If you are in high school, stuck on what to do with your life, or want a career change, maybe freelancing is the new craze. Instead of waiting years and years before you can make meaningful money, ambitious entrepreneurs are turning side hustles into a sizable income, all while taking additional steps in their current careers. These best lucrative side hustles earn more than a full-time job!
Working at Home and Side Hustling
A recent study by the Khan Academy found that working from home can be more lucrative than working a full-time job. The study analyzed data from more than 10,000 workers in the United States, Canada, France, Germany, the United Kingdom, and Spain.
The data showed that people who work from home earn an average of $1,610 more per year than those who don’t. Those who work from home can make as much as $10,820 more per year than someone who only has a full-time job.
There are a couple of provisos to this review. First of all, it’s not clear whether working from home is more lucrative than working a full-time job. It might be because people who work from home are generally better off and have more opportunities to make money.
Second, many people might be unable to get away from their full-time jobs to work from home. If you don’t have time to leave your job and work at home, you might not be able to make as much money as you would if you worked a full-time job and worked remote one day a week.
Still, working from home might be a good option if you’re working full-time and want to make some extra money. And if you have the flexibility to work remote one day a week, it could be even more lucrative.
What is the most lucrative side hustles?
There’s no one answer to this question, as the most lucrative side hustles will vary depending on your skills, experience, and market conditions. However, some of the most lucrative side hustles include freelancing, independent contracting, and starting your own business.
Freelancing can be highly profitable if you have the correct skill set and market awareness. Independent contracting can be a great way to generate a middle-class income with little up-front investment (although potential risks are involved). And starting your own business can provide you with a high level of control and autonomy, as well as the potential for significant financial success.
Of course, these are just examples – determining which side hustle is best for you depends on various factors, including your location, skills, and budget. So don’t hesitate to explore different options and see which ones work best for you.
Examples of different lucrative side hustles
One of the best ways to make extra money on the side is through freelance work. Freelance work can provide a steady income stream, allowing you to take on additional jobs or projects when you have time. Here are some examples of lucrative freelance side hustles:
- Writer: If you have writing skills and can market yourself, freelancing as a writer can be a great way to make money. Sites like UpWork offer opportunities for freelance writers to post projects and receive offers from clients.
- Graphic Designer: With the rise in online businesses, many companies now need graphic designers to create logos, designs, and other visuals. There are plenty of online directories specializing in graphic design opportunities, so be sure to check them out if you’re interested in pursuing this side hustle.
- Social Media Manager: Many businesses now rely on social media platforms (Twitter, Facebook, etc.) to communicate with customers and followers. If you have experience managing these social media accounts and have a knack for creating engaging content, pursuing a career as a social media manager may be a good option.
- Pet Store Owner: If you’re passionate about animals and have a van or garage that you can use to store animals, opening your pet store may be a good side hustle option. Many online resources can help you get started, and pet stores typically operate on a commission-based billing system, which means that the more sales you make, the more money you earn.
- Personal Shopper: If you’re good at picking out things to buy for yourself and others, becoming a personal shopper could be a great way to earn extra money. Many companies offer part-time or full-time positions as personal shoppers, and the pay is usually good—especially if you can round up sales from other customers in your store.
Free Financial Advice
Check out these financially successful side hustles that are more lucrative than a full-time job.
- Invest in stocks and options: Although this may seem risky, stock market fluctuations tend to average over time. Moreover, investing in stocks can provide you with a steady income – even if the market takes a dip. Options offer even more significant potential for gains, as the payout can be based on various underlying factors, such as the price of a stock or the direction of an index.
- Start a blog: Many people start blogs not just to share their thoughts or entertainment but to find an audience for their products or services. If you have an existing skill or knowledge that you’d like to share with the world, starting a blog could be the perfect way to monetize it. Granted, building an audience takes time and effort, but with enough hard work (and luck), blogging could be your most successful side hustle yet!
- Create and sell eBooks: E-books are one of the most popular self-publishing formats today – and for a good reason! Not only do they allow you to quickly and easily publish your work online, but they also offer several
If you’re undecided on what lucrative side hustles to pursue, these ten can help sway your decision. Each offers a unique opportunity that could lead to a full-time or multiple careers. So if you’re looking to supplement your income while focusing on your primary career goal, look no further — these Side Hustles Are Worth It!