How to Make Money with a Side Hustle

How to Make Money with a Side Hustle


Hi guys, Bridget from Money After Graduation
here and I wanted to talk about a topic that I just got a question on, and it is one of
my favorites, and that is starting a side hustle to boost your savings or debt repayment. For those of you that don’t know what side
hustle is referring to, it’s a small or part-time job that you take on in order to increase
your monthly income to reach a financial goal. What constitutes a side hustle can be anything
from walking your neighbor’s dog to working part-time at Starbucks. It’s really up to you. When I was in university and when I was paying
off student loans, I was obsessed with side hustles. I had so many different ones and they’re hands-down
the reason why I was able to graduate with only $21,000 of student loans and why I was
able to pay that balance off in less than 2 years. When it comes to finding a side hustle, the
first thing I would suggest that you do is try to leverage a talent or skill that you
have. Usually if there’s something you can do better
than other people can do, you can get more money for it. As just an example, when I was in my undergraduate
degree, I got my degree in Chemistry so that’s what I was really good at. So I always tutored Chemistry throughout my
undergraduate degree, and even for a year after I graduated when I was working full-time
at my regular 9-to-5 job. As a Chemistry tutor, I could make $25 to
$30 an hour, so I really could make a ton of money by only working 5 or 10 hours per
week. This really helped me pay my bills while I
was in school, and then to pay down my debt and seed my retirement accounts after I graduated. Even know when I feel really broke, I think,
“I could always go back and teach Organich Chem I”. So when you’re looking for a side hustle that
you can do, I want you to think of a musical instrument you can play, a second language
you can teach, maybe you’re really good at designing wedding invitations and you can
sell them on Etsy, maybe you’re an artist and you can sell custom portraits or something
else. All these things can be wildly profitable
and only take a short amount of time in your week, and they’re really flexible around your
own schedule which is what makes them preferable to actually taking on a part-time job. That said… Working a job that has shifts, like serving
tables, is typically an awesome way to bring in some extra money because you can do it
outside of regular working hours and on weekends. I know it sucks to give up your Friday or
Saturday nights, but it sucks way more to be in debt five years longer than you have
to. I won’t lie, having a second job on top of
your regular job or while you’re still going to school is totally exhausting, but it will
teach you time management and it will really help your finances. Sometimes you can fit things in really nicely,
like working at a coffeeshop the morning shift. If you go in at 4 or 5am and you’re done by
10am, you can still continue the rest of your day and you’ve made a few extra bucks. If you’re really looking at the prospect of
having a part-time job and thinking there’s no way I could do that, it’s so exhausting. Remember that you only have to do it for a
short time. I’m not telling you to get a part-time job
and work 60 or 70 hours a week for the rest of your life — though that would be really
good for your bank account. What I am telling you to do is maybe commit
to something for 3 or 6 months, or maybe only a year, and it could get you out of debt,
it could put $10,000 in your retirement accounts, it could seed your vacation fund. It really can help you afford the lifestyle
you actually want if you find the salary you’re getting from your current job isn’t enough
to do that. I promise, it is worth it to get up at 5am
for 3 months if it means you won’t have a student loan when it’s done. The other thing I want to tell you to do is
to think outside the box and get creative with your side hustles. There’s way more opportunity out there than
you might think. When I was still in university, one of the
side hustles I did was I would look on Kijiji, which is like Craigslist, and I would try
to find temp jobs that were just for one day or two weekends, and I would do that. And there’s lots of bizarre ones on there,
and usually they pay ok. I remember I got one where I had to just scan
things in a department store. So we were doing inventory for a large department
store, and had to go in two Fridays and two Saturdays and just scan everything in the
bedding department. And I got $15 an hour to do it. That was a really easy short-term way to make
some extra money. Another way I got creative with my side hustles,
is when I was tutoring Chemistry, instead of just doing the one-on-one tutoring, I used
to hold exam review sessions on midterms and right before finals. And what I did for my students that I was
seeing one-on-one, is I offered them, “hey, why don’t you pay me $100 for a 5 or 6 hour
session on Saturday in a group. I will teach you in a classroom setting, everything
you need to know for your exam, and give you a workbook to work through before your test.” This was awesome because I would get 10 to
15 people signing up, I would only work the 5 hours and I would make $1,500 in one day
as a student. So this was a great boon to my finances and
it was just a way of being really efficient my side hustles. When it comes to earning extra money, I really
want you to look for different ways that you can manipulate your talents and your skills
and your opportunities so they profit you even more than they look like at the beginning. When you are earning money from your side
hustle, the most important thing is that it goes towards your financial goal. Don’t treat your side hustle money as part
of the rest of your income, and throw it in the same pot as the other income that you
earn in your chequing account. You really want it to be separate and specific
for what it’s for. One of the easiest ways to do this is to have
your side hustle money deposited directly to your savings account or whatever account
you’re storing it in for your financial goal. Usually you can do this directly with an employer
with your direct deposit, otherwise you just have to be very diligent about going to the
bank and putting it in the account it belongs in. If you start to treat your side hustle money
as just extra income that can be spent on anything, you will get used to it and that
kind of leads to lifestyle inflation. Then if that side hustle ever goes away, you’ll
really have a hard time down-grading your lifestyle to adjust. So for this reason, I want you to have a goal
in mind whether it is debt repayment or savings, and every time you get payment from your side
hustle make sure 100% of it goest directly to that goal. I hope you guys found this video helpful. I would love to hear what your side hustles
are right now, or have been in the past. If you have any interesting ones, share them
in the comments below so other people can get some ideas. And before you go, please give this video
a thumbs up and subscribe to my channel and I will see you next week.

