Austin, the founder of The Logic of Money, loves finance and helping others. He studied finance, investments, and banking, as well as real estate and urban land economics in college. He wants to share his tips and knowledge to make personal finance less stressful for everyone.
We’ve all seen those online articles promising that you can easily make $500 or more a month, only to click and see the same worn-out ideas: driving for Uber or Lyft, delivering food, or taking online surveys. I’ve even written one of those articles myself, thinking it was the quickest way to break into blogging; boy, was I wrong.
These articles offer the same suggestions because making money on your own time isn’t easy. If it were, everyone would be doing it. However, it is possible; you just need to find what works for you.
WHAT MAKES A GOOD SIDE HUSTLE?
A side hustle is something you do in addition to your main or full-time job to bring in extra income. It’s not your primary income source. Therefore, a side hustle should be something you enjoy. If not, you’ll spend all your free time on something you don’t like, and that’s no way to live.
A good side hustle comes down to three things:
1. Something you’re already good at
2. Something you enjoy doing
3. Something you can monetize
If you don’t like driving people around early in the morning, then driving for Uber or Lyft isn’t for you. If delivering food just makes you hungry all the time and you’re constantly upset about the tips, then being a delivery driver won’t suit you either. But if you love coaching basketball and can run a youth basketball camp, then maybe that’s a great fit.
You need to find something you’re good at, something you enjoy, and then figure out how to make money from it.
WHY HAVE A SIDE HUSTLE?
You might think, “I’m set financially, so why bother with a side hustle?” That’s great if you are. Side hustles aren’t for everyone. If you don’t need the extra cash and prefer more free time, you don’t need one.
For people like me, a side hustle is a hobby, something fun and enjoyable. I like learning new things and developing new skills, all with a bigger end goal in mind. I want to be financially comfortable, retire early, travel, experience new things, and eventually provide more than enough for my family.
Others might use a side hustle to pay down debt, save for a new car or house, or simply because they can’t sit still. The beauty of a side hustle is that it’s something you control. You’re your own boss, and if you’re lucky and put in the effort, it could even turn into a full-time job.
WHAT ARE MY SIDE HUSTLES?
I currently have two side hustles.
The first started in July 2019 when I began blogging on my site The Logic of Money about personal finance. I’ve always had a passion for finance. Growing up, I talked stocks with my father and opened my brokerage account in high school. I started the blog more to communicate and educate others on finance than to make money. Of course, I want to make money blogging, but that wasn’t my main goal. I use my blog to talk about finance topics because I love it and know a lot about it. This makes it a perfect side hustle for me.
The second side hustle is collecting and investing in sports cards. I’ve loved sports and trading cards since I was a kid. There’s no better feeling than opening a pack of cards and seeing your favorite player.
You might wonder, “How can you make money off sports cards?” Recently, the popularity and value of sports cards have grown. You might have old sports cards worth money, especially rookie cards of big-name athletes. I monetize this hobby by buying and selling these cards and share my collection on my other site, The Card Report. It’s another perfect side hustle because it’s something I enjoy, know a lot about, and can make money from.
FINAL WORD
Side hustles aren’t one-size-fits-all. You don’t need to read every article on how to make money in your spare time. While they may give you ideas, your side hustle should be something you’re good at, enjoy, and can monetize. The key to monetizing anything is by providing value to others and standing out from the competition.
