Side hustle tips?

JudgeDoom69 · 2018-02-05T16:56:30+00:00

rent an apartment

Stop renting and buy a duplex. Live in one unit and use the rental income from the other unit to pay the mortgage and utilities.

When you've built enough equity, refinance the duplex to free up the cash to make the down payment on another one.

Alpha_Engineer99 · 2018-02-05T22:45:01+00:00

Ebooks are awesome for passive income. I’m on my 5th year and make a very good side hustle off of it. Very very good.

One you write it, it continues to do the work for you...forever. You might have to edit it, rebrand -if you get tons of negative reviews, but it pays dividends-even while you sleep.

Pick a niche with low competition ( the hardest part), work on ranking your website in google, and at the same time self-publish it in Amazon.

You don’t even have to write the book, you can sub it out to freelancers very cheaply. When fidget spinners came out (when my boy told me about them at his school) , I immediately wrote a 30 page book about them, nothing earth shattering, just what they are and what they are used for... but now I’m #1 on amazon -just by being the first one! And people (soccer moms) buy that crap.

Books don’t have to be this huge fucking novel like when we were young. With kindle, soccer moms only want a book like 20 pages.

Imagine having 100 small books about bullshit that sells every day. You can build an empire.

Always stay on the lookout for the latest trends too, shit I see on Facebook that people are doing, fads, etc

If it doesn’t do well or take off, the only thing you lost was sweat equity. And you also learned something to apply to the next book.

There you go.

223552 · 2018-02-05T21:56:27+00:00

Start saving. Before you spend money on anything, you put an amount away every paycheck. This may mean dropping some things, (takeaway food, expensive coffees, expensive hobbies/habits)
Ask for a pay rise, or work on getting a pay rise
Review your spending, rent, shop around for a better deal on utilities/phones/subscriptions, consolidate credit cards, and debts. Try and get a lower interest rate on existing loans.
Budget your expenses, and spending.
Now, you should see some growth in your savings, and start planning your next step. Property, managed funds, shares, side business. This is one way of doing it.

There is no quick way. Side income will require an investment either of money, or your time, or both.

ReddJive · 2018-02-05T18:18:36+00:00

This isn't passive, but I went out and got a paramedics license. there are a lot benefits to doing so. I work contingent so I can generate as many hours as I want in a month. I can top out at $1000 a month if I choose.

In my area there are a lot of stand by events, like football games, hockey games, public training....that sort of thing. I don't recommend EMS for everyone. I find it fantastic work with usable skills.

It can open doors, like I am on the Tactical EMS team working with law enforcement to serve warrants and other special situations.

The_Litz · 2018-02-05T18:32:01+00:00

The word hustle and passive income are at odds with each other, hustle is time consuming with a decent reward, passive income is almost zero time put in besides the setting it up, but with lower returns.

Property remains a good risk/reward option and also a good idea if you do not want to spend too much time on it.

But, investing in property sounds counter productive if you are still payong off student debt.

Rather generate extra immediate income and squash those student loans.

Check out sites like Upwork etc. There is a variety of extra work you can pick up there and do it from home. You can choose how big the jobs are that you take and only apply for jobs that have deadlines that suite you.

TurdDoctor · 2018-02-05T22:31:08+00:00

Pay off your student loan debt. Think of it this way, if the interest rate on your student loan is 4%, it translates into a 4% return on the extra payment you made that month. When you are out of debt, you will have better cash flow to save for and buy a duplex or condo, maybe in a market that's not so hot like it is now in so many areas.

chief-w · 2018-02-05T18:28:38+00:00

Check the /r/personalfinance sub's sidebar and suggested pathway on that.

RuleZeroDAD · 2018-02-05T19:01:12+00:00

What do you do, without getting too specific?

Does your current skill-set dovetail into something needed but under-served?

Side hustles are quick hits that address niches. Most of the advice so far is portfolio building, which is also important, but does not yield great short-term gains.

If you live in a warm climate, mow yards. Cold climate, shovel snow. Those are examples of side hustles.

hypergamous · 2018-02-06T08:46:52+00:00

Strongly suggest reading the original Rich Dad Poor Dad book. As well as the E-Myth Revisited. Those two specific books will help you find what path works best for your set of skills and experiences.

As others have shared, entrepreneurship and hustling are not realistic for everyone. A 3% to 5% passive return on your time and money is a respectable way to begin learning.

Best to you on your journey.

tuesdayrain · 2018-02-05T19:09:45+00:00

Crypto

Title	Side hustle tips?
Author	ReturnOfTheSwing
Upvotes	5
Comments	32
Date	February 5, 2018 4:52 PM UTC (8 years ago)
Subreddit	Posted in /r/askMRP
Original Link	https://old.reddit.com/r/askMRP/comments/7vg2am/side_hustle_tips/
Archive Link	https://theredarchive.com/r/askMRP/side-hustle-tips.204855 https://theredarchive.com/post/204855

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