Welcome to another Friday episode! Today it’s just us three – but it gets pretty interesting. We talk about personal side hustles we’ve each done and how they’ve succeeded, and we also go through a quick process for people to figure out a good side hustle that makes money 🤑.
We also talk about:
- Alvar’s side hustles and philosophy
- Is investing a side hustle?
- Araminta’s side hustles and philosophy
- Scalable and not so scalable side hustles
- Mathias’ side hustles and philosophy
- A 3 step process to figure out a side hustle for you
Alvar’s side hustles
Alvar’s side hustle mentality is basically looking for easy and quick cash activities to do in his spare time. He’s been side hustling since he was a student, starting out with Airbnbing his student room to doing paid surveys.
Now he makes money doing:
- Matched Betting (we have an episode on this!)
- Playing video games (yes it’s possible)
- Paid surveys
- Online apps
- Dividend growth investing
He considers his dividend growth investing a side hustle since he needs to do quite a lot of research in order to reach his 10-15% annual return return.
We also discuss the podcast as a side hustle and agree that although it is a huge time commitment, the return in terms of networking, stuff we learn and people we meet is totally worth it.
Araminta’s side hustles
I (Araminta) started with side hustles at a very young age since I lived on a farm in the middle of nowhere and desperately wanted to earn some money. So I turned online and started looking for gigs on Upwork and Fiverr. I would write short stories, articles, and do blogging for others (well below minimum wage though). I then went on to teach both English and Spanish through Skype and gained a lot of skills doing writing, teaching and digital marketing.
My philosophy is to look for side hustles that will build skills, so I can use them in a job/business, so they are scalable and so I enjoy them more. I now have fewer side hustles which put much more focus into, hoping that they will generate more income in the future (although it’s not always the case 😢)
My current side hustles include:
- Financially Mint (my blog)
- Blogging VA work
- Reading tons of books
My goal is to eventually have these side hustles automated so I can scale them and they can provide me with a sustainable income.
Mathias’ side hustles
Mathias used to do a lot of side hustles when he was younger, including phone farming, making money from ads and testing products. He admits that for him this is a waste of time now, as these side hustles waste his headspace. His philosophy now is that he won’t do a side hustle if he isn’t sure it’ll make him money (yes, the podcast does not make any money – yet!)
His current side hustles include:
- Subletting a flat
- Selling useless stuff
- Organising cash flow events
- The podcast
How you can find a side hustle
There’s a lot of vague information out there on how to get started with a side hustle, because the truth is that it really depends on your situation, skills and the people you work with. However, the Side Hustle Nation has a great technique to helping you find a side hustle, which I have taken the liberty of explaining here; grab a piece of paper and separate with three columns:
Figure out your skills, what you’re good at – this could be programming, digital marketing, writing, organising events, anything you can think of.
What you love doing, your hobbies, the stuff you enjoy doing every day. This could be reading books, partying, hanging out with friends, running, dancing, and so on.
Who are the people you work with? The people you hang out with? The people who would be willing to help you out or even hire you? This could be work colleagues, a sports club, regular friends, family, etc.
With these three columns in place, you can look for something that combines the three and then something that could make you money! For some examples and ideas check out Side Hustle Nation
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