In this article, I am going to go over a few great side hustles you can partake in to make your financial situation better in 2022.
- Start an online business
- Take a high-demand part-time job
- Sell/resell market
I’ve seen so many articles with the title “9 ways to make money in 20XX”. Such articles then go on to give you several ways to “make money”. The problem is that many of the ways follow an 80/20 rule. What is the 80/20 rule? The rule is that 80% of the money is earned by 20% of the participants/workers. Many of these so called “jobs” tend to appeal to how convenient or easy it is to get set up. While this can be true, there is a high failure rate and the average person would be wasting their time. Some examples of this are:
Side hustles that will frustrate you
- Filling out online surveys - STAY AWAY from these. I've tried these in the past, and while it is easy to push buttons, you end up making $0.50/hour. You read that right. 50 cents AN HOUR. Totally not worth the time.
- Audio book voice recordings - you spend ALOT of time time auditioning and you're competing with 100's of people
- Stock trading course - I am ripping on these guys because most of it is garbage, and they're making most of their money on the course, not on actual trading.
It’s frustrating because you will spend hours and hours trying some of these jobs out and get nowhere. Just wasted time. I know this from experience. Now, don’t get me wrong, if you do land one of these jobs then great, you’re the top 20% of candidates. But the suggestions in this article is for anyone, not just for the highly talented or lucky.
Start an online business
I am being serious here. Start one. Anybody can do it. You don’t have to have the perfect business idea right away. You can start as a simple blog and work your way up. Now, there are short term and long term benefits of starting an online business such as a blog.
1. Long Term - You get to be your own boss and work towards financial independence.
2. Short Term - Tax benefits
Point 1) is great, and you should work over time to achieve this. It will take dedication but you can get there. Point 2) is a benefit you can realize almost immediately. Any costs you incur to run the business (including home office) can be written off. For example, if you’re paying for your internet and also using it to run your online business, you can recoup some of that cost when tax season comes. If you’re in Canada like me, there are many resources available to you, check out this free resource from the government of Canada website. Now, at Choosing Wellth we are not tax professionals, so we would encourage you to speak to one if you want more details on your tax situation as it pertains to your small online business.
Take a high demand part time job
Now, if you’re series about the hustle, do not waste all of your time filling out useless surveys. Find a high demand part time job. I say high demand because many people will see “part time job” and think, I’ll try Uber Eats, Instacart, or a dog walker. Again, these jobs are great if you have it, but the market is very saturated with workers. If you’re reading this, it’s late 2021 and the best part time jobs right now are probably in food service, such as Tim Hortons or Dominos. These businesses are struggling to find workers, at least in Canada. You’ll have no problem getting a consistent paycheck working part time at one of these businesses. Throw your pride out the window. Take the job. I’ve done it, and it’s worth it. You’ll be thankful and your work ethic will be rewarded.
Have some old clothing, side hustles furniture, or stuff laying around? Try reselling it on a secondary market such as Ebay, Facebook Marketplace, or Kijiji. Personally, I’ve bought a lot of useless junk in my days, and when I found out I could make a few hundred dollars from it, I was hooked. If you’re like me, then you love to get a good deal. There are millions of others like us too, so you will have a high success rate if you’re looking to make to quick cash by selling your stuff. Remember, people want a deal, so setting your price too high will fail.
If you’re thinking about getting rid of stuff in your house. Consider these tips to help you stand out from the competition:
- Take Great Photos
- Be honest and specific in your item description
- Offer delivery! -People love that additional service.
If you’re looking side hustles to get this to the next level, you can even take advantage of auctions to get stuff really cheaply and resell to others. You will be rewarded for doing this, but it takes some time and energy to get started. My wife and I won a computer chair on auction for $35 and resold it on Kijiji for $180! Easiest money ever, and we honestly put little effort into it.
Before regurgitating those articles telling you to fill out surveys or transcribing, consider trying one of these three realistic money-making ideas. If you at least try one of these side hustles, you will likely see results without wasting too much time. The best part is that you don’t need to be in the top 20% to make money. Since that is the ultimate goal of this article, I challenge to you try and let me know in the comments how it goes and if this made a difference!
Thank you for Choosing Wellth!