I know there are countless “Top 5 Lists” on YouTube showing ways to make passive income, or extra money in a side hustle. The problem with most of them is they try to cram all the details into a single 10-minute video, leaving you with more questions than answers.
I am going to take a different approach. In today’s video, I will give you my Top 5 passive income/side hustle ideas in a quick overview summary. Then, I will release a mini-series with a daily video, each covering a single item on this list in more detail. These videos will be released one per day, starting on Monday throughout the week.
This is not some “get rich quick scheme.” Heck no! This will take work on your part, remember it is called a side hustle for a reason. You will need to put in the work and hustle, but if you genuinely want to be financially independent and you are willing to make a change in your life, here is the information for you.
Also, don’t worry; I am not going to try to sell you some crappy online course. My knowledge is shared with you, free of charge. I just ask you like, comment, and share this video!
Hello and welcome to the Steven Carlson Show, I’m Steven Carlson. I am a tech entrepreneur, real estate investor, author, YouTuber, and volunteer paramedic.
To watch my full video series, please jump over to YouTube, the link is in the description. Thanks, and I’ll see you there.
By the end of this mini-series, you will have five great ideas on how to make extra money every single day! If you are watching this in real-time as I upload, make sure you are subscribed & click the notification bell, so you get a notification when each daily video is released. If you are watching this after I have released the entire mini-series, check out the playlist I created for this. The link is in the description.
Are you ready to make money? Ok, let’s get started.
So why is it so essential to start a side hustle now? The Bureau of Labor Statistics reported in 2017 that 55 million people in the U.S. are “gig workers” or independent contractors. This accounts for approximately 34 percent of the U.S. workforce, and this is projected to increase to 43 percent in 2020.
These statistics were released in the current pandemic situation, which is accelerating this number even quicker. More and more Americans are either unemployed or working from home. Whichever situation you are in, now is the perfect time to start new side hustles.
Even if you are currently employed full-time, working 40-hours a week, if you are working remotely from home, you can now start some side hustle businesses.
Think you do not have enough time? You are wrong!
The average American commuted 1-hour each way to work. At the end of a 5-day workweek, you already have an extra 10 hours you can dedicate to side work. Plus, add an additional 30-minutes (at least) that you would have spent getting ready in the morning, and you now have 15 hours per week you can dedicate to these side hustles.
If you still have this commute, well count yourself lucky, you are still employed, but sadly you have lost these 15-hours. However, this does not mean you cannot have a side-hustle! It only means you have to work harder!
As you start making more and more money on the side, you can choose if it is right for you to continue with your full-time employment or not. If you are currently unemployed, you have all the time you need to get started. For me, after a few months of working on my side projects, I left my full-time employment at Best Buy. That was nearly 15 years ago, and I have never looked back!
One last point I will make on this before we get started. Contract work saves employers money, they need less office space, and they have fewer overhead payroll and tax expenses. Getting your business set up and ready now will allow you to profit from this very lucrative market.
As you will see, I have kept many of the more, the more obvious items out of the list. Of course, anyone can search craigslist and find part-time jobs to make extra money cleaning people’s houses or mowing their grass, but unless you want to hire employees to work for you, these ideas are impossible to scale.
Think about it; there are only so many houses you can clean or yards you can mow in a single day. Nothing against these businesses, but if you want to be financially independent, these will not get you there as a one-person business.
This list will show you the ideas that I have used myself to generate money, and I will share with you how much I have made. I will also share with you my secrets I have learned over the years to succeed.
Ok, now to the list, in no particular order.
#1 – Notary
My first side hustle hack is to become a document notary. When someone signs a contract, they need someone to “witness” the signature. A notary offers this service for a small fee. Most people overlook this item because it sounds official, but it is so incredibly easy to obtain your certification to be a notary.
In many states, you take an online course for a small fee that is usually less than $50 and answer some short questions. I remember, years ago, when I took mine for the State of Florida, I had to “watch” an hour-long video and answer ten questions. If you got questions wrong, no big deal, they told you what you did wrong and allowed you to retake it. “Hypothetically,” and, of course, I am not advocating breaking the rules or the law here, but hypothetically you could start the video, leave for lunch, come back in an hour and answer the questions.
