3 Side Hustle Ideas To Make An Extra $1,000 A Month In 2024

No doubt, you’re reading this article because regardless of how much you love your job (or absolutely hate it), one factor is certain: the cost of living is too much to grapple with and your current salary is just not footing the bill. Perhaps you requested a pay rise or were expecting to land a promotion in the new year, but your plans and hopes were dashed by company and budget cuts, or being counted out as disqualified for a salary increase.

Your situation is not unique. Almost every professional in the middle of their careers is feeling the pinch of inflation right now. The state of freelancing in 2023 was such that 64 million Americans performed freelance work, a significant increase from 53 million in 2014. This is mostly due to the cost of living and the desire for many professionals to do work on their own terms. But beyond that, we all desire fulfilment in our jobs. We want to do things we love, that complement our skill set, while at the same time yielding high income returns.

What if you could boost your earnings by an extra $1k each month, without waiting for your employer to lift your salary? Imagine what that could do to add value to your monthly pay-check.

Take a look at these three side hustle ideas that have the potential to easily help you bring in $1k or more in a month, without needing a large number of paying customers or taking up too much of your time:

1. Airbnb

Airbnb is a platform that allows you to make money through renting out your property or a portion of it (such as a room) for a specified period, to accommodate tourists and other travelers passing through your location. But contrary to popular opinion, you don’t need to have a room or property of your own to make money off Airbnb. Some other ways to gain significant earnings besides being an Airbnb host include:

• Airbnb Experiences—where you can be a local host through providing guided tours and other fun activities in epic locations you are knowledgeable about
• Airbnb Online Experiences—you can host virtual experiences and classes such as a virtual authentic cooking class, for example
• Airbnb photography—you can make money as a freelance Airbnb photographer

2. Freelance Writing

When you initially start out as a freelance writer, for example via your own blog, it may appear to be a time-consuming, thankless effort. But if your quality of writing is personable, relatable, and highly informative, and answers specific questions or addresses major issues that your audience faces on a daily basis while being optimized for Google searches, you will slowly begin to attract a loyal, consistent following and increase your viewership.

You can make money through:

• Affiliate links to recommended products mentioned in the article (without being spammy)
• Writing as a freelancer for existing publications (the rates they pay may vary)
• Offer ghost-writing and copywriting services to businesses and private clients

3. Coaching

One of the best things about coaching as a side hustle is that, technically, it is an unregulated industry. Of course, there are coaching bodies such as the ICF (International Coaching Federation) that provide guidance on ethics and coaching standards. However, depending on the niche you wish to pursue, there are virtually no barriers to entry.

At the same time, coaching offers the significant advantage of potentially earning hundreds of dollars per one-hr coaching session. As you gain more niche credentials, experience, and positive client testimonials, you can leverage your credibility and expertise to charge as much as thousands of dollars per session. It’s usually best if you decide to coach clients who have worked in your current role or industry, as you already understand their pain-points and can leverage your relatable experience to get started faster.

Different coaching categories you might want to specialize in, and pin-point a sub-niche, include:

• Financial coaching
• Career coaching
• Executive coaching
• Business coaching
• Life coaching

The beauty of being a freelancer is that these side hustles are flexible enough for you to be able to do all three at the same time, significantly boosting your income and even replacing your salary from your day job altogether.

Depending on what avenue you choose, these side hustles can complement each other nicely. For example, if you have extensive experience in the travel and hospitality industries, you might decide to write a travel advisory blog which contains affiliate links, and be an Airbnb photographer as well, while squeezing in some time to coach others on how to run a travel business from home.

Whatever you decide, it’s in your hands to create the career that you and your finances will thrive in.

Source: Forbes.com