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5 Side Hustles You Can Begin Today to Create Financial Freedom

by | Jan 24, 2021 | LIFE, PRODUCTIVITY, DIVERSITY, FINANCES, Finance, Career, MEN OF COLOR BLOG, FEATURES, CAREER

Financial freedom means having the time and money to do whatever you want – when you want. Unfortunately, most jobs don’t provide this type of freedom. If you want financial independence, you’ll have to start a side hustle.

From consulting businesses to delivery services, side hustles are popular ways for people to boost their income. In fact, more than 70 million people in the United States earn extra money with side businesses.

There are two types of side hustles – active and passive. Active side hustles involve trading time for money. These include food delivery, freelance services and dog walking. On the other hand, passive side hustles don’t require your active participation in order to earn money. These include podcasting, digital product sales and Kindle book sales.

Looking for ideas for a side business? Here are 5 side hustles that you can begin today to create financial freedom.

Consulting

Expert knowledge is in high demand. The more knowledge you have, the more you can leverage it for income outside your monthly salary. If you have specialized skills, you can provide consulting services to others.

With the right technology, starting a consulting business is easy. Form an LLC and register it online with your state . Market your services and find clients on apps such as Upwork and Fiverr. Build a business website so potential clients can learn more about your consulting business. Offer your services to companies that could use your help.

Real Estate

Buying real estate can be a lucrative way to generate additional revenue and build wealth. Purchasing a residential property in a college town and renting it to students can provide consistent income for years to come. Or you can purchase a second home and list it on Airbnb. If you don’t want to be a landlord, you could buy property at a discount and sell it for a higher price.

Join An Investment Club

Investment clubs offer a way for you to learn about the stock market and make extra money. Typically, club memberships include no more than 10 people. These clubs allow you to pool your money with others and invest it in stocks or mutual funds. The best part about joining an investment club is you share the risks of investing with others.

Write a Book and Become a Professional Speaker

We all have a book in us. Take the time to write a book about your experiences and areas of expertise. You can sell your books online or on your website. Join a speakers’ circuit and generate revenue through fees. During your speaking engagements, sell books and courses to attendees.

Monetize Writing Services and YouTube Channels

Do you have vintage cars, cute kids or specialized knowledge that you can create a YouTube channel about? With popularity and clicks, you can generate revenue from ads on YouTube. Also, if you are a great writer, create articles and charge a fee for them through sites such as Constant Content.

There are several ways you can make money other than your 9 to 5 job. One thing side hustles have in common is they offer value to others. As long as you have expertise, you can market it to earn money.

At Corporate Counsel Men of Color, our mission is to provide a support network for men of color in a variety of professions. If you’re ready to make an impact on the next generation of leaders, join our organization today.

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Juan Chavez

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