Being a millionaire is a desire shared by many Americans, but it is one that only a few achieve in their lifetime. After all, with all of the expenses that come with living your life and growing a family, having enough money set aside to achieve that second comma on your net worth is no easy task. You need a job or have to do a side hustlethat pays significantly more than what you need to fulfil your bills.
So, what kinds of jobs or side hustle can you anticipate doing? To address the question, Piehood analysed Bureau of Labor Statistics (BLS) data to discover the average incomes of a variety of common jobs. It then subtracted the cost of federal taxes and the average cost of living from that amount to indicate how much money you’d have left over after covering the essentials. Using that amount, the study determines how long it will take you to save $1 million while earning the industry’s average pay.
So, who can hope to be the first to hit the million-dollar mark? Here’s a list of jobs that will get you there.
1. PROOFREADING OR COPYEDITING
Earning potential if this side hustle is $1000 – $20000 each month
If you’re a stickler for details (you know who you are!! ), If you enjoy proofreading (which I do not), then beginning a proofreading side hustle could be ideal for you.
There are numerous bloggers, websites, and businesses looking for proofreaders that will compensate you nicely for your services. Not only can you proofread or copy edit from anywhere in the world using your laptop, but you can also set your own fees and bill by the hour.
You can start your own business by brokering other people’s time for money, in addition to being a proofreader yourself. What I mean is that once you have a few clients, you can employ others to do the proofreading, freeing up your time to focus on gaining clients and then hiring more! You have the ability to be the boss!
Whether you want to establish a proofreading or copyediting firm, you can do it on your own. I urge that you take a look at the FREE Proofread Anywhere course linked below.
It offers a very high return on investment and is well worth taking if you are truly thinking about starting your own proofreading or copyediting business or want to learn more about it.
2. Starting A Profitable Blog
EARNING POTENTIAL of this side hustle is $10k – $200k each month
Yes! You can make money by blogging! Your blog’s advertising and affiliate revenue potentially exceed $10,000 per month. This is money that you don’t have to work for — readers simply read, occasionally click, and occasionally join up for or trial a service at no cost to them.
I didn’t start Millennial Money with the intention of making money. I started it because I enjoy thinking about and writing about money. I also consider it my personal job to disseminate excellent personal finance advice and promote financial literacy.
It just so happens that almost anything I become interested in becomes a business opportunity.
3. Be a Virtual Assistant
POTENTIAL EARNINGS of this side hustle is $1000 – $20000 each month
One of the most in-demand, successful, and greatest side hustles in the digital economy is being a virtual assistant.
You may also operate as a virtual assistant on a laptop from anywhere in the globe, making this ideal side hustles for digital nomads or full-time travellers. As more people start digital enterprises, there is a huge demand for professionals to assist run those businesses.
Check out my post on how to become a virtual assistant for a detailed outline of the types of abilities you can sell as a virtual assistant and how much money you can make.
4. Freelance Graphic Design
EARNING POTENTIAL of this Side hustle is $1000 to 5,000 per month
Graphic design is in great demand as many organizations focus their marketing efforts on websites and social media. Because they can’t afford to hire a graphic designer on staff, small business and startup owners will generally resort to freelancers for their graphic design needs.
You get to work with a variety of customers on a variety of projects, which keeps things interesting and new. Of course, you have complete control over the tasks you work on, as well as your working hours and prices.
5. Manage Facebook advertisements and digital marketing campaigns
POTENTIAL EARNINGS of this side hustle is $1,500 to $2,500 per month
For over ten years, I’ve worked as an SEO and digital marketing consultant, with side gigs ranging from $500 to over $100,000. This has been by far my most profitable side project.
Despite the fact that SEO has become a commodity service – it seems like everyone and their mother is doing it these days – I have created a referral network that continues to bring in new business. I’m quite proud of the fact that the SEO work I’ve done has resulted in hundreds of millions of additional visitors.
Take a few minutes to study my Free SEO Tips for Bloggers if you want to take your traffic to the next level.
6. FREELANCE WRITING
EARNING POTENTIAL of this side hustle is $200-$300 per post
I’ve never worked as a freelance writer for a website because I couldn’t find any jobs that paid well enough. I wasn’t interested in writing content for $200-$300 apiece.
I wanted to be paid to write reports worth $5,000 to $10,000! So I haven’t written for any websites as a freelancer, but I have written white papers for businesses quite a bit.
This is how it works in general.
Consulting firms, engineering firms, law firms, and a slew of other professional service firms enjoy releasing “thought leadership” reports, which are essentially blog/research reports pumped up to 110%. They can get quite large at times.
The company wants to appear knowledgeable on a topic before using the white paper as part of their sales approach. The irony is that few firms really produce these reports; instead, they employ freelancers to do so.