Once you are certified, you can order your stamp; I think mine was $10, and you can begin notarizing documents. Depending on your area, there are specific maximum fees you can charge for the notary service, usually $50 or similar per notarized document.
I will share with you my secrets on how I made $2,000 – $3,000 per month in my video on making money as a notary, link to the playlist is in the description.
#2 – Write Books
Writing a book does take some time. This isn’t something you can, or at least should rush out to the market in under a week.
I have written and published two books, the first is about American political history and the second is about online cyberbullying. Both books were written in my spare time and took about 2-3 months each to write. If I was more focused on them at the time, I might have been able to knock that time down to one month to write. Choosing a subject that you are passionate about and knowledgeable about will make writing much more manageable.
Currently, I make about $750-$1,000 per month on my Amazon book sales, and a few hundred from the Audible version of the books.
Publishing a book using Amazon’s self-publishing system is very easy, but has some unique twists, and I will cover all of the steps and even some secrets in video #2 of this mini-series.
#3 – Fix & Flip or Fix & Hold
As you guys know, I love real estate for building wealth. Over the years, I have acquired, fixed, and flipped over 150 single-family homes, mostly in the Tampa Bay area of Florida. There are pluses and minus to fix & flip vs. fix & hold strategies, and in some cases, it depends on the deal. Recently I have transitioned to a fix and hold strategy. This is especially true with today’s historically low mortgage rates.
While I will go into much more detail in video #3 of the mini-series. When I was fixing and flipping foreclosures, my standard was to find lis pendens or pre-foreclosure properties. I especially loved ones where the owners were missing, either because they moved out, went to jail, or any of several strange situations. Trust me; I have some great stories I can tell you. I was willing to put in the time tracking people down and consistently found amazing deals on properties for half-price of what other investors were purchasing at the auction.
Even if you are not willing to go to the same level I was in tracking people down across the State, you can still find fantastic deals well below market value.
When I was flipping properties, many times, I knew I had another 2-3 months before actual foreclosure would take place. This gave me plenty of time to fix up the house and resell it before the auction. In these cases, I wouldn’t even need to pay off the mortgage when I “purchased the place.” Just make a deal with the owner of the house, fix it up, and sell it. Of course, the mortgages would get paid off at closing when you sell the home, but it saved me from having to come up with $100k or more in cash to purchase them.
More details in video #3 of this mini-series.
#4 – Sell Stock Photos
This is something I really should put more time into myself. If you are a good photographer, several online photo stock services pay you very well to upload your photographs to their service.
In my case, I have used Big Stock Photo for about 10-years, and honestly, I would not recommend them at all. In the past, they were great, but after being acquired by Shutterstock, their popularity has gone to nothing. They claim your photos are shown across their entire network, but I haven’t seen a single sale from any of my pictures from them in over two years. Before the acquisition with Shutterstock, I was making an average of $30 a month from my photos, and I had about 100 photos uploaded to their network. This was far from a large money maker for me, but I also did it very much on the side.
If you already take photos that are useful to others you can make very good money. I know of others that make thousands of dollars per month from their stock photos. In video #4, I will show you step-by-step how-to signup for some services, how to upload and market your photos.
#5 – Investing in Stocks, Investments, and High-Interest Savings Accounts
The fifth item on the list may surprise you, but investing in stocks, ETFs, REITs, and high-interest savings accounts can make you additional passive income. Of course, this does take some initial investment capital before you can invest. But, honestly, you can start high-interest savings account with as little as $250, and you can begin to your stock investments with as little as $100 on the Webull platform.
The great thing about Webull is just for opening your account and depositing $100 into their platform; they will give you two free stocks to start your investment journey. One of these free stocks will be valued up to $1,400. Check out video #5 of this mini-series for my secrets on the best places to open your high-interest savings account, and what stocks/ETFs I invest in. One of my tips is what ETF I purchased last month and have already made a 17% return, which is over $1,000.
No matter what avenues you take to begin generating money, you need to consider the tax, legal and accounting issues that come with starting and running a small business. Getting these wrong in the beginning can really make things far more difficult for you, but getting them right from the beginning will make your journey so much easier.
For my next mini-series, I will cover all of these critical issues for getting your business started off on the right foot. Make sure you subscribe to my channel and click the notification bell to get the notification when these videos are released.