You know what I hate? Shitty side hustles.
- Driving for Uber.
- Doing online surveys.
Multilevel MarketingPyramid Schemes.
I could keep going with loads and loads of awful side hustles that you see all over the place. Huge websites in the personal finance world promote these side hustles constantly.
Fat commissions. Every time someone signs up to drive for Uber, the website that refers them gets $15-$45.
Some survey sites pay even more than that! But I don't hate these side hustles because they pay people when they sign up.
I hate them because they're glorified second jobs. They're no different than getting a job at McDonalds or becoming a babysitter.
These shitty side hustles have one thing in common:
You're trading your time for money.
At the end of the day you aren't building an asset or creating a real business. You're just trading your hours for dollars like any other job.
Why My Side Hustle Is Better
My main side hustle right now is creating websites. These make money by showing ads and linking to affiliate products that earn me a commission.
So what sets them apart from the shitty side hustles I talked about earlier?
I'm not trading my time for money.
Yes, they require work. Anything outside of dividend paying stocks is going to involve some level of work and time commmitment.
The difference is that you can step away and continue to make money without needing to work more hours. This is as close to passive income as you can get outside dividend paying stocks.
The other difference is that websites are assets. They can be sold for 20x-30x their monthly profit which means if you're making $1k per month, you can sell your website for $20k to $30k.
Have you ever heard of an Uber driver making $1k per month that sold their business for $30k?
No, because it's just a job. Anyone can apply and start working for Uber. But not anyone can start making $1k per month from a website.
So the bad news for the last 2 months is that I've been really lazy. I literally did nothing on my websites. After burning myself out by writing every day I decided to coast and do nothing.
In the last 2 months of doing nothing, here's how much money my sites have made:
I'm not sharing this to brag. There's people out there making 10x or 100x what I'm making by doing the same thing.
My point here is that building websites is a great side hustle because they get stronger over time and you can stop working on them for a long time without losing income.
Compare that to driving for Uber where if you don't drive, you don't make money, and it's obvious why websites are a much better side hustle.
If you want to get started with your own website, sign up for my email list where I share more info and details on the sites I run and how you can do the same thing.
Get this Free e-book with my 7 favorite side hustles.
This guide is short and actionable with 7 side hustles people are using right now to make life changing amounts of money.
This isn't some B.S. fluff guide. These are real side hustles that I've tested and used to make over $50,000 in the last 2 years.
Nice Article Jim! And thanks for always responding to my questions so I can make sure I don’t start a shitty side hustle! Heh…