If you can write college papers well, you’ll be a natural at writing white papers. I’ve written papers on a variety of topics and even hired an Indian researcher to handle the majority of the fact-gathering for me. Always be on the move!
Craigslist or networking at local company gatherings are wonderful places to hunt for these positions. If you go in and exhibit an interest in writing white papers, you’ll almost certainly be able to get some extra work.
7. Start a business as an affiliate marketer
POTENTIAL EARNINGS of this Side hustle is $3,000/day
Affiliate marketing has a lot of promise for making a lot of money without putting in a lot of effort. To attract visitors and convert them to paying customers, you’ll need to create a website (or several). You do not make the sale; instead, the firm that offers the affiliate program pays you a commission for each sale they make.
There are numerous affiliate schemes available, ranging from software sales to online casinos and clickbank(Best option). Because different programs have different regulations, you’ll need to examine the ones you’re interested in to see how much money you could make.
8. Become a Social media Influencer
POTENTIAL EARNING of this side hustle is $200,000 PER YEAR
Influencers are the kings and queens of social media, earning money from the content they share. The amount of money you make is largely determined on the number of followers you have. You’ll make more money if you have more followers. Once you reach 100,000 followers, the unwritten rule is that you can earn $10.00 for every 1,000 followers. Whether you’re an Instagram influencer, a TikTok influencer, or a YouTube celebrity, your earnings will vary depending on the platform. Fortunately making a face value will help us to shift our aim from side hustle to full time work.
You can choose any niche as an influencer, from sports to philosophy to food to makeup and anything in between. Because this is your first time using social media, you’ll need to understand how it works.
EARNING POTENTIAL of this side hustle is $15 to $22 per hour
Transcribing audio or video files is a wonderful side hustle activity that must still be done by humans due to the unreliability of robots.
Companies frequently outsource transcription work because they are time-consuming and require a high level of attention to detail. Transcribing can help you earn a respectable hourly wage depending on how rapidly you type and who your client is.
There are a few websites where anyone can sign up. One is Transcribe Anywhere, which not only allows you to get employment as a transcriptionist but also teaches you how to do it.
Transcribe Me, which promises to have ‘the industry’s finest wages’ of $15 to $22 per hour, is another alternative. However, unless you’re lightning fast, your pay will most certainly be substantially smaller.
Go Transcript is another alternative, where you can make up to $0.60 per minute. To secure a job, you must again pass an assessment.
Finally, Speechpad charges $0.25 to $2.50 each minute, equating to at least $15 per hour. They do, however, require high-quality and experienced transcribers, so unless you start on another platform first, you’re unlikely to be approved.
Bonus side hustles and jobs for creating a living
EARNING POTENTIAL $140,000/YEAR
Investing in domains is one of the most straightforward side hustles. There is no other location where you may earn a 1,000%+ return on your investment in such a short period of time (less than 90 days in some cases).
I’ve been buying and selling them at a profit of $400+ for over ten years. Domain names are the internet’s real estate, and they’re only getting more valuable.
In the last three years, the average price of a mid-tier domain has risen from $400 to $3,300.
The growth of WordPress, of course, is a major cause of these price hikes, and as making websites has become easier, more people have been ready to pay a lot of money to get the precise domain they desire.
WordPress Website Development (and Upkeep Fees!)
POTENTIAL EARNINGS if this side hustle is $300,000/yr
I no longer construct WordPress sites, although I easily built over 100 and worked on even more in the past. I was an early adopter of WordPress and enjoyed creating websites for anyone who wanted one. I started designing websites for legal offices, consulting firms, non-profits, churches, real estate companies, and e-commerce startups after finding clients on Craigslist and eLance (now UpWork).
One of the benefits was that I got to learn about a variety of businesses, such as hydroponics, which I would have never known about if I hadn’t had to design a WordPress site for the second largest (at the time) online hydroponics company.
Another nice thing is that following that, my clients wanted to hire me to maintain their websites on an ongoing basis. These services covered things like website security and content uploads. This is where the genuine gold was discovered… I was able to secure several maintenance contracts for $1,000 per month, which is a pittance for a large corporation.
While there are still a lot of WordPress website projects out there, it’s becoming more of a commodity service. The best WordPress developers on UpWork right now are from India or the United Kingdom. If you want to build a $500 website for a friend’s local business, WordPress development becoming a commodity is OK, but scaling it is far more difficult.
Create a seller account on eBay
EARNING Potential of this side hustle is around $100,000/YEAR
With a global audience of shoppers going to eBay for just about anything, selling on eBay has a lot of potential. It will take time and a lot of effort to make a lot of money, but it is surely feasible if you play your cards well.
Due to the nature of eBay, you can approach selling on this platform in a variety of ways, so how you go about doing so is entirely up to you. This means you can put as much time into this side hustle as you like, but the extra money will reflect it.