Before we dig into how I doubled my income in 2018, let's talk a bit about side hustIes.
What Is A Side Hustle?
A side hustle is anything you do to make extra money outside of your full time job.
You can do anything – mow lawns, walk dogs, babysit, drive people, teach yoga, sell on etsy, flip items on eBay, or a millennium other things.
Picking A Side Hustle?
I listed a few side hustle ideas above but the options are endless. I’ll be coming out with a massive list of side hustles to get your mind working and then another post about which ones I feel are the most realistic. Look out for those!
When it comes to picking a side hustle there will be three things you’ll need to consider. First, what is the goal for your side hustling? Are you trying to get a little extra spending money? Create passive income? Are you saving for a big one-time purchase? Second, you’ll need to look at whether you want to use skills you already have or if you are willing to learn a new skill. Will you drive for Uber or are you going to learn a new skill, like coding? Lastly, you’ll need to decide how dedicated you are and how much time you are willing to spend.
After you have a few side hustle ideas just get started. Don’t overthink it. You’ll figure it out as you go. Remember, you aren’t stuck with any of your ideas, you can always test something and move on if it doesn’t work.
Improving Your Side Hustle
Side hustling is a simple trade of your free time for money.
I understood this trade and figured weekend mornings or weekday nights I would just be watching TV anyways and might as well make extra money. I view this as an opportunity, not a sacrifice, to be able to create more money to invest and save now, which will change my life later on.
For it to be life changing though you need to move beyond simply trading your hours for a limited amount of money, and transition to thinking about side hustling as a way to become your own boss.
I encourage anyone who is interested in side hustling to try and look at your side hustling as a business – and then build that business.
My Real Job
Real Job- Speech Language Pathologist
Total Gross Income: $60,679.09
I work in the public school system as a Speech Language Pathologist (SLP). This isn’t the most lucrative decision I could make. I know people making $80k working in a skilled nursing facility (SNF) or over $100k in a hospital.
I actually feel really lucky because according to the census bureau the average household income in 2017 was $61,372 and I only work 182 days a year. Plus, the schedule allows me to work 6.5 hour days, which leaves enough time for me to work on everything else I do, and travel! I’ll also get a nice pension if I stay that long.
My Side Hustles
Side Hustle 1 – Real Estate Investing
Total Gross Income: $37,508.83
I currently house hack a quadruplex and operate as the landlord. I have been living in one of the units for free so that hurts the overall numbers, but you can see them here. Last October I purchased an out of state property and you can see those numbers here. Landlording can be hit and miss on how time consuming it is and I am also working to rehab the units. I am definitely looking forward to the days that all my units will be run by a property manager!
Side Hustle 2 - Healthcare Contracting
Total Gross Income: $17,480.79
The flexibility in my schedule allows me to work with a healthcare contracting company as an SLP in nearby hospitals, rehab centers, and SNFs. This side hustle is a simple trade of my free time for money. I work the occasional weekend, holiday, and/or over my breaks (you know, those spring, summer, and winter breaks I get.)
This situation is great because they will let me know when a shift is available and then I get to choose whether I want to work. For the summer of 2018 I decided to take a two-week real estate licensure class, a week trip to Boston, Rhode Island, and NYC and still had time to work for 5 weeks at a hospital.
I am paid $49 an hour and put all this money toward real estate. I use this trade of my time for money to grow a business that will provide me passive income.
Side Hustle 3 – Website Testing
Total Gross Income: $5960
I have tried numerous different testing sites and the one I have had the best success with is Usertesting. I tell everyone about this!
The way it works is you have a window open on your computer, the site will ding anytime there is a test available, and you just take the screener to see if you qualify. It’s that simple. Because of all the things I do, I feel I qualify for a good amount of them.
If you qualify for a test you will work through tasks on a website, a prototype, or complete a live conversation. I have done tests for companies like Home Depot, Geico, and Verizon.
A test can range from a couple minutes to 20 minutes. From my experience they typically range from 10 to 15 minutes. For each test they pay you $10. If you complete a live conversation test, a 30 minute test will pay $30 and a 60 minute test will pay $60.
I keep a window open throughout the day, whether at work or home and like a true test subject, when I hear the ding, I come to take the screener.
This is another simple trade of my free time for money but is less restrictive. I use this money to help with life expenses such as concerts, travel, or new car tires. You can see my budget here to see why I may need help with getting “fun money”.
Total Real Job Income: $60,679.09
Total Side Hustle Income: $60,949.62
I'm not going to lie, it sucks spending my weekends or nights doing yard work, rehabbing a unit, or working a second job. But, I also know these side hustles won't last forever and I'm using them to accelerate my financial goals. When I keep that in mind, I'll take any opportunity I can to get there faster! Figure out what works for you and just take action!
What is that quote? Live like no one else now so you can live like no one else later.
HELLO AND WELCOME!
I'm Jake, a dude interested in personal finance and travel creating the life I choose.
In 5 years I went from living in a basement with Craigslist roommates to paying off 90k of debt, backpacking 3 continents, getting a house for myself and 5 rental units.
Read my story in the about me section.
All photos on the blog are from my travels
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