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5 Most Profitable Side Gigs

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The economy may be in a better place than it was just a few years ago, but not every American is feeling its effect.

Almost half of adults in America report that they don’t have enough cash to cover a $400 emergency.

Additionally, a recent study by Pew showed that more than 50% of US households don’t have enough in their savings to accommodate one month of expenses.

So what are Americans doing to supplement their income and put themselves in a more stable position?

Taking on a side gig!

That’s right–three in ten Americans now work in the “gig economy;” enjoying flexible hours, gaining additional experience, and most importantly, picking up some extra cash.

Most of us, after all, only work 40 hours a week. When the rest of the week is spent sleeping or scrolling through social media, perhaps it’s time to consider allocating a part of your schedule toward something that will further your career and economic stability.

 

So how do you a choose a side gig that’s right for you?

There are a few things to consider before you get started.

But most notably, you’re going to want to choose a side gig that aligns with your interests–something you’re good at, something someone would pay you to do, and something you don’t mind spending your time doing.

You will also want to want to find a side gig that is profitable enough to make your commitment worth it, and consider gigs that involve a lot of upfront costs for advertising or materials with caution.

However, if you have a knack for artistry, and materials are necessary for crafting your creations, then you will want to factor that into the price of each product and budget your side gig accordingly.

Certain mobile banking apps can also make funding side gig expenses easier by automatically saving a portion of the money you make through your new stream of revenue.

There are also a number of e-commerce sites–like Etsy, Upwork, and Fiverr–that offer online platforms through which you can publicize your products or services (for free!) to eager contractors and buyers.

5 Most Profitable Side Gigs

With all that in mind, let’s take a look at some of the most profitable side gigs according to CreditLoan.

make money in college

Profitable side gig #1: Renting out property

  • Median monthly earnings: $500
  • Maximum monthly earnings: $7,000

The rental property market is huge!

In just the US alone, there are nearly 43 million households that are active renters.

With that kind of numbers, it’s easy to see how money can be made. However, like anything involving real estate, breaking into the market will require some heavy investing and some careful financial forecasting as to which property maximizes your money.

 

Alarm clock standing with coins on metal plate

Profitable side gig #2: Becoming a rideshare driver

  • Median monthly earnings: $350
  • Maximum monthly earnings: $3,000

Uber and Lyft drivers now service hundreds of cities across the US–and they do pretty well too.

According to TechCrunch, Uber drivers make $19 per hour on average. This number varies depending on what vehicle you drive and what city you’re driving in.

Nonetheless, you can capitalize on sign-up bonuses and the evening hours of weekends and holidays (when the demand for transportation to and from bars and venues increases drastically) to make large sums of money fast!

 

Profitable side gig #3: Becoming a fitness trainer

  • Median monthly earnings: $200
  • Maximum monthly earnings: $3,000

Put that gym membership to good use!

Most gyms will allow you to become one of their commercial trainers, or (if you’re lucky) allow you to hold your own independent training sessions/classes there.

There are pros and cons to both, but in most cases, there is more money to be had as an independent trainer.

Just be open to accommodate your clients’ hours as you’re building your client-base, and consider seeking ACE or NASM certification to increase your chances of getting hired and ability to charge higher prices for training sessions.

 

Profitable side gig #4: Doing freelance or consulting work

  • Median monthly earnings: $200
  • Maximum monthly earnings: $4,000

Turn one of your hobbies into a source of cash!

Websites like Fiverr and Upwork allow contractors to sift through profiles of qualified freelancers for projects relating to web development, mobile development, writing, marketing, social media and more.

The best part is, if you’re good at what you do and start developing a reputation for yourself, you’re more likely to be featured at the top of the list for a given service category, as well as gain repeated business.

 

education loan save money on back to school supplies

Profitable side gig #5: Tutoring or teaching

  • Median monthly earnings: $150
  • Maximum monthly earnings: $3,000

Are you a math whiz or a history buff?

Wyzant is a great site to list your services and connect with students seeking private tutors. You can choose when you’d like to meet, how much you’d like to be paid, and who you’d like to teach.

You can also make up to $2,000 a month by teaching English to children in China on VIPKid. By interacting with students from different cultures, you just might learn a thing or two yourself (while raking in some serious cash)!

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