You’ve heard it before: millennials are so lazy! While this characterization has taken many media outlets by storm, the cold, hard facts actually prove the exact opposite. Let’s be clear—as of 2018, millennials range between the ages of 22 and 37. And this past year, 33% of millennials made money outside of their full time job.
With the increased cost of living, sky-high student debt, and a changing economy, who can blame them? Taking up a side hustle to supplement your income can help you live the life you want and even dig your way out of debt. But how exactly did these savvy millennials figure out how to make some extra cash? Take a look at our list of the best side hustles for millennials—maybe you’ll be inspired to start one yourself!
Start a Blog
If you love to write, starting a blog is a great way to share your creativity with the world. From travel to food to fashion, there are thousands of people out there who share your passions and would love to read about them. Tools like WordPress, Canva, and Grammarly are all great online tools to help make your brand come to life. While you won’t make money right away, if you consistently post great content and grow a following you can soon capitalize on your creation.
Advertising income, affiliate links, purchasable goods and services, and subscriber memberships are just a few of the ways you can earn a pretty penny from creating a blog. Once you have enough eyes on your page, advertisers will be knocking on your door to get their products in front of your niche audience. Make sure you know your niche and produce content that will be valuable to them!
Own a Rental Property
This side hustle is better suited for older millennials who already have a bit a cash stocked up in their savings account. Even if you aren’t able to afford your own home right now, it’s entirely within reach to purchase a cheaper home, fix it up, and get it on the rental market. Once it’s paid off, being a landlord is an excellent source of passive income that keeps rolling in month after month.
The key to owning a rental property as a millennial is to know where to buy and how to finance it. For example, I live in Michigan and real estate is much more affordable than in San Francisco, California. I could easily find a house that meets the 2% rule in my hometown which is a pipe dream in San Francisco.
Pick an area where it won’t take a lifetime to pay off the property, and then think about how you can fund the project. If you don’t have any previous experience owning property, it might be hard for you to secure a traditional loan. Take a look at hard money lenders in Texas to get the cash you need quick—you’ll want to get this business up and running as soon as possible.
Merch by Amazon
This is a side hustle I’ve talked about before and while there are some drawbacks, it’s still a good way to get your feet wet in a low cost side hustle. Selling shirts on Merch by Amazon requires $0 to get started and you don’t have to handle any inventory.
The downside is that since there’s no barrier to entry, there’s a lot of competition. There’s loads of people out there just looking for hot new designs to rip off so as soon as you see some success you’ll be flooded with competition.
But don’t let that scare you away, this is still a great side hustle.
Sell Products on Etsy/Amazon FBA
Do you have an artsy side? Put your creative powers to work by creating one-of-a-kind items and selling them online through artisan marketplaces like Etsy. Whether you make personalized jewelry or homemade soaps, there’s a niche market that’s waiting to gobble up your products.
This side hustle has the potential to grow into a full-time business, depending on how sought-after your products are. And if your creations are particularly time intensive, feel free to charge a high price! Your time is worth a lot—so don’t sell yourself short!
Once you’ve gotten some sales volume on Etsy I’d recommend finding a factory to manufacturer your product at scale and move to Amazon FBA. This separates your time from the money you earn so you don’t have to put a cap on your earnings. It will free up your time to expand into new product categories and create a sellable asset like I did when I sold my Amazon FBA business a few months ago for $40k.
Side hustles are an increasingly popular way to stash some extra cash in the bank, especially among millennials. If you aren’t making enough at your 9 to 5 job or if you simply like the idea running your own little business, finding a supplemental source of income is never a bad idea. And even if you fail at first, you still have your day job to keep the bills paid. So, what are you waiting for?