I've had this idea hibernating at the back of my brain-thing for a few years now, but never got around to really making the effort to wake it up...
Can I come up with 100 easy Side Hustles each of which bring in a certain amount of money a month to cover X% of my expenditure...
I'm a bit reticent to put figures on this as a goal, but here's an ambitious and modest couple of scenarios...
| Optimism | Ave income per month | Total Hustle Income | Expenses covered |
|---|---|---|---|
| High | £20 | £2000 | 100% |
| Low | 4 | £400 | 20% |
So my approximate monthly outgoings are around £2000 a month, which means if I can find 100 Side Hustles paying an average of £20 a month each then they'd cover 100% of my income.
I don't think that's very realistic!
However the 'low optimism' scenario I think is VERY achievable... an average of just £4 a month.
And that's a nice minimum meaningful level as that's 1 day of paid-work! So worth it!
A range is inevitable....
When I start exploring side-hustle options more broadly it's inevitable I'll discover a range of incomes from different hustles... ranging from maybe several hundred pounds a month to £1 or £2 a month.
What is a side hustle...?
It's basically an initiative, project, or work you do besides your main job through which you earn extra income on the side.
Starting examples...
Some of the ones I've come across which I'll be writing more about later...
- Matched betting
- doing online surveys
- writing and selling ebooks
- the dreaded YouTube channel.
- LOTs of crypto type yielding and writing projects
- making and selling crafty type materials (can you tell I don't do this!)
Jury's out on whether to include working a second or third job... too easy?
Most definitions online refer to a side hustle as a job or occupation besides your main job as being a side hustle - which would mean doing 8 hours work in a bar or cleaning would be a side hustle, but I'm discounting these as there's no real 'hustle' involved, they just mean working for someone else!
If I included these, getting to 100 would maybe be too easy, but I'm keeping the option open, I mean doing some cash in hand cleaning for your neighbour kind of feels hustle-like, doing it for a company doesn't!
Why not stick to just many fewer higher paying hustles...?
Obvious question: two answers...
- Resilience in diversity.... you never know when one top quality high paying side hustle could go bust, having more to call on an upscale can help mitigate this.
- Just the fun and interest of it - I'm fascinated by side-hustle culture and part of this challenge is to find out what people are up to!
Side hustles final thoughts...
I'm looking forward to getting research, if you have any ideas of what works for you, drop me a comment!
Here's one that I like but may not be available in the UK? It's ibotta rebate app. I use it for all my shopping, which is mostly groceries and cat food, and I get rebates which I can deposit into my PayPal once I've reached $20 to cash out. Over the years I have earned over $600 back from it, it's my favorite couponing app. If it is available to you, I have a referral code that should get you a $10 bonus after your first rebate, let me know if you'd like it. :)
I do other apps (Fetch, Shopkick) and have codes for bonuses the too if you want, but ibotta is my most successful one of the three.
Sounds great I willl check itd out for sure! Cheers!
check gloriafood...
they are an alternative to uber eats and the likes. Those charge 13-15% per order to the restaurants. This allows the restaurant to set up a menu and take away system without the commissions. They also allow a whitelabel. I am charging restaurants 200 a month to run everything for them. its quite passive, just a menu change here and there. Setting it up is a bit of work but once its up and running its a nice addon. then you just need 10 restaurants and you have your 2k right there
Hey thanks sounds very interesting!
Don't go there, a waste of time.., speaking from experience.., I did them at work (while being paid at work).., and it was still terrible.
I do YouGov surveys, probably = £2 a month, which are fine, given my background it interests me, still going to explore I want the terrible experience!
Valued Opinions were one of the better ones (if you do insist on self-torture). You need to 'qualify' for the surveys.., so if it's for panty liners.., then you need to become a 22 year old woman..., in your responses.
If you can get a few more passive income sidelines going then those could add up. I remember doing the crypto faucets, but that really was pennies per week. Mind you, the Dogecoin was worth a lot more later on when I sold it.
This time next year Rodney...
This time next year! For sure!
I think that I have based the last 15-20 years on side hustles as my source of income... Not that many as you, but always having at least 3-5 different hustles at the same time... The good thing is that some of those hustles can be grown into passive income, which leaves space to create a new hustle... 😃
But, after checking your post and your definition of "main job", maybe these hustles are my main job? In that case, I don't have side hustles at all. 🤔😂
Oh I did actually mean to get into that, I think my main job may well be a hustle, passive income streams still require some maintenance after all!
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