Side hustles are becoming more common than ever before due to the convenience of today’s digital working landscape. Side hustles provide a way for people to become more financially secure or to simply provide full-time workers with extra pocket money for their time off or save for retirement. Due to the popularity of side hustles the amount of potential side hustle opportunities has grown, providing people with more avenues to securing financial freedom for themselves.
An interesting avenue many people dream of exploring is the potential of earning a passive income from a side hustle. The idea of a passive income is one many people do not view as a realistic endeavour; however, we are here to tell you that this dream can become a reality as long as you are willing to put in the work. Now, although no side hustle is truly entirely passive, as there is no way to make money for nothing, we are going to take a look at some side hustle ideas which can provide you with income without the requirement for large amounts of time spent working on the side hustle.
What is a Side Hustle
A side hustle is an alternative way to make money outside of an individual’s primary employment. Side hustles can often be observed as part-time jobs, freelance/contract-based work, starting your own business, or jobs within the gig economy. Essentially, a side hustle is something an individual does during their own free time to try and diversify their income or improve their current situation.
Why Should I Get a Side Hustle
Side hustles come in many different shapes and sizes, and as a result, there are a myriad of potential benefits. Side hustles can help you diversify your income, which can be incredibly useful if something happens which means you cannot participate in your current job. They can also help you switch careers without having to leave your full-time job, allowing for a safe and secure transition into a new role.
But most importantly side hustles can help you increase your current earnings to leave you in a better position financially. As we have mentioned, you can use the extra money to save for retirement, a holiday, a career switch and much more. Alternatively, you could invest the new money or spend it straight away on luxury items. Whatever you do with the money is your choice but side hustles give you the freedom to be able to make the decision in the first place. When it comes to passive side hustles, this will be the primary benefit as, in most instances, you will not earn enough money passively to quit your full-time job. Instead, these side hustles are intended to help supplement your initial income.
Passive Side Hustles
In this section, we will delve into some potential passive side hustle ideas that you can start today. Keep in mind what we said earlier: Every side hustle would require some work or start-up costs. However, these side hustles require the least in comparison to the other side hustles available.
Investing
We are not here to provide you with financial advice, so we will keep this brief. Investing in fractional stock shares is a low-barrier entry version of investing in stocks, which could prove to be a financially smart decision when done correctly. You will have to thoroughly research investing before you commit any money to be done safely, and as you can imagine, there is a start-up cost.
However, with all that being said, once up and running, investing can be a way to increase your current earnings passively as if your stock grows, so will the money you invested. Any profits made from your investment can be considered passive income; however, always remember that investing is risky, and you could also lose money with this strategy.
Blogging
Regarding the side hustle being passive, including blogging, may be somewhat generous. However, we believe it deserves a place on this list due to the little investment required to start and maintain a blog.
In order to start blogging, you simply need to develop a site and start writing about any topic. Any topic that interests you can be the subject of your blog as long as there’s an audience for it. Once the blog is up and running, you may be able to make money through affiliate marketing, course sales, digital products, display advertising and more.
Now, although work is required to build your site and regularly publish content, this work is minimal in comparison to other side hustles. Once you start earning money from your blog, you will start to make a passive income that will continue as long as there is fresh content uploaded to your site.
Sell Online
Selling online is a very simple way to make money from things you don’t need anymore. Whether you use Vinted, Depop, or other sites to sell your unwanted clothes, the only work required is uploading a photo and shipping off the items.
Then there are dropshipping sites such as Shopify, which outsource the warehousing and fulfilment to suppliers while you manage the listings and sales on your account. Dropshipping can be a low-time investment method for creating a passive income. However, it may require some initial start-up costs.
Rent Out Your Space
Finally you can rent out rooms in your home, your home or your car to those who need it as a method of making passive income. This is an incredibly simple way to make money that many people use due to the simplicity of its start-up and process.
