side hustle ideas

15 Best Side Hustle Ideas to Make Extra Money in 2020 ($1,000/month)

Sharon Tseung Side Hustles 1 Comment

It’s 2020, and it’s time to start raking in that cash. Check out our list of 15 side hustle ideas to make extra money ($1,000/month) in 2020!

We hope you enjoy this list – it has a huge variety of income streams and businesses to consider to start making more money this year. It’s important to diversify your income streams so you can reach financial independence faster and stay financially safe with constant incoming cashflow. Enjoy!

15 Best Side Hustle Ideas to Make Extra Money in 2020 ($1,000/month)

Introduction

It’s the New Year, which means it’s time to start saving for that dream car, an upcoming beach trip or your next big investment!

In today’s episode, Sean Pan and I discuss 15 side hustle ideas to make extra money this 2020. We break down a variety of income streams and businesses you can consider to help you achieve your financial goals. Enjoy and happy earning!

Show Notes

Gone are the days of corporate jobs and retail businesses being the only possible sources of income. The digital age has opened up so many opportunities for us to work remotely, virtually and simultaneously, so that we can earn more money in less amount of time! Check out these ideas to help you diversify your income streams and reach financial independence faster.

  1. Freelancing
    1. Sell your services without being tied down to just one company.
    2. Upwork, Fiverr and Craigslist are platforms that connect you to clients looking for graphic design, coding, copywriting and more.
  1. Airbnb Host
    1. If you have a spare apartment unit or extra space in your house, you can rent it out through Airbnb.
    2. If you don’t own any property, another good alternative is Airbnb Arbitrage. Just connect with a property owner, rent their place at the market rate, furnish it if necessary, and then put it out on Airbnb at a higher rate for you to earn from the difference.
  1. Merch by Amazon
    1. This is a platform where you can upload your designs, which Amazon will then print on customized apparel / merchandise and ship out to your customer. What’s great is that all operations and logistics will be handled by Amazon.
  1. Uber/Lyft
    1. Apply as a driver for ride sharing apps like Uber or Lyft, and you can make around $25/hour or more during peak hours.
  1. Etsy
    1. This is an online platform where you can sell your digital templates (i.e. Photoshop, Microsoft Word, PPT, etc) for users to purchase and download.
    2. It’s good passive income where you earn from every download without doing anything other than customer support.
  1. Amazon FBA
    1. Purchase products from wholesale consumer good sites (i.e. Alibaba, Aliexpress, etc) and resell them on Amazon FBA for profit.
    2. When you purchase from a wholesale manufacturer, they deliver it directly to the Amazon warehouse where Amazon takes care of all packing and shipping so there is absolutely no hassle on your end.
  1. Sell Old Stuff
    1. Look through old stuff and sell them via online platforms like Ebay, Craigslist, Poshmark and Mercari to name a few.
    2. Poshmark is a good market to sell clothes, while Mercari and Ebay are more open to selling anything. All deliveries are done shipping.
    3. For Craigslist, you have to meet up with the person and give it directly.
  1. Real Estate Investing
    1. If you own property that is not being used, you can rent it out at a price that covers your mortgage, insurance, property taxes, management fees and other miscellaneous expenses. This is a good and long-term passive income stream.
  1. Postmates / Doordash
    1. Apply to be a driver for delivery apps like Postmates and Doordash
    2. Postmates is a delivery app for food, groceries, alcohol and other retail shops; Signing up is simple. You can delivery whenever you are free and there is no commitment. Average earning is $20 / hour.
    3. Doordash is a delivery app for restaurants. Average earning is $15-25 / hour.
  1. Wholesaling
    1. This is another real estate investment technique wherein you work with people who want to sell their properly. Agree on a price and then sell it to customers for a higher price for you to earn from the difference.
  1. Write and sell an e-book
    1. Create your own e-book and sell it to customers.
    2. There are platforms like Kindle Direct Publishing that help you sell your own kindles and paperback books on the Amazon platform.
  1. Create a course
    1. If you are knowledgeable at something that not a lot of people are good, you can create a course, upload it online and sell it.
    2. Teachable is a platform where you can incorporate all the details about your course – create the outline, put up videos, have affiliate programs and so on.
  1. Start a blog
    1. There are multiple ways to monetize an online blog, like affiliate marketing, advertisements, sponsorships, selling courses, e-books or products.
    2. The key is to create a powerful brand through your blog. As you gain more authority over your chosen niche, your rank on Google search will increase, the more people will discover you and the more you will be able to earn through these ways.
    3. You can earn around $30k to $50k / month.
  1. Part-time real estate agent
    1. To become a real estate agent, you need to get a license which takes around 3-6 months.
    2. You’ll be able to earn around 2.5% of a property sale.
  1. Survey apps & receipt scanning apps
    1. An easy and mobile way to earn money is by taking surveys or scanning receipts through apps.
    2. Surveys / Games apps – Perk TV, Survey Junkie, Swagbucks, InboxDollars, Vindale Research
    3. Receipt apps – Fetch Rewards, CoinOut, ReceiptPal, Receipt Hog
    4. Cash back apps – Rakuten chrome extension, Ibotta

