:
One of the very first questions to ask yourself is why even do a side hustle? Well the answer to that is quite simple: Never depend on a single source of income, create investments to create a second source. If you get laid off tomorrow how will you pay your bills long term? Sure hopefully you have a good amount of savings, but what happens if that savings were to run out and you still don’t have a job? Because you relied on one source of income, now that it is dried up life is about to get much tougher. My personal definition of risk is having only one source of income.
While the economy booms and employment is stable is the perfect time to start earning some cash on the side to pay off debt, invest or just to save some extra money. It is a great time to get some financial peace. So what are some good side hustles for 2020 and beyond? Well first we have to start with 4 easy questions, and their answers should help guide you to your next source of income.
1. How much are you willing to work at your side hustle? Are you willing to put in the long hours some side hustles require to get started. Simply put, are you willing to work an extra 40 + hours outside of work until your side income becomes stable or decent enough to support you. Some people just want quick money; however, there is no such thing as quick money. If someone offers you quick money, respond with a quick no.
2. What skills and or talents do you have that people will pay for? This one is pretty self explanatory, if people are not willing to pay for the skills that you have now it is time to start learning some new ones.
3. What is your long term goal with you side hustle? Goals are always important thing to keep in mind when dealing with money and time. Thinking about your long term goals will help make sure you path ahead is a little more clear. A few more things to think about when thinking about this question is this side hustle something that you would want to do full time or see your self doing full time? The answers to these
4. How much are you willing to invest in your side hustle? There is no such thing as free money, well unless you happen to find a dollar bill on the ground; then sure it was free for you but not the person who lost it. Most good side hustles will require a small investment to get started. Weather it is equipment or investing in yourself to learn new skills in preparation for you new side job, an investment of some sort whether it is time or money will be required.
Side Hustles For 2020 and Beyond:
Now that I covered some basic information about how to choose a side hustle. I am going to give out some ideas about where you can start and some side hustle that can earn you some good incomes while still being able to work full time or while you are a full time student.
1. ) Online Tutoring- VIPKid is a website that connects its teachers to young Chinese students with the goal of helping them learn English. The hours are flexible, you work when you want, and you can earn up to $22/hour with VIPKid – making it one of the best online side hustle ideas.
2.) Virtual Assistant- That’s the kind of work and responsibility that comes with being a virtual assistant, and with a growing number of online business owners, VAs are even more in demand.
3. ) Freelancing- One great way to earn some extra money is to freelance. If you have some a good skill that you can freelance such as graphic design head over to freelancer.com sign up for free and start earning some money.
4.) Walk dogs or pet sit- With sites like Rover – an online platform that is dedicated to connecting pet owners with dog walkers and pet sitters in their area. You’ll be paid more if you live in an urban area, which can be around $25 per walk or $70 for an overnight stays.
5.) Run Face book ads for small business- Running Facebook ads for small businesses is simply digital marketing through Facebook, which continues to be one of the best online platforms for small businesses to increase their traffic and visibility. And, you can make around $1,000-$1,500 per month/per client with just a few hours of work each week.
These are just some suggestions to get some ideas. And a quick google search will reveal thousands of more ideas you can do. Really the rest is entirely up to you and what you are willing to do. Don’t put all your eggs in one basket and just like a good investment portfolio needs to be diversified so does your streams of income.
For some awesome investing advice that can help you make more money while you side hustle click here.