One of the most obvious ways to shorten your journey to financial independence is simply by earning more money. The more you earn, the more you’ll have left over to save, and the faster you can build up your freedom fund.
If you have a 9-5 job, this could be through a promotion or a pay raise. But there’s an even more direct way to get a pay increase without sucking up to your employer or waiting patiently to be rewarded for your efforts at work: it’s through side hustling.
A side hustle is anything you do outside of your normal day job to earn extra cash. I have written about why it’s so awesome here and here. Today I want to share exactly how I used side hustling to give myself a $2,806.25 pay raise so far this year.
My Side Hustle: Tutoring
When I first started exploring different side hustles I tried many different things including taking online surveys, selling items on Ebay, and freelancing on Fiverr. I didn’t have much success with any of these and I found they usually weren’t worth the time investment. But eventually I stumbled upon a unique niche in online tutoring in statistics.
I outline in this post exactly how I find people to tutor online through Facebook. The idea is simple: I search Facebook for any posts about “stats tutors” or “statistics homework” or other relevant search terms and direct message people who might need statistics tutoring. Then, I either tutor these people via Skype or simply through messaging back and forth and they pay me for my time via PayPal. Not only is this the most lucrative side hustle I have found, but it’s also the simplest and least stressful. I don’t even have to leave the comfort of my own home to earn money this way.
Since I use PayPal it makes it incredibly easy to track exactly how much I earn. So far this year I have earned $2,806.25 through online tutoring:
These earnings only account for 4 months, so at this pace I could earn roughly $8,400 this year. In order to generate this much income from dividend paying stocks I would need a portfolio worth $280,000.
My favorite part about online tutoring is that I determine exactly how much I want to work and who I want to work with. If I find someone who is a hassle to tutor, or consistently makes their payments late, I can simply decide to not deal with them anymore. I also have the ability to set my own price, so if there’s very few people looking for tutoring I might only charge $30 per hour but if several people need help I can bump up the price to $50.
The other aspect of online tutoring I enjoy is simply the fact that I can see people benefit directly from my help. At the end of this past semester I received a message from a guy I had been helping for several weeks that read “Because of you I’ll be able to graduate this semester. I can’t thank you enough man.” That felt as good as any paycheck I’ve ever received! Nothing beats being able to impact someone in a positive way and earn good money at the same time.
No Permission Necessary
I have preached this message before, but I can’t overstate the fact that the internet has truly made it possible for anyone with a laptop and WiFi to go out and find ways to make money online. I don’t think most people have realized the true capability of using the internet to make money in nontraditional ways. I don’t believe I have even reached the full extent to which I can use the web to tutor even more people and reach an even larger market. Who knows, this time next year I might even be tutoring full time like my friend La Papillion.
The best part about the internet age we live in is the fact that you don’t need permission from anyone to start making money online. There are virtually no barriers to finding a market where you can use your unique skills to offer a service. My niche is statistics tutoring, what’s yours?
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