Would you like to make more money? Silly question, I know.
Boosting your income is one of two main levers you can pull to increase your savings rate and fast forward your journey to financial independence. (The other lever is to decrease your expenses.)
Finding an alternative income stream is not too hard of an undertaking for most. But what if you’re young—say 22 or younger? Many of these young people are full-time students looking for part-time options to build their savings. Those closer to 22 may already have a full-time job and find themselves also looking for a part-time money-making gig.
There are two main strategies young people can use to earn extra income: part-time jobs and side hustles. For this article, we will classify a part-time job as a position where one works for someone else, earning a paycheck or cash. We will define a side hustle as a money-making method in which one works for oneself.
Below I list several options for each strategy to help young people supercharge their income. Take a look, and see what stands out to you. In the end, you only need to choose the one option that sounds best to start growing your savings account balance to new heights.
Strategy #1: The part-time job
Not all part-time jobs are created equal. But any job that provides a paycheck will do the trick. The obvious choices are to work at your neighborhood restaurant or retail clothing store. These types of part-time gigs are okay, but here are some other ideas that just might be a little fun, too.
1. Babysit
2. Work for your parents in an office
3. Work at a movie theater
4. Work at a daycare
5. Wash cars
6. Officiate little league or soccer games
Strategy #2: The side hustle
First, keep in mind that most good side hustles take some time to get going or learn. That said, the income potential (or scalability) may not be fully realized right away.
Typically, the best side hustles require some form of time investment and patience in the beginning to see a return. One of the things you will surely need to do to make more money is to manage your time better than the average person.
Your side hustle doesn’t have to be brand new or completely innovative. It also doesn’t have to be void of competition in your area. Don’t reinvent the wheel. You can make good money doing something that other people are already doing.
Also, make sure your side hustle is something you like doing—or even better, love doing. If you don’t, it probably won’t last. With no boss to answer to, you’ll soon find yourself spending time doing something else.
Related: 5 Simple Ways (Almost) Anyone Can Save $1,000 Per Month
[In my book, First to a Million, I do a deep dive into many other ways a young person can make some extra income in Chapter 16 – Earn More Money. If you’re young, check out the book for tips on earning more and many other strategies that will allow you to reach early financial freedom.]
Here’s a list of more simple side hustle ideas.
At the very least, this list should get you thinking about some ways you can provide a service or value to someone else—and get paid to do so.
7. Walk dogs or dog sit (consider using rover.com)
8. Shovel sidewalks and driveways in the winter
9. Mow lawns in the summer
10. Tutor students
11. Teach people how to use computers, the internet, or specific programs
12. Do magic at kids’ birthday parties
13. House sit (water plants, walk/feed pets, mow lawn, etc.)
14. Sew (do alterations, make clothes, or create costumes)
15. Make personalized T-shirts
Change the way you look at money before you turn 20
First to a Million teaches teenagers the many advantages of FI while explaining the secrets of investing, living frugally, and maintaining an entrepreneurial mindset.
And here is a list of a few higher-level side hustle ideas:
17. Drive for Uber, Uber Eats, or Lyft
18. If you have a skill like social media marketing or fixing computers, post your abilities to fiverr.com
19. Buy a bouncy house and rent it out
20. Build websites on WordPress – Train yourself using free videos on YouTube. You can then build websites for small businesses in your area.
21. Clean or pick up trash – One guy found that parking lots in his town were dirty and full of garbage. He approached the owners of the lots and said he would clean the lots once a week for a price. It worked. Plus, he can listen to podcasts and books on tape while working.
Which idea sounds most appealing to you?
Leave a comment below!
2022-02-22 07:00:00
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