Inflation and the Fed’s interest rate hikes could have dire consequences for you, your job, and your salary. Since January 2021, wages have increased by 8.5% while prices have skyrocketed by 13.2%. Meanwhile, your overall purchasing power in that period declined by an average of 4.2%.
One way to offset this trend and prepare for what’s coming economically is adopting a side hustle.
A side hustle can help you make more money outside of your day job while enabling you to pursue your passions and ease your financial worries.
We put together this list of popular side hustles that can help you bolster your financial position. Some can help you earn up to an extra $3,000 a month.
1. Selling Stock Photos
If photography is your passion and you have many unique high-quality shots, stock photo platforms like Shutterstock and Depositphotos will pay you anywhere from $200 to $500 monthly for the rights to these photos.
After all, bloggers, online marketers, and websites are always on the hunt for copyright-compliant photos.
2. Transcribing Audio
Transcribing audio files as a side hustle can earn you at least $20 per hour. You can make even more if you type fast, have a great ear, and have legal or medical experience.
3. Renting Out Your Car
While renting out your car comes with risks, it will undoubtedly make you more money than driving for Uber or Lyft.
Hot Tip: When thinking of starting a side hustle, be sure to do all research to find out everything necessary before starting it.
4. House-Sitting, Babysitting, or Pet-Sitting
The key to turning this into a viable side hustle is growing your client base and building a reputation through positive reviews, referrals, and word of mouth. It’s a competitive field, so be proactive and post your services.
5. Product Testing and Research Studies
6. Mystery Shopping
Market research companies not only want people to test products, they also want to send mystery shoppers out into the field and evaluate the type of service restaurants and stores offer customers.
You can make an average of $23 an hour doing mystery shopping, according to ZipRecruiter.
7. Selling Unwanted Stuff
Moreover, you can do it as a service for others and make a hefty commission.
8. Junk Hauling
Junk hauling is an in-demand service that, on average, will earn you $35 an hour.
However, in some cases, it can evolve into a viable business. Take College Hunks Hauling Junk as an example. It began as a Washington, D.C., summer project. Today, you can find it throughout North America in over 100 markets.
9. Resume Writing
If you have natural writing ability and often help friends and family with resume and cover letter help, consider making it a side hustle.
Once you build a track record on platforms like Fiverr and Upwork, you can increase your rates over time. Take the Writing Guru as a model. It started as a side hustle charging $150 an hour. Nowadays, it charges $500 per client.
10. Creating Playlists
If you’re the DJ for your friends and family, consider creating playlists as a side hustle. Playlist curators can make anywhere from $1 to $6 per track review.
Not only will people pay you for a well-curated playlist. If you have the traction, musicians wanting to get their material out will also pay to get their songs on one of your playlists.
11. User testing
Clients want users to test their websites and apps. If you consistently test thoroughly and provide helpful feedback, you could do higher-paying, real-time live tests. Testing can earn an estimated $10 per 20 minutes, while longer, live testing can earn you up to $60 per 20 minutes. UserTesting and UserZoom are great platforms. All you do is download their testing software. Then you simply record yourself with a webcam as you test and offer feedback.