Are you interested in making more money and enjoying true financial freedom? If so, now is the time to consider finding a side hustle.
While the concept of a side hustle is not new, the popularity of the idea has skyrocketed in recent years. This is due to the newfound accessibility the digital age has given us when it comes to starting and exploring new businesses.
Here at Stock Hacker Academy, we want to give you the tools necessary to achieve financial freedom, so to help you get started, let’s talk about how you can find the ultimate side hustle.
Why Should You Start a Side Hustle?
The first question most people ask regarding side hustles is, “Why should I start a side hustle?” And it’s a fair question. After all, if you are already working a well-paying nine-to-five job it may seem strange that the answer to financial freedom is more work. However, there are quite a few reasons why a side hustle can be an excellent idea.
Unlike a nine-to-five job, you are free to pursue your side hustle on your own terms. This means you can set your own hours and pursue your goals at your own pace. Naturally, some side-hustles have more structure than others, but it can be refreshing and invigorating to remain free to find the one best suited to your needs.
Financial Security and Financial Freedom
Regardless of if your side hustle is generating enough cash flow to cover your expenses and fund your life, or if it is only generating $100 each month, the additional financial security and freedom that a side hustle can provide is priceless. As you eventually scale your side hustle, you may be able to support yourself without relying on your current job to manage your finances, that way if you were to lose your job unexpectedly, you would remain protected.
Explore Your Passions
Side hustles are an excellent way to explore your passions. Sometimes, even if you love your job, there can be the desire to try something new and do more with your time. That is where the side hustle comes in.
Many people take their passions and try to find ways to earn money from them as a side hustle. For those who can’t, finding a side hustle may be able to provide them with the financial freedom to pursue this interest more easily than they would before.
Hustle 1: Real Estate Investing
One of the greatest side hustles you can consider is real estate investing. This is because of the evergreen nature of real estate. People will always need somewhere to live, and as a result, real estate is always in demand.
One of the primary draws of real estate is idea of generating passive income in the form of cash flow each month when you receive the rental payments for your properties. Typically, after paying for the property expenses such as mortgage payments and insurance, real estate investors are about to make a few hundred dollars from each of their rental units.
Additionally, as you hold a property, it will begin to appreciate, and you will build equity in the house. Then you can refinance the property and use that value to improve your properties or continue investing elsewhere.
One of the key factors you need to consider when turning real estate into a side hustle is that it is a game of patience. If you try to rush the process you run the risk of missing out on potential profits or potentially losing money.
Hustle 2: Stock Hacking
Stock hacking is a side hustle that has been on the rise in recent years. Anyone from teachers to electricians to marketing professionals have been using this as a method to build four-to-six-figure side hustles quickly and effectively.
Essentially, stock hacking is when you sell insurance on stocks. This allows you to get paid to own stocks or generate cash flow on top of stocks you were already holding. By utilizing stock options there are a variety of ways to generate extra cash.
However, it is important that before you begin stock hacking, you do your own research and weigh your options.
Hustle 3: Multi-Level Marketing
Multi-level marketing, also known as network marketing, is a strategy used by companies in order to utilize personal networks in order to sell products and services.
This side hustle works by you being brought into the business as an independent business owner, contractor or salesperson to sell the company’s products and/or services within your social circles. With each sale, you will earn a commission. Then, you have the option to recruit other people into the program under you in order to collect a percentage of their sales.
However, it is important to remain cautious as some pyramid schemes attempt to disguise themselves as multi-level marketing companies. Make sure you do your due diligence before you get started.
Hustle 4: Amazon Business
Another method Canadians have been using in order to generate passive income is starting an Amazon business. By finding in-demand products and listing them onto Amazon, people are able to generate income and earn meaningful returns. This is done through a four-step process.
First, you need to do your research to find an in-demand product with limited competition on the market and a good ROI.
Second, find a method to source your product. For many, a popular choice is to source their products from China through websites such as Alibaba. Just make sure you get a sample of the product to ensure that you are satisfied with its quality.
Third, create an Amazon listing for the product while it is being manufactured. Make sure to include high-quality photos and ensure that the listing is well optimized and full of popular, related search terms.
Finally, you will need to ship your product to Amazon. You can do this either through Fulfillment by Amazon or through a third-party warehouse that will put the label on it and ship the product to Amazon.
Once you have finished this step, sit back and wait for people to buy the product. If your research was accurate, it should reliably sell. However, you need to be aware that some products look like they would sell well but have much less demand than anticipated.
Ready to Learn More?
Are you ready to learn more about what it takes to find the ultimate side hustle? If so, we have the perfect tool for you to use.
Simply click the link here to gain access to our full case study “The Ultimate Side Hustle for Canadians” to read in-depth break downs of each side hustle and our full cash flow breakdown for each strategy.
Until next time, stay savvy stock hackers,