6 BEST Side Hustles That Make a Lot of Money in 2022

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 quest, and today we’re gonna go over six side hustles that make you a lot of money. Now, I believe that having a side hustle is super important, the average millionaire has at least seven sources of income. The great thing about having multiple side hustles is that you can grow your net worth faster and feel safer. If anything happens to your day job, for example, you know that you have multiple income streams working for you. And the more cash flow you have, the more time on your hands that you’re going to have, especially if you build passive income that makes money work for you, you can really create that freedom where you don’t have to work for money. For example, I was on my honeymoon and I made over $2,900 during that five night trip, and I had no Wi Fi I was on a cruise going to Mexico and just relaxing. So building that wealth can allow you to create more passive income that essentially allows you more freedom. And just having that wealth essentially creates that stability and security that makes you feel more peace of mind, these different side hustles here do take a lot of time to build up. But if you really work hard on it, you can actually make a ton of money. For a lot of these, I’m talking multiple, five figures a month that you can actually make some people make multiple six figures a month, like I know a lot of high earning people. And that’s why I wanted to list out some of these positions that those hiring people have. Now without further ado, let’s just get right into it. So the first one is to become a high ticket salesperson, this can actually be a full time job or it can be a part time side hustle, I bring this up because it is paid by performance versus paid by the hour. That means you can make as much as you want. There is no ceiling. There are plenty of companies that requires salespeople because it’s low cost and low risk for the company. If they’re paid by commission, they make money when you make money. If you don’t close the sale, they don’t have to pay you unless they have a base salary. But it also gives you a ton of potential to earn a lot. So for example, on the real estate side, my husband, Sean is a hard money lender, he gets a commission every time he closes a loan for a client. And since he’s paid on commission, sometimes he’ll earn multiple five figures a month based on his efforts. So there’s really no ceiling, some of his coworkers are making multiple six figures a month. So it’s really insane. And you can do this as a real estate agent as well, you can make tons in commissions that way. The great thing about these is it’s really based on whatever you put in versus if you had a full time position that salary, you know that you’re going to be making 50,000 or 100,000 per year. And that’s the cat like maybe that sounds pretty good. But then that means that you’re never going to earn above that unless you get like a promotion or a raise. Whereas for these positions, you might get paid really little in the beginning because you’re building up your clientele. But then you can make a ton more money. If you put in the amount of time to make those exponential figures. I would say with this, almost anyone can learn how to sell effectively. But if you want to learn sales, there’s definitely an art to it. So maybe you want to start reading books. Some good books might include the psychology of selling by Brian Tracy How to Win Friends and Influence People by Dale Carnegie, the Ultimate Sales Machine by Chet Holmes. And you can also watch courses on Udemy. To start looking for those sales positions, I would highly recommend looking on indeed.com That’s usually where I would find like full time positions. They even have part time remote positions there as well. Or you can even approach businesses and pitch to them that you can work as a salesperson just based on commission, no risk for the company. And when you’re doing sales, it’s often a tip that you’re gonna want to speak less actually and listen more. Most of the time when you do that the customers end up providing so much of the information that helps you close that sale, just put yourself in their shoes and just give them the best suggestions that may make sense for them and give them value. Number two, you can start a personal brand on YouTube, I might be biased, but I really love the side hustle because you get to talk about stuff you’re passionate about. And you can actually make money and not only money, but also decent money because I know some people will make 100 to $200,000 per month on YouTube. So it’s not just ad revenue, you can actually make money through affiliate marketing sponsorships, courses, products, membership sites, T shirts, ebooks, there’s so many different ways when you have a personal brand. Right now I make about four to $5,000 a month in ad revenue on YouTube. So that doesn’t include some of the other income streams that I mentioned that you can make from building your personal brand. But the cool thing about that ad revenue is if I don’t post for a while I’m still making money from it every single day. Now to get to that point where you can monetize your YouTube channel. It takes a while like it took over a year for me and it requires 1000 subscribers and 4000 watch hours. So that does take a while to build up. So if you’re gonna do this, make sure you’re passionate about the topic because it’s so easy to burn out. If you don’t like talking about the thing you’re talking about, then you’re gonna get tired, especially when you’re supposed to be consistent with it every single week. Another thing I would warn you is that the cost per impressions really vary. varies per niche. So luckily for the personal finance