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If you’re looking for extra income or a side gig then you are not alone. The highest inflation rates in 40 years have driven 28% of Americans to spend time working a second job.
In total, around 44% of Americans are working a side hustle just to pay the bills and fight the cost of living crisis. While not all side hustles are worthwhile, some can be quite fruitful. One survey showed that around 15% of those making a second income earn more than $1,500 per month from the side hustle.
The average side gig brings in nearly $900 extra a month, but more than 50% earn less than $500 extra. Most of the respondents to the survey said they invested between 5 & 10 hours a week into their side hustle.
With fall approaching and the holiday season soon after, many people will be considering how to really make some extra money.
How can you make extra money this fall?
Before you get to the interesting part, there is one thing that you must remember. Any extra income from a side gig must be reported. The gig economy tax center for the IRS is clear that extra income has to be included on tax returns.
This doesn’t mean to say that you can’t make extra money still, and here are five possible channels for your new revenue.
1 Sell your jewelry
Although you could build a profitable small jewelry business online, this is one way of making money that is more short-term than some of the others listed here.
If you want to make some money quickly this fall then selling unwanted valuables is a fast way to do so. You can easily sell your jewelry online to a reputable dealer and see a quick cash windfall. Diamond rings for instance are always in fashion.
While no one recommends you sell your beloved necklaces or rings, if you have something unwanted, such as an old engagement ring, then you could sell it to an online jewelry dealer. Remember to get your jewelry evaluated so you understand if you are receiving a fair offer.
2 Rent your belongings
A less permanent way to make money from your belongings is to rent them. This way you see a return on your investment daily or weekly while still owning them.
The belongings you can rent will be your most valuable, which can see you make a nice income. Depending on your circumstances, you could rent your car, a spare room, your driveway, or your whole house.
Peer-to-peer car rental is now becoming popular in the states, and platforms such as GetAround can facilitate this need. Monthly earnings for car owners are around $700.
Your driveway could net you $150 per month, while a spare room could bring in hundreds of dollars more, as long as you are happy to share your space.
3 Sell your summer wear online
If you tend to shop by the season you may have an excess of clothes you won’t be needing in the fall.
Typically, in the past people would sell items in person. Most people understand how pawn shops work. They buy items from individuals and sell them for a profit and they are useful if you need a quick buck. However, items such as clothing aren’t usually wanted in a pawn shop.
Nevertheless, smart entrepreneurs have seen there is a market for used clothing and now there are a number of apps for this sector. Refashioner and TheRealReal are just two platforms where sellers can offer used clothing to buyers online.
For sheer convenience, ThredUp is hard to beat. Simply put your unwanted clothing into a pre-supplied bag and ship it out. ThredUp does the hard work and provides you with up to 80% of the sales proceeds.
4 Tutor online
The pandemic changed the way many things happened in daily life, including education. There is a bigger demand for online teaching than ever before, and it isn’t limited to learning English as a second language.
The average hourly rate for a tutor is around $18, but this depends on the platform you use, the subject you teach, and your experience. Also, you need little to no outlay to start this side hustle.
You don’t need to worry about what video cameras YouTubers use or bloggers, a tutor just needs a smartphone. Just make sure you have a microphone and good WiFi, and you’re good to go.
5 Fill out surveys and opinion forms
This is a common side gig used by people who have extra time, want to work from home, but don’t want to be restricted to set hours. The downside is that you will usually only make a small amount of money from filling in these forms.
Focus groups gather public opinions for marketing exercises and other data analyses. They will pay you for filling in forms, but it isn’t always in cash form. The average earnings from a survey site are less than $2 per hour.
However, if you can find a niche you can make more. Lawyers are using these methods to gather opinions on legal cases. In these instances, fees range from $5 to $60 per case.
Summary
If you want to make some extra money this fall, you could put some time into a proper side hustle such as tutoring, or you could simply sell some unwanted belongings such as jewelry.
Filling out surveys is unlikely to make you real cash, but it could fill some spare time, and if you are interested in legal cases make you some extra bucks. Or, you could just rent out your driveway and do literally nothing but collect your rent every month.
