5 Most Profitable Side Hustles That Can Afford You a Luxury LifeJan 18, 2022 12:00PM ● By Jessica Uchechi Nwanguma
(Photo Credit: Pexels, Vincent Rivaud.)
According to The Guardian, nearly 40% of US households have faced severe financial problems, including struggling to afford medical care and food, in the last few months.
With debt piling up, it has become evident to many that the traditional 9-5 jobs may not be enough to pay the bills or give them the luxurious life they desire.
But there is good news; more people are making money from their side hustles, and even turning their side hustles into full-time jobs.
Here are five profitable side hustles that can help you afford a luxury life!
1. Re-sell Domain:
(Profit: 100s - 1 million dollars per domain):
Domain-selling is online real estate; there is no side hustle with a higher ROI than re-selling domains.
How to go about it:
- Get creative with domain names.
- Check them up on any domain register. If free, buy and then resell in the future for a profit.
In 2007, Page Homes sold two domain names he acquired for more than 1 million each.
2. Rent Your Car
If you like the idea of Airbnb, then you will enjoy the idea of car-sharing.
According to online reviews, car owners on the car-sharing platform 'Turo' make at least 600 dollars per month.
Car owners who make the most profit target airports and events such as graduations and weddings.
3. Start a Coaching Business(Profit: 100-300 dollars per hour):
Every day millions of people search the Internet for knowledge and insights.
These searchers range from entrepreneurs, students, and other professionals from every industry.
If you have the skill and experience, you may consider monetizing it.
A prime example is Ellie Diop of 'Ellie Talks Money,' who turned her $1200 stimulus check into $1.3 million in 10 months!
How to get started:
- Connect with experts in your field.
- Promote yourself locally and through social media.
- Curate related and relevant topics and use the web to house your content.
- Be consistent and creative.
- Take a course online or find a mentor.
4. Re-selling on eBay.(Profit margin: $1000 and above):
This side hustle can help you earn money from the comfort of your home. All you need to do is:
- Buy items on sale at outlets and clearance stores.
- Re-sell them on eBay!
5. Buying Cryptocurrencies:
In 2021, gala, a cryptocurrency coin, had a whooping return of 32,000%.
Crypto may be long-term, but it's a sure way of making money.
Which of these side hustles appeal to you the most?
Did we miss any?
Let us know in the comments below!
These articles may also interest you:
Whether you're managing your student loan debt, searching for a better way to budget, these 7 Black women have the financial know-how to help you improve your finances. Read More »
Martin Luther King Day: Lessons from MLK on Economic Justice, and a Toolkit for Upward Economic Mobility
“Change does not roll in on the wheels of inevitability, but comes through continuous struggles” - Martin Luther King, Jr. Read More »