1. Use your existing specialization or expertise

Your quickest path to a successful side hustle is likely monetizing skills you already possess. This can really be anything, and may not even be a skill you use at your main job. If you speak a second language, you could become a tutor for students that speak your secondary language and are looking to learn your primary (or vice versa). If you are skilled at designing websites, try that. If you enjoy being outside, perhaps try landscaping or mowing lawns.

Don’t limit yourself and don’t be afraid to try something out that may not be a sure thing. A side hustle allows you to dip your toes in the water and take risks that would be very difficult to take with your main source of income. If your big idea doesn’t work out, then you’re no worse off than you started.

2. Resell goods online

I have years of experience reselling online myself, and while you can certainly make great money reselling, there are many misconceptions. Reselling is not passive income or easy work. It takes time to build a sustainable and successful business. It is a very competitive space right now, so you will need to be smarter and work harder than your peers to make good money. All that being said, I think it is a great way to earn income.

You can start reselling as soon as…today. Start small by selling some things around the house you no longer use or want. Electronics, clothing, collectibles, video games, household products, you name it, if it’s in your house, you can probably sell it online. If you feel comfortable selling items you already own, try purchasing items specifically to resell. You can buy items to resell at thrift stores, yard sales, estate sales, auctions, and more. Usually the most in-demand items are harder to find, but niche products are often overlooked and can sell for great money. 

3. Good-paying seasonal jobs

Side hustles can be regular jobs that you work in addition to your main job. Many businesses have busy seasons where they are looking for seasonal workers and some can pay very well. UPS is one example of a good-paying seasonal job that could help you get your foot in the door for a regular position. It’s not uncommon for full-time UPS drivers to make over $100,000 per year, and it is a union job with health insurance, a pension, and financial aid for tuition.

4. Market your services on sites like Upwork and TaskRabbit

If you are looking to start your own business, websites like Upwork, Fiverr, and TaskRabbit can help you find customers interested in your services. The types of services offered on these platforms range from specialized work such as writing, logo design, and marketing to assembling a couch or mowing your lawn and everything in-between. Fiverr and Upwork are global websites, so you may be competing with others that are able to offer similar services at a lower cost due to a significant difference in cost of living. However, customers often want to work with someone located in the same country and are willing to pay up for high-quality services.

5. House-sitting or pet-sitting

If you enjoy animals or hanging out by yourself, pet-sitting or house-sitting could be the side hustle for you. You can use apps such as Rover to launch your side business or do it the old-fashioned way by stapling posters to streetlights or posting an ad on Craigslist. People love their pets (or their house) and are willing to pay good money for someone to take care of them (or it) while they are away. For pets, getting to stay at home is often a more enjoyable and less stressful experience than being boarded.

If you do a great job pet-sitting and caring for animals, don’t be afraid to set high rates. The pet sitter we regularly use is a vet student at UGA and takes great care of our cats. She charges more than anyone else we’ve used, but she takes excellent care of our cats and we can truly relax on vacation knowing they are being well cared for. That hasn’t always been the case with past pet-sitters, so we are happy to pay more for peace of mind (and happy cats).

You might have noticed that some of the most popular side hustles, like delivering food or driving for rideshare services, are not on this list. While these can be viable sources of income for some, many areas are oversaturated with gig workers and it is difficult to make even minimum wage after you factor in all of your expenses. Many drivers have no idea how much they actually make because they don’t factor in wear and tear on their vehicle, the cost of gas, time spent waiting in-between jobs, and other expenses. 

It’s difficult to find detailed analyses on real driver pay after expenses, and companies only share gross pay before any expenses or taxes. However, one analysis found that, after accounting for all expenses and cost of operating, DoorDash drivers make $1.45 per hour, on average, with many losing money dashing. A writer that tried driving for Uber last year found they made $10.49/hour after paying for gas. That might sound alright, depending on where you live, but the writer did not factor in wear and tear on their vehicle. If you subtract the standard mileage rate from the IRS of $0.70 per mile, they actually lost money driving for Uber.

Side hustles won’t get you rich quickly and are usually quite a bit of work. Be very wary of anyone telling you otherwise. Side hustles can, though, get you rich slowly. If you are able to invest an extra $200 per month from a side hustle, not a crazy number by any means, you could have almost $500,000 extra by retirement (assuming you start at 30, retire at 65, and earn 8%).  Check out our new compound interest calculator to see what your side hustle could turn into.

Why is there such a huge disparity between generations? I believe it simply can be explained by the stages of life those at different ages are in. Millennials are right in the thick of buying their first home, which as we all know have skyrocketed in price over the last few years, and are starting to have children or already have young children. If you have children and are trying to buy your first home, you probably feel you need a significant amount of money to be happy! Gen X and Boomers likely aren’t raising young kids or buying their first home, but are thinking more about retirement. Gen Z needs significantly less to be happy because they have significantly less financial needs. If they aren’t thinking about retirement, having kids, or buying houses, it takes a lot less money to be happy.