Transcription

Below is a transcription of the podcast. This transcription was taken from Otter.ai so it might not be completely accurate:

0:02
This is the digital nomad quest podcast with Sharon Tseung. teaching people how to build passive income, become financially free and design their best lives. Hey guys, it’s Sharon from digital nomad quest0:17
and the shop everything Rei0:18
and today we’re gonna talk about 15 side hustles to make an extra thousand dollars a month in 2020. So let’s just get right into it. So the first one is freelancing. So basically, you can work on sites like Upwork Fiverr, Craigslist, and you can sell your services basically. So if you are experiencing graphic design or like coding or copywriting, there’s a bunch of online services you can do to get started and find clients on those sites.0:41
And it’s like a way to make some extra money is to be a host on Airbnb with Airbnb, you can rent out your extra space in your house or your apartment. If you don’t have an extra space, you can use something called Airbnb arbitrage and that’s where you go to a landlord. you rent the place out for the market rate. And you finish it up, make it all nice and pretty. And then put out Airbnb and you get the difference between the render you got the Man, the word and the money you get from Airbnb. So number1:02
three is merge by Amazon and basically merge by Amazon is a platform where you upload like shirt designs and Amazon will print and fulfill your orders on like custom apparel. So someone buys a shirt from you, they will print your design on to like a shirt or hoodie or whatever, and then ship that over to your customer.1:20
Number four is a drive for Uber Uber lift claimed that you can make about $25 an hour or even more if you drive during peak hours. So I know some people who drive on Friday nights from 10pm to 2am and the grift busy the whole week1:29
number five you can sell on Etsy so I saw digital downloads on Etsy basically I sell Photoshop templates and Microsoft Word templates because their digital downloads whenever people buy they get the file automatically. So it’s a pretty passive business because you don’t have to ship and fulfill orders the customer gets the file automatically. The only thing you might need to do is I customer support. Other than that it’s pretty passive.1:52
And number six is Amazon FBA. That’s where you can go on Alibaba or some other website sourcing products and then sell them on Amazon for profit. Yeah

1:59
Basically you work with manufacturers, they send the product over to the warehouse and whenever you get orders, the Amazon warehouse will fulfill it for you. So again, you don’t have to pack the item and ship that over to your customers. Number seven, you can sell old stuff. So it’s the start of the new year, you might want to get rid of a bunch of stuff instead of just donating everything. You could go on sites like eBay, Craigslist, you can even go on poshmark and recording. So those are sites that you can easily sell a bunch of stuff I sell stuff on poshmark and randomly I’ll get sales. poshmark is more for like clothing, Macari and eBay and Craigslist let you sell like anything. Craigslist, you have to usually you have to meet up with the person and like give it to them locally. But the other ones you can ship it to your customer. So if you guys want to try them out, I’ll have the links below for poshmark you get a $5 free credit with the link in my description and with my car you get $10 in credit.

2:52
Alright, so number eight is buy and hold real estate investing. So if you have enough saved up, you can actually purchase your own property they can then rent out and hopefully the rest will cover the mortgage insurance, property taxes, property management fees, and all other miscellaneous expenses. And you’ll slowly start building passive income over time.