space, advertisers are willing to pay a lot more for that ad space, whereas they might pay less for like a gaming channel. So it does actually matter what type of YouTube channel you create and what type of content you make. However, I would say that, for example, for gaming, maybe your money can be made through sponsorships better or through a merge or something like that. So you can still make a ton of money, no matter what niche I would say, on YouTube, when you do this, you can start out with an iPhone and start recording yourself and then putting those videos on YouTube, because you’re gonna learn a lot from experience. So I would say learn from successful people in your niche, I now try to do this more often, because it really has helped me in my journey to notice what successful people are doing. You also want to create valuable content, figure out your niche, be consistent with it, use tools like to buddy to look up the keywords you want to rank for, so that you can rank your videos well with SEO, and you want to think long term with this. It’s a long term play. So when I start a YouTube channel, I think in five to 10 years of a timeframe, so you’re not gonna get earnings right away. Number three, you can become a social media manager. Now a lot of businesses are looking for social media management, because they need more time to focus on what they do best. They want to outsource that type of work. So you would help them get followers and sales and eyeballs on their brand. So you’re actually a really important part of their business. And I think social media is a skill that a lot of people overlook. And actually a lot of businesses need it, they’re finding out that organic content is way more important than just running paid ads. Because organic content really builds a brand, it builds trust with the audience. So it’s honestly really key in building a business. It’s also an opportunity for the younger generation, because I would say the older generation might not understand social media as well. So that’s why there’s a need that the younger generation can actually fill, I would say you can charge $300 up to maybe $1,000 per client, it really depends on what you’re doing for the client. So you can offer to help with our content calendar, meaning figuring out what types of posts you’re going to schedule every single week, what ideas you have, and then be able to create beautiful assets and create amazing captions for them. So you’d have to do this on a regular basis, I would say step one, you might want to build your own personal brand, like on Instagram, Tik Tok YouTube to really show that you have the ability to grow a page, maybe you contact different businesses and see if you can help manage their social media. Or you can just go on Fiverr and Upwork and look for gigs that way. And that’s an easy way to start getting clients. And once you get a client, you’re gonna post content on their page, manage their content calendar, maybe you’re gonna make short form videos, or long form videos or carousel post image posts. It really depends on what social media platform they’re looking for. And you’re gonna need to understand the social media features and keep up with updates with the platforms so that you can deliver the best content for the businesses. Now if you’re charging maybe $1,000 a month for social media management. If you have five clients, that’s already $5,000 a month. So the sky’s the limit depends on how many clients you’re able to take and you can even outsource work and grow a team. The great thing about this is it’s recurring income for you every single month. Number four is Airbnb arbitrage. Now real estate is a powerful way to make money I talk about real estate a lot on my channel, I’ve actually started doing Airbnb more I don’t do Airbnb arbitrage. But basically what Airbnb arbitrage is, is you’re going to rent out an apartment or house and you’re going to rent that out on Airbnb and make even more money from it that pays off the rent and then profits for you. So imagine you rent a house for $1,500 a month. If you put that house on Airbnb for $200 a day, you can pay off that monthly rent in under 10 days, and then you make the rest of like 4000 or more in profit at the end of the month. So that’s kind of how it works. But you’re gonna have to keep in mind fees, maintenance and vacancies. While you’re setting this up, I would use mashvisor to figure out potential profits. I’m gonna link that in the description below. I use that tool for Airbnb as well. And you can actually check the Airbnb website. So you can check for competitors and look at the listing, see how much they charge per night and then see how much they’re booked by just clicking on the dates and seeing the calendar. That way you can estimate how much profits they’re actually making per month. Another thing is you want to make sure the city allows for Airbnb. So don’t just go ahead and do it and realize that you can’t do Airbnb in your city because you can get fined a lot if you do it illegally. And also make sure that you can actually sublet the place. So you might want to talk to the homeowner and see if you’re allowed to do this, you can tell them the basics of what you’re trying to do and that you will always pay on time and in full so they don’t have to worry about rents, but you’re the one who has to make sure that you’re going to get the tenants in there. Regardless, number five, you can start an e commerce Store. So imagine waking up and seeing you’ve made 100 sales overnight. It’s an amazing feeling. You’re just sleeping and waking up and seeing tons of sales on your phone and that can actually happen and feel like true passive income because I know seven figure sellers who are killing it on amazon i I used to sell on Amazon, I would make about one