5 WFH Side-Hustles that will make you a decent side income

These side hustles we are talking about will make you money working less than 20 hours a week

  • Jan. 29, 2022

Nowadays, no one relies just on a day job or a 9-5 (if you want to call it that) for generating income. Back in the days, as a newly married couple as you would begin to paint a road map to your savings or investments in those big fixed assets, the logic would be “Hey if we both work and each earn at least a gross annual income of $100,000, then we would be able to save at least 30% - 40% of that based on the current run rate of expenses and future needs”. If living as a single individual, that would mean you would need at least $100,000 or slightly more based on your aspirations, needs, and desires.

However, what if one day, the company you are working for declares bankruptcy, or what if you lose your job due to the company wanting to make operational changes? Then what happens from there? Seems like this “all eggs in one basket” theory isn’t the best. This would mean that if you are a couple, it would put more pressure on either spouse and if you are single, it could be stressful trying to job hunt again while still paying for your daily expenses. Imagine on top of this, if you are paying for your dream house via a 30-year mortgage or paying for a luxury car via a monthly finance loan, this would mean that based on the monthly amount (inclusive of taxes and other fees), you would barely be left with any savings. Seems like a lot of stress right? You don't want to put yourself in a position where you would need to start cutting your expenses and sacrificing on all the good things in life. To be honest, good things do come with a lot of hard work but I suggest working smart and also diversifying your streams of income just in case one stream gets clogged up.

Let me introduce you to the “multiple streams of income” concept which can either be categorized as active or passive income. To simplify this, active income is something where an individual needs to physically put in N number of hours a day to generate that income. Passive income is a mechanism whereby an individual sets up the process initially and then once it has been brought to a good place, every month this mechanism will help generate the income for you with a minimum amount of your attention.

Here are 5 easy side hustles that (are easy but will need you to put in work in the beginning) will help you generate active or passive income.

Investing in Index funds and ETFs

indexetfsimage

Investing in the stock market can be extremely risky but rewarding at the same time if one were to take calculated risks by analyzing the instruments being invested in. I believe that investing in strategic Index funds and ETFs is risky but at the same time provides decent yearly returns (we have seen between 3% to 12% based on a weighted average ROI seen from 2015 to 2021) without the stress of cherry-picking individual stocks feeling like a gamble. I don’t provide recommendations on which exact ETFs and Index funds to invest in but I would highly encourage you to read about Warren Buffet’s principles and best practices if you want a head start. Doing this is far better than keeping your money in the bank where you don't get any returns on your capital.

Affiliate Marketing

affiliatemarketing

There are so many websites offering courses on this and explaining what this concept is. It is as simple as basically referring your family and friends to buying products and services and in return, for every unit that is purchased because of being referred, you would get a % commission on the sale amount. You can do so either by starting your blog, Instagram, or even Facebook account. All it requires is some effort in setting up the initial process and organizing all the links that you can forward to your acquaintances or maybe even advertise if you see a potential return on your ad spend.

Investing in a Full Stack, Front End, or Back End Development Course

coding

Have you heard of this before? If not, then you are missing out. Many tech executives have stated that if you learn how to code, you will strengthen your problem-solving skills. Coding teaches you how to reverse engineer too! Now apart from the benefits of coding, once someone learns this skill (we suggest starting with HTML5, CSS, Javascript & Python-Django), you could create a profile on this site called Upwork and become a freelancer. Get a few freelance projects into building sites for others and once you get great reviews, you will pop to the top when people search for what they are looking for in this domain.

Part-Time Tutor or Teaching Assistant

tutor

If you are looking to enroll yourself into part-time online schooling or courses, after completion you may have an opportunity to become a part-time tutor or teaching assistant that would require 10-20 hours a week. The hourly pay may not be all that attractive ($15 to $25 an hour based on different companies and compensation structures) but it can give you some good experience in this field which you can then take and start part-time private lessons if interested. This can help earn you some extra bucks. As we all know, experienced private tutors do make decent monthly incomes based on the number of cohorts they serve per month (all done via video calls).

Freelance Photographer and Editor

photgraphyandediting

There are a ton of low to no cost courses that teach you how to click pictures and professional edit them using Adobe or other tools. It can take anywhere from two to three months to strengthen the core foundation but once you have a good hang of this, you can then register yourself on sites like Upwork or Fiverr to get freelance projects. After skimming through Fiverr and other sites, we found out that freelance photographers charge anywhere from $100 to $1000 a project.

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