3:09
Number nine, you can drive for post mates and doordash. So Postmates is basically delivery for a lot of things like food delivery, groceries and alcohol. They have like retail shops and stuff. So the signup process is really simple. And there’s no like time commitment. You just kind of when you feel like delivering stuff, you can you just open the app and deliver and they claim that you can make around $20 an hour with doordash. It’s more like restaurants and you can make around 15 to $25 an hour

3:36
number 10 is wholesaling, which is another real estate investing technique that you can do. Basically you go out of your way to find sellers who want to sell their home off the market, you get it under contract for a certain price and you sell that contract to someone else for a much higher price and doing this strategy you could actually make hundreds of thousands of dollars on wholesaling a single family home in a high market area like the Bay Area

3:52
number 11. You can write and sell an E book. Amazon’s made it really easy with Kindle Direct Publishing where you can sell books on Amazon On platform, you can also you know, make your own ebook and sell it on your own website. But with KTP you can sell your own Kindles your own paperback books, all you have to do is write up your book and then format the cover and then put that up and then you can start making sales

4:13
number 12 is a credit course you probably know something that most people don’t know you’re probably better off some other things that most people are really bad for credit course, make something put online. The beautiful part about having courses online is that similar to having products on se words a digital download, once you have it made, it just sells by itself.

4:28
So if you guys want to create your own course teachable is an amazing platform to do so you put up all your videos, you can create the whole outline within teachable and then you can even have affiliate programs and stuff like that incorporated all within the teachable platform. So if you’re interested in doing that, I have a link below as well. Number 13. You can start a blog. So blogs are still very lucrative to this day and age. I know a lot of bloggers who are making like 30 to 50 grand a month and the way to monetize that is like through affiliate marketing, giving courses and ebooks and stuff like that. Also add sponsorships there’s so many ways to monetize a website. Basically, if you start now and build a brand, like it’s really powerful, because years down the road, you’re building up your authority for your website. And that can rank really high on Google search. And people can start finding it. And then you become that thought leader in your niche that people will turn to, and you can start selling your own products and stuff like that.

5:20
And number 14 is become a part time real estate agent. If you start the process. Now, it could take between three to six months as you get your license. But once you do, you can make a lot of money as a real estate agent. Typically you make about 2.5% of the sales price of a home as a real estate agent here in the Bay Area. So if you sell a home for $1 million, you make $25,000 on that one sale.

5:38
Last but not least, you can try survey apps and receipt scanning apps. So I learned a lot about this from my friend Jason at frugal for less. And basically he used to experiment with these apps when he wasn’t like working and this was actually able to make him I think over a grand a month just from using a lot of these different apps. Some of the apps we recommend for servicing games are like perfect TV survey junkie swag bugs inbox dollars been Dale research and then for receipt apps, there’s fetch rewards, coin out receipt, pal and receipt hog. And then for cashback apps like Chrome extensions where you can like apply when you’re shopping, you can get Rakuten, as well as the mobile app, I bought it and you can buy stuff through the app there.

6:18
So those are our 13 ideas of side hustle that you can do to make $1,000 a month in 2020.

6:23
So I hope you guys enjoyed this episode. Please make sure to rate review and subscribe. It really helps our podcast grow. And thanks again. I’ll see you guys in the next one.

Transcribed by https://otter.ai

 

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About the Author

Sharon Tseung

Hi, I’m Sharon Tseung! I’m the owner of DigitalNomadQuest. I quit my job in 2016, traveled the world for 2 years, came back to the Bay Area, and ended up saving more money and building over 10 passive income streams on my digital nomad journey. I want to show you how you can do the same! Through this blog, learn how to build passive income and create financial and location independence.

Comments 1

  1. This is very encouraging. Since being “furloughed” at the end of March, I’ve found a couple ways to earn…one of which is DoorDash. I live in a small town, so naturally, that affects the odds of Dashing opportunities. I’m going to discuss Digital Nomad Quest with my wife. It looks highly unlikely that I’ll be called back to “work” at this point.

    Reply

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