to two grand a month. And I would just find winning products and just replenish the products every time. However, after that experience, I realized that really creating a long lasting brand is the way to go versus just finding winning products here and there. So you can create your own e commerce Store online, you can do it through dropshipping, which essentially means maybe you’re creating your own shop on Shopify or on WordPress, you’re going to be doing the marketing while you find a manufacturer who ships over the products every single time you get sales. So you don’t own any of the products or buy any products ship any products, you just have to do the marketing. So that might include paid ads or growing a social media profile, you’re the one trying to drive sales. And whenever you get sales, new pay for the product and the shipping, but you don’t have to own it yourself. Another way you can do it is through Amazon FBA, which is what I did to make that one to two grand a month, essentially, you’re working with a manufacturer, they’re going to ship over products for you to the Amazon warehouse. And whenever you get sales on Amazon, Amazon’s going to actually fulfill your orders for you. So it can be pretty passive, if you find a winning product, you’ll get a bunch of reviews on it, and then you start making a ton of sales on it. And then you just keep asking the manufacturer to reship products over to the warehouse so that you always have product to sell. And you can make a decent amount of money per month just doing that I have to say it has been more and more saturated. Obviously, there’s a lot of competition on Amazon. But it’s still a great way to make money as I know sellers who are still making a ton of money on Amazon FBA. First thing to know is if it’s heavier or bigger, the shipping fees are going to be more so I used to choose lightweight products that were smaller, so I wouldn’t incur that much fees when it came to shipping. And another thing is you want to check competition. So you might search a keyword on Amazon and then look at the products, you look at the BSR. And that’s the best seller ranking. So essentially, if the BSR is under 100,000, that usually means they’re getting a lot of sales per month. And that’s kind of how you can do some research. You can see if there’s a ton of competitors or not for your keyword that you are looking up on Amazon. And you can also look at the BSR to see if they’re selling a lot of products, I would say the sweet spot is a keyword that doesn’t have too much competition and is getting a lot of sales based off the BSR good also use the unicorn smasher Chrome extension to really see how much they might be selling per month. So you can really gauge if it makes sense to sell that product and you’re going to private label it with the manufacturer, hopefully making the product even better than what’s existing out there. And then that’s truly the way to go to really make a lot of sales on Amazon. Lastly, you can become an online coach. So you actually don’t need to be a professional teacher or tutor you can start coaching someone as long as you have more knowledge than the average person. So don’t be scared and don’t expect everyone to know what you know already. Because if you have more knowledge than the average people will want to learn from you. So that can be an English math history. Or it can even be in random subjects like video games or learning how to skateboard. So basically, Shawn actually tried to hire an Overwatch coach before at $20 An hour he paid for four lessons, the coach decided he wasn’t good enough and refunded the money, which is kind of sad. But that just goes to show that it’s not that uncommon, like even my husband is going to pay for video game coaching, right so people will pay for coaching no matter the niche. I’ve paid $300 for an email marketing coach, I paid $3,000 for a course creation workshop. I constantly buy courses and coaching and things like that to up my skills. So even people like me are kind of investing in themselves in their skills to really up their knowledge in areas that they want to learn I would say you can make even up to $50 to $100 to even $500 per hour it really depends on your skill set your niche as well as how much of a thought leader you are in the space for student tutoring, you can look at why Zant and varsity for English teaching, you can look on PrEP Li and I talkie. I’ve used those platforms to learn Spanish actually, you can also start coaching on Fiverr. There’s so many different gigs that you can put up and you can sell your services. But usually if you want to make more you will want to create your own brand. And the more specific and high worth your knowledge is the more you can charge, you can go on clarity.fm and become a coach there. It’s a marketplace for coaches, you can also use platforms like Gumroad, teachable or just pay pal to do the payment processing. And you can also sync your calendars with Calendly so that you can do the scheduling. And then in terms of the actual cause you can use Zoom or Skype. And then to take it a step further, you can productize and monetize your knowledge through ebooks, courses, membership sites, there’s so many ways to make that knowledge even more scalable and more passive. And I would say there’s very high demand, especially because of the current failures of the education system. So I hope you guys enjoy this episode on the top six side hustles that can make you a lot of money. And I know a lot of high earners who actually do these different side hustles they make a ton of money. I’m talking six figures a month. So really sky’s the limit with a lot of these side hustlesUnknown Speaker 15:02
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 oneTranscribed by https://otter.ai