Money buying happiness is a recent idea

Surprisingly, we have not been wondering how much money we need to be happy for very long. The question first became widespread in the 1960s, and is being asked more than ever today.

Why have we only recently become enamored with the idea of money bringing happiness? I believe it comes down to Maslow’s hierarchy of needs. Our ancestors worried about having food, water, shelter, good health, and employment. We still have some struggles today, obviously, but as a country we have improved dramatically in each of those areas. The majority of Americans today do not have to worry about food, shelter, water, or employment and will likely live longer than their parents and grandparents as life expectancies continue to rise.

Can money actually make you happy?

Having more money can make someone happier if that money is used to satisfy some of our basic needs. Someone who isn’t able to afford a house or a car will probably become measurably happier if they receive money that enables them to purchase a home and a car. However, there are diminishing returns. Going from a 4-bedroom house to a 6-bedroom house probably doesn’t feel as good as buying your first home. Trading in your 2017 model car for a 2023 model probably won’t make you as happy as your first car did.

While the majority of Americans believe there is an amount of money that will make them happy, that number appears to be a moving target. The median net worth of all Americans is $260,223. On average, the magic number that Americans said they needed to be happy was about $1.2 million. Most Americans believe they need a significantly higher net worth to actually be happy.

We ask our millionaire clients how much net worth they consider to be wealthy. 88% say that you need at least $3 million in net worth to be wealthy, and 75% say that they do not consider themselves wealthy. Almost all of our clients have more net worth than Americans say they need to be happy, yet they don’t say “I’ve made it,” or “I’m finally happy,” but “I’m not there yet.”

What does make us happy?

I do not believe that the accumulation of wealth, by itself, will make anyone happy. Much of what money can buy can increase your happiness, at least temporarily, but happiness tends to move back to where it was prior to life events or experiences (explained by the hedonic treadmill). As your wealth increases, the amount of net worth you believe you need to be happy will probably increase as well. If more money won’t make you happy, what will?

The answer isn’t easy to quantify like money, and may even be harder to achieve than a certain number on your net worth statement. Going back to Maslow’s hierarchy of needs, what actually increases life satisfaction, or happiness, after your basic needs are met include friends, family, achievement, the respect of others, purpose and meaning, creativity, and acceptance. This ties in well with our fifth level of wealth, abundance, where money doesn’t matter anymore and your focus is more on experiences and making the world a better place.

What do all of those factors have in common? Money can be used as a tool to achieve them. It’s a very important distinction: money can be the tool you use to create memories with friends and family, it can be the tool you use to gain the respect of others or accomplish certain goals, and it can be a tool that allows you to be more creative and give yourself purpose and meaning. However, one of our biggest beliefs is that money is a tool, not a goal. Instead of focusing on a dollar amount that you believe will make you happy, focus on what your net worth can be used to create in your own life and for others.

It’s not uncommon to see significant raises or increases in salary early in your career. What should you do with that extra cash flow? Want to know what to do with your next dollar? You need this free download: the Financial Order of Operations. It’s our nine tried-and-true steps that will help you secure your financial future.

If you have the option to finance, for example, a home repair at 0% interest, should you? Even if you can pay in cash, the interest paid right now on high-yield savings accounts exceeds a 0% interest loan. Want to know what to do with your next dollar? You need this free download: the Financial Order of Operations. It’s our nine tried-and-true steps that will help you secure your financial future.

If you are looking to take your side hustle full-time, what are some pitfalls and traps you should be thinking about and watching out for? Want to know what to do with your next dollar? You need this free download: the Financial Order of Operations. It’s our nine tried-and-true steps that will help you secure your financial future.

Use the time left at the end of the year to plan and prepare for upcoming abundance goals. Do you want to pay for your kids’ college? Do you have any upcoming vacations or big purchases? What does “abundance” mean to you?

Where are you with your year-to-date employer plan contributions? Look to maximize your employer match and take advantage of employee stock purchase plans that come with an attractive discount. Want to know what to do with your next dollar? You need this free download: the Financial Order of Operations. It’s our nine tried-and-true steps that will help you secure your financial future.

If you are your own boss, what is the best way to set yourself and your family up for success in retirement?

It is never too early to start thinking about financial decisions you may need to make before the end of the year! Here are our top things you need to do before the end of 2023.

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Inflation has cooled to 3%, according to the latest data, but the Federal Reserve is expected to keep raising interest rates. With that and student loan payments restarting, could that throw the economy into a recession? Want to know what to do with your next dollar? You need this free download: the Financial Order of Operations. It’s our nine tried-and-true steps that will help you secure your financial future.