12 thoughts on “How to Make Money with a Side Hustle

  1. Been doing photograhy just for fun for the last couple years and even took a few courses on it. Thinking of doing it as a side hustle in the near future.

  2. Great advice – great video!

    One suggestion though in terms of production – I find the echo is pretty bad, and I'm sure others can relate. Have you considered getting a mic (even a lapel mic)? It would really boost the overall quality of your audio and video!

    Anyways keep it up. I'd like to see more videos specifically on what you have invested in your rrsp and tfsa since that will give some of us ideas on how to diversify.

  3. Hi Bridget. Really enjoyed your videos. Just watched several back to back 🙂 Since this one focuses on the importance of having a side hustle to increase your income, I wanted to share that while I make a couple thousand dollars a month singing I also make about 5 times that with my "side hustle" entrepreneurial endeavor ( www.3HoursADayTo200K.com ). I would love to invite you and your followers to check it out as a solution for increasing income and time freedom as an entrepreneur. Fast runway to profit being the key difference due to high commissions and master resell license, it is my number one recommendation. I was able to become profitable in less than 30 days. How many franchises do you know that can do that? ha. none. And if you and your peeps need a lower entry option than this please reach out to me at [email protected] and I will forward that link too. Go here: www.3hoursADayTo200K.com

  4. Awesome video. I especially appreciate the tip about keeping side hustle money separate from regular income. I've tutored math on and off for several years and I've been told I'm very good, but I have trouble finding clients. Any tips for tutoring in a town with just a small local college?

  5. Great video! I tried surveys but usually, they're really spam-y. But I post my notes online on a couple websites (I'm a college student). So, shameless promotion but my favorite is StudySoup (https://studysoup.com/r/1404790?utm_name=5for5) since I get paid the most and I take the notes for my class anyway. ;P

  6. Try this proved method SMARTER MONEY 2017 makes money online system,newbie friendly system, no need previous experience,Just search Google, SULUDOLLARHOME. COM

  7. My side hustle is at the bank for 15 hours a week. My full time job is just customer service rep at a grocery store where I cash out checks. It’s funny when my store customers tell me to go apply at a bank because I will work less hard lol and I’m like “i do work at a bank”

  8. For kids, paper routes are a good "side hustle". If you like walking, it's basically getting paid to go for a walk. I used to work at fairs and conventions sometimes, handing out samples of products (food, generally) to the people going by, also off Kijiji. I did freelance yoga classes- teaching people in my house (I'm certified though, but any kind of class I agree is a good idea!) and Airbnb of a spare bedroom etc… I've done a lot too. Now I'm working on making my youtube channel into a side hustle too. I feel to like by doing these things you really develop a lot of different skill sets or general knowledge, and it's a great education to figure out how to make different kinds of things into side hustles. Sometimes I think that the most educational thing about going through university was figuring out how to pay for it! lol.

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