5 Legit Side Hustles To Make Passive Income
You can make thousands of dollars each month with these side hustles!
Choosing your hustle
All of us are unique, so it is important that you start a side hustle that suits your personality.
If you are more introverted, then you can try freelance writing or coding.
Extroverts may want to consider starting a YouTube channel or building an online community.
Instead of just chasing the money, you should find ways to help people with your skillset.
If you do not have any skills, then start by learning something valuable that others are willing to pay for.
Whatever it may be, just find something that works for you and stick with it.
Now let me tell you about a few side hustles that you can start today!
Sell a Fiverr gig
Fiverr is a great way to start a side hustle because of its existing customer base.
There is a laundry list of popular services that sell on Fiverr.
These services include freelance writing, SEO audits, graphic design, and even creating ad campaigns.
If you are skilled in any of these topics and have some spare time, then you might as well start a Fiverr gig!
It will start slow, and you may have to charge a low price to get the ball rolling, but once you get a few reviews the income should steadily increase.
Make sure you take care of your clients to make sure you get as many positive reviews as you can!
Start a YouTube channel
There is no doubt that getting a YouTube channel monetized is a grind.
However, if you are consistent and put in the work, you will eventually have a plethora of passive ad revenue coming in.
In the beginning, you will be working for free since YouTube requires 1,000 subscribers and some watch time before they will even consider monetizing your channel.
Once you conquer the path to monetization, all the videos on your channel instantly become passive income sources.
Just like online courses, YouTube requires lots of upfront work but once it is done the videos will continue to make you money each month!
Invest in stocks and crypto
Stocks
Educating yourself about the stock market and even certain cryptocurrencies can be a great way to make money passively.
Investing in a stock index like the Dow Jones, Nasdaq, or S&P 500 is the easiest and safest way to make money in the stock market.
Most stock indexes pay dividends, which means you get paid cash for simply owning the shares.
In addition to dividends, the indexes will increase in value over time which provides you with capital gains returns.
Crypto
Cryptocurrency is a relatively new asset class and caution is advised when putting your money into it.
The most well-known cryptocurrencies are Bitcoin and Ethereum.
All of the other ones are riskier and have much more risk and less liquidity.
With great risk comes great reward though, so if you happen to invest in a small altcoin that blows up you can make a great return.
There are also ways to stake certain cryptos which are just like dividends in the crypto world.
Staking is when you loan your coins to the blockchain so that other people can transact more efficiently.
In return for loaning your coins out, you will get paid in gas fees and increase the amount of crypto you own.
How to learn about the markets
If you are interested in learning about trading stocks or crypto, I would highly recommend checking out the Haikhuu Trading community.
Haikhuu is an online community of thousands of traders with the same goal: making money in the markets.
I have personally learned much of what I know about the markets from participating in this community.
If you want to learn more about Haikhuu, you can check out the post I made about it here!
Start a blog
Becoming a writer is so much more than just writing and hoping you get paid for it.
When I started my journey as a writer, I had no idea how much I didn’t know!
I am well versed in finance and the stock market so I figured writing about it would be a piece of cake.
Even though writing about finance does come naturally to me, writing about them has forced me to engrain concepts into my brain like never before.
It is one thing to be knowledgeable in a subject, but to put words on paper and teach people about it over text is a whole different beast.
Writing about topics you enjoy will organize your thoughts and reinforce any missing parts of knowledge you may have overlooked.
There is nothing better than getting paid to learn about a subject you are passionate about!
If you are interested in becoming a writer, you can check out the post I made about how becoming a freelance writer changed my life here!
Best writing platforms to get paid
Medium
Medium is an amazing platform for new writers because there are millions of users ready to read your content daily!
It is a great platform to build your audience and sharpen your writing skills.
Once you have 100 followers you can start getting paid by becoming a partner.
Read.Cash is the Medium of web3.
A crypto wallet is hooked up to everybody’s account and readers can pay their favorite writers directly from this wallet!
This is revolutionary because it is so easy to set up an account and you do not even need to connect a bank account thanks to the world of crypto!
If you want to learn more about Read.Cash I encourage you to check out the post I made about it here!
Online courses
Creating an online course is one of the best ways to make money online.
You must put in a lot of work to make the course upfront, but after it’s done you can kick back and enjoy the income.
There are a few routes you can take to go about selling your online course.
Create a website
Selling an online course on your own website is great for those who already have a following.
The main benefit is that you get to keep most of the profits and avoid paying any third parties.
You will have control of everything including student emails so that you can expand your following and market to them with no barrier.
Since you are in control of everything, you can consider starting a paid online community for your students on Discord or Patreon.
Creating a community will benefit your students by allowing them to communicate with you and will provide you with another source of income.
Udemy
Udemy is an amazing option if you do not already have a following and do not want to create your own website.
You simply put the course together and they will take care of all the marketing and website design for you.
Keep in mind they will take a lot of the profits and most of the courses on Udemy sell for under $10.
This means you will only make a couple of bucks each time somebody buys your course after fees.
They also do not allow you to export your list of student emails, so you will not be able to take your audience elsewhere if you so desired.
You can send a few promotional emails to your students each month, but you cannot market most of your other online ventures to them.
Skillshare
Skillshare is like Udemy in the sense that you do not need a following or much marketing ability.
Skillshare has a business model like Medium.
Customers pay a monthly fee for the ability to view all the courses on the site at any time.
As the course creator, you will get paid for how much viewing time your course gets.
I would highly recommend that you post your online course to both Udemy and Skillshare.
There is no reason not to and you can easily increase your earnings potential by taking advantage of both sites.